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Nairaland Forum / Nairaland / General / Business / What Lead To The Collapse Of Your First Business? (36473 Views)
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Re: What Lead To The Collapse Of Your First Business? by hustlelegit(m): 11:30am On Nov 16, 2019 |
tensazangetsu20: Naso bro, the greatest success tool in life is investment, even amazon spends millions of dollars on ads every month and they are making their money back in ten folds same as other companies. Every business needs awareness, you can't just buy a product or start a business and expect customer to be coming na. Learn digital marketing and apply it to your business and watch it grow. That's why I said I will never target Nigerians for any subscription stuff, it's only the western countries I will target cos of their investment ability. |
Re: What Lead To The Collapse Of Your First Business? by ibechris(m): 11:31am On Nov 16, 2019 |
Donbosco46: How much have u made urself. Cos am sure if u are really making it,u won't say it loud as u are doing now. 7 Likes |
Re: What Lead To The Collapse Of Your First Business? by RxSameer(m): 11:38am On Nov 16, 2019 |
NGRsenate:but my Broder with d kind of average living we av in Nigeria 28k to me is too much now for a shoe I think u shud av targeted d average population by going for sometin cheaper n quality but ,thats just my thought though 10 Likes 1 Share |
Re: What Lead To The Collapse Of Your First Business? by Raskasal(m): 11:41am On Nov 16, 2019 |
Freshprince91: Eeyahh.. Sorry about your experience. So the vehicle was actually the problem and not that the business isn't cool or paying? secondly, why don't you consider swapping the car with good Toyota car while you add some money? 1 Like |
Re: What Lead To The Collapse Of Your First Business? by 4godsake: 11:42am On Nov 16, 2019 |
Ginaz: Depend on the brand u want to buy, in my area, TVS cost N210,000 plus number plate and u give it out for N330,000 HP. Boxer cost N230,000 and u give out for N370,000 HP. Note that the Boxer is mostly preferred as it has a better resale value compare to the TVS. Cheers. 5 Likes 1 Share |
Re: What Lead To The Collapse Of Your First Business? by Phil124: 11:43am On Nov 16, 2019 |
ecclize:there's nothing like sure odds..becareful oo..before it will end in tears 6 Likes 2 Shares |
Re: What Lead To The Collapse Of Your First Business? by ibechris(m): 11:47am On Nov 16, 2019 |
Re: What Lead To The Collapse Of Your First Business? by achi4u(m): 11:48am On Nov 16, 2019 |
RxSameer:you are there bro,how many people on the street can afford N28k shoe.... just few. Rather go for what an average guy can afford and make a killing. At least, selling 4 to 5 shoes a day making like 4 to 5k a day is worth the effort than relying on 1 shoe a day with too many saliva to waste. I believe in little dropping. 9 Likes 1 Share |
Re: What Lead To The Collapse Of Your First Business? by Nobody: 11:49am On Nov 16, 2019 |
Lanjonath:I inquired with a GTB customer support. She said the more money u fix and the longer the fix period, the higher d interest u get. As I was made to understand, the least u can fix with them is N100,000 for a duration of 30 days, and a 3% interest. U can always roll it over at the end of 30 days period, and get d new month interest based on ( previous month interest + d principal ) If u fix something like N200,000 or more, for a longer period, u can negotiate a higher interest. 1 Like 1 Share |
Re: What Lead To The Collapse Of Your First Business? by Ginaz(f): 11:50am On Nov 16, 2019 |
4godsake: Thanks so much dear for your inputs . I intend to start this business soonest and since I’m a girl and I have small body with a small voice I won’t be taken seriously. but if anyone think they can intimidate me they should be ready for a rude awakening. I intend to solicit the help of a lawyer . 9 Likes |
Re: What Lead To The Collapse Of Your First Business? by Nobody: 11:52am On Nov 16, 2019 |
ThisisIkemefuna: GTB offers 3% for fixing N100,000 for a duration of 30 days. Some banks may offer more or less. I think u should speak with ur bank Customer agent. 1 Like 1 Share |
