Overcoming Loss: Chiso's Journey to Building Venue 254
Chiso: £56,000 LOST. Dreams DESTROYED. Then I CREATED 254 🔗
00:00 My Mother's Influence and Loss
Chiso reflects on his mother's dream of moving to the UK from Nigeria to run a catering business together. After her passing four years ago, he struggled with grief, which affected his motivation and business plans. He recalls how she encouraged him to save and invest wisely, contrasting this with societal pressures about homeownership.
03:30 Dealing with Loss and Lockdowns
Following his mother's death, Chiso faced a challenging period filled with emotional turmoil and financial strain, further exacerbated by the COVID-19 lockdowns. He relied on his savings while trying to find his footing again, but he recognized the importance of having saved previously to avoid financial disaster.
06:15 Building Back Up
In 2021, Chiso began to rebuild his business after the lockdowns by starting a training pod in his garden. He faced setbacks with planned events and significant financial losses, including a £56,000 refund due to a canceled event. Despite these challenges, his determination to create something new kept him motivated.
10:00 Creating Venue 254
Chiso eventually found a venue that needed work but saw potential in it. He decided to take the plunge and transform it into Venue 254, learning that perseverance and a willingness to adapt can lead to success. He highlights the importance of saving and not flaunting success, focusing instead on steady growth and planning for the future.
14:30 Insights into the Industry
Chiso shares insights about the event industry, particularly the hidden costs associated with running a venue. He emphasizes that many people underestimate the financial responsibilities involved, leading to unrealistic expectations when negotiating.
What motivated Chiso to create Venue 254?
Chiso was motivated by a desire to overcome his previous losses and build something meaningful after experiencing significant setbacks in his business due to personal and external challenges.
How did Chiso cope with his mother's passing?
Chiso coped with his mother's death through travel and temporary escapes, but he struggled mentally for months. Eventually, he recognized the need to get back to work and focus on his goals.
What lesson did Chiso learn about financial management in the event industry?
Chiso learned that many people overlook the various costs of running an event venue, leading to misunderstandings about pricing and profitability. This experience taught him the importance of careful budgeting and transparency with clients.