This archive report was first published on 29 October 2021.
Lyte Chepkemboi, the founder and managing director of Lyte The Brand, an online shop selling quality affordable ex-UK loungewear, pyjamas, house shoes, and fleece blankets, started her business with a modest Sh. 1500 in 2020.
She took a bold step, visiting Gikomba market, where she bought second-hand camera clothes, also known as mitumba. These were pieces left behind by those who had chosen the first camera or first-choice mitumba clothes. With limited funds, she couldn't afford the first camera clothes, but she saw an opportunity in the second-hand market.
Lyte sold the clothes and reinvested her small profit, buying another batch of second-hand clothes. She repeated this process, and by February 2022, she had built a capital base of Sh. 20,000, enough to buy a full bale of clothes.
Lyte's success story is a testament to the power of hard work, consistency, resilience, and honesty. She emphasizes the importance of managing one's money well and reinvesting profits to grow the business.
One of the key lessons Lyte learned from her business journey is the value of writing down her goals and profit targets. She would set targets for each batch of clothes she bought, aiming to reach her first bale. Lyte advises entrepreneurs not to expect immediate break-even, but to watch and grow their business for at least one to two years to determine its profitability.
However, Lyte also shares a cautionary tale of using business money for personal needs, which led her to seek capital multiple times. She emphasizes the importance of paying oneself a salary and regularly enrolling in financial management classes to learn how to manage operating capital and income streams.
Today, Lyte's business has evolved, and she saves her money in different vehicles, depending on her goals. She currently invests in a Money Market Fund and also saves through investments like shares. Lyte's advice to aspiring entrepreneurs is to give their all, be guided by those who have gone ahead, and seek to improve every day.
As Lyte's business continues to grow, she aims to introduce 'Made in Kenya' merchandise to her stock and considers opening physical stores once the economy stabilizes. Despite the challenges of her online business, Lyte remains thrilled about the limitless opportunities and customer interactions that have emerged since the pandemic.
Lyte currently sources her bales from home, ordering them online and having them delivered to her doorstep. However, she faces challenges, such as receiving unexpected items in her bales, like Japanese flags that are not in demand in Kenya.
This profile on Lyte Chepkemboi was first published in the Saturday Magazine, a publication of the Nation Media Group, on October 29, 2021.
