Good day my fellow Nairalanders, let me jst go straight to the topic...

for those of u that followed my previous posts, i have finally gone for some deliverance and counselling and by the special grace of God i am very much better now...

last week i visited a man that i worked for/with like 5-6 yrs ago, after explaining my situations to him, he transfered 1000000 （i million naira ）into my account, i still can't believe that i have such amount...

now my plan was to buy a car for taxi since i know Abj roads very well, bt the man told me that he knows people that are into driving bt it has nt been easy for them that i should look for another business...

pls my dear family members what business can i start with （1 million naira ）

NOTE: the money was nt free ooo, he asked me to pay him back within 1yr and 6 months..

pls overlook my grammartical blunders....

mod pls move to the right place...

Pls don't jst view without suggesting anything, i don't want to make another mistake that's why i brought this issue here...

Ifyalways
Sisisioge...

Pls house i am still yet to get any response... Pls i don't want to go into something that i would regret later...

secondly i still wouldn't mind if i can do something below that mentioned amount..

All i want it's something that could fetch me 50-80k per month...thanks..

PSTEMMA1960:
Pls house i am still yet to get any response... Pls i don't want to go into something that i would regret later...

secondly i still wouldn't mind if i can do something below that mentioned amount..

All i want it's something that could fetch me 50-80k per month...thanks..

How do you want to pay back 1mill in 18 months when you want to earn 80k per month?

eyinjuege:


How do you want to pay back 1mill in 18 months when you want to earn 80k per month?

thanks for ur time sir, bt from my own calculations if i am saving 80k per month i think i can raise 1 million naira in 18 months （80 000 times 18 months is 144000..）bt i know i can still make more than that, that's why i am seeking for advice here...

I think your question will be better addressed in the business section.

My advice though is that you don't test the waters with both feet

PSTEMMA1960:
Pls don't jst view without suggesting anything, i don't want to make another mistake that's why i brought this issue here...

Ifyalways
Sisioge ...

Sorry but I'm not sure I've got any advisory for you BECAUSE I am not a fan of starting/trying a business venture with a loan. I'm old school and firmly believe that the best way to start a business is by saving up for it yourself that way :
You'd be super extra careful before you dabble into anything considering that you'll always remember how hard you laboured, deprived yourself of certain pleasures before you could put the money together.

If the business flops, you cry, pick up some lessons and move on without hbp as opposed to thinking of how to repay gbese if it was a loan.

All the best. Shine, Shine, Shine your eyes. Real business in Nigeria grows slowly. . . Don't expect to make much profit or hit a jackpot in your first 3 years. It takes at least 4 years to break even. If anyone tells u otherwise or lures u into a fast money making venture be ready to lose your money. Since you asked for my opinion let me quickly add that I would return that money if I were you so I can have rest of mind. I can only accept or take loans for dire health issues :- my opinion.

ifyalways:

Sorry but I'm not sure I've got any advisory for you BECAUSE I am not a fan of starting/trying a business venture with a loan. I'm old school and firmly believe that the best way to start a business is by saving up for it yourself that way :
You'd be super extra careful before you dabble into anything considering that you'll always remember how hard you laboured, deprived yourself of certain pleasures before you could put the money together.

If the business flops, you cry, pick up some lessons and move on without hbp as opposed to thinking of how to repay gbese if it was a loan.

All the best. Shine, Shine, Shine your eyes. Real business in Nigeria grows slowly. . . Don't expect to make much profit or hit a jackpot in your first 3 years. It takes at least 4 years to break even. If anyone tells u otherwise or lures u into a fast money making venture be ready to lose your money. Since you asked for my opinion let me quickly add that I would return that money if I were you so I can have rest of mind. I can only accept or take loans for dire health issues :- my opinion.

You are wrong to say business takes at least 4 years to break even. There are some business that break even within 6 months and it's a reality in Nigeria despite the infrastructural challenges.

Secondly, there is no problem in starting a business with a loan in as much as the interest rate is very low or in single digit. I have a lot of friends that started their business with bank of industry's loan at 9 percent interest rate and paid back the principal and interest within 18 months.

@OP, I will advise you to start a business you have passion for. You must also have deep knowledge of the business by conducting your feasibility study and trainings as well as having a mentor that is already in your intended business so that you can learn from his/her experience.

Keep your opinion about my opinion to yourself, I neither asked for it nor care about it.

I know you didn't notice but my post was directed to the OP because he asked for my opinion.

Afi internet warrior
.

ifyalways:

Sorry but I'm not sure I've got any advisory for you BECAUSE I am not a fan of starting/trying a business venture with a loan. I'm old school and firmly believe that the best way to start a business is by saving up for it yourself that way :
You'd be super extra careful before you dabble into anything considering that you'll always remember how hard you laboured, deprived yourself of certain pleasures before you could put the money together.

