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Lailah Parker’s Path from Business Manager to Beauty Entrepreneur

Lailah Parker’s Path from Business Manager to Beauty Entrepreneur

tshepisosishuba 1 week ago

Imagine working in a stable, well-paying career, where you’ve honed your skills and climbed the ranks, yet feeling an undeniable pull toward something entirely different. This was the reality for Lailah, who, after eight years as a successful business manager in the motor industry, felt the need for change—a calling to pursue a passion that had always been in the back of her mind. Fueled by an entrepreneurial spirit and a desire to blend her business acumen with creativity, Lailah took the courageous leap into the beauty industry, founding iLash Bar. What started as a side hustle has now grown into a thriving business, reflecting her determination, vision, and unwavering belief that true fulfillment comes from following your heart.

Origin and Inspiration

Lailah’s story begins with a profound shift in her career—a transition driven by a desire for transformation and a deep-seated passion for beauty. For eight years, she dedicated herself to a career in the motor industry, where she excelled as a qualified business manager. While her role was fulfilling, it lacked the creative outlet she craved. She longed to explore her entrepreneurial spirit and build something that aligned with her personal interests.

The pivotal moment came when Lailah found herself increasingly captivated by the beauty industry. “I began to see the potential for combining my business acumen with my interest in beauty,” she recalls. This realization sparked the idea for iLash Bar, a space where Lailah could channel her creativity and business expertise into something transformative—not just for herself but for others as well.

Her background in business management played a crucial role in shaping her journey. “My experience in strategic planning, financial management, and leadership provided a solid foundation for running iLash Bar,” she shares. These skills were instrumental in turning what started as a side hustle into a fully operational salon. Beyond just offering beauty services, Lailah was driven by a larger mission: to empower others by providing them with the skills and confidence to achieve financial freedom through entrepreneurship.

Business Overview: Crafting Beauty with Precision

iLash Bar stands as a testament to Lailah’s commitment to excellence and her passion for beauty. The salon, located in a vibrant community, is dedicated to providing top-notch lash and beauty services. “Our primary focus is on lash extensions, but we also offer a range of beauty services including manicures, pedicures, hair braiding, massages, and facials,” Lailah explains.

What truly sets iLash Bar apart is its personalized approach and unwavering commitment to quality. “We blend high-quality products with meticulous attention to detail, ensuring that every client leaves feeling satisfied and rejuvenated,” she notes. This dedication to service excellence has not only earned iLash Bar a loyal clientele but also established it as a beacon of professionalism in the beauty industry.

Beyond the services offered, iLash Bar also serves as a training ground for aspiring beauty professionals. Lailah’s passion for empowerment extends to the comprehensive beauty training programs she offers. “We equip individuals with the skills and knowledge needed to succeed in the beauty industry, helping them to start their own businesses,” she says. This dual focus on service and education underscores Lailah’s vision of creating a space that not only beautifies but also empowers.

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Challenges: Overcoming Obstacles on the Path to Success

Like any entrepreneurial journey, Lailah’s path to building iLash Bar was fraught with challenges. One of the most significant hurdles was transitioning from a side hustle to a fully operational business. “Balancing the demands of setting up a professional salon while managing the logistical and financial aspects was a lot of work,” she admits. Securing high-quality equipment, finding the perfect location, and building a client base from scratch required meticulous planning and unwavering determination.

Navigating the competitive beauty industry presented another set of challenges. To stand out, Lailah leveraged her background in business management to create a unique value proposition. “I focused on offering exceptional service, investing in ongoing training, and building strong relationships with clients,” she explains. These strategies were essential in carving out a niche for iLash Bar in a crowded market.

There were moments when the challenges seemed insurmountable, and Lailah considered giving up. “What helped me push through was my commitment to my vision and the support from my network,” she reflects. Staying focused on her long-term goals and celebrating small successes along the way kept her motivated during the toughest times. “I reminded myself of the passion that drove me to start the business, and that kept me going.”

