A problem share they say is a problem half solved.I have been out of job for a period of six months now and this period was hell on earth for me.I have searched all almost every where but nothing good seem to be coming my way.Now an uncle of mine is offering me a sum of N300,000 to venture into a business.Every one will agree that the money will not be enough to standardise a business outfit,so l want to start from a small scale business.At the moment,l am thinking of venturing into phone and recharge card business.

Please can anyone give me some glue on how to forge ahead or better still some business tips that can roll over my initial capital so that i will not dissappointment myself and family.

Please l need meaningful suggestions and opinions.

thanks

Here are my own tips and ideas:
1) Do not spend one naira out of your money without knowing exactly how much you'll make back from it.
2) Do not be too optimistic in your projections. If you have 300,000 naira, use only 200,000 naira in your budget.
3) The first step in business development is finding a solution to a genuine need that people have.
4) The second step is to find a reliable system for generating money from your solution. A revenue model.
5) A small business cannot survive if it runs out of money. Never spend 2 naira on what can cost 1 naira.
6) Always choose the business idea that costs the least amount of money regardless of how much you have.
7) Always choose the business idea that requires the least number of employees. Employees are expensive.

I agree with Seun.
Also, I know this is geared towards starting a business in the US, but spend some time on applicable steps of the "10 Steps to Starting your Business" On Startup nation. http://www.startupnation.com/index.asp

Also, consider collaborating with someone so that you can increase your capital base. Of course this also means assuming the risks involved with partnerships so you'll need to carefully consider whom you end up going into business with, and ensure you have the proper paperwork in place to protect your interests.

If you consider partnering, don't rule out partnering with people in other countries where you may want to expand your business to.

Hey, I posted this thread earlier and it relates to the situation you are in now. Maybe it can help and even motivate you further. Good luck.

I can understand the situation.

Let me start with practical guide:

But what i know is that there are several businesses you can pursue with 300k.
I have tried and presently trying some businesses with 300k-500k capital outlay.
Recharge cards are good if you have good location and sound distribution network.
Likewise phones, new or used ones. You will need to import these from Dubai/Finland/Sweden. I know someone who makes 100% monthly returns importing used phones from finland.

There are also some export businesses you can do, like export of solid minerals like Topaz, aquamarine etc. also honey,

with 300k, dont try selling clothes/jewelleries!! It ties down stocks and if you sell to friends, they owe!

But it depends on your attitude to taking risk, higher risks usually give higher returns. I know you can have 30-40% steady monthly return on many SME businesses in Nigeria, and there are several that you can lose your capital witin 10 days!!!

So first look for what kind of returns you want and definitely you need to look for a mentor/partner that can guide you. he/she must be someone that shares similar vision with you.

On a general note, make sure you have a sound business plan clearly written out beefore you set to start. That will show you if the business will be profitable and how you can make it work

I have more tips for you:
1) Don't assume that you will get the money your uncle has promised until it is in your account. Alternatives exist.
2) Don't be eager to spend your capital after securing it. It is not running anywhere.
3) Don't enter into a crowded business like recharge card distribution if you can't do better than others.
4) Choose a business that involves skills and ideas and services that most people won't be able to copy.
5) Avoid get-rich-quick shemes or "investment" games that involve making money without creating any real value.
6) Don't open an office unless your business needs it and you don't have any space you can use for free.

You'll notice that I haven't suggested any specific business. One needs to know your specific abilities, what you love to do, what is in demand and what already exists in your area. The only person that knows all that is you!

Fortunately,one of my dormant savings account clicked 150,000 naira,
i want to use it for investment,
any of my fellow nairalanders with good idea of huge earni business that i ca use this sum for pls share with us and others in my shoes

U might want to venture into transportation bizness. Get a couple of bikes(okada) and put them on the road. but of course you know u'd only give them to trustworthy people. If you get them making returns of a thousand bucks every day. in a year u know what that would amount to. and the bikes they only cost 80k. and you dont always have to spend ur money maintaining the bikes and fixing it when something goes wrong. he drives it, he fixes it. if u enter into that agreement with him he's gon be more careful.

The okada business that someone wants government to ban?

