Hey guys, since I graduated I haven't been able to secure a job. My sis on the other hand lost her job due to the current economic challenges facing the country.

The thing is, I and my sis are about to venture into flour distribution business. In short we have concluded arrangements with the company but our greatest challenge is what we realized during our market survey. We found out that the business has to do with supplying bags of flour to retailers on credit. I have never ever ever conducted any business that has to do with selling on credit.

Therefore, I am pleading with anyone who has an idea on how these things work, especially professionals, to give a word or two of advice on how best I can manage these creditors without them crashing my business. Thanks

P.s - I have been strongly advised to be careful of people I supply to. I heard that some even do juju that throws you to a state of oblivion

Selling on credit is not the problem but who you sell to, just like your last sentence.

Having agreement with your clients is very important.

Tho, when they will pay will be dependent on how fast sales are.

I really don't like doing business on credit to avoid stories that touch.

Buy a small bucket of red paint, the type that efcc uses to write "keep off, under efcc investigation" on all those politicians houses. Then in front of your shop, write boldly "No credit today, come back tomorrow" . Thank me later.

Just write this on your wall/face/distribution van in bold letters........
No credit today come tomorrow

Works everytime...ya welcome son

Hmmm

Its inevitable u jus ave to,but give to only dose u sincerely knw will pay u at d given time

Adesege:
Selling on credit is not the problem but who you sell to, just like your last sentence.
Having agreement with your clients is very important.
Tho, when they will pay will be dependent on how fast sales are.
I really don't like doing business on credit to avoid stories that touch.

you are very Rice my dear

Don't try it

Record everything.
Absolutely everything.
Record how much the bags of flour that were purchased cost or how much you agreed to sell to the customer then record the date of purchase and the day the customer says they will make payment and make sure your customer signs all this to be sure of compliance and understanding on their part.
People are always trying to play smart and will search for loopholes in your business contract to avoid paying what they owe.
If possible have a witness at hand when your customers are making credit purchases.
All this is to avoid being cheated or to eliminate errors from forgetfulness on your part or your customers part.
If they make part payment, record it in a receipt stating the deposit that was made and the balance that is yet to be paid.
Save every business detail in a computer if possible.

FTC wowwwwwwww[color=#990000][/color]

Credit is synonymous to free gift here in Nigeria
.
70% of your customer won't pay back and with the current situation of things in the country,You will be hearing excuses such as "you know the situation of things Na in this country, come back tomorrow".

The irony of it is that situation of things in the country keeps getting worst, so tomorrow will never end.

OP if there is one thing i hate nigerians for is, nigerians sabi spoil business wella. The best thing is, if you want to start any business, make sure its a business of "payment before service". If not, dem go use credit "finish" you! The funny thing is that, many of those debtors have the money to pay but probably they feel by paying you they are enriching you so they don't want to pay! If you give on credit, to collect your money na there wahala go start

selling on credit kills business...
if they want you to supply, pls collect your money in full.
some people are not trustworthy, especially when it involves money.

Please dont even think of selling anything on credit even if they are related to you.

Credit is business

As long as Buying and Selling is Involved, ''Sales on Credit'' is Inevitable...


Thing is: Hope for the best when they buy on credit and Plan for the worst when they start telling touching stories...

fellis:
Record everything.
Absolutely everything.
People are always trying to play smart and will search for loopholes in your business contract to avoid paying what they owe.
If possible have a witness at hand when your customers are making credit purchases.
All this is to avoid being cheated or to eliminate errors from forgetfulness on your part or your customers part.
If they make part payment, record it in a receipt stating the deposit that was made and the balance that is yet to be paid.
Save every business detail in a computer if possible.

Jst start, business is luck jst like every other things in life .best laid plan may stil fail

1). Go into contract as a supplier to a trustworthy bakery
2). Get someone to do the selling so you don't have to confront customer except on special occasions.
3). Collect down payment for credit sales.
4). Give Significant discount to encourage cash purchases.
5). Charge a little extra for credit purchases.
6). Make provision for bad debt.
7). Keep complete credit record and make the customer acknowledge it probably by signature.

