modath:


Ymodulus ,

Learnt a thing or two which I'm 100% sure gonna apply but the part where you quoted for something & supplied something else is not cool .... I'm getting that one can't be truly successful/contented without cutting corners!

This is not about faith or religious grandstanding but it Doesn't speak well..My 2k...

4nobody4every1:
....Gbam, l will soon open a thread of my experiences with doing business in Nigeria

acorntree:

we are eager to hear about your experience.

ok, l will do that as we enter the new year when l am less busy

9jatatafo:


There are some things you will learn in the course of doing business

mayorall:

That's your inner intuition as defined by Kenneth Hagin. It takes grace to do that.

olojuede01:
Come see how to make money for here....
Cc ritababe, yinks89

ritababe:


interesting

omogetoun1:
Ymodulus, I remembered, I asked for ur help on BBM or whatsapp, can't remember which means cos it's been a while but u didn't respond well. Though I felt bad but guess u just didn't want to help. Any ways keep up d good work

Ymodulus:

Sorry re-send your invitation again ma

Ymodulus:
Importation Contract Version.

I did a detail explanation of this business on this thread. I explained everything.


My experience:

I did souvenirs for the Peoples democratic party Minna Chapter. Governorship Aspirant for 2015 elections.

Alh. Umaru Nasko.

I knew his personal assistant. I also act like a boy boy to them loading recharge card , running errands.

Deals settled for party.


1. Flash Drive

I imported going to 2000 piecs of Flash Drive. The drives were Toshiba chip. They cost around N520 to get in as at that time for 4Gig , 8Gig , 16Gig via expressed


Corruption played

* I told the officials that a flash drive will cost 1000 per piecewe negotiated to around 900 and something I can't recall. However on the receipt I signed that eache flash drive were N1300 / Piece

* We budgeted for 16Gig, the person who gave me the contract ask me to mix 16Gig with 4 Gig and we cut the other money. I had no choice. I even went ahead to make 16Gig only 20Pieces and mix 8 Gig and 4Gig all together.

* I told them Samsung chip glad drive better than Toshiba and expensive than Toshiba by N40Naira. I was paid for Samsung.
But I imported Toshiba and ate the N40 naira each. There was no way of verifying. Don't blame me. Blame the assistant who granted me the Job.

Matches Box
We brought in 10,000pieces customised of Governor's aspirant pictures.
Each match box was 45 Naira a piece. I made sure I added 10 naira of my own gain to it. The matches were distributed to Guni Local Government area. When you going to Kogi from Minna following Laipai area. You will pass this local government.


Hand Bands

Can't recall quantity but I think around 5000. However I can't recall exact quantity. A band goes for N250. They were glow in the dark bands.


Jacquard ( those stuff football fans cross around their neck in times of cold )

On the receipt I wrote 1000pcs of 95% fur jacquard. However I did mix up below par.

In the game of politics, your superiors wants to eat and you too have to play wise and eat too.

Customised Native cloth with Governors Picture
Hahaha. The name of the tailor is even Buhari and we were die hard supporters of the Buhari. However we had to eat our own share of the local cake.
Today we still hangout when am in town.

So sad, while I was an APC - Buhari Die Hard, I wanted Pdp to win in Niger State for personal reasons. .

But Apc ended up winning. Even though I have close ties to both parties state members, I enjoyed that of PdP well.


To have an idea of how to customise and approach organisations, so as to pull things like this read this thread...

https://www.nairaland.com/1990482/it-yourself-contract-version

I posted a detailed tutorial there.



[size=16pt]Table of Content / Indexing / Reference [/size]

We have some set of people who may want to read this thread but will be discouraged because of comments from various other members. Now this reference guide is who do not want to read the whole thread, Just want the important points follow the links below.


