udysweet:
Story of my life

Same here

profeoo:
This is a business I am presently contemplating.
Buy a keke for 400k, add other paper works to it takes you to 450k.
If you get an honest driver who will remit close to 7k to you on a weekly basis without stories, I am sure you will make your money back in 6months time.
Driving it yourself is best,although since I am currently engage, I intend to get an honest driver...there's risk in every business

...how did you arrive @ 6months @ 7k monthly?? 6months=26weeks; 26*7000=N182,000...QED

Toks2008:


Indeed it is a good biz.

There is this man in my area who was riding an old okada but luckily he got a tricycle on higher purchase I think for 800k or therabout and I was so glad when he told me that he will pay off the remaining 24k in a months time and the tricycle will be his...I remember it was not up to a year that he got the tricycle so yes it pays if you give to elderly people as higher purchase .

In fact if you have money to buy like 5 at say 550k each with registration then you can make 250k profit on one on higher purchase basis making over 1m naira which is better than fixed deposit.

And if you want to drive it by yourself all good.

Thanks for ur contribution sir....
Seriously I can't drive myself for now as I am gainfully employed..
Am glad u said its profitable as this has been what I have been hearing from people around me...
My fear now is finding a good person to give it out to when I finally get one.. coz I have always got to hear some bitter stories said by people
I wouldn't mind if anyone here can put me through on d rudiment of d buis as not to go astray.. once again thanks for ur contribution sir

byvan03:



It's 10-12k.

That's still reasonable.

Task force, lastma, police etc...

There's no way you will be a law abiding citizen that you won't encounter these guys.

Fear task force, you make #10k, they catch you and collect #30k..

My advice is, go out there and do your research..
Make a friend with anyone of them and collect some important information from them.

Harkynkunle:

Thanks for ur contribution sir....
Seriously I can't drive myself for now as I am gainfully employed..
Am glad u said its profitable as this has been what I have been hearing from people around me...
My fear now is finding a good person to give it out to when I finally get one.. coz I have always got to hear some bitter stories said by people
I wouldn't mind if anyone here can put me through on d rudiment of d buis as not to go astray.. once again thanks for ur contribution sir

Yeah, this is also one of the problem, it's profitable but I don't want you to look at that side alone, put other things into consideration..

Meet those driving it to get the real story.

I just created these blog to educate our youth and biz owners on how to startup there own business.
www.mybizfinance.infoI just created these blog to educate our youth and biz owners on how to startup there own business.
www.mybizfinance.infoI just created these blog to educate our youth and biz owners on how to startup there own business.
www.mybizfinance.info

Bro.. The business is very good and lucrative...it all depends on how many u intend to buy, if u re buying up to two and u re not engage in any job, u just try and locate their Park and buy umbrella and chairs, u can also start selling recharge cards in order to be monitoring them... Believe me u will get top secret of them and get ur money back before one year.... Is better u drop it in higher purchase oo...

Harkynkunle:
As a young chap, I have been looking for a legit buisness platform to invest into.. then this thought of tricycle buis comes to mind... I believe or feel with d huge population in Lagos, this buisness should flourish (though not totally convinced).. Thus I need ideas from people who have got stream of ideas or those are still in d buisness to share their experiences with me.... I wouldn't wanna take a wrong step...
Thanks in anticipation

it's a good business, but just before you start making your gains everything begins tumbling down.

I learnt my lessons from it, this is what you should prepare to counter all these;
- anybody that will ride for you must provide a guarantor
- get a copy of his last bank details with bvn
-get to know his background
-he must provide an affidavit from the court, that he won't behave funky during the course of the business
-any act contrary attracts a legal action

Teetunz64:
It's good but you can also try poultry or Catfish farming

are u also into it?

I'm still smarting from it. Not funny jare

byvan03:



Seems they don do you .

VajanahDischaj:
it's a good business, but just before you start making your gains everything begins tumbling down.

