Nyki: equitable tutoring
Meet Laure
My name is Laure and I'm 28.
During my master's studies in international business, I became fascinated by social entrepreneurship.
Convinced that this model was the best response to the economic, social and environmental challenges facing our society, I decided to launch my own social enterprise, Nyki, at the age of 22, right after I graduated.
The idea of creating a business
We hear a lot of talk about equal opportunities and a merit-based society. So, when I learned that tutoring was increasing social disparities, I wanted to use the social entrepreneurship model to find a solution. I decided on my business model: a company that offers private lessons to all children, with prices adapted to parents' income.
Hence allowing every child to get the help it needs, and not just the help its parents can afford.
Your first customers: diving into the deep!
You've been planning your business project for months: you've been thinking about the smallest details, fine-tuning your logo and website, weighing every word you use to define your product or service...
But isn't there something missing?
Ah, yes! Customers!
I see it with every entrepreneur I meet, and I've experienced it myself: it's so hard to attract your first customers. It would be so much easier if they came to us on their own!
But why don't we dare approach them when we're starting a business?
Because these first customers are the ones who will force us to test our business idea against reality: is there a real demand for what we want to offer? Will we be able to respond to concrete needs and expectations?
Nyki's initial customers came from my own first-hand and indirect connections. And then...
Word of mouth, the best proof that you're on the right track
It all happened quite quickly. Our first customers were very happy with the way we worked, so they recommended us to their friends and family, who recommended us to their friends and family.
It all happened quite quickly. Our first customers were very happy with the way we worked, so they recommended us to their friends and family, who recommended us to their friends and family.
Because it reflects:
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The satisfaction of our existing customers.
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The potential for growth, with new customers contacting us.
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Recognition of the quality of our work, and of the fact that we are truly meeting customers’ needs.
By listening to our students and their families, we can respond ever more effectively to the specific educational needs of Luxembourg communities and develop projects that are as closely tailored as possible to its highly diverse population.
An innovative economic and social model that presents us with specific challenges
Nyki is not a traditional tutoring company: we adapt our prices according to household income. How? We apply discounts of between 10% and 100% (i.e., free lessons) to all our standard prices, depending on the household's taxable income.
But our tutors’ remuneration remains the same, regardless of the rate paid by the family.
We therefore provide courses at a loss. How do we make such a model possible? Our social impact is financed by our profits, but also by private donors and foundations that wish to support our cause.
I'd also like to take this opportunity to thank the Œuvre Nationale de Secours Grande-Duchesse Charlotte, which has supported us from the very beginning: having partners you can trust is one of the keys to success.
Our adaptation of rates is an innovation that brings with it specific challenges: this economic model does not exist among traditional companies or associations. And that's the whole point of social entrepreneurship: to provide different responses to the challenges facing our society
So, what is social entrepreneurship?
Social entrepreneurship is a hybrid model between a company and an association.
A social enterprise generates a voluntary social and/or environmental impact: in Nyki's case, our social impact enables access to quality tutoring for children who would not have access to the same quality of service without us.
But a social enterprise generates its own income: it does not depend (solely) on donations to finance its social or environmental impact. In our case, it's the courses provided at the standard rate that allow us to ensure our independence.
Social entrepreneurship therefore means both a strong social or environmental commitment and financial autonomy.Laure
It's a model for the future, one that can be replicated in many areas: fashion, food, services, etc. So, will you be taking part in the movement as an entrepreneur or as a customer?
Laure’s advice to future entrepreneurs
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Set quantifiable, time-bound objectives;
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Set yourself limits:entrepreneurship is a marathon, you have to keep at it for the long haul!
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Plan an amount for each type of expenditure: the success of your project also depends on your communication skills and the time you set aside for yourself!
Laure and her bank
I was pleasantly surprised at how easy it was to open Nyki's bank account with Spuerkeess. My advisor took the time to understand my needs before guiding me towards the right offer.
He also took the initiative to tell me about the offers I would be eligible for during the next phases of the company's development.
Having a good relationship with your bank means one less thing for you to worry about as an entrepreneur!Laure
Nyuko has signed a partnership with Spuerkeess, in order to foster entrepreneurial spirit and strengthening the bank's position with company founders from the start of their businesses. More info in our article: https://www.spuerkeess.lu/en/blog/experts-corner/nyuko-fostering-entrepreneurial-spirit/.
