Guys please share the current challenges youre facing as a growing entrepreneur and how u intend to tackle dem.

As an automobile electrician with roughly 3 years experience, I am currently having challenges of making money daily. Sometimes once in a week, some times throughout the week. I wish The income becomes steady, so i can have an organised financial pattern. Like during the dry days, I would have fall back to my previous savings.

I will gladly welcome ideas on how to move my finance forward and steady!

Thanks

Being an entrepreneur anywhere in the world no be beans but you need an extra life if you're gonna make it in Nigeria...so many odds stacked against you including inconsistent power supply, high level of insecurity, non-availability of government support, bad roads, etc.

However, it's not all doom and gloom because you can have a ready market for your product in the most populous developing nation in West Africa, also one needs to learn how to 'package' oneself...even if na fruit-seller you be sell it with 'class'. I once knew a dude who charged almost 3x the cost for purchase/installation of inverters and really did well, this guy go just dey knack coat upandan dey speak queen's English while the boys wey dey work for am na dem dey do the real work.

Ok

Inflation!
Exchange Rate!
Insecurity!
Fulani
Buhari!

[img]https://media1./images/42305eccf731de092494271770d6bd2d/tenor.gif?itemid=7391084[/img]

A.ll

P.roblematic

C.hallenges

The best way to move your finances forward is to elect forward thinking leaders because if you don't, no matter how good and monetise-able your ideas are, a backward government will always stifle it.

That being said, networking na the only fast way and get superior gadgets that will make your work fast and better than other mechanics.

Buhari is our biggest challenge

The economic is not just balanced

It's quite beyond balance

create another source of income from your skill

e.g blogging, sell cars

Omo, At some point the only thing stopping you from closing shop is just the grace of God

The crippling economy, competition and capital are just but a few of the lots

Share kwa

Thank God say person dey see money for the business, if not ehn the expenses go suffocate person

Lack of stable electricity
High price of diesel for the kva generators
Expensive data subscription bundles
Inflation
High exchange rate
Hike in Electricity tarrif bills
Increase in price of materials
Cost of transportation
High cost of adverts and influencers
Tax
Lawma bills
Branding
I T and graphics designer bills

it's well

Learn to upsell, it is very important in the service business.

Anticipate problems before they arise and inform your customers promptly, also tell them the cost of fixing. They may or may not agree with you, but when it arises, they will remember you warned them. When they do, give them a slightly higher price than what you told them earlier. Next time you warn them about potential problems, they will pay promptly.

Packaging is very very important. Customers don't only pay for competence, they pay for "appearance of competence."

When you get paid, don't squander it at once. Remember that sales may come tomorrow, it may not. So, budget appropriately to cover the days without sale.

When you are less busy and business is a bit slow, get busy with improving your knowledge and craft.

If you can, share your expertise on forums and blogs. You never know who is reading.

Learn the 80-20 rule of income. 80% of your income comes from 20% of your clients and 20% of your income comes from 80% of your clients. Focus on the 20% clients who bring 80% of your income. Those are your real clients.

Be extremely honest. Mechanics are known to cut corners and try to deceive customers to get more money dishonestly. If you try that, you are repelling goodwill and breakthrough. Besides, one day, the customer finds out and you're automatically one customer short.

Ok.

Finance for budding entrepreneurs

Electricity is one major challenge and secondly sourcing for finances... bank's interest rates are high and Nirsal...

Lack of financial resources to put a team together

Client loyalty:
If your customers aren't getting value for their money, they'd leave you for another service provider. You've got to be professional to the core for you to gain client loyalty.

Lack of Innovations
It's a competitive world. Try and be innovative and be in tune with the trends. As you run an auto mechanic shop, introduce a morden car paints unit like a baking unit or an alignment unit which can fetch you extra cash in case no customer comes for auto repairs.

You may also get a flat screen tv where customers can watch matches or movies while they wait for their jobs.. Get a small waiting room. You could also install a small AC in your waiting room. Charge your customer in the bill you're giving them and they'd gladly pay without noticing.

Each time I take my SUV to the autoshop I get free meal. Customers throng that place like anything meanwhile, we dey pay indirectly . So, be innovative.

Op no money in mechanic. Better quit that trade. Mechanics are a dime a dozen. My street alone has over 100 and na 2000 to 5000 dey dey price them. To even see up to 100k in a month hard die.

Except you are ready to join some of this big men cult sha and let them have sex with you. They will be giving you their cars to fix and you will be making a lot of money.

Promzy99:
Guys please share the current challenges youre facing as a growing entrepreneur and how u intend to tackle dem.

As an automobile electrician with roughly 3 years experience, I am currently having challenges of making money daily. Sometimes once in a week, some times throughout the week. I wish The income becomes steady, so i can have an organised financial pattern. Like during the dry days, I would have fall back to my previous savings.

I will gladly welcome ideas on how to move my finance forward and steady!

Thanks

When you start getting customers now, thats when you start to misbehave to customers. Most mechanics in Nigeria are not reliable.

J

My brother, there's nothing you do that your business will not be affected, the inflation is so high but income is not flowing... There's a big gap between business and success in Nigeria today.

Nigeria kind of economy is not meant for the SMEs.

Once you can't afford a reasonable amount of capital to kick start your business, you will keep crawling.

Speaking from experience.

Chunk of services information at hand we can run but the capital kept us behind.

Go to financial institutions for facility, they will ask for your grandfathers profile

Entrepreneurship is a scam in Nigeria.

https://www.nairaland.com/2983340/entrepreneurship-nigeria-scam-multiplier-poverty

This topic made frontpage in 2016 and it is still valid till today. It has over 30000 views and over 250 comments

Those who killed all our industries and stole the nation dry told the youth and graduates to find their survival means with little or no assistance.

Read the part 2 of the article, Entrepreneurship is a scam in Nigeria.


https://www.nairaland.com/3102449/part-2-entrepreneurship-scam-nigeria

tensazangetsu20:
Op no money in mechanic. Better quit that trade. Mechanics are a dime a dozen. My street alone has over 100 and na 2000 to 5000 dey dey price them. To even see up to 100k in a month hard die.

Except you are ready to join some of this big men cult sha and let them have sex with you. They will be giving you their cars to fix and you will be making a lot of money.

That's sad o. No wonder people are strolling across border casually and japa-ing from there.

Standing5:


That's sad o. No wonder people are strolling across border casually and japa-ing from there.

I was a mechanic before I became a programmer and I will never advise anyone to be an artisan in Nigeria. Even salaried job is max 50k. You will be repairing mercedes of 100 million with repair bills of 2 to 8 million and na 50k go come enter your account every month. That's even for the elite West star o. One man workshops pay between 15 to 30k a month.

It's the same with tailors et al. Many artisans in Nigeria are very poor.