Business Strategy: Funding and Growth

When it came to funding iLash Bar, Lailah took a bold and personal approach. “I initially funded the business through personal savings and the sale of my dream car,” she reveals. This allowed her to maintain full control over the business and ensure that its growth was sustainable. Reinvesting profits back into the business was a strategy that helped fuel its expansion without compromising financial stability.

Marketing and growth were approached with a focus on building a strong local presence. “Social media played a key role,” Lailah notes. Platforms like Instagram and Facebook were used to showcase iLash Bar’s work, share client testimonials, and run targeted promotions. “Creating engaging content and offering referral bonuses worked exceptionally well,” she says. These personalized, community-driven strategies resonated with her target audience and contributed significantly to the business’s growth.

Not all strategies were successful, however. “Some initial attempts at broad online advertising didn’t yield the desired results,” she admits. This taught Lailah the importance of adaptability and staying in tune with what works best for her specific market. “Shifting my focus to more personalized approaches was crucial in finding what resonated with my clients.”

Learning and Growth: Lessons from the Journey

Throughout her entrepreneurial journey, Lailah learned several key lessons that have shaped her approach to business. “One important lesson was the value of thorough planning and financial management,” she says. This early lesson emphasized the importance of staying organized and maintaining a close eye on financials to ensure sustainable growth.

Another crucial lesson was the importance of building strong client relationships. “Exceptional customer service and personalized attention make a significant difference in client retention and referrals,” she shares. This focus on client satisfaction has become a cornerstone of iLash Bar’s success, with Lailah continuously seeking feedback to improve services.

Staying current with trends in the beauty industry is another priority for Lailah. “I keep up with industry news through professional networks, trade shows, and beauty publications,” she explains. Participating in ongoing training and workshops also helps ensure that iLash Bar remains at the forefront of industry trends, allowing Lailah to maintain a competitive edge.

Balancing Life and Work: Finding Harmony

Balancing the demands of running iLash Bar with her personal life as a wife and mother to two daughters is no easy feat for Lailah. “It’s a constant juggling act,” she admits. To manage this, Lailah prioritizes setting clear boundaries between work and home life. “I make a concerted effort to be fully present with my family when I’m not working, and I schedule dedicated family time,” she says.

Effective time management is key to maintaining this balance. “I plan my workday meticulously and delegate tasks where possible,” Lailah explains. Streamlining business operations through tools and systems also helps reduce stress and improve efficiency. Her advice to other entrepreneurs struggling with work-life balance? “Set realistic expectations and boundaries from the start. Don’t hesitate to delegate tasks and seek support when needed.”

Vision and Advice: Looking Ahead

Lailah’s vision for iLash Bar is one of growth and empowerment. “In the next 5-10 years, I envision iLash Bar expanding its footprint with additional locations and potentially offering franchising opportunities,” she shares. Her long-term goals include continuing to innovate in the beauty industry and further developing the training programs that have become a hallmark of her business. “I want to create more avenues for aspiring beauty professionals to achieve their dreams,” she says.

For aspiring entrepreneurs, Lailah offers this advice: “Start with a clear vision and a solid business plan. Do thorough market research, understand your target audience, and be prepared for challenges.” She emphasizes the importance of building a robust support system early on, something she wishes she had focused on more from the beginning. “Having a network of advisors, peers, and mentors can provide invaluable guidance and help navigate obstacles more effectively.”

Reflection and Impact: Leaving a Legacy

Looking back on her journey, Lailah’s proudest achievement as an entrepreneur is witnessing the transformation of iLash Bar from a home-based salon into a thriving business that provides job opportunities and empowers others through training programs. “One milestone that stands out is when we successfully transitioned from a side hustle to a fully operational salon,” she recalls. This marked the beginning of a new chapter in iLash Bar’s growth and set the stage for future successes.

Lailah’s vision for iLash Bar extends beyond business success—she aims to make a lasting impact on both the community and the beauty industry. “I want iLash Bar to set a standard for excellence and professionalism while inspiring and mentoring others who aspire to start their own businesses,” she says. Her legacy is one of empowerment and innovation, demonstrating how dedication, hard work, and a passion for your craft can create meaningful change and opportunities for others.

