FOUNDED IN the spring of 2018, Niyo Enterprise was created to be a platform to empower black women.

Through innovation in tools and technology, the organisation has expanded into two divisions. Among their dedicated audience, the two parts of the business are called Niyo Network and Niyo Hair and Beauty.

Its founders – Oyinkansola Adebayo and Laolu Dada – ensure that as their business continues to grow, the economic empowerment of black women remains a priority for them.

The two best friends from Birmingham believe it’s important to remember why they started their entrepreneurship journey.

“We met in university through a Christian fellowship,” recalls Laolu, a former Health and Social Care student.

“I needed my hair done initially, but that was the formative stage of our relationship. We became really close friends.

“The more we spoke about businesses that have multiple bottom lines, not just profit, but impacting people and bringing about purpose and also thinking about planet as well, I think we realised that we could align on doing business together.”

Business Management and Economics student Oyinkansola, also known as Oyin, already had a business plan prototype.

The collaboration of both women’s talent, and a shared love of afro hairstyling saw them work together at their first event dedicated to black hair.

With a growing team, Niyo Enterprise now turns over six figures a year and both women are “fortunate enough to pay themselves decent salaries and live comfortable lives.”

Challenging times

However, the early years of university life and the onset of the COVID-19 pandemic last year, propelled their business into what they remember as a “scary time” for them both as entrepreneurs.

Their biggest black hair event to date in Birmingham was cancelled suddenly and major headlining sponsors fell through.

They were left to pick up the costs and went into minus.

The journey to financial stability hasn’t been easy,” says Oyin.

“We pretty much started from zero,” she admits.

“I was saving since I was thirteen when I started doing hair, and that money was going towards my house and my first car. I ended up putting about £6,000 of my own money into the business.”

Good decisions

Thanks to Oyin’s experience in contracting and bids, the pair ended up signing a deal which “multiplied and ended up spiralling out into great things.”

With strong business acumen and “necessary sacrifice” they have come a long way, but those early days remind them how far they’ve come.

“We ended up pitching to Nottingham’s Dragon’s Den to some angel investors and people who were on boards of very successful companies,” she says.

“We didn’t win but they said we were amazing and needed to fine tune our idea. So, they recommended we apply for a grant with Nottingham’s Building Society and we ended up securing five and a half thousand pounds.”

For Oyin and Laolu, however, the search for financial stability only highlighted the importance of platforms like Niyo Enterprise.

The pair sat in rooms among people with were considered “high value,” people they could build connections with and who could provide support – but there was a lack of representation.

“We just could couldn’t see black women in the room like us,” explained Laolu.

“That’s one of the reasons we are doing the Niyo Network so we can empower black women economically and connect them to not just people in the industry, but mentors and career pathways that can actually open up doors and funding for business ideas.”

The various Niyo Enterprise platforms hope to help budding entrepreneurs, in an easy and accessible way.

Are grants always a good thing?

Despite their own beginnings, the pair still encourage black women to think beyond the financial stagnancy that grants can cause and prepare for the longevity of actually running a business – turning grants into sales.

“Learning how to sell and get people on board with your visions and learning how to communicate that vision and encourage the growth of stakeholders is really important,” stresses Laolu.

“Finding a way for your business to fund itself immediately after the grant funding – having people buy what your selling – is so important.”

As the pandemic rages on, it’s the pair’s focus on growth that has helped their networking platform. Right now, we are all using technology to connect from home.

Niyo Enterprise expects to further engage their audience and become more visible online in the next few years. They just launched the Black Codher coding programme and are developing their own grant schemes for black women starting out.

The women hope to continue putting women at the centre, and developing new brands.

To learn more about Niyo Enterprise and the programmes and service they offer, please visit Niyo Enterprise