Dynamism in Wuraola’s souvenir business
Wuraola Oladuntan Ojediran is the founder and chief executive officer of Krystal Klear Souvenirs, an online souvenir store changing the face of the industry in Nigeria.
Wuraola, a Mass Communication graduate of Bowen University, was inspired to set-up Krystal out of a personal desire to own her own business. She wanted to render unique and quality services to help reduce stress associated with providing gifts for guests at events.
This desire led to the establishment of her business in 2016 and the business has grown tremendously since starting. “I decided to go into souvenirs with a mindset to provide quality party favours different from the plastic and handkerchief people normally get from parties back then. That’s what brought about the unique items Krystal provides,” she said.
When asked what her initial start-up capital was, Wuraola said she started her business with no initial start-up capital. She stated that all she did was to conduct a market survey of her business. Afterwards she got her first business through recommendation from family and friends.
According to her, the greatest challenge facing her business was foreign exchange volatility, which she said had affected her profit margins tremendously. Wuraola stated that items needed for her souvenir business were sourced locally and internationally.
She urged the government to ensure stability of the country’s currency against the US dollars and other foreign currencies.
When asked how she had been surviving recession, she noted that despite low consumer purchasing power, her business was still strong as she had to review her charges to ensure the business remains profitable.
“We try as much as possible to put our clients into consideration and not over-charge them, but it is also important we remain profitable. We have had to put some items together and give them out as package discounts in order to attract clients and also ensure profits,” she noted.
When asked what she would tell her younger self, Wuraola said she would advise herself not to procrastinate. “I wish I started this business earlier from the day I conceived the idea,” she said.
She noted that despite high competition in the industry, her business had continued to thrive as a result of excellent services and unique items provided for customers.
“We provide good customer service, which is the most important thing that can attract clients, and we try as much as possible to work on every client budget no matter how low or high it is. We have something good for every client and we have unique items,” she said.
Josephine Okojie