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Financial literacy tips for secondary scammers and mompreneurs

As the coronavirus pandemic continues to shake up the job market and the economy, some women are taking the opportunity to band together and start their own businesses. (Photo by Natasha Hall on Unsplash)

By Nicole D. Batey

With the success of her online co-owned business, Nkeoma by Ivy and Livy, Nigerian-American Ifeoma Madu is on a mission to help women in commodity-based industries launch their businesses through her renowned business academy , Hustle & Glow.

Madu, also known as Ify Yvonne in English, aims to help women – especially mums – know that you don’t have to hesitate or wait for permission to start doing what you love and enjoy. get paid for it.

“For that mom or that woman who is considering starting her own business, go for it! Don’t hesitate, you can do it. You don’t have to have all the pieces in place or know everything about the future before you do it,” says Yvonne. “Just trust in God; that it will give you knowledge and resources along the way.

“I don’t want women waiting for permission to do these things. As women, we tend to put our passions or ideas on the back burner for others,” Yvonne added. “But it’s 2022 and I feel like we can do whatever we put our minds and hearts into doing, and we can do it well.”

Yvonne, along with her sister, Nkeiura Mkparu, MD, launched the luxury loungewear and sleepwear brand seven years ago after earning her doctorate in pharmacy. She currently works full-time as a pharmacist in Ohio and has a two-year-old son, Kamsi.

“As I was still a budding influencer at that time, I built the business from the ground up. During this journey, I learned a lot, especially about the textile and manufacturing industry. “said Yvonne.

Even as women fulfill their duties as mothers, wives, sisters and daughters, their entrepreneurial dreams should not be put on hold. (Photo by Sai De Silva on Unsplash)

“With the success of my businesses, I have had a plethora of friends, family members and followers who have asked for help and advice in starting their own business. This is how my academy start-up company, Hustle & Glow, was born,” she said. “I help women go from zero to launch in just a few months.”

More and more women, especially mothers, are looking for creative ways to earn income and have more flexibility in their schedules. “With the pandemic, many of us have realized that time and relationships are so precious, and there is so much more to our lives than just work.”

As National Financial Literacy Month continues, Yvonne shared advice for women considering starting their own side business and mothers looking to become business owners or “mompreneurs”.

Tap into the passions and skills you love

Whatever you choose to do, there will be ups and downs. This passion and love for what you do will help keep you motivated, especially during times when you just don’t feel like it.

Search, search, search…

Do your research and make sure the market you are considering is sustainable. Some businesses were unable to make the transition when the pandemic hit and therefore closed their doors.

As the coronavirus pandemic continues to shake up the job market and the economy, some women are taking the opportunity to band together and start their own businesses. (Photo by Natasha Hall on Unsplash)

Don’t let lack of funding deter you from what you want to do

Financing start-ups can be very difficult due to the lack of knowledge and information provided. There are so many companies and organizations, like 8Fit and Create Co., that are willing to help or looking to invest in small businesses. Also check out credit unions. Information and resources exist, but are not widely known.

Think about the value of what you offer to consumers

Besides the product itself, is it convenient to order? How do you improve the lives of your customers? Take Amazon, for example, their flagship is fast and convenient shipping for anything you want or need. You can place an order the same day and possibly receive it within a few hours or the next day. It’s giving time back to the customer.

Have a very good marketing plan, especially with social networks

You don’t need a lot of money to do this. Create a brand that tells your story and connects with the consumer. This helps create a sense of loyalty to purchasing your product.

Block time to advance your side hustle

“You don’t have to quit your job to start your career change,” Yvonne said. “During my first year as a pharmacist, after finishing my shifts at a local retail pharmacy, I would spend hours at night building Nkeoma By Ivy and Livy.”

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