Money Making Recipe with Gbola Lawson

Gbola Lawson is the Managing Director and CEO of Fastizers food and Confectionaries Ltd. He is a certified project manager with over a decade of professional experience in Information technology and entrepreneurship. His leadership assets have fortified the business expansion with the company spreading into new markets and extending his product portfolio. He started his career with a financial ad tech company and subsequently garnered years in banking. He quit his banking job in 2014 to join his wife. He's a technology enthusiast with a passion for startups and SMEs, he provides strategic advice to many aspiring entrepreneurs

Below is the Summary of the Radio Show Money Making Recipe with Gbola Lawson

We had with us on the show Mr. Anthony Gbola Lawson, CEO, Fastizers Food and Confectionaries ltd. The CEO, Mr. Gbola Lawson is said to have started Fastizers Food and Confectionaries ltd with his wife, his girlfriend of 15 years ago. He recalled that his wife; girlfriend at the time had made cookies for his 21st birthday, he and his friends had enjoyed it and with less than 1000 naira she had started the business of making cookies. More so, as time went by, he began working in the banking sector and she continued in the business of making biscuit cookies at her sister’s place.

The CEO, however, recounted that during the process of growing the business he had to lend his wife money to buy equipment for making the cookies in which she returned. The equipment he said ranging from mixer, oven, and when he couldn’t afford the amount she asked for he started to solicit funds from friends and families; from baking cookies in her sister’s kitchen, they expanded to two shops in Oshodi until they built their present factory in Agbara Estate.

Speaking on how one could make a good turnover, Mr. Gbola listed Sales and marketing, Putting one’s Product out there as well as identifying the particular need one’s product is to solve. In a similar vein, he listed principles to gaining financial discipline in one’s business as; Looking at the bigger picture as well as separating business from self this he said while stressing on the need for structure in one’s business.

Responding to the question of a money-making recipe he stressed on the need to be hardworking, resilient, prudent as well as having a strong saving culture. He stated that one cannot grow wealth if they don’t keep wealth and he urged start-ups to always spend less than they earn. He ruled out profit margin alone as an indicator of business growth this he said was because profit was nothing as it is only one’s ability to generate income and reduce expenses that mattered.

Still, on raising capital, he advised start-ups to ensure they understand their business as well as their cash flow; the way the money in the business is generated. Mr. Gbola also said that there was really nothing to borrowing money from the bank, hence one understands how money is generated in a business. He however advised start-ups to consider family and friends first when borrowing as they are more understanding.