celeiyke:

The worst extortion is that of the sales boy or girl. Those ones will just crumble ur biz in a blink of an eye

When I was younger, my mum had a shop in Festac. When I finished my JSS3 exams, the sales girl there came to drop key one day that she's not working again. I just took the key and went to the shop, opened it and sat there myself. That day, i made an amount that was higher than any amount sold there by the previous salespeople.

We all thought it was by chance but the pattern continued. That week, i sold quite well and the high amounts declared was consistent. That was when it became apparent that those there before were under declaring sales.

MrMcJay:


I have forgotten the name of that particular startup but I remember it handles payroll for companies. Crossed a billion Naira processed last year and that's when I heard about it.

Let me give you another example that clears your doubts.
Payant crossed 1 Billion in payments being processed and they work out of a virtual office in Kaduna.

Bro, i advise tech companies and there's an easy and faster way my clients comply with the requirements in your opening paragraph. I won't state that here.

OK. Thanks for the explanation.

When I hear the LIRS and FIRS say "only 10% of income earners are taxed", I wonder who is being referred to.
Each time IGR is to be increased, someone or the other talks about "widening the tax net".
The cost of legitimate business is not really analysed and the complaints of multiple taxation is ignored.
OP, I'm glad you're not into haulage or transportation because, after you purchase a Federal sticker, you are obliged to purchase not only every State's you pass through, but every Local Government sticker as well. Yet you are not in a "tax net"?
Signages are now part of overhead costs, different from the operational license. I've not even gotten to the CAC and TIN.
Please, do help me spread the word, "most tax-payers are in multiple tax nets"!

PrinceOgun:
....Physical shops are no longer a feasible and reasonable way of marketing goods in Nigeria, its Online Business , that make all the money this days , When I mean online I mean Websites, make use of the social groups at your disposal , I remember when I had an IT shop selling gadgets and smartwatches in Opebi my business packed up within a year, I was downcasted a bit then I thought of the enormous potential of Nigeria's population , I mean 60% percent of Nigerians now browse the internet that's like 17 billion people easily, I started with paying some admins on Facebook with large groups so I can post my merchandize after a month I made over 200% profit , then I invested , I levereged on my Web design and IT skills so i created a top notch E-Commerce website like jumia and also bought 5 large Facebook groups of my own , now all my selling is done on those groups with ease of mind and major profits all round and I even rent out advertisement spaces to upcoming marketers and they too have been thanking me that they have never had it so good!

Move your business online while you still can .....

You meant to write "brick and mortar shops", abi?

celeiyke:

Theory. Go and buy pepper online

I used to. There are so many of them. Saved me having to go to the market and i could use the time for other things.

Gerrard59:



To start a payment integrator or a FinTech company, the fintech firm needs a license from CBN and partnership with all banks. Which serious bank will give you that partnership without a physical location? So when did the bold ever happen?

You are wise.

MrMcJay:


There is a payment startup that clocked 1Billion Naira worth of payments processed last year. As at when they clocked a billion Naira, they didn't rent an office, they were working online and from a virtual office.

In this Lagos, except you have compelling reasons to open an offline store, it is better to stay online and advertise vigorously. If you have orders, use delivery bikes. If you have meetings, use taxify.

I'm not saying that you are lying but bros. cross-check your story.

For some of us that requires Electricity round the clock for work (Cyber Cafe), you didn't even scratch the surface of our expenses. I spend 1,500 daily on petrol making 36-40k Monthly on Petrol cost alone!!

Then there is the Internet subscription of about 20k per month.

Then the shop rent here is 14,500 per month. (It is a big shop through)

Lawma = 200 per month, OPC Security = 1,000 per month , LGA Permit - 7,700 per year (642 per month)

I have a prepaid meter now in my shop so Electricity bill is low = 1,500 per month ( I used to be charged 10,000 per month on Estimated bills) Money spent on bills is now low, the downside is i no longer use Air Conditioner, which now contributes to incessant Computer damages.

There is the re-usables stationery, ink, toner, Paper, Photo Paper, etc) per month might be between 25-35k. Assuming you don't have to contend with damaged Equipment due to Nepa light fluctuations.

