For Lade Lois Olaiya, finding outlets to express her creativity has always been a priority. It was why she wanted to be an actress and screenwriter as a child, and why she modelled as a teenager. But jewellery design was where her passion for stories, creating and connecting with an audience really came together into a thriving and successful business.
PiggyVest spoke to Lade about the importance of narrative when building a brand, connecting with customers, and building a savings culture as a business owner.
Hi Lade, could we get to know you a bit better?Â
I’m Lade Lois Olaiya, the founder and creative director of Lois Regalia, a Lagos-based jewellery brand that’s all about embracing the beauty of storytelling. At Lois Regalia, we believe that jewellery is more than just accessories; it’s a medium for bringing stories to life.Â
Now, let’s get personal. I find peace in solitude and like things done meticulously. You could call me a bit of a perfectionist. My friends would say I am resilient and aim high to achieve my goals. Surprisingly enough, behind this ambitious façade, I’m really playful and secretly a bit shy, but I don’t think people know this!
What did you want to be when you were growing up?
When I was growing up, I had big dreams of becoming a scriptwriter and an actress. I used to imagine myself bringing stories to life on the big screen and creating magical moments through my performances. It’s funny how our aspirations evolve as we grow older, and now I’ve discovered a different calling that I couldn’t have predicted back then. Life has a way of revealing hidden passions and leading us down unexpected paths. So, here I am, embracing my new journey with open arms.
How would you describe your work at Lois Regalia?
Lois Regalia allows me to bring my passion for storytelling and jewellery to life every single day. Crafting meaningful pieces and sharing them with the world brings me so much joy and fulfilment. I feel incredibly lucky to be able to embark on this creative journey and I can’t wait to see where it leads.
How did you get into jewellery design?
I think my passion for accessories has always been a part of me, even from a young age. I have always been a “fashion girlie,” particularly obsessed with how accessories can transform a simple outfit into something extraordinary. Over time, this led me to explore the field of jewellery and accessory design.
Entrepreneurship is very challenging in a country where people don’t really have locally-made products. What is your formula for selling Lois Regalia to your customers?
As a jewellery designer with a background in modelling and fashion, I’ve had a unique vantage point to observe the evolution of influencer marketing. Having worked closely with brands and witnessed the impact of brand ambassadors and spokespersons in the fashion industry, I recognised early on the potential for influencers to become a significant revenue-generating aspect of my business.
Seeing how these people leveraged their fame, influence, and appeal to promote and endorse products, I got to understand the power of influencer marketing as a strategic tool for brand promotion and sales. This made me think about how we could collaborate with influencers to promote Lois Regalia and reach more people.
Has social media had an impact on the growth of your brand?
Social media has indeed played a significant role in the growth of Lois Regalia. Platforms like Instagram, Facebook, and Tiktok have allowed us to showcase our jewellery to a broader audience, connect with customers, and build brand awareness. Through social media, we’ve cultivated a community of followers who appreciate our unique approach to storytelling through jewellery.
How does virality affect your brand/business financially?
While virality can expose the brand to a large audience and generate excitement, it doesn’t always directly translate into sales. The key to converting virality into financial success lies in having the right marketing strategy and offering high-quality products that resonate with customers. Virality can be a powerful tool to attract attention, but a sustainable business model built on a combination of excellent products and effective marketing is crucial for long-term success.
In essence, social media and virality has helped create visibility and generate interest, but ultimately, our focus remains on consistently delivering high-quality products and executing a strategic marketing approach. It’s about finding the right balance between creating engaging content and offering products that truly stand out in the market.
What would you consider your biggest financial win as a jewellery designer?
I’d say my biggest financial achievement as a jewellery designer isn’t just one moment but a series of milestones that have defined my journey. One standout moment in our early days was when we began selling in Afrikrea during the pandemic. This opportunity allowed us to export our products and earn revenue in foreign currency, sustaining our business despite the lockdown. It was a real worry for me at the time, not knowing how the business would survive.
Another will be the following year when we participated in the first Homegrown by Alara pop-up event. In just two days, we made revenue equivalent to two months’ worth of sales. This also reaffirmed my belief in the brand’s potential and its impact on the market. Overall, these moments, whether major or minor, have played a crucial role in shaping the brand’s trajectory.
Have you had any brand collaborations? If yes, what was the process like?
