AWEC Spotlight: Atinuke Adegboye - On Paving Her Own Path to Financial Freedom Through Business and Helping Other Women Achieve the Same
Financial freedom might mean completely different things to us individually, but there’s no doubt that the basis of it is not having to worry about the financial what-ifs in life.
In the current economic climate, where a large proportion of Africans’ income is spent on food and other essential goods, it can be difficult to save money, let alone invest.
AWEC Cohort 4 Alumna Atinuke Adegboye of Nigeria can certainly relate.
She spoke with us about how losing her high-paying corporate job unexpectedly led to some turbulent times and eventually setting up her own business to help women avoid the financial pitfalls that she encountered along the way. Financial security is a subjective term, but to most, it means having a job, a steady paycheck, and some savings in the bank. As an experienced chartered banker and financial analyst, Atinuke seemed to have it all figured out. She had what she thought at the time was the best job. Unfortunately, life threw a wrench into her plans, and she was laid off. This news caught her off guard without any Plan B.
The CEO of Dublin-based business, Dasolaf Consulting, (a company that offers personal finance training and mentoring and promotes a multiple income stream lifestyle as a route to financial freedom) said, “I had the best pay package at the time before my job ended. The thought of needing an extra income never crossed my mind. I was comfortable and happy that I was able to afford a good lifestyle for myself and my family.”
Atinuke experienced a life-altering shock after losing her job. It affected every area of her life, from her marriage to her physical and mental health. Struggling to stay afloat, she eventually found the resilience and determination required for bouncing back - only to uncover that securing similar employment with an equally desirable pay package proved difficult in practice.
Setting Herself Up for Financial Freedom
It soon dawned on Atinuke that she needed more than one income stream to live the same lifestyle she’d become accustomed to. Looking for other ways to supplement her income, she began investing in various businesses. Some worked out and some failed, but she learned valuable lessons, like the importance of putting the right structures in place before setting up a business.
She then applied these lessons to her next ventures and began to see positive results. The more successful she became, the more people wanted to know about how she managed to balance working her 9-5 job while running her other businesses simultaneously. She emphasized the importance of generating multiple income streams to combat job insecurity.
Before she knew it, Atinuke started coaching young women on how to build multiple streams of income. She emphasized the need to leverage their knowledge and expertise to generate other sources of revenue. Four years into training and empowering women to work toward financial freedom, Atinuke successfully obtained qualifications as a life and business coach from the John Maxwell Leadership Certified Team and formally launched her own consulting business in 2019. She helps professional women working in the corporate world learn how to start side businesses and teaches them how to invest with the goal of achieving financial freedom.
Transformation Through AWEC
While the business was still in its infancy, Atinuke decided to join AWEC. She had witnessed first-hand the impact and rapid business growth among her friends who were already part of the program. “My main reason for joining AWEC was to structure my business, and it was only after I started the program that I realized that my business was all over the place. I was just a few months into it, trying to do everything by myself. I wasn’t even open to receiving help at the time. I believed, ‘I am a coach and I should understand everything’.”
But all these misconceptions were washed away with the knowledge and experience she gained through the various learning opportunities in AWEC. Applying those lessons transformed her business for the better. She’s seen an increase in the number of clients she serves, which has resulted in a 20% growth in revenue. Now more open to delegating responsibilities, Atinuke is also employing more staff. She also credits her business growth to her mentor, Catalina Ionescu. “Catalina boosted my confidence. Not only does she give practical advice for my next steps in the business, she shares resources to read and explore, and challenges me to go further each time we meet!”
“Mentoring opened my eyes to expanding my goals,” Atinuke remarks. “I also learned to seek help by hiring more staff, outsourcing, delegating responsibilities, leveraging my online presence to draw in more customers, and diving deeper into the coaching and mentoring industry as a whole.”
Atinuke at a women’s retreat presenting a session on finance; ‘A Dynamic Woman and Her Money’
Her Advice To Women Entrepreneurs Looking to Gain Financial Freedom
Invest in Financial Literacy to Understand Your Numbers
Invest in your financial literacy: Investing in financial literacy is the best thing an entrepreneur can do for themselves, as it helps them make better financial decisions. For instance, if you need to earn $10,000 a month, you understand how to break it down into smaller, more achievable goals till you get there. You need to understand what it takes to achieve a $10,000 revenue, how much you need to sell, at what cost and by when.
Invest in gaining proper financial knowledge: This helps you create SMART, realistic goals, budget, save, invest, understand taxes and determine how much you need to earn to cover your expenses and make a profit.
Understand your numbers: Understanding how much is coming in and how much you spend to run the business will help you know how much the business is generating. This challenges you to separate your business and personal accounts, so that you don't make the mistake of putting all your eggs into one basket.
Don’t be afraid to ask for support: Atinuke encourages entrepreneurs to seek financial help and pursue different types of funding opportunities.
Develop a Growth Mindset
Believe in your own capabilities: The biggest challenge women in entrepreneurship face is the lack of confidence in their own capabilities and expertise. Atinuke notes that failure is only one part of the process; having a growth mindset in regard to financial literacy helps entrepreneurs understand how money works.
Be open minded: Atinuke notes,“The more you understand about money, the better off your business will be. Entrepreneurs with growth mindsets can better manage their finances because they are open-minded enough to learn from their mistakes and successes of other businesses in this field.”
Networking
Go out and mingle: Innovative women entrepreneurs often need support and encouragement. Atinuke encourages women not only to seek out other female business owners, but also people who have similar goals or interests as themselves so they can help each other achieve success.
Be willing to collaborate: “Don't be a loner. In business, there is nothing new under the sun. Your creativity and innovation is what sets you apart.” the cohort 4 alumna insisted.
What’s Next for Atinuke
When Atinuke started her business, she had one goal in mind: help more women achieve financial freedom. Now, with a little push from her mentor, Catalina, she plans to take her business to the next level by shifting from one-on-one coaching to executive coaching. Once she implements this, she has big plans to open a coaching academy that is a one-stop shop for all things-coaching and supporting budding entrepreneurs. She’s also hoping to dip her toes into new industries like manufacturing, but for now she’s keeping her feet firmly planted where the seeds of financial freedom need to grow.