AYORICH:
What is the business all about? Marketing, blogging..

hahn:

I just sent you a message on whatsapp

digoxin:


07038913303

HardMirror:
This is in response to this wonderful thread https://www.nairaland.com/4852491/how-old-when-made-first

After going through the thread i realized that many had made money but lost all or a good chunk.

This is my own story.

Abattoir Investment

As a student in Futa, i usually patronized a butcher called Nurai at the abattoir behind Chicken Republic at FUTA Junction. The guy was very nice to us and always gave us extra meat to what we bought. When i had my first major breakthrough, this guy was the first person that came to my mind.

I gave Mr. Nurai 500,000 naira as investment into the business. The man lost all the money within a few months. I still like him and i know he did not do it intentionally but it was a big blow to my finances when i needed a backup source of income.

business agreement with a nairalander i wont mention his name, but i had an agreement with a nairalander, but i suspect he diverted the money into mmm. Long story short he still owes me 400k after refunding about 600k to me.

Ministry of works contract
Never take a contract during elections. Goodluck Jonathan awarded lots of contracts a few months to the 2015 elections. I got several road furnishing contracts November 2014. Unfortunately we had to borrow money to do the Job. Lost about N7million there. Government still owing us 54million (i did it in partnership with another company in Abuja) it was a massive blow and my worst mistake in life not just business.

What is your own story? Be honest and detailed so we can learn from each other.

winnerr:

I'm an undergraduate, sir.

zicoraads:
I met this guy while I was serving. We became pretty close because we had a lot of things in common. And we were staying in the same room and finished from the same school. He told me about a business he started while in school, but due to some family issues, had to make use of the money earned and all. It sounded good, because before now, I had heard about people buying yams from Niger and Benue states and selling them off in places like the South South region at huge profits.

The fact that I was familiar with how costly and cheap yams are in these places made it seem like a very good ides to follow.

Long story short: I collected 200k from my sister and put in 300k of mine. Traveled to Niger and bought yams from a village along Lapai road. We traveled with the truck and met a guy in Effurun, whom he said was the person he always sold it to. Spent about a week in Delta state and sold everything, with the profits coming being about 200k, after expenses and whatnot. Got 300k and added to everything we had and came back to Niger to buy more.

Couldn't follow them back due to other factors that were beyond my control. Lost about 1.3 million altogether on his way back. He said he was robbed. But up till now, the news and the numbness of it never made me ask follow-up questions to the bloody pictures I saw.

I didn't quite recover from that for a long time.

Purplekush:
as a 28 yr old who was fresh out of service. I started online buisness with my blog and was raking in 250 to 300k plus per month. after like 3 months the income rose to 1mil plus and even 2.some in some months.

Then I started trying out new investments...

LONG STORY SHORT: lost 800k to MMM. By Feb when MMM was confirmed to have crashed, I went ahead to lose another 1 Million naira and 6 months trying to set up another online business.

The painful part was not the 6 months of no income but the bad timing.

because, I had already paid for some plots of land before then. Paid for my new apartment. Was about making down payment for a new Corolla 2015 model when MMM crashed... and the investment started acting funny.

I was TOTALLY SCREWED!

I come lose lappy wey I buy 250k then Acer V Nitro. I was so depressed the only thing that kept me from SUICIDE was MaryJane. I owe my life to her

But then I was able to cash out around 300k plus on the 1mil investment and I am currently on another HOT NICHE and just 2 months in it i am glad to say I now make at least 9 to 15k a day.

By God's grace and if this one goes well, I should be hitting 7figures per month from next year. INSHA ALLAH! AMEN.

Nothing beats losing money to some yeye deal. It brings out the adrenaline in you.

WORD OF ADVICE TO ALL STARTERS: think Internet business. It's cheap to start and gives you room to make mistakes with less financial loses. Besides, the ROI is totally insane!

I used to have a set of video courses for pple who are always asking "show me the way" but then nobody wants to put in work. Most peeps just want free money.