I should leave out the money for Generator repairs since it is occasional. but even that costs at least 15k whenever it is done.

We are already at around 100k.

All that is just basic expenses to keep the shop open.

It is still from your profit that you will pay House rent, School fees for kids and Madam Money (Very Important).

Then there is the feeding money and money to save for unforeseen circumstances (which we dont really get to save anyways).

Then there is the Money for Babe maintenance Otherwise, ha ara gi otu n'azu



Walahi, Wahala dey for shop ownership o, Considering there could be internet downtime, or rainfall that disrupts business activities, or Area boys when they start their perennial fights and shops really close down until their madness cools off.

yettymuse:
Why do you think online stores are littered on every nooks and crannies of social media?
I remember renting a shop in 2011..naive me!

All the money I gathered from selling my products online, I carry am give agent and landlord. I fix and repair and up to TASTE.. spent all my money making the shop look attractive and all..
Hmmmm... I dey remember this thing I wan cry sef

In one week nobody has checked to see what I sell. Na products wey I no get them go dey ask me.
I was still managing my online store as that one was bringing small change.
After 6 months, I couldn't even make the transportation fare I spend from my house to the store anymore. Then I knew.. This shop matter no dey part of my destiny at all at all!

I sublet the shop to an interested person, moved all my products to my house. But I felt horrible and almost depressed everyday I wake up to see my products in my room.

But hey! It's 8years now and I still won't take a shop!! Maybe when I blow well sha.

Truth is if you don't have a strong financial backup, don't even bother renting a shop.

This touched me.
But that's d reality many people face these days especially in this harsh economy.

Thanks for the information.
Shop matter no be here, unless u are into perishable items, online na Im sure pass to sell stuffs now

freemanbubble:

Concerning that of sales boy and girl
My dear na where them for dey work na im them dey chop

That is why it is called workshop

if them workshop you for shop you go like am?

The woman I buy fabrics from in one of the markets told me she pays 2.6 million naira per annum for renting the shop.



I was shocked that day.
Respect to the traders..they are the MVPs

Coach1:

I'm not saying that you are lying but bros. cross-check your story.

Check my other posts.
I mentioned the name of a startup in Kaduna handling payments of more than 1 billion and working out of a virtual office in Kaduna.

You don't need to rent an office to obtain CBN licence to engage in payments as a startup, there are smarter ways to ensure compliance with the law.

You didn't include the cost of your products before talking about profit.

I will advice you find a business that a single goods can pay for your shop rent, so you can start breaking even. all this 50, 60 gain no go take you anywhere.

MrMcJay:


There is a payment startup that clocked 1Billion Naira worth of payments processed last year. As at when they clocked a billion Naira, they didn't rent an office, they were working online and from a virtual office.

In this Lagos, except you have compelling reasons to open an offline store, it is better to stay online and advertise vigorously. If you have orders, use delivery bikes. If you have meetings, use taxify.

Please explain what you mean by payment startup?

Ikem11:


That's why advice her to check the kind of business she is doing...

Imagine having 2 shops for just 18k and she is complaining

It’s just about the business!!!

PrinceOgun:


Importing from overseas and selling here via social media (Facebook)

What sort of things do you import?

PrinceOgun:
....Physical shops are no longer a feasible and reasonable way of marketing goods in Nigeria, its Online Business , that make all the money this days , When I mean online I mean Websites, make use of the social groups at your disposal , I remember when I had an IT shop selling gadgets and smartwatches in Opebi my business packed up within a year, I was downcasted a bit then I thought of the enormous potential of Nigeria's population , I mean 60% percent of Nigerians now browse the internet that's like 17 billion people easily, I started with paying some admins on Facebook with large groups so I can post my merchandize after a month I made over 200% profit , then I invested , I levereged on my Web design and IT skills so i created a top notch E-Commerce website like jumia and also bought 5 large Facebook groups of my own , now all my selling is done on those groups with ease of mind and major profits all round and I even rent out advertisement spaces to upcoming marketers and they too have been thanking me that they have never had it so good!

Move your business online while you still can .....