I learnt my lessons from it, this is what you should prepare to counter all these;
- anybody that will ride for you must provide a guarantor
- get a copy of his last bank details with bvn
-get to know his background
-he must provide an affidavit from the court, that he won't behave funky during the course of the business
-any act contrary attracts a legal action

When did u get involved in the business...?
Are u still in it....?
were u able to recover ur capital... (even though u couldn't realize the profit.).....?

Kbraims:
Depends on d environment... is lucrative in commercial areas

Are u in the buisness...?

izzykingsley:
Driving it ursef will be better u will be able 2 make back ur money under the period of 6mnth, buh given it out is nt advisable coz u will hardly find n honest person

Are u in d buis...?

petux:
bro its profitable. if you remove all those expenses like ticket fee and other fees they pay, you will still have some dough. But if on hire purchases, i wont advise you to except you see some1 you can wholeheartedly trust or else you will regret it coz they wil bring stories everyday relating to money but you can find all diz old agile fathers that are poor. My father once invested in the busines but regret at d long run. Btw why dont u use danfo bus instead of trycycle?

I believe the buisness scope of Danfo Is bigger and demanding than Keke... moreover i can't do with their crazy acts

A lot of negative stories follows it
Kos I av two!!!!!! One was stolen while the other 1 has bin doing like nepa light

yes it is if you are going to drive it yourself otherwise u will end up just helping other get wealthy. i once tried it n i didn't even get my capital not to talk of profit. they always have story to tell. unless u get a very faithful worker but they r few.

hamrad:
this is a very good business but you have to manage it very well to make it. i have being in this business for about seven years now, i was once a driver, owner and now spare parts dealer. in fact i am posting this from my shop now. My advice
if you want to give it out on higher purchace write a good aggrement and state your rules and regulation very well. Let your driver have a guarantor and you also have a witness the 4 party should sign the agrement. Now the real work started dont listen to any story when it comes to payment otherwise you will blame you self. i bet you the real story will start after six month but dont give a damn. apply all managerial skills for a business and pray verywell. which you best of luck

Thank u Sir for ur advice ..am seriously buying ur idea and will surely need more... where can we start from sir

woodboi:


Yours is better, gave mine to the first person, story for 3 weeks to the point of making me to understand the first payment was from his account... the second guy did not pay up to 30k before the stolen story, litigation has been on since then and there you will find out different type of case issues, at worst he will go to jail and you won't have your money back or pay for lawyer and the best is go and pick his properties, that's if he have any valuable worth the tricycle.

@OP! The stress is not just worth it, both the park chairman and the rider go as far as fetish level, except you are willing to follow that part. lasma problem is another thing if they ticket the rider twice in a month, That is close to 44k minus demurrage... Then the rider will turn to you for soft loan including his outstanding debt and begging from different quaters, then you will ask yourself what have I done to myself?

But there is a way to go about it, like they say every business is a risk... Either you register with CAC, so incase of any loss, they will be the one to push the case for you or the rider most be ready to fortify valuables worth the agreement, duly signed and stamped by court.

when you get the keke, at the back tyre, you can weld a cup shape iron to one of the tyre and padlock it when you want to park the keke or at a place you are not sure of the safety, that way the tyres can not move, unless they break the lock.


PM, let's talk more: 90 percent of these riders are they same, they learn tricks from each other and family member is the worst.

Thanks Sir for ur advice... Are u still in the business...?
How do I communicate better with u..?

petux:
bro its profitable. if you remove all those expenses like ticket fee and other fees they pay, you will still have some dough. But if on hire purchases, i wont advise you to except you see some1 you can wholeheartedly trust or else you will regret it coz they wil bring stories everyday relating to money but you can find all diz old agile fathers that are poor . My father once invested in the busines but regret at d long run. Btw why dont u use danfo bus instead of trycycle?

U are so 100% on point here!




Most of d young ones have aiz wey dey shook!