Mutemenot:


Fish farming is good if you have a good pond and enough money . People fail when they depend on foreign food to feed. As it stands local and foreign food are expensive but local is still the best option after one and half month of using foreign feed . Remember what you give in fish farming is what you get . Feed them less and have stunted growth

CaptainMitch:
I invested over 250,000 in fish farming and made a huge loss, I changed my mind about investing in agriculture, but I have recently gotten land and I am still thinking of what to plant.

hahn:
What happened to me this year sef just get as e be.

So I was finally making N25k daily from my website and saved more than N1m and decided to hire a professional SEO company to handle my seo so that I can rank for more keywords and make more money. My target is to make 100k+ daily which is actually what my competition make.

The SEO company charged N150k per month and on the first month we found out that Google had penalized my site because of a Yoast plugin issue. With the Yoast plugin new update they was an option which was usually turned off by default but was on with the new update and thus pages were created automatically using images and no content. Coincidentally Google's new algo or whatever just came out and in it included a rule against pages with only images. And thus I was bleeped.

You can read more about the Yoast issue here https://charlesfloate.co.uk/yoast-mess-up. Many people were affected by this issue. If you go through the comments you will see one guy complaining about how he went from $1,000 per month to $100 because of his drop in traffic.

Also the seo company discovered that for some reason my backlinks created to my website were being removed so now I had to pay for on-site seo and also backlinks. To cut the long story short I spent all my savings trying to resolve this issue and I am still working on building more backlinks.

Daily income has gone down to N5k-N10k daily and yes I am royally bleeped because I have to fuel my gen and run it for 24 hours as we barely have power here. Nepa did not even blink the light throughout the weekend and as I write this the generator is on and making noise. Data, feeding, diapers, baby food etc sef dey there but we are managing.

I don't even know what to call this one. Whether bad investment or simply bad luck but thought to share.

By the way, based on the kind of person I am due to the low traffic I was getting and free time I got I used that spare time to build 3 new websites and now I am working on building them to profitability. Man never back down

cchuk:



please whats the name of your website?

Yoighaman:
Over the years, lots of millions in shares, cryptos and unobliviously football bets, with shares having the largest percentage. Lessons learnt: Never invest in speculation and businesses you have no direct control over.

Purplekush:


It was my first biz venture this year. I sold 2 copies only. Quite impressive I had to shut it down.

As for the videos, I can send it to you in a Flash drive depending on your location. You just have to foot the shipping fee and the cost of the flash drive. I use FedEx

Sulaimontaiwo:
You should try pig farming it’s a good way to come back from your loses.


Thank you, but I’m based in Lagos , and I don’t really have much knowledge about pig farming... but I definitely would love to try.


[quot e author=chrizzyace post=74616551]Hello Everyone,
I’ve been reading some quite inspiring post here for a while now, since I fake by this thread, and I decided to let the cat out of the bag. I invested in cat fish farming, built a 5000 capacity fish pond, and my worse mistake was buying the wrong breeds, as I ended up spending more than 500k on their feeding cause I was feeding them with only Copens feed, which was like 6k per bag then, I was feeding a crowd of 2000 fishes, the feeds would only last 2 days... After investing he said amount in feeding for 5 months, I couldn’t cope anymore cause the breed were not even more than 500g per weight, I had to sell them off angrily, for 150k..,,

So this was my greatest loss in business, which affected me a lot, but I’m willing who bounce back, all I need is the right advice from good hearted entrepreneurs like you, cause I want to invest in other businesses but need an advice. Please help me out here..

Thank you all

Nairalane:

PLS, I'VE BEEN THINKING OF HOW INTERNET BUSINESS RAKES IN MONEY..... PLS, CAN YOU SHOW US THE TRICK, 15K per day, that's huge

Purplekush:


just check my signature and follow my moniker. I'll be putting up Youtube vids from time to time. The one on my siggy is a an hour long. I'll do shorter version soon

And 15k per day is not that huge. In fact, it's just average beginner stuff. Nothing to brag about. Really

Purplekush:
as a 28 yr old who was fresh out of service. I started online buisness with my blog and was raking in 250 to 300k plus per month. after like 3 months the income rose to 1mil plus and even 2.some in some months.

