At just 24, Joy Wanja was running a successful trucking company in the US. At 25, she was the vice president of the Northern Trust Bank in Chicago.
At 26, she purchased a daycare business in Houston, Texas, which she now operates and employs at least 20 people directly. But how did she achieve all this at a young age?
This is her journey as told by WOK:
Relocating To The US
Wanja’s story in the United States began at the age of three, when her parents relocated from Kenya to the United States in pursuit of higher education. That was in 2001. Her father pursued a doctorate and her mother a master’s at LSU.
After completing their studies, they remained in the U.S. to work, and the family has been there ever since.
From a young age, Wanja’s mind was set on becoming an entrepreneur. “I’ve always wanted to go into business,” she explained in an interview with Chams Media.
For this reason, she chose to study finance for her undergraduate degree at Purdue University and later at Indiana University’s Kelly School of Business for her graduate studies.
After completing school, she delved into the career of management consulting, with her most remarkable achievement being becoming the vice president of the Northern Trust Bank at the age of 25.
While still working in consulting, Wanja began thinking of running her own business in the Houston area. “I wanted to run my own business, but I didn’t know which business to buy,” she explained. “I finally decided to buy a daycare business because they are consistently profitable.
Unlike other businesses, daycares rarely fluctuate up and down with the economy or with the different seasons of the year,” she said.
She found Joyful Days Academy, a daycare that was profitable, stable, and had a high employee retention rate. Seeing it as a good deal, she invested all her savings into buying the business.
Challenges Of Running A Daycare
Joyful Days Academy cares for children from six months to 12 years old. The facility provides a comprehensive service for busy parents, offering all-day care, meals, and snacks.
During the school year, a curriculum is in place for younger children, focusing on math and reading in the morning, with fun activities in the afternoon.
Currently, Wanja’s business employs at least 20 people.
However, she was keen to state that running a small business is not a bed of roses. “Being a small business owner is very hands-on. You have to really know your employees, what they are going through, their challenges,” she explained.
When it comes to the dos and don’ts of the daycare business, Wanja emphasized that customer service is paramount. “One unhappy customer can cost you 100 customers, while one happy customer can bring you 10 customers,” she said.
To remain competitive, she offers discounts and ensures that the children are treated well and have nothing to complain about. She adds that creating a strong bond with families is also critical, as parents need to feel their children are in trusted hands.
For young people who want to venture into business but feel they lack the funds, Wanja advises them to focus on building a high credit score, which will enable them to secure a bank loan.
Alternatively, she points to creative financing, where one can find private investors interested in earning passive income.
Her parting shot is that “Anyone can succeed in any industry provided they put in the effort to learn what they need to learn.”