This archive report was first published on 10 May 2021.
Yvonne Khasoa, founder of GirlBoss Clothline, is a testament to the power of entrepreneurship and determination. Her online boutique deals with wholesale and retail of ladies and kidswear, and she also runs a business mentorship program for textile and clothing entrepreneurs.
On May 10, 2021, Khasoa shared some of her business and financial tips, highlighting the importance of avoiding desperation when starting a business.
"I was so desperate to make sales when I started my business that I would often make losses," Khasoa recalled. "This is a trap that many young entrepreneurs fall into. You want to start selling your goods or services, and in desperation, you sell at a loss. Customers will always sniff out a desperate seller and eke out maximum discounts, sometimes at your loss."
She emphasized the need for business systems and structures, particularly in a competitive and fluid industry like textiles and clothing. "When I started, I also didn’t have business systems and structures in place. This meant that things like cash flow, bookkeeping, and revenue management were not adequately monitored. These are a must, especially in a field as competitive and fluid as the textile and clothing sector."
One of the most significant lessons Khasoa learned was the importance of due diligence when it comes to investments. She shared her experience with a Sacco that collapsed last year, resulting in her losing a substantial amount of money. "I was part of a Sacco that collapsed last year. Apparently, the Sacco’s operations were extensively affected by the Covid-19 pandemic. However, the Sacco management failed to update members on the challenges they were facing. So we kept saving and investing with it. Alarm bells went off when the management changed its headquarters offices. We tried to withdraw our savings and investments in vain."
As a leader, Khasoa believes in creating impact and taking full responsibility for her actions. "I have chosen to exercise leadership through creating impact in what I do. Nobody will place a demand on me if I am not valuable. Can I bring out my deepest devotions and be good at what I do that no one will want to ignore me? Scaling my impact has forced me to take full responsibility, think faster, under promise but over deliver."
Despite facing setbacks and risks in her business, Khasoa remains optimistic and encourages others to do the same. "Each business comes with its fair share of risks. I have previously opened clothing bales and got the exact opposite of what I had ordered. I have opened clothing bales with what I ordered and found extremely bad quality products. Although such setbacks are costly, I do not allow them to throw me off the tracks. No money is too little for a brain that has a vision. Just start with what you have and things will be aligned along the process."