What’s Next: Exciting Plans on the Horizon

Looking ahead, Lailah is excited about the next chapter for iLash Bar. One of her primary goals is to raise funds to host training programs specifically for less fortunate individuals and mothers who are unable to work due to having children with disabilities. “By providing them with valuable skills and opportunities, I aim to help them change their lifestyles and gain the ability to provide for their families,” she shares. This initiative aligns with her vision of using iLash Bar as a platform to make a meaningful impact and support those in need.

Connect with Lailah Parker

Instagram: Lailah_parker_

Booking: Online booking

Website: www.ilashbar.co.za

Location: 11 Maidstone Road Heathfield, Dieprivier, Western Cape, South Africa, 7945

Understanding the Recent Corporate Income Tax Changes in South Africa

Staff Writer 1 year ago

As of June 23, 2023, the South African Revenue Service (SARS) has implemented significant changes to the Corporate Income Tax (CIT) system, affecting companies’ tax obligations in the country. These updates mainly concern the Income Tax Return for Companies (ITR14) and the Notice of Assessment for Companies (ITA344C). Additionally, some source code descriptions have been modified to accommodate these changes.

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One essential aspect of the new regulations is the adjustment made to the core systems to facilitate assessed loss calculations under section 20. This change aims to streamline the process of calculating and applying assessed losses, ensuring businesses comply with the relevant tax laws.

Read: Different ways to pay less tax in South Africa

Furthermore, the ITR14 form has been updated to include specific deductions related to paragraphs 13(1)(a) and 13(1)(b). These deductions will serve to extend the prescription period on disputes, providing companies with sufficient time to resolve any issues related to their tax assessments.

Another notable amendment is the removal of the Solidarity Fund Donations container from the ITR14. This modification aligns with the new requirements for Section 18A, which pertains to certain donations. Going forward, companies will need to ensure their tax returns adhere to this revised format accurately.

Read: Tax-free Investment Account: frequently asked questions

Regarding donations, businesses claiming deductions based on Public Benefit Organisations’ (PBO) numbers will undergo validation against SARS’s PBO register for authenticity. This move aims to prevent any potential misuse of donation claims and encourages legitimate contributions to eligible organizations.

Moreover, a Share Register will now be included in the ITR14 return, allowing companies to provide details about the different classes of shares they possess, as well as information about the holders of shares per class. This enhancement enhances transparency and helps SARS monitor share ownership and associated tax liabilities more effectively.

Read: How Much Should I Save For Retirement

Additionally, there will be an update to the source code descriptions where applicable, providing further clarity and accuracy in reporting various income sources and deductions.

It is vital for companies and tax practitioners to stay informed about these changes and remain compliant with South Africa’s evolving tax laws. By keeping abreast of the latest developments, businesses can ensure they meet their tax obligations correctly and avoid potential penalties.

In terms of the tax rate, for the years of assessment ending on March 31, 2023, and beyond, the Corporate Income Tax payable has been reduced to 27% from the previous rate of 28%. This reduction may have a positive impact on companies’ tax liabilities, allowing them to allocate more resources to business growth and development.

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To fulfill their taxation responsibilities, all companies resident in South Africa, including public companies, private companies, non-profits, close corporations, and state-owned entities, are required to pay Corporate Income Tax. It is essential for such businesses to be registered with SARS and to submit their ITR14 electronically through the e-Filing system.

Regarding tax payments, companies should make periodic payments, with the first payment due within six months after the start of the year of assessment. The second payment must be made on or before the last day of the year of assessment, and the third payment is due six months after the end of the year of assessment.

Bottom Line

The recent changes to the Corporate Income Tax system in South Africa aim to streamline tax processes, enhance reporting accuracy, and promote tax compliance among businesses. Staying updated with these changes will enable companies to fulfill their tax obligations efficiently and contribute to the country’s economic growth.

