So a friend of mine seek for my advice on whether to leave his 30k teaching job to establish a POS and Recharge card printing Business in a small scale.

He has 500k saved up prior to December and invested 150,000 into crypto currency, now he wants to know if resigning from his teaching job would be a good thing to do as his tired of his current job.

What advice would you give to this person?

Yes

Though 30K is too poor to survive with in the current day Nigeria.

Entrepreneurship is a risk, either he survive and grow or the business will become unproductive like Muhammadu Buhari's farm.

He was able to save #500k from his 30k job
He should continue his 30k job abeg. He can diversify and either employ someone to man the pos shop or work the shop evenings weekdays and full time weekends.

Timoleon:
He was able to save #500k from his 30k job
He should continue his 30k job abeg. He can diversify and either employ someone to man the pos shop or work the shop evenings weekdays and full time weekends.

The capital was saved up from years of hustle according to him and he doesn't want to lose it

30k job yet he saved 500k?

All the goods for the warehouse don lost be that.

If you claim he wasn't pilfering, then he needs to be made finance minister.

Unnecessarily agitated Nigerian. Did that post look like I focused on the #500k? Did that post not address the question you raised? Una go just Dey Carey wahala mindset up and down. If the 500k is not relevant to the discussion, why include it in your premise?

sulaimon22:


Would appreciate if you can focus more on the question not on how he gathered the money. The capital is a proceed of years of hustle.

Golan007:
30k job yet he saved 500k?

All the goods for the warehouse don lost be that.

If you claim he wasn't pilfering, then he needs to be made finance minister.

Sometimes people here act as though they are high court judges .

Who told u he saved that amount only from his teaching job? And what's your problem about the source of his savings amounting to 500k?

Pls if u don't have anything to say concerning the question, pls shut up.

Meanwhile, I have taught before and I know how it is. If I were him, I ll start that POS then bring other stuffs like basic phone equipments to add.

Being your own boss can be nice if u have patience

Timoleon:
Unnecessarily agitated Nigerian. Did that post look like I focused on the #500k? Did that post not address the question you raised? Una go just Dey Carey wahala mindset up and down. If the 500k is not relevant to the discussion, why include it in your premise?

Sorry I mentioned you like that. The money was saved up from years of struggle after nysc According to him.

Your advice is good. Would talk to him to consider mounting the shop in the evening and full time weekends as getting a sales girl is out of question for now coz of theft

Shalom.

sulaimon22:


Sorry I mentioned you like that. The money was saved up from years of struggle after nysc According to him.

Your advice is good. Would talk to him to consider mounting the shop in the evening and full time weekends as getting a sales girl is out of question for now coz of theft

Here to learn.. Finish.

My own question is, if you had same savings as Op, with a less than 50k salary job, will you quit to pursue a career path in tech?

sulaimon22:
So a friend of mine seek for my advice on whether to leave his 30k teaching job to establish a POS and Recharge card printing Business in a small scale.

He has 500k saved up prior to December and invested 150,000 into crypto currency, now he wants to know if resigning from his teaching job would be a good thing to do as his tired of his current job.

What advice would you give to this person?

*sought my advice

sulaimon22:
So a friend of mine seek for my advice on whether to leave his 30k teaching job to establish a POS and Recharge card printing Business in a small scale.

He has 500k saved up prior to December and invested 150,000 into crypto currency, now he wants to know if resigning from his teaching job would be a good thing to do as his tired of his current job.

What advice would you give to this person?

whether it's your friend o, whether it's you o, it's better to leave the 30k job and start his own business. It wouldn't be easy at first but he would learn the ropes pretty soon enough. He shouldn't start the business by employing someone to run it for him while he continues his hustle. He should run the business and understand the ins and outs of it before thinking of letting someone oversees it. Before 2022 runs out, he would wish he had quit years ago.

Pos some changes #200 on 10k etc,within a month use your tongue to count your teeth

You don't need anyone telling you freedom is ultimate... if you get cool 20k from POS it's better than 30k with pressure, queries and threat of being sacked always.

He should start by first combining both then see how it goes

Why will you advice him to resign from teaching when you are not sure if the POS business will succeed, Its better he continue teaching and also start the POS business probably put someone he can trust, after school he'll come back and see how the person is doing, also during weekends he's their too, since schools dont open during weekends, like that he'll see the feasibility of the POS business before deciding if he can resign to avoid putting all his hope on one stuff that's uncertain.

100% better than your teaching job. But you have to be very careful.

Okay

This is a bit dicey.

I can't advice anyone to quit their job because I do not know their mindset about business, however, seeing that I myself is a mobile money agent, i can advise thus:

I for one don't like anything that has to do with working for someone, so if he really wants to leave his job, your friend should be very smart, rugged and open minded if he wants to start doing POS because firstly, business is not for the faint hearted, you have to be ruthless with yourself in terms of discipline and all and secondly, POS business involves money and you know how people can be with money.

The most important metrics for starting a POS are a. Location b. Traffic of people (i.e number of people that move around the location daily) c. Type of location (i.e business area or residential) d. Number of existing operators e. Proximity of the location to an ATM/Bank

Your friend can carry out a survey on these metrics and if the results are good, it means he can launch business.

He should just set a target of 3 to 6 months of diligent hard work, in this time, he will have built trust, gained customers and know how the whole thing works, above all he'll know the range of transactions he does daily and expected daily income, once he has a grasp of this, he can employ a recommended trustworthy person (pay attention to the word recommend and trustworthy) with this, he can get something else doing or even look for another location to start second branch.

If he decides to quit his job and follow this, the only regret he'll have his not starting earlier.

As person dey take hammer no pass like this.

Cheers!

yes. with dedication, you'll make more money plus you'll be in control of your business. most of the private teachers don't have job security.

POS business in my opinion is saturated...the competition is fierce

Bros, read before replying... It was a teaching job

Golan007:
30k job yet he saved 500k?

All the goods for the warehouse don lost be that.

If you claim he wasn't pilfering, then he needs to be made finance minister.

He should start the POS on the side and learn the ropes before making his final decision.

Stay on the job.
Set up the business and employ someone.
Remember that fuel subsidy will be removed by next year.
Electricity tariff will go up.
Cost of goods will almost double.
Cost of transportation will triple.
30k is very big money right now.

Dozie32:
100% better than your teaching job. But you have to be very careful.

No matter how careful he is, he has to think of the bandwagon side of that business....It's practically littered everywhere you turn...it's not a good sign in my opinion

How did he save 500k from 30k monthly

E no dey eat

not everybody Dey gain from dat POS even peep Dey complain that there’s no gain in RICHARD card

Dnt go waste money on kiosk only to Sidon inside Dey chop groundnut and sleep

It is advisable.
Any job below 150k per month in Nigeria is worth resigning from to start a business

Yes