S017: How We Started Foodco with a ₦12,000 Gift – with Dr. & Mrs Sun Bashorun
In this episode, you will learn
- how the couple started FoodCo Nigeria with ₦12,000,
- how the first generation FoodCo Nigeria died,
- how they came about the name
- about how it almost died again in the 2000s
- how they have continued to strive in business for 34 years, and
- the quality of each partner that has contributed to the success of the business.
We Started FoodCo With 12,000 Naira Gift
Mrs Sun Bashorun talked about how the company was started with a 12,000-naira gift. 12,000 naira was by no means little money as it purchased a Nissan Bus, three freezers, one —– and a —- at that time. Mrs Bashorun added how the couple identified a problem they were passionate to solve, which led to their first business.
Why Our First Business Failed
FoodCo was not always the name of the company as we know it today. It started in 1982 but died the following year. While it was named XYZ (She mentioned the name in the podcast), the couple provided hygienic foods for people, especially frozen food. However, due to reasons also shared in this podcast, the business did not last long. The couple talked to Swiych on why the first business failed and how the lessons they learnt from that experience propelled them to succeed with FoodCo.
How We Got The Name, FoodCo
Mrs Bashorun tells us how the company got its name. Dr. Bashorun also added how the couple merged a number of other businesses together with Fresh Foods to become the now reputable brand, Foodco.
Why We Have Lasted This Long
We kept learning and reinventing ourselves.
The coupled shared with us how they have been able to last over three decades despite the changes in the socioeconomic and political landscape. Mrs Bashorun reflects on the key things that have ensured that the company continues to grow. Asides learning and reinventing the business, the couple lists several things that has
What Key Business Decisions Did You Make To Stay Afloat?
FoodCo did not get its first business plan until 1999- that was more than 15 years since the business started. How did the company survive? The couple highlighted some of the key decisions they had to make to ensure that the company remained sustainable. The first was accountability. Listen to the other key business decisions the couple had to make to ensure the company kept going.
Building a business that lasts over three decades is by no means an easy feat- especially due to the changing socioeconomic and political landscape of the country. Dr. and Mrs Sun Bashorun’s journey is not only inspiring but also insightful for entrepreneurs who look to build long lasting companies. Don’t miss out on all the tips they couple shared. Listen Now!