"This Business Is The Real Deal" - Bolaji Balogun | Lions Den Nigeria

[@tomimartins9208]

I just checked and rhe company is still alive...🙌🏽🙌🏽🙌🏽🙌🏽

[@uju4615]

Fichaya........is Igbo phrase for Clean It. Love this👌🏾

[@takealookatfashion]

yes uju, ''fichaya ofu'uma'', the dark lady is igbo i guess she brought the idea for the Name, and it definitely looks good on a Brand. suits perfectly.

[@cedarxeda2665]

Lol

[@londyc]

@@takealookatfashion the fair lady is Igbo

[@charlesudechi2796]

Yeah both are igbos

[@emmanuelnwankwo1508]

Adenike looked so proud of the girls.

[@paulgreene9416]

Fichaya has been my client for the past 5 months and I’ll proudly recommend them to all my friends. They have been 10/10 rated for me. Their employees are ALWAYS on time, never been late. I’m proud of them.

[@PatriciaAQ]

Do you mean you have been a client of theirs?

[@AnnieSpecial92861]

@@PatriciaAQ ahahaha....

[@5tyyu]

Watching from Canada. Never knew Nigeria had its own version of Dragons den. 👏

[@oyeze]

Isn't almost every tech business just an "interface for bookings and collections for the real life", Uber is a platform for booking cars. The cars and drivers are real life. Same applies to Fichaya.

[@boluakorede4463]

uber isn’t just for booking. there’s a whole lot going on in the backend. but i get what you’re trying to say tho

[@theadeolu]

Exactly my point. I was wondering why they didn’t counter that.

[@aeiou0123]

Dont mind d guy. So condescending.

[@aeiou0123]

@@boluakorede4463 it started out just like fichaya n then they grew into something more. Fichaya will do so much more than wat it is today they just need a push. Glad more of the lions believed in them

[@boluakorede4463]

@@aeiou0123 absolutely… give them a few more years and they’ll be doing excellently.

[@okechukwuikeh0037]

As a huge fan of Dargon Den UK, Canada , also Shark Tank Canada and USA. Am really happy to see this. My eyes is glued back

[@lalahslounge]

Wow, all my antennas are peaked. I'm a cleaner in Nigeria, so I'm glad they're making cleaning look sexy. I've been looking for this video. Thank you so much.

[@christianosueke7523]

Hmm.. A cleaner? You sound well educated.. You most likely deserve better..

[@berthaonuawuchi817]

Curious. How did you start?

[@Notaprogolfer]

The experience on this cabinet.... proves to Nigerians that successful entrepreneurs in Nigeria are not just mere lucky people.

[@sylvesteradim1532]

Each time I watch the Lion I always get an idea to add up to my business. Is not all business that you seek fund for.

[@chibuezeezeobele4198]

Bolaji is a damn negotiator

[@princenwadeyi7348]

These investors haven't heard of Sweepsouth this is an incredible business. As a techpreneur this business makes so much sense for me for the Nigerian market

[@ezinneeke9122]

Growth for growth sake is not growth You need to manage growth "Nice"

[@godschampion7569]

Love the way Adenike smiles all through

[@ejayfaden]

Checking on their business in 2024 and its great to see they're still operational and have expanded to Abuja👏👏

[@hilb.5906]

I am glad i ran to to this programme 2024, late but not late. I love their confidence and the fact that they began their offer from 5%.

[@stanleynnaemeka7488]

I come here to unlearn lies and to learn a true language.. being a fan of dragons den and the shark tank, I am glad about what is going on here in the Lions den.. The Lions then will show a typical Nigerian exactly what the should look out for when building their business in Nigeria.. The Lions den is a blessing for anyone living in Nigeria who did not have the opportunity to speak with sound minds in their immediate environment..

[@TheRheevo]

My best episode yet!!!!! I’m so proud of them and I’m actually going to register for this service! This is amazing

[@CreativeMike]

A booking system can be scaled up to a full tech company. This is a good business model that can scale in 36 months. Good work ladies

[@kiddies_bedtimestories]

Plus, the subscription business model is so brilliant.

