Vanguard Allure

Top Menu

  • Vanguard

Main Menu

  • Home
  • Allure Magazine
    • Features
    • Magazine
    • Profiles
  • Allure TV
  • Celebration
    • Fashion & Style
    • Weddings
    • Lifestyle
    • Events
  • Wellbeing
    • Allure Woman
    • Healthy Living
    • Beauty
  • Happiness
    • Food
    • Shopping
    • Travel
    • Relationships
    • Career
  • News
  • Vanguard

logo

Vanguard Allure

  • Home
  • Allure Magazine
    • Vanguard Personality Of The Year Awards 2022

      January 29, 2023
      0
    • Ruky Ogbetuo: From Fashion Writing To Prolific Designer

      January 21, 2023
      0
    • Bisola Alabi: Tech Savvy

      January 15, 2023
      0
    • Wumi Jubril - Providing Ultimate Wellness Experience

      January 13, 2023
      0
    • Celebrities Share their New Year’s Resolutions with us

      January 2, 2023
      0
    • EZINNE DORA KAYODE-----Excelling in a man’s world

      January 2, 2023
      0
    • Gbemi and Toolz -On Career Path and Christmas

      December 25, 2022
      0
    • NGO trains women, PWDs in Mushin on funds sourcing for SMEs

      December 22, 2022
      0
    • Stakeholders call for more women's participation in political leadership positions

      December 19, 2022
      0
    • Features
    • Magazine
    • Profiles
  • Allure TV
  • Celebration
    • Fashion & Style
    • Weddings
    • Lifestyle
    • Events
  • Wellbeing
    • Allure Woman
    • Healthy Living
    • Beauty
  • Happiness
    • Food
    • Shopping
    • Travel
    • Relationships
    • Career
  • News
    • Joke Silva joins AGN Board of Trustees

      Joke Silva joins AGN Board of Trustees as first female member

      February 2, 2023
      0
    • Singer, Simi launches children clothing line

      Singer, Simi launches children clothing line

      February 2, 2023
      0
    • Charles George, the King of England, has asked Justin Welby, the archbishop of Canterbury, to mediate a settlement between his estranged sons Williams and Harry.

      King Charles brings Archbishop Of Canterbury to resolve dispute between Williams, Harry

      February 2, 2023
      0
    • How Regina Daniels replaced Georgina Ibeh's stolen gadgets with new ones

      How Regina Daniels replaced Georgina Ibeh's stolen gadgets with new ones

      February 2, 2023
      0
    • Nigerians blast Ka3na for faking pregnancy

      January 30, 2023
      0
    • Patoranking, Gbenga Laolu, Others Thrill At Vanguard Personality Of The Year Awards

      January 29, 2023
      0
    • Austin Faani wonders why actresses are not supporting Funke Akindele's Deputy Governorship ...

      January 26, 2023
      0
    • Mixed reactions as LASU bars students with indecent dressing from class

      January 24, 2023
      0
    • Iyabo Ojo warns Nigerians to vote wisely ahead of election

      January 19, 2023
      0
  • Why I was worried when Banky-W revealed his political ambition – Adesua

  • Wakanow appoints Olateru-Olagbegi Group VP Marketing

  • Kano court annuls Ganduje’s daughter’s marriage

  • Family releases funeral arrangements for AMAA founder, Peace Osigwe

  • Joke Silva joins AGN Board of Trustees as first female member

CareerHappinessNews
Home›Happiness›Career›How to grow your small business for export

How to grow your small business for export

June 23,2019
Share:

By Temitope Ojo

It’s a small business world, and statistics have it that the number of women business owners increased by 18% in 2017.

Today, 26% of business owners are women, and they tend to be younger than male business owners with 51% of women business owners under the age of 50 compared to 44% of male business owners.

This data comes from a survey conducted by Guidant Financial of 2,600 small business owners and hopeful business owners. Among the respondents, women accounted for 24% of aspiring business owners.

It is not good enough to just own a business, it is important for women-owned businesses and firms to be able to export their products.
Studies have found that women-owned firms that export, not only earn more, but also, employ more people and are, on average, more productive than women-owned firms that do not.

Clearly, exporting has very real advantages. From health/beauty/fitness, general retail, business services, food/restaurant, and cleaning and maintenance services, opportunities abound for export.