1. Introduction
https://www.nairaland.com/1990482/it-yourself-contract-version-phd#27892587

2. Reference / Indexing / Table of Contents
https://www.nairaland.com/1990482/it-yourself-contract-version-phd#27892582

3. Examples of souvenirs, custom items amd services
https://www.nairaland.com/1990482/it-yourself-contract-version#27893514
https://www.nairaland.com/1990482/it-yourself-contract-version#27894025

4. Required Tools / Knowledge
https://www.nairaland.com/1990482/it-yourself-contract-version-phd#27894601

5. Appetizer
https://www.nairaland.com/1990482/it-yourself-contract-version#27894832
https://www.nairaland.com/1990482/it-yourself-contract-version#27895451

6. Problems / Proposal
https://www.nairaland.com/1990482/it-yourself-contract-version/1#27921558
https://www.nairaland.com/1990482/it-yourself-contract-version/2#27927081

7. Encouragement Stories
Story 1: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27927920
story 2: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27928298
Story 4: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27929324
Story 5: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27929644
Story 6: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27930823
https://www.nairaland.com/1990482/it-yourself-contract-version/2#27931426

8. Game ( All work and no Play makes Jack a DULL BOY )
https://www.nairaland.com/1990482/it-yourself-contract-version/5#27974145

9. Writing a Proposal
Proposal Model 1: https://www.nairaland.com/1990482/it-yourself-contract-version/5#27976262
Proposal Model 2: https://www.nairaland.com/1990482/it-yourself-contract-version/5#27976709
DIFFERENCES / SIMILARITIES between PROPOSAL MODEL 1 and PROPOSAL MODEL 2: https://www.nairaland.com/1990482/it-yourself-contract-version/5#27976711

10. Receipts
https://www.nairaland.com/1990482/it-yourself-contract-version/6#28011692

11. Added tips about proposals
https://www.nairaland.com/1990482/it-yourself-contract-version/6#28011859

12. Executing the contract / Customizing Branded Items
https://www.nairaland.com/1990482/it-yourself-contract-version/6#28012230

13. Payment and Funding of Contract
https://www.nairaland.com/1990482/it-yourself-contract-version/6#28012674

14. Conclusions
https://www.nairaland.com/1990482/it-yourself-contract-version/7#28014065

15. Questions and Answers
www.nairaland.com/1990482/it-yourself-contract-version/7#28014065

GAME: https://www.nairaland.com/1990482/it-yourself-contract-version/7#28014563


www.nairaland.com/attachments/1859480_asd_jpeg0c49cdfacac6c059a4fe320b9a38b17f

www.nairaland.com/attachments/1859481_2proposal_jpg_jpeg9435b5d051fd2bee0affb0bdc65cde73

Ymodulus:
[size=18pt]The Currency Business[/size]

The currency business, is the best business I have runned till date. And still running. In the currency business. It's the best thing ever to happen to my life.

Story
When I first start the currency Business I lost 1,126,000 and had to settle back using my savings.

The Idea

Funny the best business ideas I worked on, where all gotten when when driving. I started the currency business last year around September.

I noticed then that, a lot of Chinese importers pay as high as 245 naira per dollar to import goods or send money to china. This is the black market rate of the dollar.

Failure
I thought to myself why can't I generate a way to send the dollars to china at a very cheap rate? Then I tried and I and a nairalander who schools in china TdayoF we both agreed to send money via money gram. It backfired. I did another it backfired I lost heavily I ended up using the returns from my car to settle up my Chinese clients. I lost N1,126,000 approximately.


Some days later I heard on Nairaland from a close nairaland friend who I introduced into the importation business ( Jeff1506 ). I heard from him that a bank by name stanbic bank charges N199 / $1 to pay online. Then I quickly contacted my friend shinaf ( my business partner. Trusted, even though we have never seen till date ).

Aliexpress Platform
We contacted a Chinese friend , who is a Chinese. We told him then that we will pay for items on his store using our Naira Master Card. And that if we pay for an item, we will confirm the order and he uses the money to pay into any Chinese local account.

Note! Aliexpress requires 15 days after which orders are confirmed for seller to get his money. But we wanted the payment to be daily and so we needed someone who can trust us and will use his money pending the end of 15days.

Our seller was the right guy. He is very rich, as he has done official jersey and contract deal for Barcelona Fc , Under 23 Argentine football club, he runs other business.