[@rooseveltnzeh5613]

Thanks Ultima studios for sharing these episodes on KZbin for folks like us..

[@bennymotalem340]

To be honest! I wonder why this show isn't mainstream

[@byve]

For folks like us? Wtf do you mean?

[@maryjaneojieproductions]

Am so impressed and proud 👏 FICHAYA TO THE WORLD

[@shittuweezi]

The lady on red should have done more of the talking. She is calmer. It's a good idea though. Has a lot of potential.

[@nnennaokpaleke1977]

Wow! I love this. I'm a professional cleaner @Beyond Concept Services and sincerely enjoyed watching this

[@gbassaisaac7553]

At least you should have tried 25% 😂 it's a blessing to have this kind of show in Nigeria

[@Softserene]

So many intelligent people in the comments rolling out great ideas. Wow

[@JesseYusufu]

Bolaji is a good negotiator.

[@iyke4566]

Bolaji is a shrewd negotiator and for on-the-spot dealings can be very formidable as he thinks two steps ahead

[@ask-it]

You can say that again.

[@playhousemultimedia23]

im so proud of this ladies and their business/business sense. the Lions should know that almost all tech Businesses are just interfaces. its also a business strategy to have registered it in the US as well. Most of all, I have noticed this Lions are always looking for good businesses with owners who have little knowledge of shares. they are excited to offer small money for a large share. In this case I noticed how on easy the Lions became when they heard 30m for 5%. I actually wish this ladies could hold their ground at 10% or max 15% without bowing to pressure. if this business is managed well, they would have their 30m within a year without investors. But in all, cheers to their partnership, I am rooting for you all

[@Exceedinggraceoutreach]

Bolaji you are a great analysis

[@direktachigson5730]

As an igbo guy, the name is a Yes for me❤

[@blessingbossman5996]

I love the business idea

[@daniel_anya]

I love ❤ the fact that this is rolling already and I'm on my way!

[@amarachianya9546]

Must be nice

[@oluyinkaoluwole4587]

Jim and Steph are great partners. They are awesomely in sync.

[@goodluckpassion8819]

I am a professional cleaner @panorg enterprise... I enjoyed watching this, makes the cleaning business enviable. It's the girls energy for me.👍

[@adeyanjupeculiar.2412]

Bolaji's offers are crazy

[@chukstheanalyst]

Growth for growth sake is dangerous. You need to grow and manage Growth. Wow!

[@horllaysco]

Fichaya is a tech business, I wish they had defended this point. Uber, Airbnb n co uses the same model. Routing cleaners to homes especially when the number increases to thousands of homes most effectively and efficiently is going to be an interesting engineering problem.

[@bolatafricancuisine1639]

Not necessarily if you have a scheduling algorithm sorting that out. You input all available staffs availability and clients can book based on What’s on the calendar.

[@tinahbalewa8402]

This is amazing..

[@adetutuogunsowo7939]

NO one asked about subscription retainership, it's a big parameter for the growth and that allows you to know the valuation at an exact year, as you will actually struggle to add more subscribers as the year grows.

[@ndubuisiokereke5325]

I think their revenue stability and growth since commencement of business, address your concern. If existing customers are not retained and new customers are not onboarded, revenue automatically declines.

[@tosinoyegunsen]

I am checking them out ASAP! Love the energy

[@divinebenita8595]

It's the confidence at first! ❤️✨

[@bartholomewmba7212]

Adenike looks so proud and happy for them

[@oyekanmieniolanaheemat3063]

It's how the woman smiled when they entered.

[@bornegreat9558]

Happy for this, im once a cleaner but they take this to another level kudos

[@Ghulatz]

I have just started following this. May be I have missed a bit of it. It will be lovely to know what the Lions are bringing on board for each business, aside Money and guidances. That seems to be missing in the Narration. ( What is the scope of their own businesses, coverage, Partnership, Network, interests...). It will help us appreciate the opportunity for both sides.

