I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

All I hear from you is Passion Passion Passion which is what sells an idea.
If you're confident about the success of the idea which I think you are, then the rest would fall in place like Tetris, don't worry, whatever you're making now would actually be like peanuts when your business starts picking up.
Of course there'll be initial challenges but that's normal, just ensure to get professional advice from those in your business industry to prepare you better for the dynamics.

But do make sure you save up enough capital and be very selective of staff. An idea/business is only as successful as it's human resource, integrity and dedication is what you should look out for.

I hope to read your success story on here soon.
All the best.

What's the idea

AimingIncognito:
I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

What's this idea?

Don't worry, I don't stay close to you so I won't be exactly stealing the idea... Who knows, maybe I can advice

Eno38151:


That's good but in all honesty that idea is not fantastic, but decent at best. And the probability may not 80% as you said.

A friend of mine had this idea about 2 years ago (in abuja) and he thought it was brilliant but after some due diligence he shelved it (rightfully so), while developing real estate/property in general is never a bad idea dont expect amazing returns on your investment or serious profits anytime soon.

Do you know the idea?

LePrezident:


Do you know the idea?

She mentioned it now

Eno38151:


She mentioned it now

No she didn't. Kindly re-read. The hosel construction is no the idea, that's a side project her dad advised her to engage in earlier.

LePrezident:


No she didn't. Kindly re-read. The hosel construction is no the idea, that's a side project her dad advised her to engage in earlier.

Youre right mrPrezido

Eno38151 She didn't mention the idea. She only said her Dad suggested building hostel accommodation at a vantage spot. A project which has been gulping her saved-up capital for her dear business idea.

Aimingincognito. I understand why some of your friends would advise against quitting your day job. The risk in business is always there. Is it possible to get a trusted, focused & motivated but yet-to-be-employed relation to manage the business at its inception? Then you can quit your job when the business proves successful. With that you won't have to quit your job & you can still actualise your business desire.

Success!

Eggcelent:
Eno38151 She didn't mention the idea. She only said her Dad suggested building hostel accommodation at a vantage spot. A project which has been gulping her saved-up capital for her dear business idea.

Aimingincognito. I understand why some of your friends would advise against quitting your day job. The risk in business is always there. Is it possible to get a trusted, focused & motivated but yet-to-be-employed relation to manage the business at its inception? Then you can quit your job when the business proves successful. With that you won't have to quit your job & you can still actualise your business desire.

Success!

True

Thanks everyone.

@eggcelent: I wish its a kind of business I could handover to a family member while I'm at work but unfortunately I have to oversee what's going on almost all the time, part of the business require some skills which I'm really good at.

I would appreciate more suggestions plsssss

*Modified* Yayyy, FP
THANK YOU ALL FOR YOUR MEANINGFUL ADVICE. I really appreciate you fam.

As suggested by the majority, i think its better to finish the project first then use the income to finance the business.

Once again, thanks everyone

LePrezident:


What's this idea?

Don't worry, I don't stay close to you so I won't be exactly stealing the idea... Who knows, maybe I can advice

I'm not telling you

AimingIncognito:


I'm not telling you

Oh cmon... I might have good ideas for you to add to it

Dominique Mrknowitall pls help me push this to FP for more advice, i really need to Mk a decision by end of May/June
@ lalasticlala i know this is not snake related but don't worry, i will kill a snake for you, you hear

*modified*
ohh Lalasticlala! you did it! Tanchu . Just tell me the specie of the snake you want and how you would love me to prepare it; Smoked? Grilled? Fried? Boiled? Roasted? Spicy? Raw? . I've got you bro! I've got you.

what are you calling the mods for? How will people help you if you do not want to say the kind of business. You think Ideas are all that matter?

bnanzip:
what are you calling the mods for? How will people help you if you do not want to say the kind of business. You think Ideas are all that matter?

So you want me to mention my business idea on a forum with almost 2million members. You really must be high on hot zobo o

Besides, i don't need 'help', what i need is advice.

Leave me alone let me call the mods oo, izit your call?

You don't know yourself. You want to be advised on something that's shrouded in obscurity. Stop seeking undue attention.

Antares:
You don't know yourself. You want to be advised on something that's shrouded in obscurity. Stop seeking undue attention.

Undue attention you said wrote! From who? The likes of uncultured bully like you? or faceless members who doesn't even know my first name? Humor me pls.

I took my time to read few of your posts and i would be boasting your ego if i called you a bully, but in the real sense what you lack is proper home training. I guess you are so pained i ignored the first comment you made on my thread,nigga i'm not here to flirt. I can see you already deleted that post. So, in addition to your lack of home training.YOU ARE ALSO A COWARD!.

I would like you to go back and read all your posts on nairaland? can you vouch for 10 decent posts that doesn't involve you cursing someone?

I'm not here to exchange words with you, I'm a grown as.s lady with back to back proper home training, i'm here to solicit for advice before making a decision that would either make me or ruin me.

So, stay off my mention and go back to being an uncultured coward on someone else's thread.

Antares:
You're a full blown idiøt. End of. What magic does your first name do? Mumu

I gave you one simple task to do: I would like you to go back and read all your posts on nairaland? can you vouch for 10 decent posts that doesn't involve you cursing someone?

Ohh the corrections; some of us have serious work to attend to on a Monday morning,I've got no time to scrutinize my typographical errors ON A MONDAY MORNING.

@Op;maybe you should listen to egg.celent suggestion, try look for someone (a family member preferably) to manage the business while you are at work.
Take a leave from work at the inception, then use the few weeks to train the individual.

All the best

zolapeperenpe:

Are you that jobless? You're telling the world that you're a restless witch. Get your stinking mouth and fingers off my mentions.

I have the same dilemma: business while working to feed the family.

My advice is build the hostel, then use the rent from it to fund your business, small small. At least, you will always have the hostel even if the idea (like many businesses) fails. You can also use it as collateral to get a loan to expand your business once you have proven to yourself that the business works. It might take a bit longer, but it's frankly the least risky of the options. I also think you should keep your full time job; you just simply stop having a social life so you can grow your biz.

This is what I'm also doing: I have managed to build a very small hostel, I'm using the proceeds for business; the hostel is also collateral so a bank takes me seriously; and I have a full time job.

Family members or friends, trusted or not, will not run your business as well as you can, and you will spend so much time managing them and getting status updates that you might as well do it yourself. Not to talk of the ones that will just eat your money as if it is their own business. Also, hiring somebody while your business is so young and untested is going to increase the chances of it failing.

Do you have any holiday time coming (like up to 2-3 weeks) so you can spend them on your idea? Can you run your business on the weekends, to test it for viability?

Good luck

Cool

V

You need to be sure of how market viable your idea is, try to see if you can do a test run of the idea and see the result you get

AimingIncognito:


So you want me to mention my business idea on a forum with almost 2million members. You really must be high on hot zobo o

Besides, i don't need 'help', what i need is advice.

Leave me alone let me call the mods oo, izit your call?

Oh hot zobo

Your idea is not amazing afteral else you won't be scared to lose your job.