Mathematical Breakdown
If we pay for an item of $1000 on aliexpress this is how the payment goes.

Chinese local Account = $1000
+
Aliexpress 5% = $50. ( those who are familiar with aliexpress knows that aliexpress takes 5% of any payment as profit. So I and my partner catered for it )

+

Chinese partner 1.5% = $15.

Total = $1065

Now when we want to pay into any Chinese account the sum of $1000 we will pay online $1065.

Now

$1065 * 199 ( stanbic rate for dollars as at then ) = N211935 / $1000= N211.935 / $1 ( exchange rate).

This means the rate at which the dollars gets to Chinese local account after all addictions and all expenses is N211.935 per dollar

Selling the Dollar

Now as at that time the Dollar in black Market is N245 / $1. And 98% of importers use black market rate.

In Lagos if you want to send $1000 for example and the rate is 245 per Dollar. The sending company charges you N3 per each dollar as sending fees. This means you are actually sending at N248 per Dollar.

Innovation
I and my partner sold ours at N235 / $1 . lol! We crashed the market and this got our phones buzzing.

Who were our clients?
When we started my partner shinaf ask us to focus on Nairaland Business. I refused, we even had misunderstanding over this. I told him that I want our customers to be the rich. Then he called me over ambitious fellow. So I made sure I handled marketing of the dollars. I used my connection with owners of big shipping companies in Nigeria and told them what I do. That way we sell to them N235 and they sell to end users 248. We build up our clients base.
Some of our clients include.

1. Major Wholesalers of Phone Accessories in Ikeja Phone Market.
2. Alhaji's and Hajiyas.
3. Importer of Toyota spare parts
4. Importers of Toyota cars
5. Major cargo importers.
6. Owners of shipping companies
7. Owners of BDC ( The biggest BdC in Minna, became my parley through this ).
8. We sent for some Nairalanders who were our close paddies.


Issues
* Every Stanbic card then had a limit of $5000 per card per day. And we always needed to pay up to $20,000 a day. We had to contact some nairalanders, and use up their limit for that day. If we contact a holder of stanbic and uses up his card limit for that day we give him 2Naira on every $1.

This means we pay the nairalander N10,000 just to load his account and make payment online. Our trusted fellows were jeff1206 and one other nairalander.

We had 4 Cards ( Ymodulus card , Shinaf, Jeff , Last nairalander ). Every day we pay $20,000 online.

Now profit.

For every $1000 we send to china we gain this.

Our selling price = $1000 * 235= N235, 000
-
Our getting price= $1065 * 199= N211,935
=
Gain. = N23, 065

We gained N23,065 per every $1000. And the lowest money we send a day is $3,500.

Note at worst, when we say we there is no market for that day we send $3,500.

So we continued like this in a day we made roughly N60,000 worst case scenario.

Funding
We started with N734,000. All Investors were nairalanders who I have done business with on close level.
We gave them 10% of their income at end of month. We never got to month end. At 3rd weeks we refunded all their moneys. And interest.

Sad Storie

Banks began misbehaving with the cars daily limit been $300 per day and rate going so high with black market rate. There was no way we could keep up. We withdrew and relax.


[size=18pt]Currency Business part 2[/size]

During December, we got a means where by we can send Dollars at a very cheap rate to china, the dollars arrived china at a rate which gave us a margin profit of N45 naira.

We made use of the opportunity and continued sending. We still made sure our clients were the rich and big guys. We still sell more.


In currency business 2. Some nairalanders where part. I employed some on contract basis of N4,000 a day. Also thanks to my close Banker friend who is also a nairalander. Thanks for your daily assistance. He gave us all necessary help and if I am to say he has like 30% of the business .

In currency business 2, we are making far far more than pattern 1.


[size=18pt]January 2016 and new way of currency Business[/size]

Due to the cbn regulations, my partner and I got to search for new ways of sending and we didbgot one.

We got a company in Chicago and new York that sends money for Nigerians to Nigeria. But they had a fault. When Nigerians goes to pick their money they get paid at bank rate of N198 / $1.

