How I Made Good Money During Covid-19 Period – Adeyemi
Get ready to be inspired as we bring you the story of a trailblazer in the event industry! Meet Mrs Folashade Adeyemi, the Managing Director/Chief Executive Officer of Canaanland Event Centre. In a recent interview with Entrepreneur Excellence, she shared her incredible journey of how she turned her passion for event planning into a thriving business. Discover how she seized the opportunities presented by the COVID-19 pandemic to make good money and get ready to be blown away by her insightful advice to all aspiring entrepreneurs out there who dream of making it big in the world of event management!
Excerpts:
Madam! Kindly introduce yourself.
My name is Folashade Nike Adeyemi, I am the MD/CEO of Canaanland Event Centre, based in Ojodu, Lagos.
What inspired you to start an event centre business?
Before I started my event centre business, I used to travel to Switzerland to buy textiles, and my friends knew that I loved planning events. I would go to Switzerland to get their Aso Ebi to plan their events. I enjoy seeing people looking good. So, my husband suggested that since I enjoyed it so much, why not open an event centre? He believed I would do well in it, and that’s how I started.
How lucrative is event centre business?
I won’t say it’s not lucrative, but it’s not as easy as people think. Opening an event centre requires a lot of capital. It takes years to recoup your invested money due to the running cost, power, salaries, and other expenses. However, we thank God we are making profits.
How did you survive the COVID-19 period?
We started six months before COVID-19, so it wasn’t easy for me. We took a loan from the bank, and my husband was using his money to service the loan. We didn’t open for approximately six months, so it wasn’t a good experience. I almost ran into depression, but thank God we came out of it.
What challenges do you face in running this business?
Power is a significant challenge, and another issue is the Area boys. They are disturbing everywhere, even on Banana Island. Each time we ask the police to take them away, they return after one month.
What is your biggest disappointment so far?
It was during the COVID-19 period. We had to service the loan, but to the glory of God, we came out of it. In event centre, when you satisfy clients, they’ll come back, and when you have good staff, you’re good to go. I won’t say there is any major disappointment.
What happy moment you will never forget?
It was during the COVID-19 period when Lagos state asked all event centres to lock up. People ran to the Canaanland event centre, and I was able to pay back all the bank loans within three months, which was worth hundreds of millions of Naira. Indeed, God is faithful.
What considerations did you make when planning to started?
The first thing is location, and we found good land on the main road, like nine plots of land. Secondly, we considered the air conditioning system, which is what people want to confirm when looking for an event centre. You can search for the Canaanland event centre online; when it comes to cooling, we are number one. We invested so much in A.C., and to the glory of God, we are enjoying it today. Our restrooms are super clean and fully air-conditioned. Our cleaners are always available to clean immediately after a guest leaves. There is no power interruption in the Canaanland event centre, and we have two power generator sets.
What is your expansion plan?
Everyone in business must have a plan to expand their business, and by next year, God willing, we should be coming to the Lekki side. It takes a lot of money, but I believe God will help us.
What advice do you have for those who want to go into this venture?
Firstly, make sure you know what you want to do because it happened to us. When we were doing the costing of what we needed, we got the wrong bill, and that led us to collect a loan from the bank. For air conditioners, we budgeted six million Naira, but the real cost was 13 million Naira. We got it wrong with the A.C., and we were forced to run to the bank to ask for a loan. So, if you’re starting, please ensure that you get your facts right so that you won’t end up not finishing the project. Secondly, do it well, don’t compromise. Go and get a power generator that can carry all the A.Cs. Imagine an event is going on, and you’re having power issues. Ensure that you have enough capital before venturing into this business.
