As Lagos, the fashion capital of the world, celebrates Africa as the shaper of the future of fashion at the Heineken Lagos Fashion Week 2022, Sunlight Laundry hosted small and large fashion entrepreneurs in a business skills workshop session during the Fashion Weekend on Saturday 29 October 2022 . .
Held at the small Balmoral at the Federal Palace Hotel, Lagos, the event saw speakers such as Tosin Olaseinde, CEO of Money Africa, Claire Idera, founder of CI Workshop, and Shola Babatunde, CEO of OSC Fashion, giving guests first-hand lectures on how Run fashion business for local and global market.
Tosin Olaseinde was the first speaker introduced by the moderator of the event, Kemi Ogunleye, who spoke on the topic ‘How to Invest in a Recession’, in his speech he noted that people in the fashion business must learn how to pay themselves a structured salary. . from your business profits instead of dipping into your trading account.
He also advised that they should get a business name and account, track expenses by separating business expenses from personal expenses, use technical software and apps, invest in their personal capacity, etc.
Also read: Highlights from Heineken Lagos Fashion Week 2022
Claire Idera spoke on the topic “How to monetize your creativity”. He pointed out that business owners should know their worth because it gives them more confidence and identify their strengths, weaknesses, opportunities and threats. He also emphasized on introspection to know what they are good at and do seamlessly. During his speech, he explained how he started his business from making N5,000 for a job that fetches over N5 million and gave advice to potential business owners regardless of the age or recent trends in their business. start
Idera added that business owners should influence other younger or less experienced business owners by influencing the knowledge and skills they have learned and acquired while building their business from scratch. Mentoring programs help the community.
The closing speaker of the event, Shola Babatunde, spoke about how to run a successful fashion business in a difficult environment. He said that they should know themselves and make a place for themselves. “You can’t target everyone and they want to sell to everyone who makes menswear, womenswear, shoes, bags and makeup, but you better understand your target market,” she said in her speech.
Having been in the fashion business for over 20 years, Babatunde came up with some criteria for understanding the target market such as age, gender, location and disposable income.