Yes, we’ve had some brand collaborations, including one with Studio Imo, a fantastic knitwear brand, for Lagos Fashion Week. It was a fantastic experience seeing how our jewellery could be styled alongside knitwear. We’re excited about some upcoming collaborations, although we can’t share details just yet. Working with other brands allows us to explore new creative avenues and reach a wider audience, and we’re always open to new partnership opportunities.
How do you choose who to collaborate with, and how do you handle the financials of collaborating as a small business?
When selecting potential collaborators, I prioritise alignment with Lois Regalia’s brand values, aesthetic, and goals. I assess whether the collaboration has the potential to enhance our brand’s visibility, reach new audiences, and reinforce our core message of cultural celebration and artisanal craftsmanship. As a small business, handling the financial aspects of collaboration involves careful negotiation and planning. My team and I try to establish clear terms and expectations upfront, including cost-sharing arrangements, revenue-sharing models, or trade agreements that align with both parties’ interests.
Do you have a preferred method of saving?
As a small business owner, my preferred method of saving depends on factors such as financial goals, risk tolerance, and liquidity needs.
How do you plan and budget for your business?
For a growing business like ours, planning and budgeting are crucial, especially given recent inflationary trends. We ensure to regularly project our finances on a yearly, half-yearly, and quarterly basis, anticipating revenue, expenses, and cash flow.
Prioritising essential projects is key for us. It helps us focus on initiatives that propel our business forward within our limited resources. We also prepare contingency plans to address inflation’s impact by setting aside emergency funds and negotiating with suppliers.
Remaining flexible in our budgeting approach allows us to adapt quickly. We monitor our financial performance regularly and adjust plans based on emerging trends, ensuring our small business stays resilient and responsive to market changes.
Have there been any challenges in building your business over the years, especially financial ones?
Yes, there have been significant challenges. Bootstrapping a business in Nigeria comes with numerous obstacles, and access to funds, grants, and loans to continue scaling is one of the major ones we’ve faced. However, I’m grateful for acceleration platforms like TEF, AWEC, and Women In Africa for providing grants and resources that have supported our growth journey.
How do you handle all the administrative parts of running your business?
I delegate tasks accordingly. In the early days, I used to handle most of the jobs myself. However, as the business expanded, we began hiring according to our evolving needs.
Are there any financial decisions you have made over the course of your career that you are very proud of?
I’ve made several financial decisions throughout my career, but one that I’m particularly proud of is my commitment to saving and planning using PiggyVest. It has allowed me to build a solid financial foundation, prepare for unexpected expenses, and work towards achieving my long-term financial goals. Using PiggyVest has provided me with a convenient and effective way to manage my finances.
Were there any financial mistakes you made at the beginning of your career journey that you wish you could correct now?
I started with very limited resources. I couldn’t afford to take financial risks initially, which, in hindsight, turned out to be a blessing. I tested the waters extensively, educated myself, and took business courses to establish a solid foundation. However, looking back, I realise that investing heavily in inventory, rather than allocating funds to marketing or other areas of the business for growth, was a decision I would have made differently if presented with the right situation.
Are there any lessons you have learned from building Lois Regalia that you have applied to your own personal finances?
Absolutely. Building Lois Regalia has taught me valuable lessons that I’ve applied to my personal finances. One key lesson is the importance of budgeting and prioritising expenses. Just as I allocate resources strategically in my business, I now manage my personal finances with a similar mindset, ensuring that I allocate funds wisely to meet my financial goals.
Additionally, I’ve learned the importance of diversification and risk management. In business, diversifying revenue streams and managing risks are essential for long-term sustainability. I’ve translated this lesson into my personal finances by diversifying my investment portfolio and having contingency plans in place for unexpected expenses or financial downturns.
Furthermore, building Lois Regalia has taught me the significance of continuous learning and adaptation. I apply this principle to my personal finances by staying informed about financial trends, seeking opportunities for growth, and being flexible in adjusting my financial strategy as needed.
What financial tips would you like to share with other young professionals who want to build a financially secure career?
Certainly! some of my favourite financial tips for young professionals would be:
1. Budget wisely to track income and expenses.
2. Start saving and investing early to benefit from compounding interest.
3. Live below your means, especially at your early stage, to avoid debt.
4. Build an emergency fund for unexpected expenses.
5. Invest in education and personal development. very important
6. Diversify income sources for stability.
7. Stay informed and seek guidance from financial experts.
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