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Nairaland Forum / Nairaland / General / Business / Nairaland Small Business Forum(NSSF) (7665 Views)
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Re: Nairaland Small Business Forum(NSSF) by Nobody: 8:35am On Mar 16, 2017 |
Good one! You must be a seasoned businessman. Bakery business is one of the fastest growing business in town. Particularly, when you're in an urban areas where there's a high demand for confectionery products. ayommy12: |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 8:43am On Mar 16, 2017 |
Being ruthless when it comes to business is one of the good attribute of an astute businessman and should never be mistaken in some other areas of human lives. You need to take the Bull by the horn if actually you want to become a 'terrific business man' as you had said. twentyk: |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 8:45am On Mar 16, 2017 |
dfrost: Lol, funny you. |
Re: Nairaland Small Business Forum(NSSF) by EMMNIG: 11:56am On Mar 16, 2017 |
Sir i stay in kaduna, a plumber and water fountain expert but contract job is not easy to come by, so want to go into small business. But am confuse as to what business line to follow, though i thought of selling plumbing materials, or going into chairs and canopies rental. Got 700k. pls help me out |
Re: Nairaland Small Business Forum(NSSF) by Firstinline(m): 7:54pm On Mar 16, 2017 |
Bobugee: Noted, Thanks Bobugee. |
Re: Nairaland Small Business Forum(NSSF) by puppiluv(m): 11:03pm On Mar 16, 2017 |
codedlee: Consider starting drop-ship Retail business ( Women fashion Niche) you wont have to buy/keep stock,all you need is a platform/website to display products of your supplier,once your customer buys from your platform/website you buy directly from the supplier,they ship to your customer and the difference is your profit in USD you also get to sell to international customer's and not even to local buyers if you want. can show you sale's proofs from my Drop-ship Retail store. NB: you don't even have to put all of your capital. contact: enny@mycelebritylooks.com 1 Like |
Re: Nairaland Small Business Forum(NSSF) by puppiluv(m): 11:04pm On Mar 16, 2017 |
frankyfranky: Consider starting drop-ship Retail business ( Women fashion Niche) you wont have to buy/keep stock,all you need is a platform/website to display products of your supplier,once your customer buys from your platform/website you buy directly from the supplier,they ship to your customer and the difference is your profit in USD you also get to sell to international customer's and not even to local buyers if you want.\ can show you sale's proofs from my Drop-ship Retail store. |
Re: Nairaland Small Business Forum(NSSF) by andyboi4real(m): 12:32am On Mar 17, 2017 |
how do I start recharge Card business? |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 1:07am On Mar 17, 2017 |
Plumber and Water Fountain expert? That's one of the major reason why you should stick to what you have been known for years. Venturing into a new business requires a lot of patience and resilience to get it up. Except if you have enough cash to manoeuvre the everything. I will advise you to stick to your Plumbing and Water Fountain business. But first of all, you need to decide what kind of plumbing business you wish to engage in, whether it is service-oriented or product-Oriented or the two combined all together. Obviously, you would need a plumber for this trade, preferably a skilled plumber who can install and repair piping systems, plumbing fixtures and water heaters. As a veteran plumber, you need to know where to find reliable and trustworthy plumbers. Try to hire ones that have the most experience and are able to do quick work with minimal supervision. If you have inexperienced workers, it would be best to apprentice them with your veteran plumbers on their first few runs. As a seasoned plumber, it is your duty to buy the equipment and tools your workers need, get them to your clients when called and bill your clients accordingly. Actually, the plumbing business is a lucrative trade, if and when your plumbers can get to a job on time. I know and I have seen quite some number of plumbers who earn and live decent live through the plumbing business. I would also recommend creating a business plan before you start your plumbing business. It's essential to plan out in writing the type of clientele you want to target, how you will be reaching your target market, what kind of marketing plan you may have. Try to assess the costs before you officially start, and save half to one year's worth of salary before you quit your current job. You may not have customerrent job. You may not have customers right when you start, so the extra cash will come in handy while you're growing your business. To keep costs low, you can find tons of low cost resources through other plumbers. One other suggestion I have is to keep on top of administrative tasks such as billing and collecting payment from customer. But this should be immediately after you might have set up the business. Cheers! EMMNIG: |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 6:14am On Mar 17, 2017 |