There are some businesses you cannot market on the internet, but then again I stand to be corrected. If your business is running a bar where drinks are sold, how do you market that on Facebook? I'm ready to learn sir. Kindly educate me. Thanks.

Godmother:
I had a shop few years ago but had to close it down due to the stress of owning a shop in Lagos.

There are just too many levies associated with owning a shop and if you aren't careful, you'd be working for these people.

Then I used to pay the following:

Shop Rent = 8,000 monthly (for two shops)
NEPA BILL = 2,000 - 5,0000 monthly
SHOP Permit =5,000 yearly
Lawma = 300 - 500 monthly
Security = 2,000 monthly
Reconnection= 300 for whenever the light was disconnected.
Transport = 5,000 monthly
Feeding Nil as I always brought food from home

Total = 18,000 to 23,000 monthly

Which means I needed to make at least 18,000 monthly to not be running at a loss. Whatever else I made was then my profit.

At the end, I did a rethink and felt owning a shop was slavery and not just worth it in this part of the country.

Please share your own experience owning a shop in Lagos.

It's Cheap Na cm to Onitsha Mk u hear d real score's

naijabnl:
op you're on a small scale, some serious business person will read your post and just smile



The young shall grow

Exactly

MrMcJay:


When I was younger, my mum had a shop in Festac. When I finished my JSS3 exams, the sales girl there came to drop key one day that she's not working again. I just took the key and went to the shop, opened it and sat there myself. That day, i made an amount that was higher than any amount sold there by the previous salespeople.

We all thought it was by chance but the pattern continued. That week, i sold quite well and the high amounts declared was consistent. That was when it became apparent that those there before were under declaring sales.

How does one deal with this issue of sales personeel theft , especially when you are not physically present to man them?

enemmo:
The woman I buy fabrics from in one of the markets told me she pays 2.6 million naira per annum for renting the shop.



I was shocked that day.
Respect to the traders..they are the MVPs

Her shop is probably in Lagos island or a major market, shop rent in such area is over the roof. I wonder how they cope considering the steep competition around them.

generationz:


How does one deal with this issue of sales personeel theft , especially when you are not physically present to man them?

Today, people use CCTVs and cash registers. Back then, my mom had to resign from paid employment and face her shop squarely. She made more money managing her shop than where she resigned from.

She won't have known this if I didn't accidentally manage the shop that day.

Malawian:
For some of us that requires Electricity round the clock for work (Cyber Cafe), you didn't even scratch the surface of our expenses. I spend 1,500 daily on petrol making 36-40k Monthly on Petrol cost alone!!

Then there is the Internet subscription of about 20k per month.

Then the shop rent here is 14,500 per month. (It is a big shop through)

Lawma = 200 per month, OPC Security = 1,000 per month , LGA Permit - 7,700 per year (642 per month)

I have a prepaid meter now in my shop so Electricity bill is low = 1,500 per month ( I used to be charged 10,000 per month on Estimated bills) Money spent on bills is now low, the downside is i no longer use Air Conditioner, which now contributes to incessant Computer damages.

There is the re-usables stationery, ink, toner, Paper, Photo Paper, etc) per month might be between 25-35k. Assuming you don't have to contend with damaged Equipment due to Nepa light fluctuations.

I should leave out the money for Generator repairs since it is occasional. but even that costs at least 15k whenever it is done.

We are already at around 100k.

All that is just basic expenses to keep the shop open.

It is still from your profit that you will pay House rent, School fees for kids and Madam Money (Very Important).

Then there is the feeding money and money to save for unforeseen circumstances (which we dont really get to save anyways).

Then there is the Money for Babe maintenance Otherwise, ha ara gi otu n'azu



Walahi, Wahala dey for shop ownership o, Considering there could be internet downtime, or rainfall that disrupts business activities, or Area boys when they start their perennial fights and shops really close down until their madness cools off.

What data plan do you subscribe too and is it unlimited?

wakabout:

There are some businesses you cannot market on the internet, but then again I stand to be corrected. If your business is running a bar where drinks are sold, how do you market that on Facebook? I'm ready to learn sir. Kindly educate me. Thanks.