[@usenobongjamese.9912]

Can we take a break from the very interesting analysis of potential outcomes and reimagine the proud smile on Adenike's face at 12:33? Women doing the most...😇

[@TimmyAdubi]

The art of negotiations. I’m learning something here

[@chukwuemekannam6060]

for real man

[@m77ast]

This makes me very happy. I am coming to Lagos to start my first business next year. I would not need any angel investment but I am happy that the young entrepreneurs are getting these opportunities, We thank God for TV.

[@uchedanielson8983]

Its still tech only that the tech can further be developed as they go along

[@Adedaisi]

He said "it's not yams". 🤣🤣🤣🤣🤣

[@sallykele7296]

Loving this I'm also into cleaning business so it makes me super proud

[@christianosueke7523]

Why describe Uber as a tech company and still say Fichaya is not a tech company? I mean everything about booking cleaning services is done online and can even get better when users hav the ability to customize the tools and methodologies of rendering the service. Just as Uber is using humans driving cars to render the ultimate service, so also Fichaya is using humans to render theirs which is cleaning the house.. It's a tech company periodt!

[@theadeolu]

Period!

[@adedamola8761]

The truth is Fichaya is a tech based company. Uber/Bolt and the likes are just businesses that leverage on tech to aggregate their potential clients to use their service. I guess it's just an innocent error from the man's side

[@theadeolu]

@@adedamola8761 There is nothing innocent about that error 😅. They meant it , both men. They really think it’s not a tech enabled business. But they think Uber is. What an Irony.

[@Ibukunoluwa7]

Uber does not own cars. Fichaya owns the cleaners and that is human involvement. It might make it a bit difficult to scale. If it were a platform where cleaners sign up and they connect with homes that need cleaning then it is purely tech.

[@theadeolu]

@@Ibukunoluwa7 If it was a platform where cleaners sign up and they connect with homes that need cleaning, then it is more like a booking platform. Uber verifies its drivers too, just like Fichaya verifies her cleaners. They are similar. And you can’t conclude fichaya owns the cleaners. They might just sign up with fichaya just as drivers sign up with Uber and still work with bolt at thesame time.

[@michaeloffei870]

Woow this is a great show, can other foreign nationals also sign on to pitch their businesses ? A Ghanaian speaking

[@pateincedagogo6227]

it is a tech business, their model is similar to bolt(booking business), as they too require physical appearance and exertion. And PS many companies in the US use this model and have scaled incredibly.

[@abidemieyitayo8270]

I disagree

[@abidemieyitayo8270]

They did a very good job,I am very impressed with them

[@temitopeoguntade6119]

This is wrong. Uber/Bolt isn't driving the cars, they are focused on the technology.

[@Dopamine_Luxury]

It is a cleaning and not a tech company...it uses technology as a means of payment and service delivery.

[@otuosorochivictor552]

The best i have seen so far

[@ussyvblogs2866]

Wow! really learning here, great content. More of it please, Thank you for posting

[@nnannaoketa7675]

The name “Fichaya” is beautiful which means “Clean it” in Igbo.

[@AkahilzTube]

Partnerships are cool though, if well structured ,,, Team & Biz Model looks good to go!!!🔥

[@kaota6975]

I love their spirit. Plus I always love that option of the founders buying back the Lions stake as time goes on, its like the adage "I've accompanied you to where you won't be scared anymore". Educative show by the way. Learned a lot, still learning.

[@ginsang5334]

The product is tech. The product is a software web application therefore it is considered tech

[@Themimii]

This is a brilliant business

[@giovannajennifer6526]

Nice one ladies

[@charlesgeorge7649]

Paul is always first to say "I'm out"

[@michaiahahaneku9397]

Followed by Dan

[@gistwithgeraldine]

Aww I was so happy

[@ObianujuNdedigwe]

Fichaya is a feature in Eden Life but we can argue that the market is large for as many competitors as possible. And saying the model is different from Uber is not exactly true. Both provide the platforms that connect users and service providers evoking similar level of risks.