Re: What Lead To The Collapse Of Your First Business? by Nobody: 11:56am On Nov 16, 2019 |
Houstency: Please read my post again sir, I never used 10% rate. Well, GTB as I know gives 3% rate for fixing N100,000 for 30 days. U can negotiate for a higher interest if u are going to fix more money for a longer period. I don't know about other banks though. |
Re: What Lead To The Collapse Of Your First Business? by qanda: 11:57am On Nov 16, 2019 |
Re: What Lead To The Collapse Of Your First Business? by somehow: 11:58am On Nov 16, 2019 |
Bad location
power issue
bad management
learnt the hard way 1 Like |
Re: What Lead To The Collapse Of Your First Business? by NGRsenate: 12:00pm On Nov 16, 2019 |
ManspaceBarber: Understand that for locally made products, the cheaper it is, the worse off the quality. Shoes that will start laughing after you wear them for one week. So changing the supply link the same as sacrificing quality for price. Even for the expensive ones, the quality wasn’t all that, some weren’t symmetrical, like you could still see some small small faults on it. But just because they were of a higher quality did not mean that they should cut people’s head off with price. It’s just greed tbh. 4 Likes 1 Share |
Re: What Lead To The Collapse Of Your First Business? by NGRsenate: 12:04pm On Nov 16, 2019 |
achi4u: Quality bro. Quality! These shoes were not imported. They were locally made. Asin na shoemaker make am. Compare a shoemaker’s shoe of 5k and that of another shoemaker’s selling for 28k. I could have gone for the cheapest of the cheapest but it would have spelt doom! Even the 20-25k shoes i was selling, some were being returned because they were already laughing i.e the shoe don dey open mouth. 3 Likes |
Re: What Lead To The Collapse Of Your First Business? by ibechris(m): 12:05pm On Nov 16, 2019 |
Ginaz: My dear sister,I will not discuss the negative part of this business but pls,do not do it. 1 Like |
Re: What Lead To The Collapse Of Your First Business? by Nobody: 12:06pm On Nov 16, 2019 |
madone: Well, for the fixed deposit, the rate depends on d bank. So, I suggest u speak with ur bank customer support. Remember u can negotiate a favorable interest - depending on the amount u want to fix. I can't give authoritative answer of treasury bills yet. I need to inquire more about it myself o |
Re: What Lead To The Collapse Of Your First Business? by somehow: 12:06pm On Nov 16, 2019 |
eventsmallchops: In this era where we have the social media? 8 Likes |
Re: What Lead To The Collapse Of Your First Business? by seuncyrus(m): 12:09pm On Nov 16, 2019 |
9ja083: I'm really laughing at the part where you said immediately you clear your goods from the customs, buyers will like to buy it immediately . It isn't as easy as people make it seem. Let me not even say it's not easy at all. From procurement agencies, to customs to marketing and delivering your product is a hell of a task. I don't want to discourage you but just want you to have a realistic expectation. I've done this for almost a year now(it's not my primary business for know sha) and i can share you my own experience - it's not easy at all , it's not free money and it's real hard work - but it's very profitable , you can buy a product at 2k ( plus shipping ) and have at least 7k profit (even after logistics fees and facebook ad cost ) - if you're someone like me who doesn't like/know how yo approach people to market you must learn facebook ads ( there are free courses , but still be ready to burn money on running and tweaking ) - to get the best out of it , you will need a website (either you learn wordpress , or u use one of those one page sales page ) - be ready for facebook , your best performing ads can just stop performing and facebook can even shut down your ad account with no explanations - Nigerian buys are crazy too, most the so called ecommerce transactions are usually pay on delivery...someone might order now and when the goods are about to be delivered say he's no longer interested - logistic companies might not deliver on time and make u lose your sales too like i said i don't want to discourage you. But be realistic and don't let anyone paint a fantasy fot you. It's good business but it's real hard work 9 Likes 2 Shares |
