Codaye Tech.: The Beginning (Jan — Mar 2016)


It’s been an exciting three months running Codaye Technologies and the purpose of this letter is to share details of this adventurous journey with people who have in one way or another contributed to our success.
Though Codaye is solely owned by one, it has taken a community of friends, family, friends of friends,well-wishers and past clients to help it grow to what it is now. I strongly believe that these group of people — you — will continue to be instrumental in taking Codaye to the next level and this is the purpose of this publication which aims to reveal details of our activities.
In this letter, I will detail our income, expenses, methods and plans. Hopefully, this will also serve as a guide to other startups regardless of whether we eventually succeed in becoming the mega corporation we aspire to be or not.
In its 3 months of operation, Codaye Technologies has serviced 8 clients, building 9 websites for them within the period. We have invoiced these clients a cumulative amount of ₦1,430,600.00 and have received ₦990,000.00 so far.
Most of these have gone into salaries — a ‘whooping’ ₦600,000 (over the past two months, as we have not paid salaries for March yet) while ₦209,127.41 has gone into purchasing WordPress templates, domain names, hosting, plugins, and subscription for the online services we use.
The tiny remainder has gone into travel expenses, commission to partner referrers, stationary and some minor consulting.
For the past 3 months, Codaye Technologies has had only 2 staff on its team. I, Stephen Amaza, mostly concerning myself with administrative duties, marketing, front-end development and WordPress set-up. The second is Joshua Azemoh, an exceptional full stack web developer that has been handling most of our front-end development and all of our back-end development amongst other things.
Running a business with only a two-person team became a problem as projects started increasing — we were getting too much for two people to handle but not making enough to confidently hire more people. Fortunately, an unfortunate turn of events forced my hand to explore other options.
This unfortunate turn of event was Joshua deciding to join Andela in order to further his education. He was accepted to join the fellowship last year but he had to put it on hold due to some personal reasons. He is now in the position to accept now, which he has. When Joshua told me about his decision, I set out looking for someone to fill his shoes and on the way discovered a gold mine in nHub, Jos.
Today, Codaye Tech is entering into a partnership with nHub, the foremost technology centre in Northern Nigeria, where we will have access to their 30+ programmers working on our projects. This gives us unlimited reach with the ability to work on projects of different scales simultaneously.
The first quarter of operating Codaye has been full of ups and downs but it is very obvious that we are just starting yet already getting a hang of it. The future is very bright for this young, aspiring company and I will like to encourage everyone that has had faith in it so far not to relent. Keep referring us, keep supporting us and we will do our utmost best to keep you proud.
Thank you.
Yours sincerely,
Stephen Amaza (Founder)