[@rajiabdulrahaman6694]

True

[@margaretantaimd2929]

this can grow so big.!!! i see an uber type business here where people can register and get verified as cleaners and when users book, cleaners around get alerts and pick up the job close to their poximity. the company,fichaya gets a cut just like uber etc get. amazing idea

[@obioraigwe1215]

"Fichaya" is igbo for "clean it". Nice one 😎

[@blessingbossman5996]

You need to grow and manage growth

[@noko-fine_space]

nice nice

[@abbyo4632]

Adenike was pleased from the beginning 😊

[@paulokwuchukwu8351]

Lol counter offer, “this is not yam” 🤣🤣

[@uchemoses5793]

How do they cope with clients hiring their staff for personal use just like Uber users privately hiring drivers?

[@danieldimuna2557]

They can make the staff sign a no compete agreement that prevents them from poaching their clients

[@uchemoses5793]

@@danieldimuna2557 Thanks for your suggestion. However, these are semi-skilled persons, most likely without a LinkedIn profile. One of the Lions mentioned the potential of the business being big across West Africa, how would they cope at such a scale regarding clients privately poaching their staff? Has Uber signed a similar contract with the drivers? I don't think so.

[@danieldimuna2557]

@@uchemoses5793 Uber doesn’t need to because Uber isn’t giving the drivers tools to use(in the case the car), these ladies would have to remodel the business to connect people to cleaners so that it is a side business and passive income for the cleaners not the main business. For instance students can sign up to earn more, and if the business has 3000 houses to attend to, at once a week, they can do 1 cleaner to 5 houses for everyday of the week, that way they can manage a lot of scaling problems

[@TheSamwonders]

Wow this is really amazing, I just registered a company with this same idea, this is really great however, more than I thought it to be infact. I'll surely check them out

[@Tanisha-pc5cm]

They can grow via franchise

[@MustyX]

This is so educative!

[@StreamsofEdification]

This paul guy sha…. E go always spot something ni sha

[@oriehi_raphael_paul]

Nice

[@m77ast]

That is an interesting statement because this company is not connecting cleaners. The company IS THE CLEANER. So it is not a tech company. Even the owners do not seem to be aware of this fact 🙂

[@michaelng1869]

Paul always asking sharp question kudos. That's a very good business by the risk is something else with the kind of cleaners you use and most house already have house help and cleaning my house for 28k once a week and the way the cleaners enter my house is something else. What about the staff salary , health consign and safty. You guys can do more not just homes you can go into big company's too . Clearly it's not a tech biz that's it . Me as a client someone auto removing my money for payment sound hmmm to me

[@MM-uh2qk]

Lol, you have raised valid points but expressed humorously..."someone autoremoving my money sound hmmm to me" This part cracked me up!

[@michaelng1869]

@@MM-uh2qk it sounds hmm my frd

[@johnifiok1041]

I think the auto payments can be a very minimal issue to fix. Setting up email/ text message reminders to end users and giving them the option to stop auto renewal can fix this easily.

[@multifunctionemail8821]

why do you feel that way about the auto payment? it's how all other companies operate. Netflix does the same thing if you do have netflix.

[@voiceofdee]

Hi guys,I think I need to read up mpre to understamd some of the business terms being used.However,can I share a business plan with someone knowledgeable on this platform ,kindly reach out

[@kennethogbuisi9225]

I wish they defended the “this is not a tech” business issue. In my opinion, I think it is a tech business,

[@superlifeteam4272]

Enjoyed watching this

[@beatitudo5943]

Wonderful business but if you want to grow higher look for other locations like Abuja

[@jcikasamuel9472]

Trust is highly needed in this job, i mean you'd have to allow a total stranger into your home when no one is around🤷‍♀. well it's a nice business👏

[@levichinecherem2742]

Even what he stated as flaw has a wake around Modify the booking site Add the feature of gaining a global workers Getting them to register, verified and representing fichaya It will be fichaya everywhere

[@itsenoVip]

Female entrepreneurs are really rare as the society has really diminished them to only washing, cooking and raising kids. I understand that joy on Mrs adenike face😂. Check out other episodes of female's interview and see her smile relentlessly😂such a beaut

[@adedamola8761]

You get! The joy on her face seeing a company solely run by ladies...you should watch her interview with Tayo Aina , you will really appreciate this woman .

