Abuja-based entrepreneur, Ruqoyah Ajibola Abdulsalam, seems to have mastered the twists and turns of her printing press business, toiling among her resilient competitors to beat the odds in the popular UTC Area 10 business arena. In this interview with Daily Trust, Ruqoyah identified inadequate capital and lack of skilled employees as a huge setback in her line of business.
What kind of business do you do?
Our business encompasses a wide range of services, including printing, branding, designing, and the sales of high-quality souvenirs. These services cater to both individuals and corporate clients, helping them meet their promotional and personal needs with bespoke solutions.
Why did you choose this line of business?
Printing offers abundant opportunities for creativity. The printing industry is filled with opportunities for creativity from designing eye-catching graphics to choosing the perfect materials; the possibilities are endless. This sector allows businesses to explore innovative ideas and bring them to life through various printing techniques, ensuring that each project stands out.
How profitable is this business?
The printing press business stands out as one of the most profitable ventures in Nigeria. The demand for printed materials, ranging from business cards to large-scale banners, continues to grow, driven by the need for businesses to establish strong brand presence. With proper management, a printing press business can not only double investments but also generate a substantial profit margin, making it a highly lucrative industry.
How did you raise money to start this business?
To kick-start the business, I initially raised capital from family and friends, which provided the necessary funds to acquire equipment and cover initial operating costs. Over time, the profits earned from the business were reinvested, allowing us to expand our operations, upgrade machinery, and take on larger projects, ensuring continuous growth and sustainability.
Was there any bank involved in the growth of your business?
Yes, we approached Jaiz Bank to acquire major machines through their Jaiz SME package which was a remarkable transaction that enhanced our business fortune. Our first major machines, which are crucial to our operations, were acquired through this package which offered a flexible payment arrangement. It also enabled us to secure high-quality machines that significantly improved our production capabilities.
We also acquired two additional machines under the same package, which further enhanced our efficiency and output. Alhamdulillah, this strategic investment has been instrumental in our success.
What are the challenges encountered in your business?
Despite our successes, we face several challenges that hinder our growth. The lack of skilled employees makes it difficult to maintain the high standards of quality that our clients expect. Additionally, the lack of adequate capital restricts our ability to acquire innovative machines that could give us a competitive edge. Strong competition within the industry also pressures us to continually innovate and adjust our prices. Furthermore, the absence of government incentives for genuine SMEs and the excessive demands from government officials create additional burdens that we must navigate.
What strategies are you putting in place to surmount the challenges?
To address these challenges, we have implemented several strategies. First, we conduct quarterly training sessions for our employees, ensuring they acquire the necessary skills to perform their roles effectively. Second, we actively seek financial facilities from banks to boost our capital, which enables us to invest in advanced machinery and technology. Third, we focus on innovation and creativity to stay ahead of our competitors, while also adjusting our pricing strategies to remain competitive. Finally, we are committed to acquiring the latest machines in the industry that can perform tasks more efficiently, reducing costs and improving turnaround times.
What do you think banks should do to help smallholder businesses grow and, by extension, alleviate poverty in Nigeria?
To further support SMEs like ours, banks could consider offering more flexible loan facilities tailored to the specific needs of small and medium-sized enterprises. These loans would help improve our business operations and fuel growth.
Additionally, organising online or physical training sessions focused on market strategies would be beneficial, as they would equip SME owners with the skills needed to thrive in a competitive market. They could also provide advice on standardising business operations, which would help SMEs maintain consistency and quality. Guidance on diversifying business operations would enable SMEs to explore new revenue streams, while assistance in financing the acquisition of large machines would significantly boost our revenue. Finally, banks could pitch SMEs on different business ideas, helping them to innovate and expand their offerings.