Ideas For A Million Naira Business?

I'm trying to convince a friend abroad to invest in Nigeria. His budget is 1 million naira (about 4000 pounds), but the problem is supervision. Which businesses could I recommend for him bearing this in mind (tolerable fraud level 5- 10%)?

I would advice him to visit nigeria for at least a month and feed his eyes for himself. If he is like me, opportunities will jump out right in front of him. As I tell pple, the key to succeeding in business anywhere in the world is to focus on what pple need, not want. Where the market already exists, then u 2 will need to figure out how to add value so that a customer will come to you as opposed to the competition.

As for fraud, sorry to say, but I don't think that can be avoided. From my experience in naija, it seems pple forget that there is tomorrow. So either you factor in fraud into the cost price or you tell him to be there in person and focus on point-2-point sales, where he flies in, sells his stuff, collects teh cash and flies out.

as always, my 2 cents.

Never convince a friend to enter into a business or else when it fails - it will fail if the person is doing it halfheartedly - the person will blame you and your relationship will be strained. Why not invest your own money?

If all your friend has to invest in Nigeria is just this (small) amount of money, and he doesn't have time to spend in Nigeria working on it, or even business experience, then maybe he should consider buying securities like stocks and bonds with the money? That's the only possibility in this case. What do you say?

Nwoke I agree,

I totally forgot the amount of money involved. Pocket change, especially if you consider potential loss of friendship, if you ask me. Together with the point-of-sales stuff I mentioned above, stocks and bonds aren't a bad idea either. Basically, any business where he is in total control of his money, so that, should it fail, he has no one to blame but himself.

I think se.un (That is ur name not nwoke u nuts ) is right, do the right thing, do research don't just invest, form a partnership and legal agreement, sign them and do all the little little business things before any investment. Even when the business fails, u can always start again with where u left your integrity but never ever just give money without good planning. It is likley to fail,

my2cents:

I would advice him to visit nigeria for at least a month and feed his eyes for himself. If he is like me, opportunities will jump out right in front of him. As I tell people, the key to succeeding in business anywhere in the world is to focus on what people need, not want. Where the market already exists, then you to will need to figure out how to add value so that a customer will come to you as opposed to the competition.

As for fraud, sorry to say, but I don't think that can be avoided. From my experience in naija, it seems people forget that there is tomorrow. So either you factor in fraud into the cost price or you tell him to be there in person and focus on point-2-point sales, where he flies in, sells his stuff, collects the cash and flies out.

as always, my 2 cents.

Very well said.You cannot completely convince someone about a business idea unless he sees for himself.

I would say, the nigeria of today, 1 million is not even enough to buy a stand by 10kva generator (Pekins/Mikano Silent/Cabin). It cannot even rent a shop at idumota market talkless of allen avenue. But you should be able to rent a kiosk along masha kilo abi na ajegunle area and you must be ready to sell, buscuit, chin chin and para ga in it. 1 million cannot do anything successfully in this country.

But if i would advice on what do with it, put it in a fixed deposit account and see of what 10/12 month pecernt you can get in a month. 1-10,000 naira profit is not bad u know.

Wow , 1 million is a lot of money, just be careful in ur advice sha. I wish he were a woman, I would advice to open a boutique in lekki or victoria island.

Well, someday l hope to open my very own spa and salon in victoria island , lekki side for the cash madams and sophiticated babes for naija and put some yankee style and taste to it hopefully.

CAR BUSINESS

Tell him to buy cheaps cars from Europe

he would make money that way

he can buy a car for about £500 - £1000

which is about 200,000 naira and sell it for nothing less than 400,000 naira

he has made double money

Now , when he starts making his money

he should always pay his tithe and offering so God will bless him more

he should face his business and not let pleasure ruin it ( eg: gals and all dt)

The only problem about car business is clearing your goods at the port of entry and also If government come and clear your cars for some reason

But, always pray & God will multiply your seed

Good luck wit it bro

I pray you make it big

Nigeria is also a land of opportunities provided you know what you are doing

hello friend. My own advise: kindly tell that your friend to pay a visit to Nigeria for feasibility studies before he decides which business he want's to really venture into .

Why? b'because must of all this people that majority of Nigerian are dubious which the greatest mistake they are making.

As bolex said, car business is the fastest he can engage in for now whiledoing feasebility studies.

I have a guy who is looking for who will sponsor his business ideas.
If you aren't afraid u can let us fix an appointment and talk them over and see if he would like them.
but as my 2 cents and nwoke have said, let him come down here.

he should first visit Nigeria then decide on what area of business or investment that interest him. i believe that if you are happy with whatever business or investment you do then return on investment will good. that is the law of money. tell him to check on stocks and real estate.

Listen to Nwoke

His advice is correct. If you want to keep your friend then do not get inolved!

Sad but true

Money is always a tricky issue where friendship is involved.

True.

Car buz is no good in naija these days ooo, every corner and every house in my street now sell cars and you could have your car on display for more than 6months no buyer, i have done that buz before and i can tell you, it is either the clearing from cotonou that will finish you or the clearing from the Port in lagos. Tell your friend to follow his mind. He can buy Stocks and Bonds since thats the only market where he can either make 20 percent of his investment in two weeks or loose 50 percent of his Capital in two weeks but it is best when you are close to the market.

People are saying the wrong statement, Why would he buy can first, He need to invest . And from that he start planing is life, i mean settle down.