Actually, there's nothing that can't be done online.
Ever heard of drinks.ng?

Seriously though, bars are usually lucrative businesses. Location is just the issue.

generationz:

Please explain what you mean by payment startup?

Newly started tech companies serving customers in the financial sector. E.g, Paystack, Kudi.ai, Piggyvest, Eyowo, Payant, etc.

Lovelyn451:
when I tell them that what they're living in Lagos isn't life but suffering, they come for my head...Lagosians are so used to poverty eeh, infact they love it, even proud of suffering...kai

I agree. But some of us have no place to go.

PrinceOgun:
....Physical shops are no longer a feasible and reasonable way of marketing goods in Nigeria, its Online Business , that make all the money this days , When I mean online I mean Websites, make use of the social groups at your disposal , I remember when I had an IT shop selling gadgets and smartwatches in Opebi my business packed up within a year, I was downcasted a bit then I thought of the enormous potential of Nigeria's population , I mean 60% percent of Nigerians now browse the internet that's like 17 billion people easily, I started with paying some admins on Facebook with large groups so I can post my merchandize after a month I made over 200% profit , then I invested , I levereged on my Web design and IT skills so i created a top notch E-Commerce website like jumia and also bought 5 large Facebook groups of my own , now all my selling is done on those groups with ease of mind and major profits all round and I even rent out advertisement spaces to upcoming marketers and they too have been thanking me that they have never had it so good!

Move your business online while you still can .....

I want to sell Amala and co, can that be done online?

MrMcJay:


When I was younger, my mum had a shop in Festac. When I finished my JSS3 exams, the sales girl there came to drop key one day that she's not working again. I just took the key and went to the shop, opened it and sat there myself. That day, i made an amount that was higher than any amount sold there by the previous salespeople.

We all thought it was by chance but the pattern continued. That week, i sold quite well and the high amounts declared was consistent. That was when it became apparent that those there before were under declaring sales.

Salespeople are terrible bro . This has made side hustle a herculean task, cos if u leave these people with ur biz, they will run it down for u

yomi007k:

I agree. But some of us have no place to go.

no place to go in Nigeria? are u for real? is Lagos the only state in Nigeria?...chai

MrMcJay:


Newly started tech companies serving customers in the financial sector. E.g, Paystack, Kudi.ai, Piggyvest, Eyowo, Payant, etc.

Malawian:
For some of us that requires Electricity round the clock for work (Cyber Cafe), you didn't even scratch the surface of our expenses. I spend 1,500 daily on petrol making 36-40k Monthly on Petrol cost alone!!

Then there is the Internet subscription of about 20k per month.

Then the shop rent here is 14,500 per month. (It is a big shop through)

Lawma = 200 per month, OPC Security = 1,000 per month , LGA Permit - 7,700 per year (642 per month)

I have a prepaid meter now in my shop so Electricity bill is low = 1,500 per month ( I used to be charged 10,000 per month on Estimated bills) Money spent on bills is now low, the downside is i no longer use Air Conditioner, which now contributes to incessant Computer damages.

There is the re-usables stationery, ink, toner, Paper, Photo Paper, etc) per month might be between 25-35k. Assuming you don't have to contend with damaged Equipment due to Nepa light fluctuations.

I should leave out the money for Generator repairs since it is occasional. but even that costs at least 15k whenever it is done.

We are already at around 100k.

All that is just basic expenses to keep the shop open.

It is still from your profit that you will pay House rent, School fees for kids and Madam Money (Very Important).

Then there is the feeding money and money to save for unforeseen circumstances (which we dont really get to save anyways).

Then there is the Money for Babe maintenance Otherwise, ha ara gi otu n'azu



Walahi, Wahala dey for shop ownership o, Considering there could be internet downtime, or rainfall that disrupts business activities, or Area boys when they start their perennial fights and shops really close down until their madness cools off.

Running cost of 100k should give profits of about 150k na.

Lovelyn451:
no place to go in Nigeria? are u for real? is Lagos the only state in Nigeria?...chai

I mean we have deep roots down here. Different states have thier issues as well.