Re: What Lead To The Collapse Of Your First Business? by NGRsenate: 12:12pm On Nov 16, 2019 |
See ehn last last it is for government to dash you oil bloc. Then use the money from there to start a business and pursue. Soup wey sweet, na better money dey kill am. 3 Likes 1 Share |
Re: What Lead To The Collapse Of Your First Business? by achi4u(m): 12:15pm On Nov 16, 2019 |
NGRsenate:I quite understand you perfectly, just that a little drop to like 15k to 18k will sale too...too many people are afraid of 25 to 30k items like shoes. I'm on the street anyway. |
Re: What Lead To The Collapse Of Your First Business? by mfm04622: 12:15pm On Nov 16, 2019 |
mrgoodd:. Easier said than done! 1 Like |
Re: What Lead To The Collapse Of Your First Business? by remigreat(f): 12:16pm On Nov 16, 2019 |
Business survival in Nigeria is an herculean task especially when does not have an additional stable income. Natural disaster like flooding and water pollution affected our fish farming coupled with underpricing from fish buyers. The business didn't see the light of the day after three fishing year due to the above mentioned points. We had to divert into another farming area. 13 Likes 3 Shares |
Re: What Lead To The Collapse Of Your First Business? by godfrey01(m): 12:16pm On Nov 16, 2019 |
MoIbrahim: How do you mean they left on their own with giving a dammn.. They didn't inform you, and moreover why will you employ someone out of potty??.. 1 Like |
Re: What Lead To The Collapse Of Your First Business? by Budline1(m): 12:18pm On Nov 16, 2019 |
Nnemuka: Sorry about the experience. You'll be making a lot money running a bar like you have decided to do. 6 Likes |
Re: What Lead To The Collapse Of Your First Business? by NGRsenate: 12:18pm On Nov 16, 2019 |
achi4u: We were making just 2k to 3k on one shoe o with 1k out of that for shipping. The shoemakers were seriously adamant about reducing price. So a 22k shoe becomes 25k... sey you get? 1 Like |
Re: What Lead To The Collapse Of Your First Business? by Originalsly: 12:20pm On Nov 16, 2019 |
mrgoodd: Why can't N500k be enough to start a lucrative importation business? Millions is for people who can afford it...... who want to start big.... and when business fail.... fail big. You invest millions..... invest in having a shop to display the products..... and hopefully.... hopefully would be selling in bulk. You intend starting off as a wholesaler with zero customers.... with zero source connections to get best prices.... and here you are hoping to compete with others who know the ins and outs of the business.... who have loyal bulk buying customers... what are your chances of being successful? What are your chances of the product left sitting on the shelves ... but you are paying rent? Is this not what OP went through?... but on a small scale? Not saying it is impossible to succeed... but your monies would be tied up for a longggg time before the business becomes viable. @ topic...always do business on the side.... small scale. Always invested what I can afford to lose. First business loss... learned [i]money brings greed..... [/i]take nothing for granted... watch any business partner with both eyes... and don't dare blink. Family??... put on eyeglasses. 1 Like 1 Share |
Re: What Lead To The Collapse Of Your First Business? by Nobody: 12:22pm On Nov 16, 2019 |
Middlemen and unnecessary interference in transportation biz. Was lucky to recoup my capital and small profit. Abandoned the cars to them las las when there was threat to life. 1 Like |
Re: What Lead To The Collapse Of Your First Business? by mfm04622: 12:24pm On Nov 16, 2019 |
Noel1: This is not true! When any financial institution quote you a rate (interest rate) they are quoting per annum! Even TB is now less than 10% per annum! 3 Likes 1 Share |
Re: What Lead To The Collapse Of Your First Business? by somehow: 12:30pm On Nov 16, 2019 |
Mujtahida: Where are you based bro? |
Re: What Lead To The Collapse Of Your First Business? by achi4u(m): 12:32pm On Nov 16, 2019 |
NGRsenate:yo I got ur drift. God bless your hustle bro and if you see opportunity to add quality belt, wristwatch and other accessories still good. |
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