Authortee:
Was stupid I entered a farming business. I was lured into it after visiting an elderly friend’s farm and seeing him selling hundreds crates of eggs and counting hundreds of thousands of naira. I got greedy and entered the business with doing research. It was the worst business I ever did and within six months, it affected my health so bad that till today, I suffer from this health challenges. The painful fact was my mentor sold me the baby chickens and sold me the feeds and sold me the drugs and gave the workers. The man made insane money from me. Before I know it, 10million naira was down the drain.
My mother even left her own business and tried to salvage the business and lost her life in the process.
The only thing I made from that business was the land I bought for it which is till today still along a busy road. Sadly the land is not even up to 10 million naira in value till today. Most of the time I just tell people, entrepreneurship is not worth it if you are not stealing money from somewhere to back it up like Otedola, Dangote and co. If not you are on a long thing.

Moral: don’t let anyone push you into any business because they are doing well. Most of the time, the successful business man you envy is a smart criminal who will finish you if you fall for this tricks

You are on point bro. Entreprenuership is not easy

Freshprince91:
Well, mine is not having enough patience but will you blame a 20-something year old who doesn't want to be a lazy pumpkin ?
After i left my job in January and new jobs were not forthcoming after two interviews, i decided to embark on ehailing (Uber & taxify).
I have read rave reviews about Toyota corolla, Camry, Hyundai Elantra and Honda Civic cars for the business because they tend to withstand abuse and can wiggle their way for long on our dreadful roads but i couldn't afford any of those cars, the least being 2003 Honda Civic cost 1.3m.
I brooded about the cost for a while and the people i met told me not to buy Nigerian used vehicles unless the owner is selling it off to upgrade, if not i might fall into depression visiting mechanics. There was no way i could raise 1.3m, the savings i had was 400k and my Aunt gave me a loan of 600k to-be paid back (15k weekly) when i start the hustle.
After going back and forth with no headway, she contacted her pastor who introduced the younger brother (a car dealer) and narrated my ordeal . He said i can't get a 2002 Tokunbo car for less than 1.2m and the Nigerian used he sells are way expensive than what i was looking for.
Long story short, he got me a Tokunbo 2001 Ford with a sound engine and a very eye catching leather interior but the front shock absorber was bad and the AC wasn't working when they brought it.
I have seen hell using that car for the past 3 months, need i say, i have spent a whooping 200k to fix (2 oxygen sensors, radiator hose, shock absorber, brake pads, AC compressor, evaporator and blower ,serviced transmission engine ,fuel pump and other minor repairs i cannot account for). At a point i was looking for buyer, still looking for it though because i am scared of what might happen on the road but when its in good shape, its wonderful to drive, the performance , speed and handling is superb couple with the attractive interior but it is not the conventional Uber car which i had premonition of before accepting to use it but i thought i was smart enough not to put it on the road more than 7 hours 5 days a week.
This is my story!

Run from anyone who bring up religion in the course of business

Phil124:
there's nothing like sure odds..becareful oo..before it will end in tears

who told u?

His younger brother lied to you. You could have gotten a neat Nigerian used Toyota at 1m, it could just take a little longer to get a good one. A bad Toyota is still far better than ford in E-hailing.

with all this comment fear Don they catch me plz help me I wanted to start okrika business,pls help a brother anyone that is into the business or got contact of someone in the business should pls quote me

NGRsenate:


All of you looking for fixed deposits and treasury bills should better get the idea out of your minds.

If you’re looking for where to put money, open a domiciliary account and buy dollars.

Who knows, with this border closure, the naira will dip before it goes up.

Infact always keep your money in dollars.

I tire o

100k for TB

Raskasal:


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?

That's why i have put it up for sale but pending till i see a serious buyer, i'll continue using it for Uber.

9ja083:


You are right. Am confused right now. This is my 1st importation business. I was told that buyers are there at the wolf. And immediately u clear ur goods from the custom, buyers will like to buy it immediately. And now this?

Haa,its a lieoo

NGRsenate:


All of you looking for fixed deposits and treasury bills should better get the idea out of your minds.

If you’re looking for where to put money, open a domiciliary account and buy dollars.

Who knows, with this border closure, the naira will dip before it goes up.

Infact always keep your money in dollars.

please tell me more about opening of this domiciliary account,I think it's a nice investment

It is hightime Nigerian business men and women moved into hiring freelancers for their businesses

if you are not a standard firm or stable yet with steady customers and clients, you have no business employing full time workers

Start outsourcing jobs and tasks to freelancers or at most part time staff. It will surely help you cut down overhead cost and in the process bring experts your way

Whether your staff make mistakes or not or slow to deliver, you're expected to pay him or her every month.

Whether there is sales or not, you must pay him or her monthly

You will in some cases train him or her too for free and they may likely leave you just after training

Employing freelancers save you from all these and you also have option to reject what is below standard from them without a cost

Chat me up for more information or how to hire competent freelancers for your business needs

mfm04622:


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!

A customer support agent in a top Nigerian bank actually told me they give 3% rate for fixing N100,000 for 30 days.

NGRsenate:


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.

How can they make quality shoes when kpomo is a favorite delicacy? We eat our raw materials in this part of the world and expect quality from God knows where. Lack of proper craftsmanship and poor training had left most of our artisans in penury.

Ginaz:


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 .

Also depend on how much you have to invest,work with Nassarawa guys or Abokis generally. Ensure they don't run with ur bikes.in my area these boys leaves in group so it is easy to monitor their movement in case one disappear ,u hold the rest responsible.

ecclize:

i need the two sure odds... how do i get it ..

You better keep your hard-earned money....nothing sure.

Jones4190:

let me tell you the trikes behind the okada business:
1. don't buy the bike yourself, allow the person who will be riding the bike to look for available bike for you, all you need to do is to tell him your budget.