andyboi4real: Recharge card business in Nigeria is very lucrative, provided you have enough money to start and run it effectively. It is a business you can start anywhere in the country without fear of low patronage provided there is GSM Network services and people are living there. Once you have the money to start, you are good to go in your own little way. No business has been hyped and over hyped as does Recharge Card Printing Business in Nigeria in recent time due to selfishness and desire for quick gain. Contrary to Seminars and eBooks claims, Recharge card (printing) business is not a business you can start with N10,000 and becomes profitable. No, it’s not possible to make reasonable gain with that amount except you are mixing it with another business as a fraction of your existing business. E.g: You have a provision store and decides to sell recharge card as part of your provision items, or you have restaurant and decides to offer recharge card sells as compliment to your food business, mainly to satisfy your customers so that they can relax and load their phone after eating without having to move around to buy it. This way, the little gain you make from the recharge card will add up to the general gains in your business If you want to start recharge card business as “Independent Business” that is, selling only recharge voucher on a small scale, you must start with nothing less than N100,000 if you really wants to make reasonable profit. The reason is because the profit margin per card is so low that you have to sell plenty to make any visible gain. That means you have to start as a wholesaler, selling in bulk to retailers who combines it with other businesses. The profit you make per N100 recharge card is not more than N5. Therefore, for N10,000 worth of cards, you will be making N5 x 100 = N500. So, how do you expect to become a millionaire with just N10,000 recharge card that yields about N500 profit? However, if you start the wholesale with N150,000 and sell to retailers, you are sure to sell N100,000 worth of cards everyday as long as you have good customer base. Each customer buys more than N5,000 daily while some buys as much as N50,000. Therefore, N100,000 cards will earn you N5x1000 = N5,000 per day which is a good gain! Hence, the gain in recharge card business starts from wholesales of N100,000. 2 Likes |
Re: Nairaland Small Business Forum(NSSF) by Ahmed99: 3:14pm On Mar 17, 2017 |
Bobugee:I can sell drugs I.e a chemist shop I have d certificate... am a barber but barbing requires time and wouldn't want to place more emphasis on d work at hand dats d two skills I ave |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 9:45am On Mar 18, 2017 |
Ahmed99: Good. Try it out. |
Re: Nairaland Small Business Forum(NSSF) by ntuedor(m): 10:38pm On Mar 18, 2017 |
Kudos to you for this great thread. We offer Empowerment training at 20% discount to your recommended Trainee when you source for and get sales for our Solar Power Solutions. That is, get a deal done and recommended someone for Solar Power Training... 1 Share
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Re: Nairaland Small Business Forum(NSSF) by kayzat: 9:09pm On Mar 19, 2017 |
I am so happy to see this thread . I have about 300,000 to use in starting a business I can be running on day to day in Abeokuta . I am still considering foodstuffs supply business but the problem with that is that I have no knowledge of that business for now and don't know where to source for stuffs like beans and yams at wholesale prices. I am still open to more business advice. |
Re: Nairaland Small Business Forum(NSSF) by philiancoop(m): 10:19pm On Mar 19, 2017 |
Seated |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 12:25am On Mar 20, 2017 |
SUCCEEDING IN BUSINESS A great attitude is not the result of success; success is the result of great attitude. Earl Nightingale Like I said earlier, business is an art as well as a science. It's a matter of practical experience, judgement, foresight, and luck. To be successful in business, you must master the basics of business success. Fortunately, all business skills are learnable. You can learn anything you need to learn, to achieve any goal you can set for yourself. There are no limits except the limits that you placed on your own imagination. In my experience and the survey I have carried out recent time, I noticed that there are three major reasons why most businesses fail. There are: 1...Lack of money 2...Lack of knowledge 3...Lack of support By mastering the basics of business success, you will gain the knowledge necessary to acquire the support and money you need for your business. The way to succeed as a large company is to think and act like a small, flexible, entrepreneurial company. The way to succeed as a small or medium-sized business is to think like, and use the same tools and strategies used by, large companies. It's one the major secret to my business success. I adopt and apply some principles I saw that most big companies have used and it yielded results. 1 Like 1 Share |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 5:18pm On Mar 20, 2017 |
Following... |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 5:38pm On Mar 20, 2017 |
Bobugee: What are the benefits and drawbacks of owning a business account 1 Like |
Re: Nairaland Small Business Forum(NSSF) by EMMNIG: 3:18pm On Mar 21, 2017 |
