Sibahle Khumalo: Balancing a baking business with my studies in Genetics
For some us, side hustles only became real when we started our careers. For others, it starts much earlier. Sibahle Khumalo is a university student and a #MotherlandMogul. Between studying to complete her degree in Genetics, she bakes and sells cakes. Sisi Lwandle recently caught up with Sibahle for a chat where she discovered what it takes to balance studies and entrepreneurship, and what Sibahle views as success. How did the idea for your baking business come about? It was actually my mother who had the idea of me starting a baking business. I learnt how to bake muffins and cupcakes from my mom and I had tried baking cookies and brownies before, but I had never baked a “big cake” as I called it. So, early last year I was feeling brave and I searched on the internet for a good chocolate cake recipe. To my surprise we had most of the ingredients I needed in the house. I just had to buy a round cake pan, after which I proceeded to bake my chocolate cake and decorate it. It was the best chocolate cake I’ve ever tasted and everybody in the house was so surprised to see that I could bake a delicious cake in just one try. My mother loved it so much she took it to work the next day to share with her colleagues and they loved it to. She then told me that I could actually start my own small baking business and from then I started modifying the recipe and practicing to bake it perfectly. After some time I started advertising my creations on Facebook and well one thing led to another and I found myself starting my own small business. Where did your capital funding come from? How were you able to start up? My capital funding came out of my pocket as I have a part-time job as a coach at a local high school. I used the little money that I had to buy equipment and even now I use some of the business’ profit to build the business. Slowly but surely my dream of having my own bakery is coming together. You’re studying a degree in Genetics. This is a complete contrast to the industry of your current business, where and how do they both fit into your future plans? That’s a very good question. I plan on continuing my studies and going into medicine as it has been my life long dream. At the same time, I plan on growing my bakery business to the extent where I don’t have to work myself but have staff working for me, I’m planning for it to become a passive form of income. As a full time student, how do you juggle academic responsibilities and the demands of your growing business? I won’t lie, it’s very tough. Sometimes I find myself having to turn down customers because of writing tests or exams. Other times, I find myself stressing and not having enough time to study. But with the help of my mom and aunt I get everything done in time, which usually means going to bed at midnight. How has being an entrepreneur and student affected your social life? I’m surprised it hasn’t affected it too drastically, I still have time for my friends and family. It just takes a lot of pre-planning for things to work. So now I actually have a use for calendar/journal. What advice would you give to other university students who wish to become entrepreneurs? Go for it! There’s nothing worse than just keeping business ideas in your head, start small and grow your business from the ground up. Understand that success isn’t something that happens overnight, but know that all the hard work will pay off soon. And also, be prepared to have to choose sometimes between your education and your business. If you won the lotto right now, what would you do? If I won the lotto I would open my own bakery/cafe. And I’d also treat myself to a long deserved holiday, baking can get really tough. What motivates Sibahle Khumalo? Making my customers happy, there’s nothing better than putting a smile on someone’s face. What is your favourite aspect about being an entrepreneur? Being able to say, “I have my own business” has to be my favourite part! But, what I love the most about being a black female entrepreneur is having the platform to inspire other people. How do you define success? Success is the result of an ongoing process of bettering yourself and working on your goals. Which company or business person inspires you? Buddy Valastro, the owner of Carlo’s Bakery, most commonly known as the Cake Boss. Want to see women you know featured on SLA? Tell us what amazing things women are doing in your communities here.
Making sense of cents: Quick tips to improve your financial literacy
In an increasingly consumerist society it is very easy to get swept up in the barrage of not-so-gentle persuasions on how to spend your money. It ranges from the seemingly harmless dine-out options you yearn for all month long, the glitzy red bottom heels, to a new gadget that you just have to have. Financial literacy is muscle, the more you engage it the stronger and better skilled it becomes. It is important to practice intense amounts of self discipline. It sounds daunting, doesn’t it? Growing up, having a job, earning your own money and then be told be disciplined with how you spend it. Very few people are raised to understand finances beyond what they spend. It is much like not ever teaching children how to read then expecting them to be able to fully engage with a highly literate world as adults. No fair, right? Don’t worry though, help is at hand. We are going to learn this financial alphabet together. Here are a few tools that are easy to understand and implement, provided you’ve got that discipline we spoke of. Draw up a budget It isn’t as scary as it sounds. First, you write down a list of what you need to spend money on for the month. Then, you take out the cost of those items from the amount of your income. When you see just how you want to spend money you may reconsider what you thought was a necessity. Put together a list of your short and long term goals Whatever your goals, they need to be financed to become a reality. Arrange them in order of importance and find space for them in your monthly budget. While having to say, pay for a course module vs. a really expensive night out with the girls may hurt, in the long run it works out. Once you’ve graduated, you will be able to afford many girls’ nights out. Review previous month’s expenditure Once you’ve given your brave new budget a whirl, go over your expenses. Have a hard look at where you spent money wisely and where you did not. Look closely at where you spent most, check whether you spent money on things that tie into your short and/or long term goals. Then review your habits so that moving forward, you make decisions that give you long lasting value for your money. Save 10% of income It is important to save. Life happens, a family member could pass away, a car could be involved in an accident or a job may be lost. There are plethora of unforeseen circumstances that could hurtle themselves into one’s life. It is always wiser to be on the right side of caution. As your spending and saving habits grow, you could even increase that amount from 10%. It is key to note that knowing you can change your habits makes you the boss of your finances. Join a free online financial literacy class The internet is your friend. There are a many resources available to you, should you want to exercise that financial muscle we mentioned above. Ultimately, financial literacy is about attaining freedom, autonomy and peace of mind. There is a life that exists without ponzi schemes and loan sharks. It can be accessed the moment positive, informed decisions are made. In South Africa at least, there are 95 men for every 100 women, that means we ladies have more… um… manpower. The power to change the trajectory of African women is ours.