If the business flops, you cry, pick up some lessons and move on without hbp as opposed to thinking of how to repay gbese if it was a loan.

All the best. Shine, Shine, Shine your eyes. Real business in Nigeria grows slowly. . . Don't expect to make much profit or hit a jackpot in your first 3 years. It takes at least 4 years to break even. If anyone tells u otherwise or lures u into a fast money making venture be ready to lose your money. Since you asked for my opinion let me quickly add that I would return that money if I were you so I can have rest of mind. I can only accept or take loans for dire health issues :- my opinion.

thanks for ur time ma, i mentioned u because i always read ur comments here, and u have also assisted me financially b4...

how i wish i can go into details, bt i am nt a good writer, the man is like an Uncle to me, though we are from differents states... i am very sure that i won't be under pressure to pay him back..
my plan was to do taxi business in abj her for sometimes and raise capital bt noone is willing to buy a car for me because of thier past experiences..
and this same man said that i should nt use the money to buy a car that it's nt a good business.. so that's where i am confused.

Atk1nson:
I think your question will be better addressed in the business section.

My advice though is that you don't test the waters with both feet

ok sir, should i create a new topic at the business section? and pls could u pls explain the last statement about testing the water with both feet... Thanks..

PSTEMMA1960:
ok sir, should i create a new topic at the business section? and pls could u pls explain the last statement about testing the water with both feet... Thanks..

Don't invest the whole money in a single business at the same time. It's to minimise the risk you are taking. You don't want to be telling the man stories after 18 months.

I wish you the best

Atk1nson:


Don't invest the whole money in a single business at the same time. It's to minimise the risk you are taking. You don't want to be telling the man stories after 18 months.

I wish you the best

ok sir.. thanks..

To an extent, I agree with Ifyalways. It is dangerous to use a loan to start a business especially with the conditions around both you and the loan.

What experience do you have with doing business? What business have you done that you made some measure of headway? That should naturally be your first point of call.

But since you are to return the entire amount within an 18 month period, and since you don't seem to have much experience and assistance from others (I could be wrong tho), I will advise you try a business venture that keeps your funds as liquid as is possible. That is you should be able to convert whatever you are doing into a level of cash pretty quickly.

Outside of the money market which you may not be able to invest in as the returns on 1m are quite small, not likely enough to sustain you, I would say you should try buying and selling fast moving consumer goods. Indomie, cooking oil, foodstuff basically.

Depending on where you live in Abuja, maybe kerosene or diesel purchased from any of the NNPC mega stations.

Something I always do myself. Walk around your area and try to get a feel for what business can move relatively quickly in your area.

And be careful about any one advising you on a scheme or deal that will return your investment in quick time. ESPECIALLY FOLKS ON NAIRALAND

Okay, let me be practical as briefly as possible; you cannot pay back a N1m loan in 18 months if you put the whole cash on a small or micro business. 100% turnover in 18 months is possible only on high risk businesses, and who in his/her right senses puts a short-term loan on a high risk business? Remember you'll feed, clothe, and pay rent.

The man advising you against driving may be right after all. Some of these guys will only lure you with how much they make daily. They won't tell you how much they spent on fuel, repairs, tax, registration, servicing and most importantly, how much they saved after a year. More often than not, they end up with nothing at the end of the day.

There are manufacturing companies around you. Many of them need independent distributors, these roles are never advertised. Why don't you do a quick research? Who doesn't want someone that will help improve his/her sales?

Alternatively you can try some desperate measures like buying a car from a desperate but legitimate owner (one in dire need of money) and reselling for a better value. With this, you can even pay back the loan in 1-2 months, use the gain to launch your business. This like I said is a desperate move.

I think the first question to ask is what can you do, are you business suave, cow if u re not, all of those funds could just go down the drain for one wrong business move.
If you are,then lookbaround your environment, what do u think us a need around u, then in your own little way find out how u can come in.

Either way, pls don't rush to put all of your money into business ,u can start out with one quarter and invest the rest in a good bank, if the business becomes profitable, u can think of increasing your capital.. Hope this helps

Why not try Keke driving. One costs at most 700k. You can use the rest on another business.

Keke drivers plying the jabi - kado - Kubwa route are not doing bad.

80k per month is impossible though.

Keke drivers are not doing bad especially those plying the busy routes.

80k per month is impossible though.

Invest some in a keke and the rest in another business.

LewsTherin:
To an extent, I agree with Ifyalways. It is dangerous to use a loan to start a business especially with the conditions around both you and the loan.

What experience do you have with doing business? What business have you done that you made some measure of headway? That should naturally be your first point of call.

But since you are to return the entire amount within an 18 month period, and since you don't seem to have much experience and assistance from others (I could be wrong tho), I will advise you try a business venture that keeps your funds as liquid as is possible. That is you should be able to convert whatever you are doing into a level of cash pretty quickly.