[@freezalpha]

The thing with the lions is that whenever one lion gives an offer, the other lions only counter the offer by joining the deal but never by giving something more attractive to the pitcher

[@mallam_ifykings]

I disagree with the Lion who said that the company is not a tech company. This company is a tech company. It's just that the co-founders are not engineers. The 33% was to much equity to give away. They should have maintained the 10% or just walk away.

[@akadaafrica5841]

I ran into the founders a couple of months back, they didn't take the deal after the show but this was good pr for them.

[@ouatcharitytv1956]

@@akadaafrica5841 wow! They made a great choice! Why did they accept on TV though? lol

[@certifiedagbaya7450]

Same thing i said at most 15% 5 for each LION, i wish i was in there to negotiate on for them

[@ruthkedor5642]

@@certifiedagbaya7450 👌👌

[@ifeoluwasamuel3709]

Omo! 33%

[@mgbonuzuroland394]

I love this show

[@carolynokonkwo1837]

Has anyone ever walked away from an offer? Because these "lions" just give their own terms and never budge

[@MariaC-vh3im]

I wish we could do that un my country Equatorial Guinea or at least be able to pitch my business loan proposal in Nigeria, even if it will operate in my country and the remaining African countries

[@ejayfaden]

Paul Owanibe is always out ! I don’t think he has ever invested in anyone’s business lol . And he’s always the first to say “I’m out” lool

[@doctimothy]

I've seen him invest once and it's only that one time..

[@frenchers604]

@josh diamond has said it all

[@adeolaadejugbe177]

I think the reason is these ladies were not as technical when explaining their business model. Technology in its basic concept is an asset that makes life easier for you. With that narrative, they have a technology based booking and service company. If they could analyze more and gave more detailing, im sure they would have been sold.

[@dejbus]

Yeah I agree but the core service they’re offering (cleaning) isn’t driven by technology just the process. If they had something like cleaning robots that’ll give a different view as a tech business

[@KekeliBuckner]

It's weird they didn't even ask of how many users they have. The lions don't seem to like or know much about tech businesses.

[@shittuweezi]

The puns by the commentator 😍

[@calm-fulrelaxation1072]

Did Paul say this is no a tech business.. It is , they solve their problem entirely with tech with no physical location. And is not like a regular cleaning company cause they are mediators like uber too. Good pitch and idea

[@adenihunadewale9214]

Hmmmm,it's not.Imagine I have a company and then I create a website for my company to make payment and booking easier,does that make my company a tech company?These guys are in charge of the staff,day to day running of the business, inventory,stock, unlike bolt whereby a driver can choose when to work,how clean his car his,whether to decline an order or not.These ladies are in charge of the the full business i.e which staff goes where, working hours, leave,etc

[@simiO711]

Uber is a Taxi company as well

[@Pdaramol]

Very Impressive

[@mofopefoluwaajani9457]

Does anyone know how to do the 80 months calculation? And how did he come up with the 33%?

[@onahdavid6673]

With a 30,000,000 naira investment for a 5% stake. They said the business can generate 15,000,000 in revenue per month and the gross margin which is the percentage the company keeps or gains is 50%.That means they will make 7,500,000 naira in profit every month, and a 5% stake in the company means that the investor is liable to 5% of total profits. So that is 375,000 per month . It will hence take 80 months for the investor to make back his/her initial investment(30,000,000 naira) 375,000 naira *80 months = 30,000,000 naira.

[@onahdavid6673]

33% stake is what the investor negotiated for, prior to the 5% stake offered by the business owners. So it will take the investor about 6 months to get back the 15 million naira equity invested. But what they did not state was if the other 15million repayable loan would be interest free.

[@mofopefoluwaajani9457]

@@onahdavid6673 thank you

[@emmanuelohanwe2451]

@@onahdavid6673 i think you got the monthly revenue wrong. They said 5 million naira monthly and the Lions requested for 33% for the amount they requested but half of the money will be a debt-like offer

[@onahdavid6673]

@@emmanuelohanwe2451 they assured the investors that once they invest, they(founders) will use the money to scale the business from 5 million naira per month to 15 million naira per month. So that was the basis the investors used to calculate when they will get back their investment

[@tinofaramutovongi4406]

The guy saying this is not a tech company is really confused