Bobugee: 1 Like |
Re: Nairaland Small Business Forum(NSSF) by pinkkyb(f): 10:25pm On Mar 21, 2017 |
thank you 1 Like |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 2:26am On Mar 22, 2017 |
Pidgin2: There are lots of benefits that goes with owing a separate business accounts(Current Accounts) and there are also some disadvantages that also goes with it as well. As a business person, it's very much imperative that most businesses you conduct should have a separate account number. The reasons are: 1...having a separate business income account will help in securing loan, judging by your antecedents transactions from your bank. Most commercial banks with low interest rates are so keen on going through the bank statements before approving lending money to its clients. This will serve as preliminary security mechanism that will help tell the bank the strength of your business and how much facility they could offer you. 2...These business accounts usually come with services that are meant to help the business function more efficiently. For example, When you have a CURRENT business account, you can easily get an overdraft from your bank which will also in turn help in facilitating the business. 2 Likes 1 Share |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 1:55am On Mar 24, 2017 |
.. |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 8:07am On Apr 01, 2017 |
Very soon, I will share my ideas on how to set up and run a successful supermarket. |
Re: Nairaland Small Business Forum(NSSF) by Juliana7: 6:48pm On Apr 01, 2017 |
Op, nice thread. Keep it up. Thanks |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 2:17am On Apr 02, 2017 |
Juliana7: Thanks Julee. |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 2:19am On Apr 02, 2017 |
Yes, I'm back. I made mentioned of sharing ideas on: HOW TO SETUP AND RUN A SUCCESSFUL SUPERMARKET. Starting a supermarket is a financially lucrative idea, but first you need to know some things. I believe that this little information will make a difference if actually you wish to own a supermarket. |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 2:32am On Apr 02, 2017 |
What's the meaning of Supermarket? Before I proceed, I have four definitions of supermarkets. 1...Supermarket a large self-service store selling foods and household goods. 2...Supermarket a store where customers can buy a variety of foods and usually household items. 3...Supermarket is a large retail market that sells food and other household goods and that is usually operated on a self-service basis. 4...A supermarket, is a large form of the traditional grocery store, a self-service shop offering a wide variety of food and household products. ************************************ With the above definitions, we can all agree that supermarkets may come in either on a large scale or on a small scale provided that it offers great number of services that are listed above. Below are most of the things we consider before opening a supermarket... 1 Like |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 2:39am On Apr 02, 2017 |
SHOP LOCATION Your shop location should be easily assessable to your intended customers. Locate your intended customers first before you locate your shop. Suppose you wanted to start a bookshop, then you must ask yourself, where are the people who will buy my books? Locating next to a school would be a great idea whereas locating yourself in a red light zone where people smoke Indian hemp wouldn’t help at all. For your location of a supermarket to work, you need a high density area. A place where people are plenty. It could be a residential area, or even a slum, but you must locate yourself in a place where people pass daily, such as a bus stop or a popular road. Every street has a low side and a high traffic side. Many people have made mistakes of citing shops on the low side of popular streets. Check that your prospective location is not tucked away on the side of the street that nobody visits, or which is too far from customers. Also there are blocked sides of streets. For instance, there are streets that are always jammed for traffic on one lane and free on the other opposite lane. If customers have to pass through an 8 hour go-slow during peak periods to reach your shop, you wont be getting much patronage. Parking space is extremely important if your clients are likely to be car owners. Consider also basic amenities like water and electricity. Factor in the cost of electricity and other facilities not available and add to the rent, when comparing your options. If you locate in a place with very poor electricity, know that you will be incurring heavy costs generating. Your shop location must not be notorious to the clientele you are expecting, and above all stay in an environment whose area boys you can relate with. Make your shop look good and attractive both inside and outside but in moderation to your location. |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 2:43am On Apr 02, 2017 |
