In the vibrant world of cosmetics, a new star is rising. Meet Raji Rukayat Gbemisola ,the founder of LBM Cosmetics, a young entrepreneur who has turned her passion for beauty into a thriving business. With a keen eye for innovation and a determination to succeed, she's building a brand that's making waves in the industry.
Through an exclusive interview, get to know the inspiring story of this campus entrepreneur, her journey, challenges, and triumphs. From creating lip glosses to building a loyal customer base, discover how she's balancing academics with entrepreneurship and what drives her to succeed...
Let's dive into her story and uncover the secrets behind her success.
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Q: What sparked your entrepreneurial journey, and what drives you to succeed?
A: I’ve always been enthusiastic about the cosmetic industry, particularly beauty brands. I followed a lot of beauty brand owners and founders like Diiadem, the founder and CEO of Beauty by AD Cosmetics, and her success journey over the years. That, coupled with other personal experiences, really inspired my enthusiasm to start my own beauty brand.
Q: How do you balance academics with running a business?
A: Balancing academics with my business, LBM Cosmetics, is not the easiest thing. Sometimes, I feel like I’m not paying enough attention to one and need to rebalance. However, my academic path helps me explore new ways to promote my brand, which makes it easier to find balance between the two.
Q: What advice would you give to fellow students looking to start their own business?
A: Do your research, have a goal, work around your finances, and do not give up if it looks difficult. It may not be easy at the beginning, but trust me, it will get better.
Q: Describe your business idea and how it came about.
A: I had always thought about starting a business in the beauty industry, but I never really figured out exactly what I wanted to do. I had been selling contact lenses since 2019, but it didn’t evolve beyond that. Fast forward to 2022 I was lying in bed one afternoon when the idea of making my own lip glosses to sell came to mind. I picked up my pen and started writing down what I thought I would need and that was how LBM Cosmetics came about.
Q: What challenges have you faced, and how have you overcome them?
A: The first challenge I encountered was branding. The beauty industry is massive, with thousands of well-established brands. So coming in as a new brand and trying to market and promote my products was really challenging. Over time, I’ve become more confident with marketing and branding, and promotions have become less difficult. With the help of my friends, I’ve had opportunities like trade fairs in my school and access to a walk-in store where I currently showcase my products to reach my target audience. I overcame these challenges through prayer and by putting in more effort where I had previously fallen short.
Q: How do you handle setbacks or failures?
A: I always sit back and reflect on what happened and what I did wrong. I think of ways to overcome the setback and learn from the mistakes I made.
Q: What’s your proudest achievement as a campus entrepreneur?
A: The support for my brand, LBM Cosmetics, from friends and family both on and off campus is a constant reminder of how far I’ve come. It makes me so proud and motivates me to do more. I’ve made over a thousand lip care products, and they’ve all sold out. One of my proudest moments was being able to showcase my products in a walk-in store, even though it isn’t my own yet, it gave me great exposure and boosted my confidence as a business owner.
Q: How have you measured success, and what metrics do you use?
A: I measure success by my customers’ loyalty and by maintaining a positive cash flow. Making sure I generate more revenue than I spend helps me understand the financial health of my business.
Q: What’s next for your business, and what goals do you have?
A: My goals for LBM Cosmetics are to open my own beauty store soon and to introduce more products to my customers.
Q: How does being a student influence your business decisions?
A: As a student, I’m sometimes limited in making major business decisions because I have to consider my academics. However, it has helped me understand customer relationships and satisfaction better, especially since most of my current customers are fellow students.
Q: How do you manage your time effectively between academics and business?
A: I learned very quickly how to manage my time effectively and separate my business life from my academic life. I prioritize time management by creating reading timetables at the beginning of each semester and attending all my classes, so I don’t fall behind in my studies. I use my spare time to work on my business plans and make key decisions.
Q: What support systems do you have in place for your business?
A: I have loved ones who constantly encourage and support me to do more and get better in my business.
Q: How has entrepreneurship impacted your personal growth and development?
A: Being an entrepreneur has taught me not to take criticism or feedback personally. Instead, I see it as a positive sign of progress and success. This shift in perspective has helped me grow and improved the way I see many things.
Q: What skills have you developed through running your business?
A: I’ve developed strong multitasking skills. I wouldn’t have believed I could manage my academics and business so well, but I’ve excelled in both. I’ve also improved my communication and decision-making skills.
Q: What’s the most important lesson you’ve learned as an entrepreneur?
A: I’ve learned that you can’t satisfy everyone’s needs and expectations but you should always do your best and leave the rest.
Q: Where do you see your business in the next 5 years?
A: In the next five years, I hope to own a walk-in beauty store, introduce more products, and have my brand recognized both locally and internationally.
Q: What steps are you taking to achieve your long-term goals?
A: I’m building a strong brand foundation, networking with people who’ve already made names for themselves in the industry, developing new products, and creating a strategic business plan to achieve my vision for the brand.
Q: How do you plan to continue innovating and growing your business?
A: I’m focusing on market research, product development, strategic partnerships, and skill-building. I’ll continue innovating by staying updated on industry trends and expanding my network.
Thank You.
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