TOP GOLDEN INFO.. one of the many reasons I will never leave nairaland. God bless you immensely OP

AltarBoy1:


All these are part of the information you needed to have before starting your biz. Knowing fully well that your biz requires electricity, you should have tried to site it in an area where the electricity supply is fairly constant..

Person can't just relocate nau. Relocation comes with lot of extra costs. Where I stay here now costs me 96k per annum but if I were to relocate to... Say Abuja or lagos or enugu, same house will cost 300-500k per annum to rent. I will still pay high NEPA bill on top

Like I said, I don't have that kind of money. Like I said, if I have 250k, I'll use it to invest in alternative power and no nepa bill

Lastly nothing is stable in nigeria. When I started, power supply was about 8 hours daily. After the recent grid collapses, only about 3 hours in the night. Ah area can have stable power supply now, next 6 months, the DISCO won't supply that area well again.

So alternative power supply is the way you go

oweniwe:


Person can't just relocate nau. Relocation comes with lot of extra costs. Where I stay here now costs me 96k per annum but if I were to relocate to... Say Abuja or lagos or enugu, same house will cost 300-500k per annum to rent. I will still pay high NEPA bill on top

Like I said, I don't have that kind of money. Like I said, if I have 250k, I'll use it to invest in alternative power and no nepa bill

Lastly nothing is stable in nigeria. When I started, power supply was about 8 hours daily. After the recent grid collapses, only about 3 hours in the night. Ah area can have stable power supply now, next 6 months, the DISCO won't supply that area well again.

So alternative power supply is the way you go

I get your point, but when I talked about relocating, I didn't mean moving to another state. Probably another area with the state. And just like you said, nothing is stable in Nigeria. That's one of the main factor that kills business.

WalkerMichael:
TOP GOLDEN INFO.. one of the many reasons I will never leave nairaland. God bless you immensely OP

God bless you too.

Uwaomaokey:


I did and I'm impressed, kudos to the OP.

Thanks bro.

Nice write-up

CapodeCapouti:
Nice write-up, we need more of this on Nairaland. In life, always remember that they're two sides to a coin.

You keep talking about those who started business and are doing well now.

You should also know that there are thousands out there who towed that line and got their fingers burnt.

If you were married, and you started a business, someone like your wife could be the person on ground while you keep your job.

The guy himself should have sticked to his business idea and come and tell us how far

People are for real making it in business but opportunities differs and resilience differs

Business is not for everybody !!!

Geosystem:
Op I want to say a Big thank you for this write-up. If people create businesses in this country instead of looking for Job, the issue of Unemployment would have been minimal. I bleed on the inside when I see family members and friends layer off from their jobs without any fall back options. If anyone wants to be wealthy and financially free, it is not in paid job----- maybe NNPC, CBN or Multinationals--------- can give a semblance of wealth but one will have to wait till month end to get paid and its not transferable to ones children as the Op said. It is for this reason I set out to be on my own from the onset and there is no looking back.

You welcome bro. I a! Not castigating against those working, cos even me am working. But if one really need to achieve financial freedom, he needs to create something of his own. Something that he can remove money from at his will.

All these work we do. If your salary is not substantial, you will just be going round and round without having any meaning progress over the years. The problem with most Nigeria firms is that the won't promote you for long and the won't review your salary despite the high rate of inflation. So you as a worker whose salary seems to be enough, after sometime, the salary seems insignificant when compared to the economy. That's why one need to think outside the box to in order to be able to meet with the demand of life.

nitoriolohun:



The guy himself should have sticked to his business idea and come and tell us how far

People are for real making it in business but opportunities differs and resilience differs

Business is not for everybody !!!

Seriously, sometimes I feel that had I known, I could have strive to carry on with biznex. Probably to diversify into another one.

Following

Nice write up

The long and short of the story is to be business inclined and focus in your little beginning.

This definitely is my NL article of the year. Flesh and blood did not reveal this to AltarBoy1

ambitiouschap17:
Nice write up

Thanks man.

AKWATGOLD1:
The long and short of the story is to be business inclined and focus in your little beginning.

You got it... That's the summary.

candyguyofficia:
This definitely is my NL article of the year. Flesh and blood did not reveal this to AltarBoy1

Lol... You don go spiritual.

Brb to read

H2ho:
Lalasticlala and Davide470....come and do justice.

Fp Worthy

I hope they will do the justice.

Nice article. Really learnt a lot.

just write book na, then give us to buy as handout then give us exam

Op, your mind is in bus8ness but your body is in a bank job...my sister, you need prayer for God's direction.....let God direct you better. ...
Because with your passion, skills as your zeal...you are an asset in both business and the banking industry. ...

the book "rich Dad, poor Dad" comes to mind..

Nice Story.

I mean, nice SUPER story.

SATANNIST:
just write book na, then give us to buy as handout then give us exam

Reality!

AltarBoy1:
I will have to stop here for now. I welcome any form of question or criticism. But no insults plz.

Bros nice write up,for me I prefer real estate.because you don't need to quit your job to succeed in real estate moreso real estate always appreciate never depreciate and stress free just make sure you purchased your property from genuine source that's all.

