Transforming an industry is one of the most difficult things to do, especially when the target market you are trying to sell to are individuals who are set in their old ways and are very vigilant when it comes to new concepts or ideas that do not assure return.
Nicolas Manyike the founder and Chairperson of Property Stokvel Investment Club and serial entrepreneur set out to shake things up in this market by ignoring the norms and rules that were surrounding and limiting this market by establishing the first property stokvel.
If you were to go to any South African township and approach any individuals asking them about a stokvel club and how many clubs are active around their township, they will give you a long list.
“Stokvels have been around for decades and most of them are sustainable. The stokvel economy in South Africa is estimated to be worth R49 - R50 billion a year which goes to the supermarket and retail. As our people are not liberated, their financial struggle continues. Stokvels have been around for decades and most of them are sustainable. The same method could be used to purchase properties, land and franchises. Property is one of the largest asset classes in the world, investing in it may be the best way to take advantage of what is widely considered to be one of the most reliable and profitable investment vehicles”. This is one of the most common forms of saving that you find in poor societies/communities, where individuals from different families put together money on a monthly basis to save up for December or unforeseen misfortunes.
Instead of following the same thread Manyike has introduced a new form of saving to these poor communities but using the same familiar system they are used to. “I have initiated a property Stokvel Investment the aim of this movement is to educate our communities to invest in property, and I will be starting a foundation to mentor young people about entrepreneurship.”
Manyike states that with property being one of the largest asset classes in the world, investing in it may be the best way to take advantage of what is widely considered to be one of the most reliable and profitable investment vehicles. Unlike the perishable goods that these stokvel system is usually used for Manyike adds that property has a better value attachment.
In his endeavor he hopes to “accumulate R4-8 million to buy a property that will generate an income for the business”. Adding that as soon they buy their first property they will implement their second phase which will focus on buying their members houses.
“The property Stockvel it’s a true radical economic transformation, we want to create wealth that will allow us to retire comfortably at an early age, but most importantly to create a legacy for the next generation. We want to buy land and properties in places where there is competitive rental income and which are close to working areas and educational institutions”.
Manyike is a hard working individual that believes entrepreneurship is a calling in which those who partake in it need to be prepared to be broke because entrepreneurs only get paid after liabilities. “We take a lot of risk but there is no guaranteed salary”
The Mpumalanga born entrepreneur also runs a public relations company called Tale PR & Communications a field which he has received a lot of accolades in. When asked what it takes to set up a PR and Communication company, Manyike replied and said “I have realised that any business to be successful it must be great at sales and marketing, I saw an opportunity to give a solution to small and medium businesses by communicating their brands positively to the public to ensure they generates great sales and revenue for them.
Adding that “understanding your industry and delivering more than the customer expects, this is a great to get noticed in your industry and build a loyal following”.
Manyike advices upcoming entrepreneurs to find a problem within their society and create a solution for it.
Business name: Tale PR & Communications
Start-up: R7 000.00
Year founded: 2013
Key Players: Nicolas Manyike
Group Turn Over: R280 650. 00 after Company liabilities and Sars
Number of Employees: 4 Employees