How To Diversify, Build A System And Keep Your Business Going Without Crashing

 

If there’s one thing entrepreneurs love to do, it is creating jobs for others. They are never satisfied. They keep thinking of how to reinvent themselves. This is the story of Awobajo Adeleke who started out with one business and ended up diversifying along the line. How was he able to do this? Find out in this interview.

Can you introduce yourself?
I am Awobajo Adeleke and by God’s grace I'm married with kids. I have been an entrepreneur for close to two decades. I love creativity and I like to try new things. I’m a risk taker and most of all I’m a serial entrepreneur - by this I mean I have streams of businesses I operate.

What are your streams of businesses?
I started my career as a studio photographer under the name - In and Out Photographers. It became a success up till date and just recently I set-up my own digital lab outfit (Care Digital Lab) where we process pictures. And lastly I run an Academy where we train people on various aspect of soap, airfreshner, body spray making etc.

How lucrative has the photography business been for you?
I must confess to you that it has been very lucrative. But not without factors such has consistency when the going was tough, years of hardwork, commitment, innovation, customer satisfaction and the fear of God.

As a photography entrepreneur what stages did your business go through before attaining where it is today?
The journey has been very challenging and exciting. Interestingly, I started as a campus photographer using analogue back then in 1993. Five years later, I moved from being a photographer on campus to owning a studio where I ply my trade as photographer. When photography went digital, I had no choice than to switch to digital photography in 2004. And today, I own a digital photo processing laboratory that is barely six months old.

Why did you choose to diversify into owning a photo lab?
For me, this diversification from studio photography is actually a fulfillment of a life-long dream or vision. I considered certain factors before diversification. I consider owning a photo lab as a much more sustainable business that I can easily hand down to my dependants.

But looking at it from the perspective of an entrepreneur, I will say that diversification occurs when you decide to spread your resources into a department under the umbrella of same industry or different one as the case may be. Secondly, business diversification also occurs when as a business owner you need to share your risk.

What are the necessary steps required for business diversification?
For any business owner to think of successfully diversifying you need to have an existing business that is up and running on its own based on a system you have created.

You need to focus on a business you have a good knowledge of, it must be a business you are passionate about, you must be driven by a vision and lastly get a mentor in your line of new business that can be a reference point in this pursuit.

What is the secret to sustaining a business especially when the owner is not there?
Many businesses have collapsed today majorly because there was no proper system in place. Some businesses remain grounded when the owner is not in town or pass on. However, to guard against business breakdown, an entrepreneur ought to put a system in place. When we talk about a system I refer to set of procedure or carefully planned steps or process to achieve company goal.

For example in my organization we have our daily devotion, we have procedures for payment, handling customer enquiries or complaints, how money is banked, resumption and closing etc. when everyone of your staff are aware of these procedures and when they are meant to be carried out, there’s no way the business will not survive. Don’t forget to be conscious of monitoring the system so as to take necessary action should there be a default in the system you’ve put in place.

What is your advice to business owners who wish to diversify now or in future?
First, you must learn the necessary skills needed for your line of new business. Endeavour to put your system in place as I explained earlier. Don’t overlook customer issues.

Treat them appropriately as they come. Never put inexperienced personnel in key positions. Carry your staff along in all that you do. Be sincere and open in all dealings. And lastly have good managerial and supervisory skills.

From Success Digest Paper