How 40-Year-Old Woman Saved Money From Government Handouts to Start Business That Earned Her N415m in Year

How 40-Year-Old Woman Saved Money From Government Handouts to Start Business That Earned Her N415m in Year

  • A single mother who was living below the poverty line due to her low income launched a N415 million a year business
  • Anita Johnson-Hall was earning N4,000 and lived on benefits when she stumbled into a business idea due to her low credit score
  • She started a business based on her discoveries and began advising friends and family while also charging clients for her job

In 2007, Anita Johnson-Hall was a 25-year-old single mom doing a N4,000 per hour job in an insurance company.

Johnson-Hall was living below the poverty line in a prosperous America and was qualified for government assistance and Section 8, which helps low-income to moderate-income families with affordable housing, she told CNBC.

AMB Credit Consultants, Anita Johnson-Hall, Credit score
Anita Launched a business from the N4,000 she made from her job Credit: Anita Johnson-Hall
Source: UGC

The single mother said her whole income went into rent, gas, daycare and paying loan sharks to make ends meet.

Read also

Meet 33-year-old woman who left full-time job to become spiritual counselor to CEOs, others

When Johnson-Hall was offered an almost N25 million a year job and was denied due to her low credit score, she decided to wake up as her credit score was 303, below the recommended level.

Do you have a groundbreaking story you would like us to publish? Please reach us through!

This marked a turning point in her life and led her to study the American credit system, which led her to launch AMB Credit Consultants, a side business that became a financial education company.

In 2021, the company made over N415 million in gross revenue.

The motivation to start a side business

According to the credit guru, she had a 700 credit score when she graduated from the university because her mother added her as an authorised user to her credit cards. But her credit score plummeted as she grew older due to her lack of knowledge of the credit system or how to manage her finances.

Read also

Joy as Nigerian lady who almost committed suicide in UK school graduates in flying colour, lands big job

After being denied the job opportunity, she resolved to improve her credit score. She spent hours in libraries reading books about consumer credit laws and credit building. As a result, she discovered discrepancies in her credit report and reported to the credit bureau to have them corrected.

The turning point that birthed a business idea

Combining her better understanding of the credit system with sound budgeting strategies, Johnson-Hall shored up her credit score to over 100 in six months. She improved her financial status, bought a more reliable car, and rented an apartment in a better area with good schools.

The entrepreneur said she started to help her family and friends strengthen their credit profiles. One of her friends, who was grateful for her help, suggested that she started charging for her services and began to refer clients to her.

It dawned on her that this could be a huge side business opportunity. So, later in 2007, she spent N207,500 to build a website and business supplies. That was how her AMB Credit Consultants was born, which she named after her daughter.

Read also

She didn't study medicine: Nigerian mum of 3 finally graduates from university after 12 years, shares story

Advice to other entrepreneurs

1. Make your story part of your brand.

2. Be specific about who you can help.

3. Focus on community.

27-year-old lady who left her N18.6m a year job finds fortune in her own business, making N145m yearly has reported that that n 2019, Maya Portorreal earned just N18.6 million every year working in a retail company. In 2020, she made more than N145 million from her online jewellery business, which she started as a side business three years ago.

This is due in part to her sensitive skin.

While working for a luxury clothing brand, Pierre Hardy in New York, Portorreal was complaining about the fact that most stylish and fun jewellery was either costly or made from inferior materials that gave her rashes, she told CNBC.


Online view pixel