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Business Half Hour

The path to becoming a Chocolate giant is not ‘chocolatey’ – Femi Oyedipe, Loshes Chocolate

From trying out different ventures, Femi Oyedipe has found her success in chocolate making.

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In Nigeria, starting and running a business – any business, is no walk in the park, as countless entrepreneurs have failed repeatedly. Hence, starting and successfully scaling a business, is a feather only few can lay claim to.

Co-founder and CEO of Loshes Chocolate, Femi Oyedipe, was a guest on the Nairametrics Business Half Hour, where she shared her start-up story and succeeding in a field where she was entirely self-taught.

The graduate of Biochemistry from the premiere University of Ibadan, recalls that her decision to start producing chocolates locally meant that her office became her classroom. Her words described the satisfaction she has derived from this chosen path.

“The fun of trying out new recipes, making mistakes, learning and unlearning till you understand the best recipes is a huge reward,” she said.

The decision to start

Entrepreneurship is innate for her, since she always gravitated towards it. However, taking it as a full-time venture definitely seemed less attractive. So, she tried out other options, things she could do alongside a day job. She had a brief stint as a make-up artist, and then another in trading Ankara fabrics, before becoming a cake-maker.

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It was while making cakes, Femi picked interest in chocolates. As a caterer, she would use them in some cakes, sometimes breaking or melting ready-made chocolates.

“It did not make sense to me that we still had to import almost all the chocolates on the store shelf, even when we had cocoa locally available,” she recalled.

However, she was still hesitant to take the bull by the horn, until 2015.

“I had my eye on a job I was going to start when I came back from the U.S in 2015, and it was supposed to take me on a totally different career path. When it didn’t come through, I was upset and disappointed. It was in the midst of this disappointment, that the inspiration to make chocolates came.”

It dawned on her that the major ingredient for chocolates – cocoa, was locally available in large quantities, and decided to challenge the norm of importing chocolates for consumption. From her house, in that same year, she started Loshes Chocolate. The single-origin, bean-to-bar chocolate maker in Nigeria.

Early challenges

Capital is key to any start-up venture, and it was no different for Loshes Chocolate. Femi pooled resources with her husband, and started by sourcing cocoa from local farmers, then processing it into chocolate for direct consumption, and for use by caterers and confectioners.

“The drive was ensuring that we retain the natural flavors and health benefits of cocoa, as against the usual mass-produced chocolates which have lots of additives. People are becoming more conscious of eating healthy foods, and we try to meet that need while producing chocolates that are still yummy,” she said.

Being domiciled in one of the largest cocoa-producing countries, availability of the major ingredient had taken care of a lot of problems except for electricity – a possible deal-breaker.

“It takes about 36 to 48 hours to grind the cocoa beans into powder, and you can imagine how much power that consumes,”

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“We needed some machines to get started and could not lay hands on them at the time, so my husband being an engineer helped to fabricate some of them. We got some parts from local markets in Lagos state, like Orile and put them together to make the machines we needed,” she explained.

Femi understood early on that, variety is the spice of life, so She spent time trying out new recipes, with family members and friends also serving as ‘guinea pigs’ for each new recipe. This served as a great source of feedback.

Later on, they needed to get the specialized machinery, and Femi recalled how fluctuations in Foreign Exchange, and the availability of manpower to maintain and service the machines posed a serious challenge.

Yet, she remains graceful in her advice to would-be entrepreneurs. “Just start where you can. In there, is where the innovation lies, because you do not have access to so much, and the business environment in Nigeria is not easy for SMEs. Instead of turning your back, you stay and become creative,”

Scaling up

With so many milestones attained, the company is not resting on its laurels. Loshes Chocolates still serves the local market at the moment, but there are plans to raise funds, scale-up, and start exporting. Femi is optimistic in the possibilities that abounds for her company, as is evident from her mantra, “All our dreams can come true, if we have the courage to pursue them.”

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