In the bustling city of Benin, Nigeria, where creativity and ambition collide, Lucky Momodu, a 20-year-old student of Entrepreneurship at the University of Benin, stands as the visionary force behind Vert Collections, a thriving leather craft business that is bound to get the attention of fashion enthusiasts and connoisseurs alike.
Lucky, who is nothing short of a fashion genius, shares his amazing story with us:
What do you do?
I am a full-time Entrepreneurship student at the University of Benin.
I own and run a fashion business called VERT COLLECTIONS. My business is all about the creative production of leather crafts. In addition to footwear, we also do belts and bags. I represent art using leather as a primary material.
How and when did you start Vert Collections?
Okay, please permit me to tell this very long story.
Alright, permission granted.
I have always been a creative person, even at the young age of 9. I’ll call it a talent because I was very good at drawing and designing anything I set my eyes on or could imagine. Before I got into Junior Secondary School, I had already drawn so many designs of different cars but mostly footwear, I had over 280 drawings of different footwear designs and this is because I love footwear as it is my ‘leg gear’ for movement, and I love cars too as it is a better machine for movement, LOL.
I grew from just drawing footwear to actually making the footwear with recycled materials, and fixing damaged ones for myself, my siblings, and my friends. Then, my father perceived the interest I had in footwear and he decided to put me to the test. He bought me real leather and other shoe-making materials and challenged me to make the best out of them for him and myself. I did and it came out well. He was impressed and decided to enroll me in one of the best shoe-making academies in town.
After secondary school and I was awaiting admission into the university, I found out I could turn this leather craft into a reliable source of income.
So, I can safely say that I’ve been into footwear for over a decade.
How did you raise capital for Vert Collections?
From my personal savings. I didn’t really require much capital as I mostly produce on pre-order. So, my clients make part payment before the job and balance up when the job is delivered. I use the profits from these jobs to fund, produce and introduce new products and new designs to the market.
How much do you earn?
I earn from 25k to 60k+ monthly, depending on how many pairs of footwear I am able to make in the month. As a full-time university student, I have a challenge keeping up with business while studying so my earnings are not constant. I earn higher when school is on break or when I have lesser academic activities to do.
What strategies do you use to market your business?
I take advantage of the online space to market my business. It is easier as a student. I also collaborate with other fashion businesses that deal in clothing and jewelry to sell my products faster as a combo.
I give out my new designs free of charge to influential people and public figures to use after which they come back with their pals to make a real purchase.
What’s your ideal figure to earn a month?
At least 2 million Naira.Though as a single young man and a student, I’m content but not comfortable with my current earnings.
Given the current state of things, would you say it is insufficient, sufficient, or more than sufficient for your lifestyle?
Well, I can consider a minimum of 2 million Naira monthly earning sufficient for my (ideal) lifestyle. I’m the type of person interested in expensive stuff and luxurious items. Having a very comfortable life here in Nigeria needs a constant flow of a reasonable amount of money. It might seem funny to be earning below 100k currently and still be planning on earning a minimum of 2m monthly but yeah, I need it for myself, my family, and the society at large. I’m setting channels to produce the 6 figures soonest.
What’s one financial principle you live by?
I actually have two financial principles I practice. Firstly, for me to acquire more, I need to earn more. This has helped and saved me in many ways to not go broke Before I acquire or do anything that will make me spend money, I make sure I can comfortably afford it twice. If it happens that I can’t afford to pay the given price twice, then I need to earn more before paying for it.
Secondly, not a fan of impulse buying. I don’t buy what I don’t need or what I know won’t give me any value in return. I don’t invest in projects that have no potential to yield returns.
What have been some of your biggest challenges since starting Vert Collections?
My current most significant challenge is balancing my business and my academics. Being a student and a sole proprietor, I have to give 70% of my time to my academics and 30% to my business.
What is your unique selling point?
They are several unique features of my leather crafts business. We are not like the regular craftsmen that follow the trend. As small as we currently are, we blaze the trail. I profile myself as an entrepreneur and I run the bizz with entrepreneurial qualities. What that means is I ensure I deliver value and satisfy my clients. This concept speaks well of my business and makes my clients want to patronize again. They tell their friends, families, and coworkers about us. With this method, I’ve sold over 500 pairs of leather footwear and other leather accessories within the last two years.
Knowing what you know now, is there anything you would have done differently when you were first starting out?
Yes, I’d have invested more time in learning about consumer behavior and understanding because I believe there’s no way I can genuinely satisfy you without understanding you and your interest. Still, it’s all good, as all I did then worked out perfectly for me and they are all part of the process of growth.
What are your financial goals for your business in the year 2023
Generating more than double my current revenue. I hope to up the game. This can’t be easily achieved solely as a student. So, I’ve already taken a step to set up channels to hasten the achievement of this goal.
What advice would you give to anyone who wants to start a business?
Learn proper business ethics before starting one because, if the business is worth doing, then it’s worth doing well.
If you would like to tell us your entrepreneurial story, send us a request here.
Jude earns 300k on a bad month, read his story.
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