Every societal problem is an opportunity for entrepreneurs who can provide solutions. For Funmilayo Lanre, the founder and chief executive of Funmesco Global Services Limited, his focus is to help meet the logistic needs of individuals and businesses.
His business provides auto rental services, fleet management, haulage and end-to-end logistics services.
Lanre was inspired to establish Funmesco Global Services Limited in 2017 out of his desire to become self-employed and impact the lives of people around him. “Working for others for a while taught me so much. But I wanted to make a meaningful impact,” he says.
“I left paid employment and established my own business. It turned out to be the best decision I’ve ever made,” he adds.
He identified a huge opportunity in the industry and decided to venture into it. In 2017, he established his car rental and logistics business.
He started the business with N5.7 million, an amount he got from his savings, family members, and friends. Since starting, he has not taken any loan.
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“I started my business with N5.7 million. I saw a bus I liked and asked for the price. I had some money in savings. I got the rest from one of my uncle’s friends and a friend on a few conditions,” he says.
“I wanted to secure a loan from a bank but none of them approved my application,” he states.
Since then, the start-up has become one of the fastest-growing logistics businesses in the country as demand for car rental services and haulage continues to grow steadily.
The business has been able to acquire more trucks, SUVs, cars, and buses for its logistics business.
“We have been able to acquire more trucks and our market has been well tested, proof of concept validated,” he explains.
To remain in business, he says Fumesco Global Services has made its customers’ satisfaction and security its top priority. “We realized that we needed to customise our services to meet our customers’ needs.”
“We pay special attention to ensure that our clients and goods are conveyed securely to their destinations. These have earned us referrals from our existing customers,” he said.
Answering questions on the strategy the business has adopted to survive the COVID-19 pandemic, he says Funmesco Global Services has increased its marketing strategy and leveraged social media to market its offerings, while also tapping new opportunities in the industry created by the virus outbreak.
Answering questions on the organisation’s expansion plans, the young entrepreneur says that the business plans to have its permanent site for its operations soon.
Speaking on the challenges confronting his business, the young entrepreneur says that the biggest challenge confronting his business is the country’s poor road infrastructure.
He notes that huge infrastructural gaps have continued to drive the cost of production and increase delivery time, thus making it difficult for the business.
“One of the major problems is the road network. Some of the recently-constructed road infrastructures are poorly built with low-quality materials. And it causes a lot of accidents,” he says.
Lanre urges the government to develop the country’s infrastructure to drive growth and industrialisation. He also calls for regular maintenance and repair of road infrastructures with efficient and effective monitoring.
“Road maintenance and repair should be done on regular and at appropriate time intervals. Proper drainage facilities along road networks should be available. It will reduce the accident rate.”
In evaluating the country’s logistic industry, he notes that despite its huge challenges, the industry is highly rewarding for businesses that can identify and manage its risks.
On advice to younger entrepreneurs, he says, “Do not go into a business just for the money. Identify a problem, and create a solution. Build the system and stay with it long enough, it will reward you in return.”