We cashed in on this contacted the company through someone I know ( its like person connect us to the oga at the top ). We told the company we can pay them at higher rate. They agreed.

So if they are to send $10,000 today from the United States to Nigeria. We will just pay their Nigerian contacts here. I don't want to state cost as I actively run this business.

Now all we require from them is to send our money directly to china. We cater for charges and all and our Chinese agent picks the money and keeps in his account for us.

This company now use us very well. And we do at least $2000 every day from them. And we make going to N80,000 from the $2K deal.



Competitors and Progress
At this point in time. I am now the official money transfer agent for 3 companies.


* ChinaWholeSale commodity. || He dropped a fellow company on nairaland here and am now his agent. I refused at first because I don't want to send below $1000. I want to keep that standard and record. But after much pressure from a friend who owns a shipping company in china. I had to agree


*I send for Aldor Mobiles. They are largest supplier of phone casing , earpiece , charger and accessories in wholesale for igbo guys on ikeja market.


* I still send for some Hajiyas / Alhaji business men.

*. I send for a big company call John Paul.

Success

My rate still outshines all. I play and underground facilitator while they shout to take the credit. But am happy as long as I make money and they make money.



***Photos***
I sent my seller $3749 on Dec 30 via our new way Currency 2.0

***second screenshot today: I sent our seller in china 983 from the united States of America.

His gain is $15. See him doing subtraction. We sold the $983 this afternoon around 1pm. Our gain is around N46k to be shared by my partner and I.


[size=14pt]Sorry I had to ensure that I don't release sensitive informations about this business, so I couldn't go into details about means and how I sent them. It's best it remains this way.[/size]

Ymodulus:
no challenge bof suchm

Truck drivers do the transporting.

Ymodulus:
[size=18pt] Inter- state Transportation Business[/size].



The transportation business is a very tricky one. One that is for the strong hearted. It's a cool business.

Sometime August, I went to Lagos. Then I drove all the way from Niger to Lagos State with 4 passengers ( Nysc Corpers ). On my way back from Lagos, I picked up 4 passengers. And collected N5000 * 4 = N20,000 each on both trips ( I.e going and coming )

The car was the Honda CrossTour. Though fun. But I nearly escaped death then, an accident around Bida with a Trailer. On getting to home, I began calculating. And deducting money for fuel.

I noticed that I spent around N7,000 to full the fuel tank. And I used 3 quarter fuel tank from Minna to Berger around the bridge close to Total filling station where you take a vehicle to Leventis area Ikeja. There is a Mr Biggs at that station.

Now Deducting N40,000 - N14,000 = N26,000 . That was my profit.
I thought to myself why can't I do this full. The truth is its very stressful to drive a car from Niger to Lagos or vice - versa. It's so soo stressful. I can go Abuja to ilorin or Osun that's okay but Lagos is so stressful.

Then I started making enquires, and I got to know about Sharon Vehicle. That would be my first time I knew the car name is Sharon, I thought the Sharon was just a design

Business in Details
I got the First Ford Sharon for 960K ( I was cheated ), even though technically I won't call it cheating because its business and all based on negotiation. I paid the person who drove it from Lagos to Niger N10,000. As at that time I don't know how to drive Manual Cars. Lol! ( I can drive that now ).

I didn't pay for Plate Number, I used a man I know during my political job in the state. He works with Frsc, before leaving. He arranged everything for me. And never collected a penny till date. He told me then he like when young people do something bla bla bla encouragement and old men talk. You should know old people and how the behave with advices like them alone have seen the world.


Cost Break Down

1 * Cotonu second Hand Ford = N770,000 - N850,000 ( Last time I got was around November, its around N770, 000)

1 * Plate number. Settlement and bribing inclusive for commercial plate number was N53,000 ( I did for a friend December last year )

All registration union and all are settled by drivers. ( I know nothing about how they pay )


Method of Remmitance

There are two methods
1. Daily Balance
2. Hire purchase


I don't do daily balance, as its unprofitable in the direction that the driver begins to tell you all manner of stories like,
* Telling you how Buhari was on the road and he seized the vehicle, so he couldn't work *
* How amaechi love the car and collected it *
* how vio pursued him and all those lies *

Hire Purchase: here you both agree a price which the driver should pay in installments after which the car becomes his.

