1.A little background about you/the business
My name is Labinjo Olayemi Aderinsola. I am a proud mother of 3 and the CEO/Head Baker at RINSOLA’S CAKE STUDIO. Baking for me started initially as a hobby while in secondary school. I always loved attending the food and nutrition class and every now and then I would bake at home for fun. After my graduation from the university of Lagos, I got interested in the world of food from a production angle and I decided to turn my hobby into a career.
The idea took hold and since then I have attended several training courses. Personally, my favorite thing to bake is bread. Nothing beats getting home to a nice loaf of homemade bread.
I’m inspired by several reasons. At first, my inspiration was derived from my passion and love of baking, but now what inspires me the most is the feedback and testimonials from friends, family and my esteemed customers. Another source of inspiration is been able to research and create my own recipes.
3.What is your Target audience?
Our target audience is basically people of all ages. Children through adults, everybody enjoys delicious treats and so we have incorporated them in our target market. There is also room for healthy conscious clients. The corporate system is also not left out.
4.How long has the business been in existence?
Rinsola Cake Studio has been in existence for 5 years now, but we still see ourselves as infants in the industry. We are continuously evolving to meet the needs of our customers.
5.Challenges faced at inception/early period?
The main challenge at inception was penetrating the market and pricing. You get a situation where people want quality and they are not ready to pay for it, so getting that balance was also challenging.
6.Challenges still faced?
Like most businesses in Nigeria getting reliable and efficient workforce is still a challenge for us. But the situation is gradually changing
7.What brought about the growth of your business (USP)?
Dedication and continuously improving my life standard of work and quality as well as following my dream. I made a conscious effort and invested quality time in bettering myself, my designs and the flavor of our cakes. Over time I’ve also gained confidence in my work. All these put together plus the support and patronage from our customers has led to the growth of Rinsola’s Cake Studio.
8.Did you seek bank funding? If not, Why not?
Because we scaled our production, the business originally fed itself. We have also been re-investing our profit back into the business. In the nearest future we may seek funding from organizations like the Bank of Industry as we expand our production.
It took me over three years to be able to separate my personal finance from business since I was initially focused on the growth at the beginning.
10.What were your mistakes and what would you have done differently?
Underpricing was a big mistake when I just started.
11.How long can your business survive without you being there physically (key-man risk)?
For now, my time investment is still the very key in the business.
12.With your experience, what advice do you have for young people who would like to start-up business?
My advice “have a goal and stick to it’’. Don’t be discouraged no matter the obstacles you face.