iKhokha | KZN Future 50
Learn more about iKhokha, this week's KZN Future 50 featured business...
Company Name: iKhokha
Website: www.ikhokha.com
iKhokha: Empowering Small Businesses for a Digital Tomorrow!
Unlocking Possibilities, Transforming Entrepreneurs!
In this episode of KZN Future50, we share some of the story of iKhoka and highlight some of the lessons that this business has demonstrated along the way.
In a world where opportunities often elude the underdog, iKhokha emerged as a beacon of hope for South Africa's small business owners.
This entrepreneurial dynamo was born from the belief that every business, big or small, should have a ticket to ride the digital wave. iKhokha's journey began with a revolutionary idea: to make card acceptance accessible to all.
Read more: Springlok | KZN Future 50
Lesson #1: Democratize Access
iKhokha understood that traditional financial institutions had barricaded the digital economy with sky-high rental fees and transaction rates. Lesson learned? Remove barriers to entry. With no monthly rental fees and decreasing transaction costs as sales grow, iKhokha opened the gateway to digital card payments for every aspiring entrepreneur.
From Garage to Global
Like many startups, iKhokha started humbly in a garage in Durban. Today, it stands tall, processing billions of rands in transactions every year. The biggest challenge? Scaling rapidly in a fiercely competitive market. Lesson for budding entrepreneurs? Invest in a skilled team, engage in user-testing, and listen to your customers. iKhokha's 10/10 trust index on HelloPeter proves that impeccable customer support is the secret sauce.
Lesson #2: Empower Your Team
Investing in a stellar team is paramount to rapid growth. iKhokha's on-the-ground support and a dynamic call center proved instrumental in winning customer trust.
Innovate or Stagnate
iKhokha's product lineup reflects their commitment to innovation. Their flagship iK Flyer, loadshedding-proof and touchscreen-enabled, caters to high-volume businesses, while the iK Mover offers agility for smaller ventures. They've even delved into eCommerce with payment gateways and offer iK Tap on Phone for smartphone transactions. The key takeaway? Adapt and diversify.
Lesson #3: Diversify Your Offerings
Explore new horizons and expand your product offerings to meet diverse customer needs.
Impact and Aspiration
iKhokha's mission extends beyond profits. They aspire to positively impact a million South African small business owners. The roadmap? Continue developing products locally and simplify business operations. Lesson learned? A business's success should resonate positively in its community.
Read more: Sparesboyz | KZN Future 50
Lesson #4: Community Focus
Aim to uplift your local community while achieving broader success.
The Road Ahead
To reach their goal faster, iKhokha needs to amplify brand visibility and educate potential clients about their value proposition. Lesson for all entrepreneurs? Effective marketing and communication are indispensable.
Lesson #5: Effective Marketing Matters
Your product's value is only as good as the number of people who know about it.
Boosting KZN's Economy
While serving businesses nationwide, iKhokha's heart lies in KZN. Their mission could translate into more opportunities, job creation, and a GDP boost. Lesson? Local success can drive regional prosperity.
Read more: Joekels Tea Packers | KZN Future 50
Lesson #6: Think Globally, Impact Locally
Don't just aim for global success; aim to uplift your local community.
Fun Fact!
In 2022, iKhokha's card machines printed an astonishing 4700km of till slips. That's enough to travel from Durban to Johannesburg over 8 times! Lesson? Even small things can accumulate into remarkable achievements.
Lesson #7: Celebrate Milestones
Acknowledge and celebrate even the smallest achievements on your journey to success.
So, fellow entrepreneurs, take a page from iKhokha's playbook. Democratize access, empower your team, innovate relentlessly, focus on community impact, market effectively, and celebrate your milestones. Who knows? You might just unlock boundless possibilities and transform your business, just like iKhokha!
More KZN Future 50
Image Credit: iKhokha