They are young and exuberant and want to live life at d fullest, sadly @ d expense of d owner, hence they cook up stories/find one means or d other 2 cut corners!



These ones are also very rough and won't mind plying bad routes just 2 make extra doughs. B4,u know what's happening, d tricycle yaff kpoof!




But d old ones, due 2 old age, are much more considerate, reliable and less effervescent!




#team~old~drivers or
#team~drive~it~urself

perryy:
Best way to do it is ask whoever you are giving to pay 40% of the cost in advance. Then you only calculate interest on the 60% contributed by you . By so doing , being that he contributed his own money to yhe purchase, he is bound to use the tricycle very well and without excuses . The conditions is if he starts story, you retrieve the cycle from him , and he lost all his money .

This will keep him calm and cool while the contract lasts . That is what we do in the bank and it works .

How do we communicate better on this...?

graphiti:



U are so 100% on point here!




Most of d young ones have aiz wey dey shook!



They are young and exuberant and want to live life at d fullest, sadly @ d expense of d owner, hence they cook up stories/find one means or d other 2 cut corners!



These ones are also very rough and won't mind plying bad routes just 2 make extra doughs. B4,u know what's happening, d tricycle yaff kpoof!




But d old ones, due 2 old age, are much more considerate, reliable and less effervescent!




#team~old~drivers or
#team~drive~it~urself

Are u in the buisnsss Sir...?

Harkynkunle:

How do we communicate better on this...?

Send them PMs and they'll get back to u!

Harkynkunle:

Are u in the buisnsss Sir...?

For now, no! But experience na experience, whether urs or others. I've heard of several experiences of transporters (buses, tricycles Okada) and also from visual observation to know who not 2 give ur vehicles/tricycles to so as 2 avoid stories dt touch d heart!


The best (and safest) option, if u ask me, is to DIY (ie do it urself). If it means riding it when u close from ur official duties in d afternoon/evenings, so be it. At least u'll know dt u are getting a 100% of d proceeds. Do ds until u can get someone dt u can vouch for.

First of all, I want to applaud the OP for his foresight and quest to break out of the rat race for though the OP isn't unemployed yet deems it fit to get another stream of income by the side. That's great!


Now, my two cents goes thus; the Keke biz is lucrative but shrouded in great risks. This is a biz that I've been doing for close to two years now. Yes, I've had my trying times but yes, I've always bounced back stronger and now enjoying the fruits of my labour. Should I tell u my secrets? Ofcus, i owe it a duty to, cos I see that's why u created this thread.


I started my Keke biz with a fairly used one I bought at the cost of N168k. Did my Union registration for 3k and then I hit the road myself (as I was jobless but determined to get out of the labor market) after four days learning of how to move a tricycle and mehn, I must say it wasn't easy at all.

I had problems of changing new spare parts when they get spoilt and mind u, most Keke spare parts are more expensive than that of cars. Yes, I said so. Go make ur research. But This isnt an argumentative thread so I mustn't digress.

I had to buy tickets daily for N100 and I had to attend our weekly Union meetings twice a Month And pay my N200 attendance fee or N1000 fine if I missed a meeting.

I faced insults from passengers who felt I was a useless person just because they see me riding a tricycle (very sad especially as am a graduate with a B.sC degree, 2:1) but I wasn't deterred Nor was I discouraged.

I had another problem of charging of passengers, as in, how much do I receive per drop over a certain distance. For like a week, I rode my tricycle on borrowed money to buy fuel (Though Keke has good economy of fuel) as I undercharged my passengers. Then I asked for advice from my co tricyclist who was into it before I joined and he saw me through this problem.

The second week after I got my tricycle, I started mastering the biz knowing the ropes and making 2-3k daily after I had fed, bought the union ticket and done my fueling for the next day. On market days, I make as much as 4-5 after my daily expenses. Multiply that by 26 days cos I don't work on Sundays and you'll get how much I made monthly.