Then I started trying out new investments...

LONG STORY SHORT: lost 800k to MMM. By Feb when MMM was confirmed to have crashed, I went ahead to lose another 1 Million naira and 6 months trying to set up another online business.

The painful part was not the 6 months of no income but the bad timing.

because, I had already paid for some plots of land before then. Paid for my new apartment. Was about making down payment for a new Corolla 2015 model when MMM crashed... and the investment started acting funny.

I was TOTALLY SCREWED!

I come lose lappy wey I buy 250k then Acer V Nitro. I was so depressed the only thing that kept me from SUICIDE was MaryJane. I owe my life to her

But then I was able to cash out around 300k plus on the 1mil investment and I am currently on another HOT NICHE and just 2 months in it i am glad to say I now make at least 9 to 15k a day.

By God's grace and if this one goes well, I should be hitting 7figures per month from next year. INSHA ALLAH! AMEN.

Nothing beats losing money to some yeye deal. It brings out the adrenaline in you.

WORD OF ADVICE TO ALL STARTERS: think Internet business. It's cheap to start and gives you room to make mistakes with less financial loses. Besides, the ROI is totally insane!

I used to have a set of video courses for pple who are always asking "show me the way" but then nobody wants to put in work. Most peeps just want free money.

Sharmeenator:
This is a recent bad business experience I want to share. I believe one or two people will learn from it. It's a long story but I will try to make it short without losing too much details.

I decided to start a side hustle in 2016; a cyber cafe, business center and payment solutions provider (e.g. IKEDC, DSTV/GoTV etc.). I got a big shop at a nice location, renovated it to look nice and comfortable. The shop was setup beautifully. Customers were given laptops to browse instead of the old PC everyone uses.
We were getting positive feedbacks daily and motivations to grow bigger. To cut the long story short, everything was going on well and we were progressing and profiting there until the third month.

My boy called me one morning that he met the door opened with no sign of forced entry. We later leant that my staff was careless with the key, someone must have smartly made a copy from the bunch he carelessly left on the counter. We changed the lock and upgraded the security. 5 laptops, router and money were stolen.

Less than a month later, another burglary attempt was made. This time very forceful; the window was cut opened late in the night and the burglary removed. The most unfortunate part was that no one confessed to hear a sound from the removal (which I'm sure couldn't have been done silently) in the dead of the night. The landlord, a pastor in the church that separates the shop from the resident building wasn't so bothered as no one in the house and his family was targeted. More laptops and money were carted away.

I pleaded with the landlord to allow me to get an "aboki" to stay there at night so he could watch over the shop as the security guards we pay to secure the area are as useless as used diapers. He refused citing religious differences. I was forced to involve the police this time despite hating the idea in involving our men in black. I paid 10k and nothing was done. Detective assigned asked me to investigate personally and call him when I 'catch' thieves I didn't care, we did some diggings and suspected 3 guys; popo man was called and he said he has closed for the day. The following day when we called him again, he lied he was coming and later cancelled the appointment citing official duty despite having tactically delayed one of the suspects. I have sworn never to involve Nigerian police in my affairs again

Almost a week later, a third attempt was made and it became clear we had to leave at least for the sake of our lives. We used less than 6 months there and all these unfortunate events happened within 2 months. We left hastily for another shop not far so we could continue where we left. This decision marked the worst I have ever taken. The new shop, although smaller showed signs of success, so I thought. We renovated it and moved in almost immediately hoping that business would be better there especially with the planned inclusion of Bet9ja and PS2 Gaming. Bet9ja bursted my bubble by not approving the shop, mistake number (I can't tell again). I tried Winners Golden Bet, they answered my prayer but cut it short later when they retrieved their license citing a mistake from them as there was another WGB center not too far off which they didn't noticed earlier. Maybe I would have been given notwithstanding if I had a good connection. I had to settle for Surebet247 which checkmated me to defeat.

