I started my business with just N 5,000 making socks - CEO AllSocks

By Kemi Mobuse - Thursday, April 07, 2016

Oluseyi Akigbogun, the MD/CEO of Allsocks is your definition of a resilient man and a go getter. Seyi immediately after graduation, went to work; setting up his business of making socks for a living, which is a feat that others deemed impossible, if not laughable. Well, Seyi is the one laughing all the way to the bank now, as he is being patronized by celebrities, and is quickly becoming a household name.

KMB chased him all around the net, despite the fact, that, he is someone i have known for years, he was a tough guy, to get to sit still for an interview, but, guess what? i got my interview, hehe...read his story below:

Kemi Mobuse blog: Good Day, can we meet you?

Allsocks: My name is Oluseyi Akigbogun. Royal house help of All Socks Nigeria, with the brand name Allsocks. Am from Ogun state, single, could be playful and quiet… I believe in the power of focus “staying on one thing till it works”

Kemi Mobuse blog: What do you do and what inspired your business?

Allsocks: I run Allsocks… A socks manufacturing company which focuses on providing quality and affordable socks for all who wear them. Presently, we run the first online socks store "www.allsocks.com.ng" , we customize socks for schools, clothe line etc.

Kemi Mobuse blog: what inspired you starting this business?

Allsocks: The quest for providing quality socks at an affordable price.

Kemi Mobuse blog: You said "we" are you in partnership with someone?

Allsocks: No we are not in partnership with anyone. The word “we” is a common word used among all staff of Allsocks.

Kemi Mobuse blog: What was the onset of the business like?

Allsocks: The onset of the business was very challenging and rough.

Kemi Mobuse blog: Why this line of business in particular?

Allsocks: As a shoe lover, I know the value of having good quality socks,I have always longed to have quality socks,I searched in different stores both known and unknown ones, to my surprise I couldn’t find any to suit my taste… A friend on his return trip from the United Kingdom for holidays, handed me a pair of quality socks, which made me to start asking questions. For me, Business is all about solving problems, you have to solve yours first, before solving for others.

Kemi Mobuse blog: And how did you come about the name All socks?

Allsocks: The name "Allsocks Nigeria" was given by a friend Adeyinka Adefila, we were sitting outside his store "perfume Emporium" in Abeokuta back then,I was excitedly thinking of a name to call the business, all of a sudden he said, "call it allsocks". The Nigeria at the end of the name, came in as a result of CAC, which to us means "All the socks in Nigeria"

Kemi Mobuse blog: What is CAC?

Allsocks: Corporate Affairs Commission, they register names for all businesses in Nigeria.

Kemi Mobuse blog: Nice one, from the pictures I have seen, you have clients from all over, how old is your business now? And how has the market reception been?

Allsocks: Allsocks started between April and May 2009,it was fully registered on January 14^th 2010. Read more on our website: https://www.allsocks.com.ng/allsocks_-at-5/

Kemi Mobuse blog: What challenges have you experienced since inception that almost made you gave up?

Allsocks: A lots of challenges actually, but none of them made me think of giving up.

Kemi Mobuse blog: How was starting out capital wise?

Allsocks: Raising capital was a little challenging. At start up I wanted to start big,I tried lot of sources, I tried getting loan from banks,even families and friends, all to no avail. So I broke the business down, found a starting point and started with #5000, and kept on growing from there to what we have today.

Kemi Mobuse blog: can you kindly be specific and share some of your challenges?

Allsocks: As a fresh graduate raising capital was a big challenge, but the most challenging one yet, is the Nigeria syndrome of people not believing in start-ups, majorly when you are fresh graduates with good grades but no work experience and capital to kick start your business idea, beside, socks some six years ago was like comedy 30 to 40 years ago, as a result I got a lot of “ma lo wa ise, awon egbe se ise, socks ni ko joko ti” (go and look for a job, your mates are busy working and here you are, thinking of selling socks), this was from my mummy, family and friends as well as my brothers and sisters who believed I was just kidding….

Kemi Mobuse blog: Is this your sole source of livelihood?

Allsocks: Yes

Kemi Mobuse blog: Or can you see yourself doing anything else?

Allsocks: Sure

Kemi Mobuse blog: What is your current staff strength?

Allsocks: Our staff strength varies from full staff to contract staff; we have 3-5 full staff, and about 3 contract staff.

Kemi Mobuse blog: What was the worst advice you have been given since you started your business?

Allsocks: To me there is no wrong or right advice, every advice has its own message and usefulness. I remember meeting my manufacturer for the first time and she said “Seyi what you want to do is not possible…”

Kemi Mobuse blog: Did you take the advice?

Allsocks: Sure I did, I took the advice positively, i found a way to restart my business, which I did with N 5000,we made use of her factory, and right now, we still do business together.

Kemi Mobuse blog: since inception of your business, what has been your defining or most memorable experience?

Allsocks: Every moment come with its own memorable experience. One was, a day, while checking our back-end for orders, and there it was, an order from Owen gee, and the most recent one is when the King of comedy; “Alibaba” called me, and said “I don dey try your line…”