Bamboo Business of the Week – sharing the financial culture and business of the average Bamboo user.
This week we are highlighting The Ice Vendor – an ice-producing factory that started right before Covid. You can read more about how their business survived after almost losing everything during the pandemic lockdown below.
What’s your name? Tell us about yourself
Lanre: My name is Lanre Gbadamosi. A graduate of Business Education in Unilag and the growing business owner of The Ice Vendor (TIV). The Ice Vendor is a factory that supplies edible ice cubes, and solid ice blocks to drink vendors, clubs, lounges, events and many others.
What has been your financial culture like?
Lanre: Personally, I’ve always believed in investing and trying to grow my finances. I’ve always wanted to be an accountant growing up. From an early stage, I’ve always understood you have to save and invest your money. I learnt about fixed deposits, then later knew about bonds and mutual funds. While doing my Masters, I also took some classes on money management, where I got to better understand that you need to allocate money for things like emergencies, growth, and enjoyment. etc and also the need to make your money work for you.
For my business, every week, we try to allocate money for some savings and investments. But first, we make sure we have enough cash flow to handle unforeseen situations. Then interchangeably save and invest weekly.
Wow! That’s good!
Tell us about your business? What is it about and Why did you start?
Lanre: This line of business wasn’t what I’ve always thought about. I got the inspiration from Twitter. I saw a couple of people tweeting about how they needed ice and how it was scarce for them where they were staying. I did some research and I found there were few ice businesses. Prior to that time, I had tried to get into a business but it didn’t work out, so I was on the lookout for another business to invest in. The Ice business search result was on my mind for a long time, so I began my research on the industry and market. I saw there was a good need and market for Ice on daily basis especially in Lagos, the event hub.
How did you start your business?
Lanre: The tweet inspiration was in 2019. After my research, I tried to see how to get the machine that will help produce the ice. I got a contact from China and the cost of getting the machines into Nigeria, which turned out to be more expensive than I bargained for. There was a lot of back and forth during this process but we pulled through and got started with the solid ice blocks. However, it was after Covid-19 we were able to get the ice cubes machines into the country and able to venture into edible ice.
What’s been one of the hardest times in your business and how did you manage it?
Lanre: The hardest times has to be the Covid period because it was in our very early years, it was the most difficult period. We had to let go of practically 90% of our staff. We were barely making any money because everywhere was literally shut down. There was also a period when we had issues with Phcn for a month, there was a lot of back and forth but they eventually fixed it. And currently, we have the fuel scarcity and diesel price hike. The business environment isn’t that friendly but we are striving.
So sorry. This must really be tiring for you.
Lanre: Yes, it is but we have to strive.
How did you manage your finances before & after Bamboo?
Lanre: Before Bamboo, I started my investment journey with fixed deposits, then moved on to mutual funds, bonds, treasury bills and ETFs with Stanbic Bank. I made a loss on the ETFs at that time, because I barely understood how it worked and there wasn’t much education then as it is now on Bamboo.
With Bamboo, I understand how my money works. I honestly appreciate what you guys do because I sometimes look back that before you guys came, imagine the opportunities missed. Like, imagine I had invested in Apple and Google. etc 10 years ago, or imagine Bamboo was available before 2019, I won’t have made the huge loss I made in some agro company programs. Bamboo has also helped increase my knowledge of companies with the Bamboo Watchlist. I see the information about companies, I haven’t heard about before, which makes me curious to learn more. I think Bamboo works on the principle of “Knowledge is Power” as they always equip users with information to help their decisions which is really helpful.
What are some of the best things about your business that separates you from the competition?
Lanre: There are currently quite a number of competitors in this industry. We make sure we practice our watchword which is, your reliable ice company. I believe we are more reliable than most ice companies. We advise people to make orders 48hrours before your event date, so as not to disappoint our clients and we always make sure to keep to the time and delivery. I will also say most businesses don’t pay attention to the type of water they use to make ice.
Before, we started, we made sure our water was treated and tested. We made sure it’s not just for ice but also one that is drinkable. It’s the same standard as those used to make bottled water. We also make sure our production environment is hygienic, making sure we aren’t putting our clients at risk. We put our customers first.
That’s really good! Wishing The Ice Vendor all the very best!
Thank you very much for your time, we enjoyed this.
Here’s Lanre’s business contact:
Instagram page – https://www.instagram.com/theicevendor/
Twitter page – https://twitter.com/theIcevendor
Contact number – 08105124859, 08084827314.