If your driver is Jesus, you will get to your destination
Mr Arisekola Akande lives in the United Kingdom, having previously worked in Nigeria for 19 years before starting his own business six years ago. In this interview with Ruth Olurounbi, he speaks on what motivated him to start his Immigration Law Consultation business.
Could you tell us a little about yourself?
My name is Arisekola Akande, male, 52 years old, Christian and an indigene of Ibadan, Oyo State. I’m married with three children; two boys and a girl. I had my elementary and higher education in Nigeria and worked for 19 years in Nigeria before relocating to the United Kingdom in 2005.
How about your educational background?
I am a holder of a Higher National Diploma (HND) and Masters in Bus Admin. (MBA). I am also a member of some professional bodies both in Nigeria and the United Kingdom such as: the Chartered Institute of Marketing of Nigeria (CIMN), Chartered Institute of Taxation of Nigeria (CITN), Nigerian Institute of Management (NIM), Chartered Institute of Payroll Professionals (CIPP) in UK, Chartered Management Institute (CMI) in UK, Institute of Financial Studies (IFS) in UK. I also hold a professional qualification to practice Immigration Law in the United Kingdom and the whole of European Union (EU). I am the Financial Director of The Manchester African Business Forum (MABF), a post I have held since 2008.
How long have you been in the UK?
I have been in the UK with my family for eight years now.
What motivated you into starting your own business?
The greatest motivation was the fact that for all my 19 years of working experience in Nigeria, I came to the realisation that, no matter how much your salary earnings could be, paid employment is just like running a ‘’rat race’’. Salaries, no matter how large, can only make you live comfortably while you’re still in service but can never make you rich. Unfortunately, majority of people often come to this realisation only when they either retire voluntarily or they are compulsorily retired and they face the full reality of life. While I agree that it’s very hard to leave the ‘comfort zone’ which paid employment provides, it is often better to be in business and be in control of your life.
How did you get it started?
Starting a business in an organised society like the United Kingdom is different from what obtains in other less advanced societies. If you’re setting up your business as a professional, there are some regulatory procedures you have to follow, and these will be set out by the body responsible for looking after you, your business and your clients. The law protects the clients a lot and you cannot rip them off. The clients are also covered by what is known as Professional Indemnity Insurance which compensates them for any loss incurred if they receive and act on wrong professional advice. After meeting the conditions set out by the regulatory bodies, your business must be registered and you must declare your income and expenses and pay any tax due at the end of the year.
How many businesses do you have?
I have two registered businesses. One as a tax practitioner and the other as an Immigration Law Consultant.
How long ago have you been in business?
I have been in business for six years now
How were the starting years for you?
The first three years of any new business are usually the most turbulent years. During this ‘’introductory’’ period, you need to build a strong client base and one may do that for the first 12 months without any income coming in. As this is happening to you, some standard expenses keep on running and they must be paid. If care is not taken, majority of the capital may just disappear during this period. This is why it is always good to have a sound understanding and knowledge of the business before starting and making very realistic income projections rather than bogus projections aimed at impressing anybody.
My name is Arisekola Akande, male, 52 years old, Christian and an indigene of Ibadan, Oyo State. I’m married with three children; two boys and a girl. I had my elementary and higher education in Nigeria and worked for 19 years in Nigeria before relocating to the United Kingdom in 2005.
How about your educational background?
I am a holder of a Higher National Diploma (HND) and Masters in Bus Admin. (MBA). I am also a member of some professional bodies both in Nigeria and the United Kingdom such as: the Chartered Institute of Marketing of Nigeria (CIMN), Chartered Institute of Taxation of Nigeria (CITN), Nigerian Institute of Management (NIM), Chartered Institute of Payroll Professionals (CIPP) in UK, Chartered Management Institute (CMI) in UK, Institute of Financial Studies (IFS) in UK. I also hold a professional qualification to practice Immigration Law in the United Kingdom and the whole of European Union (EU). I am the Financial Director of The Manchester African Business Forum (MABF), a post I have held since 2008.
How long have you been in the UK?
I have been in the UK with my family for eight years now.
What motivated you into starting your own business?
The greatest motivation was the fact that for all my 19 years of working experience in Nigeria, I came to the realisation that, no matter how much your salary earnings could be, paid employment is just like running a ‘’rat race’’. Salaries, no matter how large, can only make you live comfortably while you’re still in service but can never make you rich. Unfortunately, majority of people often come to this realisation only when they either retire voluntarily or they are compulsorily retired and they face the full reality of life. While I agree that it’s very hard to leave the ‘comfort zone’ which paid employment provides, it is often better to be in business and be in control of your life.