Quincy Sumbo Ayodele, founder of Quincy Herbals, a natural weight loss and skincare Nigerian company, after years of practice, discovered that the concept of using herbal medicine and natural skincare is a highly lucrative business in countries like the USA and Canada, where obesity is quite high. So, the goal was eventually to export to foreign markets.

She then launched her products in the USA in 2015.

Today, not only does she has her daughter as the Managing Director of the company, her products currently sell on Amazons Global Marketplace in the United States, Canada, Mexico, and United Kingdom.

So, how did she achieve this and how does a woman grow her business for export?
Ayodele gives insight into ‘know before you go’ tips for exporting, which includes knowing your business, the market, your assets/operational cost, your partners, and the rules.
According her, to get a product to become export ready, there are a few considerations to think of. Is the product something that is needed in the country or countries you plan to export your product to? Knowing the market involves finding the right product, studying the market you intend to go into and it’s in demand. She revealed that Quincy Herbals had to isolate a few products out of the many products available to Nigerians to those they felt were more accepted in the United States.
And because Nigerians have had a reputation for cutting corners over the years, she knew she had to work more on quality control for acceptablity.

According to Mrs Ayodele, “Your product must be created in accordance with the international standards required of the country you are planning to export to: “The international standards vary from country to country; so, you have to check with the food and drug administration of the respective countries you wish to export your product to. If you plan to export to more than one country, go by using the highest standards.” She added.

Ayodele identified the topmost challenge for women business owners as lack of capital or cash flow. And setting up any exporting company can be capital intensive. ‘You must be ready to fund and sustain the business” she said.

She noted that stores simply won’t take a new product and pay for it upfront. So once you have spent money on the factory, you need to make sure that you budget in your working capital. “You can’t spend all your money on the factory setup and production, and not have working capital if you must avoid failure”.
“I think a lot of small businesses fall into that trap. They don’t budget for working capital and then, you get stuck and basically their investment dies because, they don’t have money to sustain it – especially if they have put in everything they have or used a loan.

“You have to put into consideration the way the product will be produced and how much it will cost to produce it. It has to be a product whose ingredients are readily available and relatively affordable. The lesser ingredients you have to import, the more competitive your product becomes in terms of the international market.

“Take for instance one of our bestselling product; it is made up mostly of shea butter which is entirely processed in Nigeria. This drives costs down because the major ingredient namely shea butter, doesn’t have to be imported from overseas.”

Another important factor to consider is licensing, registration and certification. This is very important, in order to get your product easily accepted in the intending country of export.

Again, Mrs Ayodele says: “one has to make sure you get the required licenses and certifications needed both to get the product out of Nigeria, and into the receiving country. This includes your companies CAC documents, NAFDAC, export license, lab analyses of the product by a certified company in the receiving country, and relevant licenses and certifications as required by the receiving country.

“You may need additional certification if your product is food or cosmetic. In the United States, you will also need to register your company officially for taxation and verification purposes. Keep in mind if you are exporting a cash crop or commodity that comes in its raw state or better still is not a finished product, (something like cocoa, yams, fruit, cashew nuts, grains etc), the requirements are not as stringent.”

Ayodele also spoke on the need for attractive packaging and proper marketing. According to her, this portion of product development is equally important.

“Packaging has to be attractive, affordable, easy to find and acceptable by the receiving country. If you are dealing in skincare products like ours, it must be housed in an easy to open container, preferably produced locally, but must be in accordance with international standards.

“Labels can also be designed and printed locally bearing in mind international labeling standards. All ingredients must be clearly stated on the label, including the expiration date, international address and contact number of your company.

There also has to be a barcode with the products identification number. Just like you register for a product barcode in Nigeria, you also have to register for a barcode in the international market. The barcode must also be put on the label or on the product.”

Marketing your product is essential. And with technology, being internet savvy, will be an advantage. “You must do your research on internet. You also need to have a website and be on social media platforms. If possible ensure your website is optimised for e-commerce, so that people can purchase or order your products directly from your website. You have to have a warehouse or place that can house your products whenever an order is made.”

Another important factor to consider is to identify industry players and partners.
There are professionals already in any business you intend to take outside the country. Industry players can advise. Identify and contact them. Ask questions on how to go about it.
Mrs. Ayodele has these final words of advice for entrepreneurs willing to go into export.

