This archive report was first published on 20 May 2020.
Angie's Tea, a purple tea exporter and local distributor, was introduced in Kenya by the Tea Research Institute in 2011. Founded by Roselyne Njoki Nthiga, the business has seen significant growth and success, with Nthiga attributing its uniqueness as the key to its success.
According to Nthiga, being unique is the finest fuel for wealth creation, and it's essential to stand out in the market. When starting her business, Nthiga wanted to sell something unique and rare, which is how she discovered purple tea. This decision allowed her to exhibit at global trade stages, such as the World Trade Organization fora, and has seen her business thrive.
However, Nthiga's journey was not without its challenges. When launching the local version of Angie's Tea in 2015, she didn't have enough savings to fund her startup capital and opted for a bank loan. Despite managing to secure a loan, she spent the first year juggling between loan repayments and making profits.
One of Nthiga's biggest money mistakes was underestimating the amount she'd require to run her business. She had to brand the business to fit in the local market, which involved a lot of design and advertising. Unfortunately, she realized there were glaring mistakes, and she had to start the branding and marketing exercise afresh, consuming a large chunk of her capital.
Looking back, Nthiga wishes she had shopped around for better financing options. She advises entrepreneurs to compare what every lender is offering before deciding to get funded by one lender. This approach may lead to finding a better deal.
Today, Nthiga prioritizes having clear plans for her money and making projections either monthly or annually. She believes that having projections in place helps her stay on track and alerts her to any potential issues that may be derailing her business.
This feature was first published in the Saturday Magazine on May 20, 2020.
