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Nairaland Forum / Nairaland / General / Jobs/Vacancies / Can He Achieve His Dream With N500k? Pls Advise (1038 Views)
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Can He Achieve His Dream With N500k? Pls Advise by FixAm(m): 8:52am On Sep 18, 2017 |
good moday morning to all Nlander, please your advise is needed for a friend who has N500,000 he's got no accommodation so he's planning on getting himself an accommodation and same time thinking of a business he can go into. a daily peoples demand business. I need advise from good entrepreneur here. God bless u all 1 Like |
Re: Can He Achieve His Dream With N500k? Pls Advise by dopeboi142: 9:07am On Sep 18, 2017 |
well 500 k is a lot of money and its also a little sum it all depends on how your friend wishes to use it. * on the accommodation basis, your friend should choose a location where he knows that can tally with his income,I think he's single so that's also an edge. in choosing an apartment, get somewhere you know that even if things do get rough as they always do you can still afford to pay your rents. *on the business basis,I feel he should do a feasibility study on what he wants and,as an entrepreneur you shouldn't expect profit soon,because it's a long time investment plan.put your money where your mouth is. p.s:prudence is important,and avoid show off. bless up 3 Likes |
Re: Can He Achieve His Dream With N500k? Pls Advise by PatrickOkunima(m): 9:45am On Sep 18, 2017 |
If your friend lives in Lagos, he can get a cheap one room apartment in places like Epe. Rent: N5,000 per month multiplied by 6 months, that's N30,000. Agreement fee: N5,000. That's 35k. With 65k he should be able to arrange a mattress, buy utensils and other things to set-up the room. The balance of N400,000 he can use to buy keke for transportation biz. There's no way he'll not make N3,000 per day. If I come up with a better idea, I'll share it here. I wish him success. FixAm: 5 Likes |
Re: Can He Achieve His Dream With N500k? Pls Advise by Ochinex(m): 10:09am On Sep 18, 2017 |
He should save more money and fly out of this country asap.. Nigeria is getting no better now and won't get better later.. Thank me later.. 1 Like |
Re: Can He Achieve His Dream With N500k? Pls Advise by Welcomme: 11:33am On Sep 18, 2017 |
Ochinex:Fly out to where? To go and do what there? PatrickOkunima:This is the best advise..I wish I can get this money, I would have taken this advice. 1 Like |
Re: Can He Achieve His Dream With N500k? Pls Advise by muller101(m): 12:18pm On Sep 18, 2017 |
He should relocate to a rural area and go into agriculture. From there he is good to go |
Re: Can He Achieve His Dream With N500k? Pls Advise by Nobody: 1:15pm On Sep 18, 2017 |
He should get a cheap place like a poster above suggested and look for a company that makes nylon , negotiate with them and start the biz with 200k. He can supply to market women, stores and retailers. He should save 70k for unforseen contingencies and use the remain balance to feed and transport. |
Re: Can He Achieve His Dream With N500k? Pls Advise by Ambassador1991(m): 2:28pm On Sep 18, 2017 |
FixAm: You didn't state his location. However, if he is in Lagos, he can get a room apartment for 5k a month in Orile- Iganmu, it is densely populated for an SME business like Pastries. He can start or employ people that will be baking snacks like puff-puff, buns, doughnut, egg rolls etc and also add akara, yam, potatoes, plantain etc The business is viable and profitable. I can guide and put him through if need be. Success! 1 Like |
Re: Can He Achieve His Dream With N500k? Pls Advise by laivwire(m): 3:02pm On Sep 18, 2017 |
My advice: after getting cheap accomodation he should go into a business with minimal capital investment (investments like store rent, machines that will not yield immediate profit) and more of commerce (buying and selling). Theres a lot of risk in starting form the ground up so he should buy and sell. That way he can quickly liquefy his capital when needed and diversify into other profitable opportunities that spring up |
Re: Can He Achieve His Dream With N500k? Pls Advise by laivwire(m): 3:02pm On Sep 18, 2017 |
My advice: after getting cheap accomodation he should go into a business with minimal capital investment (investments like store rent, machines that will not yield immediate profit) and more of commerce (buying and selling). Theres a lot of risk in starting form the ground up so he should buy and sell. That way he can quickly liquefy his capital when needed and diversify into other profitable opportunities that spring up. |
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