This is one of the best piece I have read here which got me thinking. Regardless of what you do or what you earn you still need to have a business or side hustle by the side......I will holla at you op

AltarBoy1:
Take for example those young lads who go to serve their oga as early as 12-15years of age. They learn the art of business right from teenage, they get to know customers and how the market fluctuate. Then after been settled 6-7 years later, finding their feet wont be difficult as they already have what is needed to succeed. They have the experience, the capital from settlement and the customer base(that's friends they made while serving)... then when the business is booming, their peers back home will think that they did blood money, but its just simple economics.

I have a friend that sale cloths in bales. From my findings, each bale cost 10k and he sells it between 11-13k depending on the quantity that you are buying. On the average he sells about 10 - 15 bales per day. Then during weekends, that's Friday and Saturday, he sells almost 20-25 bales. He has customers coming from Niger Republic, Chad and neighboring countries coming to buy in bulk. You can now estimate his monthly income. I can bet you that only a few multinationals in Nigeria will pay such amount for fresh graduates. And the funny thing is, when you enter this guy's shop, you wont even know that such income can come from that shop.

Take a time out and try to look out for wealthy business men around your area. Try to investigate how they all started, most of their business started very small and when they where young. Time is all its takes to grow a business beyond recognition. Believe me, if you can manage and maintain your business for 3 years plus, then you have crossed the red zone. All factors been favorable, the experience you have gained over the years will see you through to greater heights.

There is a man I know that own a big pharmaceutical company in Lagos, the last time the man came to our branch, he just started gisting me stories of how he started. He started with a small chemist shop before he married his wife who read pharmacy in school, through the help of his wife and her licence, they started expanding. More than 20 years down the line, he is among the top pharmacy company in Lagos.

If you hear the story of how A A Rano started, you will be shocked. But now look at where he is now. This man isn't a graduate, but bank officials are always after him. And there are lots of rich men like him who are not really educated, but their net worth now is mind blowing.

My branch manager usually make reference to two of our biggest customers who use to come to the bank to make transaction of 300-500k back then when he was a junior staff, but now those guys deal in billions of naira. If the bank is sending delegation to see these customers, it's the senior officials that goes. This is to show you how big these guys have grown. That's the power of business. There are lots of people I would have used as examples to show how business grows over time, but that will mean divulging privileged information so I will have to keep that aside.

Look at this scenario, 3 days after I resumed at my branch, there was this sales rep of an FMCG that approached me and was pleading with me to help him count his cash as he was running out of time. That day, there was lots of cue in the banking hall. So I took him to our bulk counting room and connected him to someone who helped him to count the cash. Since that day, we became friends and started communicating. At about 3 months later, he told me that one of the major distributors of his company folded and so he is trying to take the distributors right and make purchases in the distributors name without the main company knowing because he is still under the company's payroll. He succeeded in becoming a distributor, supplying to some of the super stores in the state. During the lock-down, he told me that what he does mostly now is to order for a container of good from the company, costing around 20m. That after he finish selling it within 5-6wks, he makes a net profit of about 1.2m. Which firm will pay its staff such amount within 2 months. Right now, he has about 5 big shops around town and two ware house. He is married, has two cars a house in the north and in the east and from the little interaction I have had with him, his biz is worth about 45m. This is within the space of 4 years of becoming a distributor. You can imagine what his net worth will be after like 10-15 years of been in the business.

There is this corper lady that sells roasted cat fish around my area. She choose a good spot, right in front of a bear parlor. Her fish ranges from 1200-1500 per one. This lady sells roughly 15 fishes per day with an average profit of N200/fish, some even N300. Thats roughly 60k a month. THis is a biz she does between 4pm to 10pm. Compare that to some bank contract staffs that earn between 40k-70k a month while working 8am-5pm.

If you own a keke marwa and ply a very busy route with good road, you can be sure of making 5k in revenue per day, that like 100k a month. Or if you feel you want to give it out, the return is usually around 2k per day. I know that some people will be shy cos how can a graduate be driving keke. But in this our country, anything that will put money in your pocket shld be tried as long as it's legal. Now, if the keke is yours and you are driving it your self. Each day am sure your net income will be around 3k. That's an average of 80k per month, much more than what 60% of companies in Nigeria will pay fresh graduates.

Another scenario, during the interview stage for this job that I got, I made friend with a fellow candidate. Turns out that the guy didn't made it as he wasn't called to resume when they called us. Three months later when I called him, he told me that he's learning a trade from his uncle in Lagos. Around middle of 2017, he called me, telling me that he is now on his own and asked for my prayers so he would prosper well. As at Oct this year, he bought a land in his home state and already building on it.

MODIFIED

OP, u must be a Kano base... This story looks familiar to a colleague of mine

AltarBoy1:
I will have to stop here for now. I welcome any form of question or criticism. But no insults plz.

God bless you for taking time out to pen this. This is something I'll never do because I don't have time to write so much or deal with ignorant people's stupid reactions.

Thanks for putting this out there, let the wise learn.

Great post. Very inspiring. In as much as business sounds cool, one needs to patiently learn the rudiments through, serving, mentorship, and personal training.

More than 70% of new business don't withstand the test of time. So you really have to be sure you are psychologically, mentally equipped before delving into business.

Moreover, continuity is one of the business's strong pillars, and you are damn right when you said something related to it.

Because along the line, you will get to learn, and master how to tweak the strategies to get more money.

Note: Most often, it's not easy starting. Don't anticipate a merry go round. Brace up for the challenge and you'll win.

Nice writeup.

Very insightful. With this am already interested in doing business....thanks OP

Nice one op, if this state in the northwest is Kano let's meet up