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Navigating South Africa’s Financial Services Industry The Financial Services

Navigating South Africa’s Financial Services Industry

Staff Writer 1 year ago

The financial services industry plays a vital role in supporting economic growth, enabling investments, and providing essential services to individuals and businesses alike. In South Africa, this sector serves as a cornerstone of the nation’s economy, facilitating access to capital, managing risks, and promoting financial inclusion. In this article, we will delve into the workings of the financial services industry in South Africa, highlighting its key players, services, and their impact on the nation’s economic landscape.

Overview of the financial services industry:

The financial services industry in South Africa encompasses a wide range of institutions and entities, including banks, insurance companies, asset management firms, stock exchanges, pension funds, and more. These entities operate under a robust regulatory framework set by institutions such as the Reserve Bank of South Africa and the Financial Sector Conduct Authority (FSCA), aimed at ensuring stability, transparency, and fair practices within the industry.

Key players and their roles:

Banks: A prominent example of a bank in South Africa is Standard Bank, which provides a comprehensive range of services, including personal and business banking, loans, mortgages, and credit facilities. They serve as intermediaries between depositors and borrowers, facilitating the flow of funds throughout the economy.

Insurance Companies: One of the leading insurance providers in South Africa is Old Mutual. They offer a wide range of coverage options, including life, health, property, and casualty insurance. Insurers like Old Mutual pool risk by collecting premiums from policyholders and paying out claims when insured events occur, providing protection and financial security to individuals and businesses.

Asset Management Firms: Companies such as Allan Gray and Coronation Fund Managers specialize in managing investment portfolios on behalf of individuals, corporations, and institutions. They offer various investment vehicles such as mutual funds, pension funds, and unit trusts, providing diversification and professional management to help clients achieve their financial goals.

Stock Exchanges: South Africa boasts one of the continent’s largest stock exchanges, the Johannesburg Stock Exchange (JSE). The JSE provides a platform for trading equities, bonds, derivatives, and other financial instruments. Companies such as Naspers and Sasol are listed on the JSE, enabling local and international investors to participate in the growth and development of these companies.

Services offered by the Industry:

Banking Services: Standard Bank, for example, offers traditional services like deposit accounts, payment systems, loans, and mortgages. Additionally, many banks have embraced digital innovation, providing online banking, mobile banking apps, and electronic payment solutions for convenience and accessibility.

Investment and Wealth Management: Companies like Allan Gray offer investment advice, portfolio management, and financial planning services. They assist individuals and businesses in growing their wealth and achieving long-term financial objectives through various investment options tailored to their specific needs.

Insurance Solutions: Old Mutual provides a wide array of coverage options, including life insurance, health insurance, property insurance, and motor insurance. These insurance solutions protect individuals and businesses from unexpected financial losses, providing them with peace of mind and financial security.

Retirement and Pension Funds: The Government Employees Pension Fund (GEPF) is an example of a pension fund in South Africa. Pension funds play a crucial role in securing the financial future of South Africans by providing retirement benefits and ensuring long-term financial stability.

Impact on South Africa's economy:

The financial services industry serves as a catalyst for economic growth by facilitating capital formation, promoting investment, and supporting entrepreneurship. It plays a pivotal role in providing financing to businesses, enabling them to expand operations, create job opportunities, and drive economic development. For example, banks provide loans to entrepreneurs and small businesses, empowering them to launch and grow their ventures, thus contributing to job creation and economic prosperity. Furthermore, financial institutions contribute to financial inclusion by providing access to banking services and promoting financial literacy, empowering individuals and communities to participate in the formal economy.

Bottom Line

The financial services industry in South Africa is a dynamic and crucial component of the nation's economy. Its various players, including banks like Standard Bank, insurance companies like Old Mutual, asset management firms like Allan Gray, and the Johannesburg Stock Exchange, work together to provide a wide range of services that support individuals and businesses in achieving their financial goals. With a robust regulatory framework and ongoing digital transformation, the industry continues to evolve, ensuring the growth and stability of South Africa's financial landscape for years to come.