Business was over dull in the new environment (no pun intended). Light was over bad (they only have light during our closing hours). We buy fuel of almost 2k everyday despite not making up to 2k (it's that bad) daily. I was practically financing that place with personal money; paid my two staffs from my pocket every month. We did only four months there as that was how far I could personally sustained the business. I sadly laid off my staffs, locked the shop till when my rent expires which was in February this year. I sold off most of the items I didn't give away at ridiculous prices as there was no place to keep them. When I sat down to count my losses, I calculated a loss of 1.6 million (which is surely more than that). I haven't recovered from the unfortunate incidents having spent all my savings. I'm married now with a child this year but I have fallen flat into the same rat-race I was avoiding by attempting to open another stream of income. I will rise, I will fully recover and charge forward.

Sulaimontaiwo:


Fish farming has a tiny profit and huge loss. I lost 300k to that business. I bounced back with pig farming. You should try pig farming

Purplekush:
as a 28 yr old who was fresh out of service. I started online buisness with my blog and was raking in 250 to 300k plus per month. after like 3 months the income rose to 1mil plus and even 2.some in some months.

Then I started trying out new investments...

LONG STORY SHORT: lost 800k to MMM. By Feb when MMM was confirmed to have crashed, I went ahead to lose another 1 Million naira and 6 months trying to set up another online business.

The painful part was not the 6 months of no income but the bad timing.

because, I had already paid for some plots of land before then. Paid for my new apartment. Was about making down payment for a new Corolla 2015 model when MMM crashed... and the investment started acting funny.

I was TOTALLY SCREWED!

I come lose lappy wey I buy 250k then Acer V Nitro. I was so depressed the only thing that kept me from SUICIDE was MaryJane. I owe my life to her

But then I was able to cash out around 300k plus on the 1mil investment and I am currently on another HOT NICHE and just 2 months in it i am glad to say I now make at least 9 to 15k a day.

By God's grace and if this one goes well, I should be hitting 7figures per month from next year. INSHA ALLAH! AMEN.

Nothing beats losing money to some yeye deal. It brings out the adrenaline in you.

WORD OF ADVICE TO ALL STARTERS: think Internet business. It's cheap to start and gives you room to make mistakes with less financial loses. Besides, the ROI is totally insane!

I used to have a set of video courses for pple who are always asking "show me the way" but then nobody wants to put in work. Most peeps just want free money.

twlover:
Poultry Farming.

I invested approximately N12m in building a poultry for layers. Mistake I made was I buying 1 Acre of land which cost me N4M to fence, built Pen house with N3.5M,built a 5 bedroom farm house with about N3m, constructed a concrete scaffolding (with 2 standard rooms, one as store the other as Gen. House) to mount the water tanks for N1.5m

Having done all these, I struggled to get 600 layers, the rest is history.

I have put that property up for sale

Interested buyers are free to send me PM

Connoisseur:
2014: Lost 4m in fast food business
Feb 2016: Lost 1m in the cashew business.

Sept 2016: Lost $43,500 at the heat of the dollar crisis
I exported containers of garlic through a contact from Nairaland, buyer refused to pay. The containers still sit at the port of Karachi as at this time.

Feb 2018: Lost about 8m in the lead ore business from another guy here on Nairaland. Story for another day.

It might seem like I am careless, maybe I am. I make it as fast as I lose it. As long as my head remains above my shoulders, I will keep moving.
Stumble, rise #keepwalking

Purplekush:


I read everything too as I always look out for the bad deals to avoid. Well, the first step is to have a laptop and an internet enabled phone. If you have those 2 down, you should be then start looking at the startup capital which should be anywhere around 50 to 150k. Not much when compared to the tradition brick and motar biz models.

Get these down and then we can talk more. today alone I got like 11 orders of a 21k product. And I'm still a learner in my niche

stanvesco:



Oga purplekush epp ur boys na.....can we talk on WhatsApp +2348063152970