2.do not go for new bike to avoid police wahala, ( Take this serious)

3. do not go for super return, slash the weekly return to favour the person riding it, if other are received #1500 per day, make you own #1000. ( The benefit are numerous) at last na you go enjoy pass.
4. the key to any successful Okada business in Lagos lied in the hand of Aboki so I will advice you to go for mallam.

Bro please don't ever venture into okada biz if you're not available to track or monitor them at least twice daily, Bought 5 bikes for biz early this year at the rate of 225k/245k gave them out for hp to pay back 380/400k, depending on how they bargained to 2 abokis, 1 igbo guy, 1 kogi guy and 1 cross-river guy. because of my job i had no time for them, except on few weekends when i'm available. the first aboki ran away with my bike after 2 months paying about 65k, the second aboki wasn't meeting up with weekly returns so i collected the bike from him and sold it because he has damaged it, the kogi guy ran away with my bike, he stopped picking my calls. right now i have just 2 left with the Igbo and crossriver guys.

seuncyrus:


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

U got me there. I hardly approach ppl for help and am not the type that is ready for running around marketing strategy.
Well thanks for telling the truth. I have to use my head.
Thank u. I like been real to ppl and i prefer telling ppl the truth no matter the pain involved. Yet they find it difficult to be honest with me.
I guess they dont wont to discourage me.
I have to get a shop like some1 said here.
God bless u for this.

achi4u:
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.

yeah u are so right this is my thought also

I was too kind, I was in school, teaching part-time , learning furniture making and also going to Lagos almost every week to buy female cloths, I was doing well, at least I could fend for myself etc. Anyway, I was always lending people money, I felt that if I had it then I should be able to help people cuz I might die anytime, moreover I hate to see people suffer and not do anything about it, well, that's how business ended oooo, people no gree pay me back, over 100k I had saved that I'd invest during service year, anyways I thank God because He put me back on my feet.
In short now I sell yams, crayfish and locally grown rice (very good and stone free rice o), make una come buy biko, na beg I dey beg o.

LadySarah:


Haa,its a lieoo

To be honest with u. This one just weak me!
Well God dey

ThisisIkemefuna:


Interesting. I'm not sure I perfectly understand how these work oo.. Please put more light into it or I can chat on WhatsApp 0901715 zero five three three

Don't mind him ooo! It is NOT possible!;

How about going into accessories business


@ThisisIkemefuna

Noel1:

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.

The 3% is per annum! Not per month! Very meagre thing!

Sirseedorf:
How about going into accessories business



@ThisisIkemefuna

Tell me about it

ThisisIkemefuna:


Tell me more. How can one go about it?

do not think abt transportation business o, if u plan to ride d bike or bus, you will make excessive gain; but giving anyone else to deliver means u first receive returns d first few wks and den excuses d next

its even worst with vehicles, they rough drive and spoil ur call and ask u to come n repair. its only pple like dem dat can handle their excesses.

#speaking from multi-experience in both.

Houstency:


Your submission Sir/ma is fraught with inconsistencies in calculations and understanding of the process. For that amount, you can't get that rate in any Nigerian banks. The 10% rate you used as an example is per annum , to get a month's rate from it, it is prorated which is less than the 10% you quoted. Else tBills , FGN savings bond etc wouldn't have subscribers.

Please tell us the bank that pays 4.5% monthly interest on a savings account, that's 54% per annum. So the bank would mobilize deposits at 54% and lend it out at between 15-23%? Always reflect on what you are about to type.

Noel1:


A customer support agent in a top Nigerian bank actually told me they give 3% rate for fixing N100,000 for 30 days.

That 3% is per annum, not per month!

To clear your eyes, go back to the person and ask him to calculate for you how much the interest will be after 30 day on 100k

Authortee:
Was stupid I entered a farming business. I was lured into it after visiting an elderly friend’s farm and seeing him selling hundreds crates of eggs and counting hundreds of thousands of naira. I got greedy and entered the business with doing research. It was the worst business I ever did and within six months, it affected my health so bad that till today, I suffer from this health challenges. The painful fact was my mentor sold me the baby chickens and sold me the feeds and sold me the drugs and gave the workers. The man made insane money from me. Before I know it, 10million naira was down the drain.
My mother even left her own business and tried to salvage the business and lost her life in the process.
The only thing I made from that business was the land I bought for it which is till today still along a busy road. Sadly the land is not even up to 10 million naira in value till today. Most of the time I just tell people, entrepreneurship is not worth it if you are not stealing money from somewhere to back it up like Otedola, Dangote and co. If not you are on a long thing.

Moral: don’t let anyone push you into any business because they are doing well. Most of the time, the successful business man you envy is a smart criminal who will finish you if you fall for this tricks

that's on point bro, i always tell people, to be successful in a business takes time and serious work, if u can't go spiritual or crime to back the biz up, if u want to be neutral in biz u must be patient to be successful. Am into one sometimes i feel like giving up on it, but am a perseverance person that's what keeps me going.

I entered into agriculture without adequate knowledge and improper planing. It cost me hell

I don't really know about it, i just feel like given you a notice on it among other business.
though I also have the same 100000k with me but am contemplating on the accessories business, but it will be mini business.


@ThisisIkemefuna

Jones4190:

there is oo my brother, infact that is my business, don't even go for the one of 100k, look for the one of 50k, buy two and give aboki to be delivery 6k each every week.

Baba how person fit get the bike sellers and abokis wey go ride am for Lagos?

mfm04622:


The 3% is per annum! Not per month! Very meagre thing!

I think I should inquire more. Tnks.
I gatz put a disclaimer on d previous post.

Noel1:


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.

You need to be clear please, 3% per annum or 3% per month?