“For your products to be accepted in the international market, don’t be in a hurry. It is better to take your time to position your product for international success, than to rush and produce a substandard product that will be rejected by the receiving country, or not even allowed to leave Nigeria in the first place.

“Note that as a small business, you can never get your product perfect from the beginning. You have to adjust as you go.

You also have to make contingency plans, especially when you are trying anything new. You have to prepare for the worst, because for some reason, it is always at those times that things go wrong.” She concluded.

Tagsallure businessQuincy Ayodele
Previous Article

Cosmetic Surgery: The unending search for perfection

Next Article

Important Safety tips in the bathroom

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • CelebrationEventsWeddings

    Quincy Ayodele’s son, Temi, set to wed heartthrob in Lagos

    December 8, 2022
    By Temitope
  • Allure WomanBeauty

    Quincy Ayodele bags Lifetime Recognition Award in beauty sector

    April 1, 2019
    By allure1
  • Allure WomanCelebrationHappiness

    Quincy Ayodele set to celebrate 60th birthday in Dubai

    January 17, 2019
    By allure1
  • Allure WomanBeauty

    Quincy Ayodele bags Lifetime Recognition Award in Beauty Sector

    April 1, 2019
    By allure1
  • Allure WomanCelebrationRelationships

    Here’s Tobi Keeney’s prayer for mum, Quincy Ayodele at 61

    January 27, 2020
    By Temitope
  • FoodHealthy Living

    Eating Fish May Boost Your Brain Health

    June 23, 2020
    By Oluwamuyiwa Oyedele
0

  • Allure MagazineNews

    Tonto Dikeh’s husband, arrests woman for calling him “scammer” on Instagram

  • NewsTrending

    Lagos Govt. withholds N25m donated to viral amputee hawker, exposes her lies

  • Allure MagazineFashion & StyleNewsUncategorized

    Monalisa Chinda and daughter shows off mother-daughter twinning goals

  • 5312
    Followers
  • 12744
    Likes

Timeline

  • February 3, 2023

    Why I was worried when Banky-W revealed his political ambition – Adesua

  • February 3, 2023

    Wakanow appoints Olateru-Olagbegi Group VP Marketing

  • February 3, 2023

    Kano court annuls Ganduje’s daughter’s marriage

  • February 2, 2023

    Family releases funeral arrangements for AMAA founder, Peace Osigwe

  • February 2, 2023

    Joke Silva joins AGN Board of Trustees as first female member

Categories

Subscribe to our Newsletter

Sign up to receive email updates and to hear what's going on with our magazine!

  • Recent

  • Popular

  • Comments

  • Adesua Etomi, wife of singer-turned-politician, Bankole Wellington, commonly known as Banky W, has said that she was first disturbed when her husband revealed his political ambitions.

    Why I was worried when Banky-W revealed his political ambition – Adesua

    By joy onuorah
    February 3, 2023
  • Wakanow appoints Olateru-Olagbegi Group VP Marketing

    Wakanow appoints Olateru-Olagbegi Group VP Marketing

    By joy onuorah
    February 3, 2023
  • Kano court annuls Ganduje's daughter's marriage

    Kano court annuls Ganduje’s daughter’s marriage

    By joy onuorah
    February 3, 2023
  • Family releases funeral arrangements for AMAA founder, Peace Osigwe

    Family releases funeral arrangements for AMAA founder, Peace Osigwe

    By joy onuorah
    February 2, 2023
  • Chioma Jesus, Sammie Okposo, Midnight Crew set for #THUGGLA2018

    By RITA
    April 24, 2018
  • American rapper, Kendrick Lamar wins Pulitzer prize for 2017 ‘Damn’ album

    By RITA
    April 17, 2018
  • Afrobeat singer, Seun Kuti drops new album titled ‘Black Times’ 

    By RITA
    April 23, 2018
  • Actor, Yul Edochie declares intention to run for presidency

    By RITA
    April 23, 2018

Entertainment

  • February 3, 2023

    Why I was worried when Banky-W revealed his political ambition – Adesua

  • February 2, 2023

    Joke Silva joins AGN Board of Trustees as first female member

  • February 2, 2023

    How Regina Daniels replaced Georgina Ibeh’s stolen gadgets with new ones

  • January 30, 2023

    Oge Obasi’s ‘Mami Wata’ earns Sundance Film Award

  • January 30, 2023

    Actor, Junior Pope loses valuables to Delta robbers

Follow us