Today, I own two brand new kekes I bought from the first one I bought as a fairly used and hopefully, I'll be getting the third one by November this year.

Note: I have stopped riding now and all I do is monitor my riders and ensure they pay me as at when due. No words, no excuses, just pay me!


This brings me to what method of handling a Keke biz is the best; riding by self, daily deliver or hire purchase.

Self riding is the best for the following reasons;

1) You own the Keke and as such, u manage it to the best of ur ability

2) You keep all the money u get to urself, you don't have anybody to pressurize u

3) If u are a good planner, you strategize and create ur wealth for urself

4) Should anything get spoilt, u know it did and u decide if u wanna buy the original or fake and u know how much u spend on such

Disadvantages
- You'll be stressed out and treated like poo even by peeps hu ain't up to u in any standard

-No time for urself,

-If you're the kind hu die for ladies, u lose out as u no more have time for them

- You may break down health wise from fatigue etc etc

DAILY DELIVERE
Advantages
- Enough time for urself
- Making money on a Daily
- No stress
- Your tricycle is in ur custody
- No sweat
- No insults from passengers (FRSC,NPF)
- No Union meetings

DISADVANTAGES
- U pay for repairs whenever ur tricycle gets spoilt
- The person hu rides for u mostly rides carelessly as they know u pay for repairs
- You're at the mercy of ur rider as s/he decides days to work etc etc

HIRE PURCHASE
Advantages
- Legal machinary are in ur favor
- You can plan more on this
- Any damage or loss of ur tricycle is paid for by ur rider and/or the guarantors
- Sweatless money
- In terms of problems, the contractual agreement you, your rider, the guarantors and witness signed already states how such should be managed etc etc
- Your rider wants to own the tricycle therefore does his best to pay up before agreed date
- You can withdraw ownership of and take position of ur tricycle if ur rider defaults in payment

DISADVANTAGES
(Coming up soon)

udysweet:
Story of my life

udysweet is this happening to you? please can you share your story I really want to learn

Unionised:


And why would I buy from him when I can approach the assembly plant here in Lagos at a lower price?

Not advisable.

where is the assembly plant here in Lagos?

Harkynkunle:

When did u get involved in the business...?
Are u still in it....?
were u able to recover ur capital... (even though u couldn't realize the profit.).....?

4years ago, I started the business and my pay was weekly. I put in 240k to get back 320k after 6months. I dunno if I even reached 180k and it got silent. they started telling me how task force seize their tricycles and all that. . .
I had to quit, learn my lessons and re -strategize.
half of my capital GONE to depart no more.

I'd be back again, but not so soon. I'm still struggling to pay back the loan first. Plus, I am going to make it serious, I'd employ thru recruitment. that's the form -format I wrote there. I'd also get insurance for the business (Mansard favours me). I'd start with 5 tricycles when I'm ready.

@kunle, is a profitable buz but u still need to do ur own diligent on cost n who to give.

Transportation business is a very profitable business provided that you manage it well.

petux:
lol. Bro that is if the family man is honest. A family man should be the worst. Shey pesin wey neva chop belleful, wey get family to cater for, expenses piling up naim go dae honest?

Yea.. Finding an honest person is hard but from what i have seen, they are more reliable.
I'm not saying they are d best though

VajanahDischaj:

4years ago, I started the business and my pay was weekly. I put in 240k to get back 320k after 6months. I dunno if I even reached 180k and it got silent. they started telling me how task force seize their tricycles and all that. . .
I had to quit, learn my lessons and re -strategize.
half of my capital GONE to depart no more.

I'd be back again, but not so soon. I'm still struggling to pay back the loan first. Plus, I am going to make it serious, I'd employ thru recruitment. that's the form -format I wrote there. I'd also get insurance for the business (Mansard favours me). I'd start with 5 tricycles when I'm ready.

what's d age of the person u gave urs to... cuz as I heard...
elder ones are more reliable and serious go young chaps