Get thrifty with ‘Innovatic by Khayr’

Oct 10, 2021 News

“Young entrepreneurs create social change as they offer unique and innovative goods and services.”

By Allyiah Allicock

Kaieteur News – “The goal is to encourage my customers to monitor their spending and savings so that they can experience the lifestyles they want, from a wise saving’s plan.” Those are the words of Iman Allen, a young entrepreneur who is on a mission to help persons budget their spending.

Young Entrepreneur, Iman Allen.

The mother of one in an interview with Kaieteur News shared that it was through her own experiences that she came up with the business idea. Her business, ‘Innovactic by Khayr’, was launched in July of this year and it is the place where you can find just about any ‘budget binder’ to help keep you on track with your savings. According to Allen, although the idea came from her, the inspiration really was from her two older sisters who are well established business owners. “They both have established small businesses of their own, and I was always the one to kind of manage their sales, customer service and sometimes even production and marketing,” she shared. She noted that her involvement in their businesses allowed her to earn an income and since it was a challenge for her to save, the idea of her business came to mind. Since then, she has started to put money aside towards her ‘things to do list’ in different envelopes under various labels as a way of saving. After doing this for a while, she went further by attending a Principles of Accounts class which she said taught her, “that being able to track your spending actually helps you to save more.” From there, she did her research which led her to the budget binder idea for her spending and savings. “This started booming for me and I decided to use it as an income channel, while encouraging customers to be wise with their spending and by extension, save,” she explained. According to her, she did not hold back on her idea and is now seeing the impact it has on people’s lives. The support, Allen pointed out, comes from her family who guided her along the way and her customers who keep it blooming. Support has been nothing but rewarding and overwhelming she confessed. As for the challenges faced during this journey, it was her responsibilities outside of business that sort of put a strain on the production department specifically. But, determined to see it through, the young innovator expressed that she is always up to overcoming any challenge. When asked what she has in mind moving forward with the business, the young woman said, given ‘Innovatics’ is about creativity, she has plans to bring forth more creative products than just binders. But for now, her aim is to encourage customers to monitor their spending and savings.

Some of the creative budget binders Allen has created and sold over the months.

Like many persons who were featured, Allen is of the opinion that young entrepreneurs have a major responsibility in our society. According to her, “young entrepreneurs create social change as they offer unique and innovative goods and services.” Secondly, she said, they build ventures with others, for example her sister, who allows entrepreneurs to use her store as a marketplace to display and sell their products. Another thing she noted too was that they contribute to the country’s economic development and create more room for employment. Given the emerging businesses we have in the country today, the young pioneer highlighted that a great booster for businesses is the access to capital. Many young people, she noted, have ideas of starting a business but don’t have the resources or necessities to get it off the ground. “So definitely access to grants, loans, etc., will be a welcoming support,” she added. Another thing, she suggested was that the Ministry of Tourism can host Trade Shows and Expos where the products and services offered by these small businesses can be showcased. All this, among other strategies can be of great assistance to upcoming small businesses, Allen stressed. Persons who wish to order a binder from Allen can contact her via her social media pages, Instagram, Facebook, TikTok, or email at innovaticbykhayr or at telephone number (592) 612-4454.

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