How did you get it started?
Starting a business in an organised society like the United Kingdom is different from what obtains in other less advanced societies. If you’re setting up your business as a professional, there are some regulatory procedures you have to follow, and these will be set out by the body responsible for looking after you, your business and your clients. The law protects the clients a lot and you cannot rip them off. The clients are also covered by what is known as Professional Indemnity Insurance which compensates them for any loss incurred if they receive and act on wrong professional advice. After meeting the conditions set out by the regulatory bodies, your business must be registered and you must declare your income and expenses and pay any tax due at the end of the year.
How many businesses do you have?
I have two registered businesses. One as a tax practitioner and the other as an Immigration Law Consultant.
How long ago have you been in business?
I have been in business for six years now
How were the starting years for you?
The first three years of any new business are usually the most turbulent years. During this ‘’introductory’’ period, you need to build a strong client base and one may do that for the first 12 months without any income coming in. As this is happening to you, some standard expenses keep on running and they must be paid. If care is not taken, majority of the capital may just disappear during this period. This is why it is always good to have a sound understanding and knowledge of the business before starting and making very realistic income projections rather than bogus projections aimed at impressing anybody.
How did you cope with the challenges?
Well, with strong faith in God and perseverance, I was able to cope. I also relied on advice from people who had more experience in the business than myself. Also, once a business is based on high integrity and honesty, your successes will promote the business and ultimately the business will grow.
Would it have been better in Nigeria?
I don’t think so because every Dick, Tom and Harry claims to do my type of business in Nigeria. There are visa touts all over the place, charging innocent people exorbitant fees and disappearing into thin air when things go wrong. I will not want my business to be identified with such people.
Would you say you are successful?
To the glory of God, yes. Since I started, I have recorded several successes both locally and abroad and my client base has greatly increased.
Did you at any point think you started business/company later than you should have?
Yes. And the reason for that was the fear of the unknown. I was satisfied with my paid employment which guaranteed me some salary at the end of the month. To move out of this comfort zone was difficult and it took a lot of courage to embrace the fact that there’s nothing like being your own boss.
What were your fears?
At the moment, the business is reasonably stable and well known and so, there are no fears. But in the past, the fear was that of the unknown future, the fear of business failure and so on. But, all of that have been overcome now.
How would you advise potential business owners?
My first advice is that people should have a clear understanding and knowledge of what they want to do without placing 100 per cent reliance on an assistant or their partners. They must also get regularly trained in order to be accustomed with latest information, legislation and techniques.
They must persevere and strongly believe in themselves. If they try and fail, they should not be discouraged. They should understand that the road to success is not straight, there is a curve called failure, a loop called confusion, speed bumps called friends, red lights called enemies, caution lights called family.
You will have flat tires called jobs, but if you have a spare wheel called determination, an engine called perseverance, insurance called faith, and a driver called Jesus, you will make it to your destination called success.
Well, with strong faith in God and perseverance, I was able to cope. I also relied on advice from people who had more experience in the business than myself. Also, once a business is based on high integrity and honesty, your successes will promote the business and ultimately the business will grow.
Would it have been better in Nigeria?
I don’t think so because every Dick, Tom and Harry claims to do my type of business in Nigeria. There are visa touts all over the place, charging innocent people exorbitant fees and disappearing into thin air when things go wrong. I will not want my business to be identified with such people.
Would you say you are successful?
To the glory of God, yes. Since I started, I have recorded several successes both locally and abroad and my client base has greatly increased.
Did you at any point think you started business/company later than you should have?
Yes. And the reason for that was the fear of the unknown. I was satisfied with my paid employment which guaranteed me some salary at the end of the month. To move out of this comfort zone was difficult and it took a lot of courage to embrace the fact that there’s nothing like being your own boss.
What were your fears?
At the moment, the business is reasonably stable and well known and so, there are no fears. But in the past, the fear was that of the unknown future, the fear of business failure and so on. But, all of that have been overcome now.
How would you advise potential business owners?
My first advice is that people should have a clear understanding and knowledge of what they want to do without placing 100 per cent reliance on an assistant or their partners. They must also get regularly trained in order to be accustomed with latest information, legislation and techniques.
They must persevere and strongly believe in themselves. If they try and fail, they should not be discouraged. They should understand that the road to success is not straight, there is a curve called failure, a loop called confusion, speed bumps called friends, red lights called enemies, caution lights called family.
You will have flat tires called jobs, but if you have a spare wheel called determination, an engine called perseverance, insurance called faith, and a driver called Jesus, you will make it to your destination called success.
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