BUYING GOODS The stock that you buy must reflect the location you are in. If you have located your shop close to a business complex, near a secretariat or bank, be sure to stock stationeries, confectioneries and snacks and items that people going to work will need. Quite a number of people drink at work, so you may buy a good stock of drinks of all types. You may down play perishables for children like ice cream for example. If you are in a residential area, you need to have more of home goods that mothers can buy. Be heavy on groceries, kitchen items, and provisions. If you are located in a school area, be heavy on pencils, pens, exercise books and cheap candy. Go to major depots of Coca-cola, Unilever and the major manufacturers and get the phones of the sales persons or depots covering your area. Approach them all and arrange a policy of paying them on the 15th of every month. Generally, beware of stock sellers who will try and pass goods that are NOT moving to you. Avoid stocking the biggest-sized Bournvita or Milo, pricey large-sized chocolate bars, strange cereal brands that look very good but which you have never seen before. Giant sized Quaker oats. Unpopular Kellog’s series like Frosties, Coco pops and Weetabix are to be avoided if you noticed that the demands are not much. Also visit other established competitor’s shops in that area and check what they are stocking. The small sizes and satchets of most popular products do very well indeed. Cold drinks and water also move very fast. You can call me on 08092807880 so that I can send you a stock list of fast moving items via your email or watsApp.. |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 2:49am On Apr 02, 2017 |
EQUIPMENTS You will need Shelves, Refrigerators, Chillers, AirConditioners and loads of equipment. There are two approaches: a...You can make your shop beautiful in order to appeal to the high and mighty. b...You can be economical on shop beauty and focus on stock quality. Personally, I would say, buy your stock first and build up your shop beauty gradually. Look out for second hand gondola shelves and construct the rest with steel frames, but try and buy your cooling products new. Personally, I advise freezing products buy Thermocool. Have one freezer new and one freezer used. Use the new for long term chilling, and the used for short term. Buy chillers for your drinks rather than freezers to avoid broken bottles due to overfreezing. Many manufacturers like Coca-Cola, Fan, etc now give out chillers. Find out what it takes to get some from them. There is wisdom in going solar and getting an inverter. Don’t go for a multi-million naira generating set just yet, and don’t ever buy a used diesel gen. If your generating needs will be heavy, you will likely generate your profit away. Instead of plunging money on a DSTV and mighty Flat screen TV, try and get a good Computer system with receipt printer for your sales and inventory, and CCTV cameras to watch the shop. Use lighting and mirrors to make the shop attractive. Buy China bulbs instead of fluorescents.. |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 2:59am On Apr 02, 2017 |
STAFFING Staffing is very key in setting up your shop. If you employ a thief or a flirt who sleeps around, your shop will not survive. You can advertise for staff and conduct an interview through printing and pasting posters within and around your preferred zones. My experience is that staff should not come from the neighbourhood where your shop is. During your interview hire attractive and presentable staff, with good manners and spoken English. Don’t hire a slut or immoral staff. Check if your staff can add, multiply and subtract correctly. Test him with sums. If we sell 3 hob nob Biscuits at N70 each, 4 Biscuits at N35 each, one Mars bar at N250, and somebody gives N500, how much is the change? The staff should discover that there is no change and that the money isn’t complete. Monitor your sales very tightly and make sure your staff have a good guarantor. Visit the house where the staff lives and confirm that he/she can't escape one morning into thin air with your goods, money or children. Be nice to your staff and pay well. About N15,000 should be the minimum salary for any staff. If you can, provide accommodation and other facilities that breed loyalty. Remember if you pay peanuts, you will only hire monkeys and goats. Have a supervisor and let one trusted person from your side be part of them. If your mother is alive let her join them. Don’t put your wayward teenage sister or older brother who is always drunk in your supermarket as manager. |
Re: Nairaland Small Business Forum(NSSF) by Nobody: 3:02am On Apr 02, 2017 |
PRICING Your pricing must be good for common products. Don’t overprice something that everybody is selling unless you can provide a better service. For instance, if everybody is selling pure water N10, and you just started, you can sell 3 for N20. If there is no light in that area, you can sell the ice blocked satchet for N15. A group of mechanics who want to drink garri with cold water will buy one ice block pure water at N15, and 3 unchilled for N20, break the ice and mix for N35. It is still cheaper to buy 4 satchet of water from you than paying N40 elsewhere. Your prices cant be cheaper if you are buying at a high price. Investigate your supplier, who may be cheating you on the cost price of a product. Call me on 08092807880 or 08061111004 for a list of Cost Prices of your goods. |
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