How Walter became a millionaire from furniture-making, entertainment

Walter Olise Ifeanyi is the CEO of Walterfurniture, which specialises in the production and marketing of furniture products.

A graduate of Mass Communication from Lagos State University, Walter started his furniture-making business in 2014 with N150, 000 of his savings. Today, he is worth 1.6 million, a feat that he achieved through hard work and resilience.

Walter’s gradual rise to recognition is a proof to young Nigerians that it is possible to fulfil your dreams when you decide to fight fear. Apart from furniture-making, Walter is equally in film production.

In fact, he believes that the fear of starting a business is the fear to fail. Quoting Robert Kiyosaki,  an American businessman and author, Walter says, “Your choices decide your fate. Take the time to make the right ones. If you make a mistake, that’s fine. Learn from it and don’t make it again.”

Walter has produced many furniture products for offices and homes, receiving a lot of contracts from big companies, and he believes more is coming.

He says what motivated him to go into furniture business was his love for creativity, passion for beautiful pieces and capacity to do things differently.

“I’ve always been a creative person. I loved the idea of seeing beautiful pieces. This increased my interest and I began to learn how to make furniture. So each time I see one, I always want to make a more beautiful one,” he says.

“So far, it has been encouraging; it’s nice to have clients tell you they love your designs and are willing to pay so much for it. So for me, it has been very rewarding, having to get paid for what I enjoy doing. This was what motivated me to go into furniture business,” he explains.

Walter further tells Start-Up Digest that furniture- making as well as getting contracts and clients is not an easy task, especially for beginners.

However he assures aspiring entrepreneurs that there is more to gain in the business.

“I must say there is fun in furniture-making and there is a lot to gain from the business. I try as much as possible to enjoy my work. I surround myself with people who are also enthusiastic and willing to work. So we all give each other positive vibes at my workshop. So for me, work is fun. The only pressure I feel most times is the pressure to deliver to customers because of demand. At the same time, getting clients and contracts is very tasking, especially in this present poor economy, where people are mindful of how they spend their money. Most of these clients also have their customers,” he states.

“You need to be focused, have plans, and must always be confident, especially when approaching your clients. You also need to be creative,” he admonishes, adding that anyone willing to go into the furniture industry must know how to identify fake and original products as well as the right colour.

He says it is important to meet people in the same field of work, learn different designs, and search YouTube in order to come up with new ideas.

On how he eliminated fear and ventured into full self-confidence, Walter says all that matters is being positive and able to take risk.

“When I read success stories, I see that they all failed but never gave up. So I took to that habit. I failed sometimes but I never gave up,” he says.

When asked the steps that led to his growth, he replies: “I am also into entertainment, precisely film making. My business is worth about 1.6 million now because I invest my profit from the film-making into my furniture business. I also try as much as possible to be on the same page with my clients in everything I do. Communication is key; so in order to keep up with clients, I try as much as possible to carry them along from beginning to the end so we don’t have any reason to disagree on anything. For doing this, they refer other clients to me.”

Walter plans in the long-term to make Walter Furniture a household brand all over the world and is looking at expanding his brand outside Nigeria.

He also wants to build a school for young and less privileged people interested in furniture designing but don’t know where to start from.

Like other businesses, Walter faces challenges.

“The prices of materials have gone up owing to the dollar situation. So most times, clients still want to pay the same amount they paid before for a service, not considering that the price has increased because of market factors.”

“Electricity is another issue. We use heavy-duty machines during manufacturing. So most times, if there’s no light, it slows down our production.

“Patronage has not been like it was before, and with those that come, they always want the best for less. All these are attributed to economic situation of the country,” he adds.

Advising younger Nigerians and aspiring entrepreneurs, Walter says it is essential for them to sit and use their talents to look for anything legitimate to do and master it well.

BUNMI BANJO