My 2cents.

Remember to check my signature.

without selling on credit...I hardly make it

am also looking for someone to supply me with phone accesoris

BT credit must they o

if ur interested quote me

As far as its supply, credit sale is inevitable. just make sure you keep record of those you sold to and how much each of them is owing. if possible let them sign, and you sign as well at the end of each supply. They will definitely give you a specific date to come and collect your money. But still some will owe you, even fight you on top. So if you can open a retail outlet where you can be selling as well so that you won't be idle all the time, why waiting for those you supplied to, to pay up.

P.S, just have in mind that bad debt will come up once in awhile.

Print a banner with the inscription No Credit 2day Come 2mao

There are basic things that you can do to reduce your risk but you can't totally eradicate credit facilities in such business bro.
1. Always start small will your buyers. Try and start with half Bag if possible. Tell them they have to earn your trust before you can start to supply them more. The truth is that if you don't do this they will take your flour and spend your money on another thing. That is their way!

2. Offer a discount or bonus to loyal and faithful customers. Make sure you have a plan to encourage people who don't owe you for a week or a month or quarterly. Depending on what you felt it's right. But monthly, is found to work best in my opinion.

If you can implement these two suggestions properly; it will help reduce your risk greatly bro.

Best if luck

Nnemuka:
selling on credit kills business...
if they want you to supply, pls collect your money in full.
some people are not trustworthy, especially when it involves money.

Please dont even think of selling anything on credit even if they are related to you.

what do u know about business?

e no easy!!!

in as much as you want to make money, i think you shouldn't be too desperate to give just anyone goods on credit.

e sha still no easy anyway!!!

Khaynet:
1). Go into contract as a supplier to a trustworthy bakery
2). Get someone to do the selling so you don't have to confront customer except on special occasions.
3). Collect down payment for credit sales.
4). Give Significant discount to encourage cash purchases.
5). Charge a little extra for credit purchases.
6). Make provision for bad debt.
7). Keep complete credit record and make the customer acknowledge it probably by signature.

My 2cents.

Remember to check my signature.

Good one bro

Credit sales is one of the factors that helps a business grow n could make it fall too....
In the sense that if credit is attached with interest, the business grows. But without interest it will collapse....

The come today, come tomorrow tactics of some of those owing can be frustrating!

There's no way u wil do business that you won't sell on credit. All dos pple sayin u shud tag no credit 2day com tomorrow are just novice nd mayb they thought its all bout rice and beans they are selling in front of their house. Back to d topic selling on credit is not the problem but there should be rules and regulation giving to your customers and if its a big business u can have your personal lawyer to handle that for you

myvision:


Good one bro

Thanks bro

....

Space booking

Adesege:
Selling on credit is not the problem but who you sell to, just like your last sentence.

Having agreement with your clients is very important.

Tho, when they will pay will be dependent on how fast sales are.

I really don't like doing business on credit to avoid stories that touch.

Well said!
Your last line, no one does but the credit thing is what we can't just get over especially in Nigeria here
No matter how you try customers will still come asking to buy on credit.

tochman:
Hey guys, since I graduated I haven't been able to secure a job. My sis on the other hand lost her job due to the current economic challenges facing the country.

The thing is, I and my sis are about to venture into flour distribution business. In short we have concluded arrangements with the company but our greatest challenge is what we realized during our market survey. We found out that the business has to do with supplying bags of flour to retailers on credit. I have never ever ever conducted any business that has to do with selling on credit.

Therefore, I am pleading with anyone who has an idea on how these things work, especially professionals, to give a word or two of advice on how best I can manage these creditors without them crashing my business. Thanks

P.s - I have been strongly advised to be careful of people I supply to. I heard that some even do juju that throws you to a state of oblivion

. Since ure just starting I tink u shuldnt sell on credit.

90% of rich business involves selling on credit, wot matters is how favoured u will be at last. people can fail u but trust in christ is superb