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Sunday, July 12, 2020

Peris Mbuthia: How I saved Sh. 25 million to start my business

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Peris Mbuthia is the founder and Chief Executive Officer of Timeless Medical SPA

Biggest financial milestone: I hit my biggest milestone when I built my first house without taking a bank loan. Hot on the heels of this milestone was the launching of my spa business. Realizing these two goals wasn’t easy. It took tough sacrifices, planning on how to garner the requisite finances and sticking to the plan. From the start, I had been very clear on what I wanted to achieve. Looking back, I can say that while it might take time to accomplish what looks grandiose, hard work and patience actually pay.

On saving: I saved Sh. 25 million which I used as start-up capital for my current business. When pooling this amount, I worked as a nurse for years abroad. With the ability to work on double shifts, I would work for 16 hours, 6 days a week and save all my earnings. I am glad that I also got a financial boost from my husband when I launched. Saving and growing small amounts into substantial cash means that you must learn to live on rice and beans! In all though, to realize the fruits of your savings, you must know how and where to invest whatever amount you’ve saved.

Ndindi Nyoro: Saving will not make you rich

Biggest entrepreneurial loss: When I first ventured into entrepreneurship, I invested in a business that I knew nothing about just because someone else had told me it was the trending business. Shock on me! Within a short duration, the business failed and I ended up losing everything. I had to go back to employment. Today, my business ventures are always backed by solid research on their validity and worth in the market.  I have since also learned skills that have helped me improve on how I handle my clients to avoid losses induced by poor customer relations.

Biggest mistake: As a budding entrepreneur, I was not clear on what I stood for. I assumed that everyone would love my brand. It is highly important for you to be unique and be proud of the unique solutions that your business offers. There is no copy and paste business that breaks even.

Entrepreneurship or employment: Employment will teach you about business, but entrepreneurship will bring you the money. Having worked both as an employee and business owner, I have learned that business is not for the risk-averse. There will be losses and low sales while in employment, your pay cheque is guaranteed. At the end of the day, though, if you can hack the start-up days and manage to break even, a business can truly make you wealthy. If you are in employment and considering jumping into entrepreneurship, launching your business as a side hustle is the best way to test the waters. Its success or failure will be a key indicator on whether you’re cut out for it or you should just stick to being employed.

Partnerships in business: It is true that partnerships can go a long way in building your business and sharing the risks involved in entrepreneurship. Nonetheless, I believe that if you have sufficient capital capacity, you should consider going it alone. This is primarily because you avert the possible fall-out especially when your vision for the business evolves differently from your partner’s.

This story was first published in the Saturday Magazine. Saturday Magazine is a product of Nation Media Group. More info email: [email protected]
Copyright @Nationmediagroup

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