If you want to do well in motorcycle transport business today, I think you'll need to be a bit innovative. For instance, you may arange for your rider to act as a delivery agent for certain corporate bodies in your area.

i need ur opinion,i am planing to franchise with a company abroad but i dont know which company and what type of investment will work faster in nija.i mean investing of millions.

who know someone doing the trading of used bus!!!!pls e-mail me !

xinjinqiao2300@hotmail.com

I am a used bus dealer in China!

Hi danpullo,

There are lots of interesting franchising opportunities in Nigeria.
Consider some of these:

a. Retail Outlets/Shopping Malls

c. Fast food Joints

c. Computer Accessories and Support

d. Clothing lines

e. Food Processing Outfits

Chief,
I suggest you stay clear of the Okada business. But the truth is that all 'heads' are not equal.
A few months ago, i started buying one a month till it was about three. It was on hire purchase. Half way down the line one became a pastor abandoning my bike(Left me to my faith), One got injured and didnt want any one to ride it except him, and the funniest one (The third) won a lottery of 12,000 naira and decided to quit!!
I have lost one of the bikes to thieves, one has a partial accident(just minor repairs, and the last has no rider)if i am able to sell i would.
The up side for me is that i got money from else where and got a bus. It cost me about 560,000 naira to put on the road.After spending almost 240,000naira on bikes!!

Most important idea? Keep / Get your day job but re-invest in what would bring daily money!!
theforce_cia@yahoo.co.uk

You can also invest in fish business.thanks

How much does it cost to start a fish business?

This is for Deejay. If you can afford to forget N150,000 in a dormant bank account, why don't you try investing the money, or part of it, in stocks. Good stock picks would unbelivable value on the long term.

Cheers

h Brother,
I am from India and looking for people who are interested in doing business with minimum investment. I can suggest you to go for a Food Processing outlet or an Eating Joint which just requires a small working capital but no principal investment. I have lived in Nigeria for a few years and know that there are not enough Joints which sell Fresh Fruit Juice (Citrus or Non-Citrus). Nigeria has ample production of Oranges, Mangos, etc. during Season but I have not seen any shop selling Fresh Juices. Most of the Supermarkets, whether Bigger ones like MEGA PLAZA or small ones, are selling mainly Canned Juices and that too with expired dates. Anyway, incase you are interested, pls contact me through e. mail at saint.in@gmail.com so that I can send you details. We Indians have learned from our experience and don't depend for these small things, on big MNCs. You know Coke and Pepsi working. They always kill local Industries to promote their Aerated Drinks (Cola etc) which is not fit for human consumption. Anyway, we can supply you small Manual/Electrically operated machines for extracting JUICE the price range between USD 100 to USD 150 each. You can try importing 10-12 machines for Trial purpose in the market and in case you feel that suits your market and you can make money by selling it to small time people who are looking to start some bsns with minimum investment. I am sure you will find many such people but there has to be someone who can import these Machines and sell in Nigeria.

Hi saintindia i'm also interested in this machines. I'd like to use them to produce own brand juices for this attached proposed superstore.

Contact me on tinard@googlemail.com so we can talk in more details and see if i receive discount for buying in bulk.

https://www.nairaland.com/nigeria/topic-21345.0.html#msg575773

be coming my way.Now an uncle of mine is offering me a sum of N300,000 to venture into a business.Every one will agree that the money will not be enough to standardise a business outfit,so l want to start from a small scale business.At the moment,l am thinking of venturing into phone and recharge card business.


May we know
1) the things you love doing best?
2) the things you hate to do?
3) the type of area you live-is it high density, average density or low density?

We will give you suggestions after your answers to the above questions.
3)


Please can anyone give me some glue on how to forge ahead or better still some business tips that can roll over my initial capital so that i will not dissappointment myself and family.

Please l need meaningful suggestions and opinions.

thanks[/quote]




May we know
1) the things you love doing best?
2) the things you hate to do?
3) the type of area you live-is it high density, average density or low density?

We will give you suggestions after your answers to the above questions.

Please sorry about my multiple post. It was my phone errors.



May we know
1) the things you love doing best?
2) the things you hate to do?
3) the type of area you live-is it high density, average density or low density?

We will give you suggestions after your answers to the above questions.

Another business that requires low capital is Recharge card printing business. You print from the comfort of your home and distribute to retailers and vendors. The market is ever green. People must recharge.All you will need is a computer, a printer and the printing software. Return on investment can sustain you a living./07033097160.