Hi, I’m Sam,
According to statistics, 8 out of every 10 Nigerian women
wear wigs and Luby of Lubys signature has made it her mission to cater to
those 8 women. The chances of ladies getting fake hairs from a lot of vendors
is alarming but Luby has succeeded in always delivering premium, luxury hairs
to her clients and they love her for that, I mean who wouldn't love that they
get exactly what they paid for?
I had a chat with Luby about her business and she was very honest with me. Continue reading
How are you doing lately?
Fine,
Thanks for asking
What school did you attend
and what course did you study?
I
graduated from Ekiti State University and I studied Science and Laboratory
Technology (Biotechnology option)
When did you discover
your interest in business?
That
was early 2020 just before the Corona Virus became a big deal in Nigeria
How did the Covid year
inspire your business interest?
I got my interest in business before covid started. I think I was in 200L, and
I wanted to start making money not just rely solely on the money I got from
home. Covid made it a little bit tough because of the whole lockdown, it was
difficult making deliveries. But thankfully that era is over
Do you remember the first
business idea you had? If yes what was the business idea?
Ooh
yes, I sold perfumes in school. Going from department to department to
advertise, and add contacts. It was a fun period because I spoke to new people
almost every day.
When and why did you
switch from selling perfumes to selling Human Hair?
It
was a gradual process, I did both together for a while but the perfume industry
became too saturated.
Prior to starting and
running a business, where else was your interest career wise?
Being
a laboratory technician
So what has made you
stick to your current business this long?
The
profit, I wouldn’t lie. Honestly when I started I didn’t know it would go so
well
It
was 50:50, but gradually it grew and I grew alongside.
How were you able to
raise the resources to fully go into the business?
I
saved up from my perfume business and I also had support from
home.
What has been your
Importation experience since you've been in the business?
Hmmm
a roller coaster, the exchange rate has been very stressful. When I started my
business
We
changed dollar for 450naira/dollar, if not less, now it’s around 1500naira/dollar.
Shipping fee and cost of goods got expensive
How have your clients
adjusted / reacted to the ever fluctuating dollar rate which I believe affects
the price of your products?
I
love my customers, they understand the fact that I didn’t just increase the price
of products without reason. We’re all Nigerians, everything got expensive and
everyone is aware. So I’ll say they adjusted pretty well, the government didn’t
really give us a choice
Have you ever had to deal
with foreign customers?
No,
But I have Nigerian customers that live abroad
While running your
business, what Nigerian Policies and laws do you pay most attention to?
For
now CAC. I had to get it done so when we later want to expand I wouldn’t have
to change my business name because someone might have registered it.
How important do you
think Promo sales are to your business and how often do you do promo sales in a
year?
Promo
sales are very important because honestly speaking there’s nobody who wouldn’t
prefer to buy at a discounted price. We get new customers every time we run
promo sales, and that’s a major reason why we do it.
Hmm
I’ll say a minimum of 4 times a year
So the 4 times in the
year you run your promo sales are they set on structure for instance valentine
sales or black Friday sales or you just do it anytime you feel like?
The
only 2 that are always constant are Xmas sales and Anniversary sales. Other
times depends on how the market is at that moment or if my manufacturer is
giving me at a discounted price
Between social media and
referrals, where would you say you get most of your customers from?
Referrals
definitely. Social media is good, yes but as long as you sell something good you’ll
get a lot of good referrals
What would you consider
the most interesting thing about running your business?
Meeting
new people, I have a lot of customers online that I don’t recognize. So getting
recognized in public before I even introduce myself or my brand
What are the biggest
challenges you face in your line of business?
The
way exchange rate keeps fluctuating, It is frustrating honestly. Because always
having to change price, some customers will make inquiries only to come back
and there’s a change in price. It’s disheartening because there’s nothing we
can do about it
What is the biggest risk you've
taken so far in business?
Trying
a new supplier! Because it’s not all companies that deliver good hairs
But
Alhamdulillah he didn’t disappoint me.
RAPID FIRE QUESTIONS
If you didn't have to
earn money, what would you do all day?
Be
a social media influencer just for fun
Would you rather work out
or be on a diet?
Workout,
I’ve been going to the gym for over 2years now
What is a relationship
deal breaker for you?
Being
insensitive, I’m a busy person so my partner has to understand that
Where is the most unusual
place you've fallen asleep?
On-top
of bike on my way to class. I had to work overnight and I had class a day
before and also the next day. So I was awake for over 24hrs, thank God I didn’t
fall down
Would you rather get a list
of people who secretly hate you or list of people who secretly love you?
List
of people who secretly love me. I’m not a very open person
So
even if you hate me, it can’t really affect me cause you wouldn’t even know
much about me in the first place
That's amazing! Thank you
so much for creating the time for this, I really appreciate it.
Thank
you so much, I wouldn’t lie, I was a little bit nervous doing this
But
it was interesting. Thank you so much for having me.
P.S: This interview has been edited and condensed
for length and clarity
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