Outside of the money market which you may not be able to invest in as the returns on 1m are quite small, not likely enough to sustain you, I would say you should try buying and selling fast moving consumer goods. Indomie, cooking oil, foodstuff basically.

Depending on where you live in Abuja, maybe kerosene or diesel purchased from any of the NNPC mega stations.

Something I always do myself. Walk around your area and try to get a feel for what business can move relatively quickly in your area.

And be careful about any one advising you on a scheme or deal that will return your investment in quick time. ESPECIALLY FOLKS ON NAIRALAND

thanks sir, i will take my time to monitor this kerosene business... Someone told me that it's good...

Acidosis:

Okay, let me be practical as briefly as possible; you cannot pay back a N1m loan in 18 months if you put the whole cash on a small or micro business. 100% turnover in 18 months is possible only on high risk businesses, and who in his/her right senses puts a short-term loan on a high risk business? Remember you'll feed, clothe, and pay rent.

The man advising you against driving may be right after all. Some of these guys will only lure you with how much they make daily. They won't tell you how much they spent on fuel, repairs, tax, registration, servicing and most importantly, how much they saved after a year. More often than not, they end up with nothing at the end of the day.

There are manufacturing companies around you. Many of them need independent distributors, these roles are never advertised. Why don't you do a quick research? Who doesn't want someone that will help improve his/her sales?

Alternatively you can try some desperate measures like buying a car from a desperate but legitimate owner (one in dire need of money) and reselling for a better value. With this, you can even pay back the loan in 1-2 months, use the gain to launch your business. This like I said is a desperate move.

thanks for ur reply sir... I went to masaka market today to visit a sister of mine, she told me to go into selling of this new rubber sandals and shoes, that's what she sells..

Rizzoli:
I think the first question to ask is what can you do, are you business suave, cow if u re not, all of those funds could just go down the drain for one wrong business move.
If you are,then lookbaround your environment, what do u think us a need around u, then in your own little way find out how u can come in.

Either way, pls don't rush to put all of your money into business ,u can start out with one quarter and invest the rest in a good bank, if the business becomes profitable, u can think of increasing your capital.. Hope this helps

thanks sir, i really appreciate..

PSTEMMA1960:
thanks sir, i will take my time to monitor this kerosene business... Someone told me that it's good...

kerosene business fluctuates and can drop against Ur favor at any time.

trilobite:
Keke drivers are not doing bad especially those plying the busy routes.

80k per month is impossible though.

Invest some in a keke and the rest in another business.

the man adviced me against driving, he once did driving work, two of his brothers also did it, so he spoke from his own personal experiences.. If nt i am a very good driver and i know almost every street in Abj here..

yvelchstores:
kerosene business fluctuates and can drop against Ur favor at any time.

ok sir, bt location also matters, because a llitre of kerosene is sold for 300 naira at my environment, while the sell less than 230 at filling station... The problem is the level of the patronage...

If you get a sound car you can make it if you have good marketing skill. If a car is out of the picture, look for goods you can always buy and supply. Identify a market that has huge Potential. Let's say u decide to venture into Agric and bought a 25L of palm oil @ 3500 in Edo or any southern state, it sells for 6000 or thereabout in ABJ. Let's say you bought 100 gallons monthly imagine how much you would make but be ready to source for the product. The market is always there.
Drop your mail if u need more info.

Secondly, don't be in a haste to start up.

PSTEMMA1960:
Pls don't jst view without suggesting anything, i don't want to make another mistake that's why i brought this issue here...

Ifyalways
Sisisioge...

I'm so sorry, my mind is block right now. I wish you good luck.

sisisioge:


I'm so sorry, my mind is block right now. I wish you good luck.

thanks ma, i mentioned ur moniker because i always read some of ur posts and comments, and i know u are someone who has a vast ideas, thanks anyway...

I once attended a seminar on youth empowerment.

A bank manager of Zenith bank (Uyo branch) was invited for the seminar.

Her words; NEVER EVER GET A LOAN TO START A BUSINESS NO MATTER HOW SMALL THE LOAN IS.


I've forgotten every other thing that was said in the seminar but can never forget this statement.

All the same, op try agriculture.

Most importantly, invest in what you have passion for.

93Miles:
I once attended a seminar on youth empowerment.

A bank manager of Zenith bank (Uyo branch) was invited for the seminar.

Her words; NEVER EVER GET A LOAN TO START A BUSINESS NO MATTER HOW SMALL THE LOAN IS.


I've forgotten every other thing that was said in the seminar but can never forget this statement.

All the same, op try agriculture.

Most importantly, invest in what you have passion for.

thanks sir, the truth is the money is without any form of intrest....