On my own experience driver and I negotiated, He was to return N1.5m on a N970K investment car.


Mode of Business

1. He runs intra state ( Lagos - Abuja , Lagos - Kwara, Abuja - Kano )/

2. Cargo Business from Lagos - Abuja.


Cargo

For the cargo business, all I do is I contact most shipping companies that are to send goods for their customers down north. When they compile the Goods, which they do every Friday Saturday, I send my driver to go pick them and he begins to drop each goods from Ilorin , Minna , Abuja ( Final spot ).

Anytime I ask my driver to go pick cargo goods, for that day the arrangements of profit is 60% - 40% ( 60 for me and 40% for him). The cargo business, there is much money than even transportation.

For example:
* if a passenger is to pay for a seat from Lagos to Abuja he will pay N5,550 as at then.
*However if I am to collect 10 Phones and place on a seat. I will collect N1000 * 10 = N10,000.

Do you get it? I love doing cargo than running transport.


Improvements on Cargo Business
* I later met with SOJ Cargo in minna, they don't send goods on Saturday and Sunday. I was now the one helping them to do so but at discounted price.

* I helped two boutique Big boutiques in Minna there to move their goods from Lagos to Minna. These guys goes to Togo to buy Nice Prada Shoes and slippers and clothes. So when they do, the oga calls me on charter basis and my driver goes picks them.

Transport Service
* Basically the normal Transport you all know. Its nice but I didn't get much returns from this like from cargo.
Recall when ever I do cargo that day is cancelled and my driver and I share profit strictly.


Issues
* Many complained that I was giving the driver so much freedom and it will hit me back. I was scared but I was successful. It never had a side effect.
* At one point in time , I had to do wheel balancing and alignment of the vehicle. I never wanted to spend money but had to as it broke down around Ogbonoso area.
* I have to shout on driver several times to always wash the vehicle.


Status of Business today
He completed the money, and vehicle now his.BFunny thing I got the vehicle and never drove it , till it became his. As I never knew how to drive a manual car as at then.



Wil I go back to this Business
I just did, recently. I went to fix money at a bank and the interest was nothing to write. Home about, I left.

I always wish I have patience for Treasury Bills. But na them seun get time to do that biz. I like sharp bizness sharp Money.

euromilion:


My friend pls do not quit your job just by reading success story o,remember this entrepreneurs are born,not made.everyone can't be entrepreneur o.

Ymodulus:
Importation Contract Version.

I did a detail explanation of this business on this thread. I explained everything.


My experience:

I did souvenirs for the Peoples democratic party Minna Chapter. Governorship Aspirant for 2015 elections.

Alh. Umaru Nasko.

I knew his personal assistant. I also act like a boy boy to them loading recharge card , running errands.

Deals settled for party.


1. Flash Drive

I imported going to 2000 piecs of Flash Drive. The drives were Toshiba chip. They cost around N520 to get in as at that time for 4Gig , 8Gig , 16Gig via expressed


Corruption played

* I told the officials that a flash drive will cost 1000 per piecewe negotiated to around 900 and something I can't recall. However on the receipt I signed that eache flash drive were N1300 / Piece

* We budgeted for 16Gig, the person who gave me the contract ask me to mix 16Gig with 4 Gig and we cut the other money. I had no choice. I even went ahead to make 16Gig only 20Pieces and mix 8 Gig and 4Gig all together.

* I told them Samsung chip glad drive better than Toshiba and expensive than Toshiba by N40Naira. I was paid for Samsung.
But I imported Toshiba and ate the N40 naira each. There was no way of verifying. Don't blame me. Blame the assistant who granted me the Job.

Matches Box
We brought in 10,000pieces customised of Governor's aspirant pictures.
Each match box was 45 Naira a piece. I made sure I added 10 naira of my own gain to it. The matches were distributed to Guni Local Government area. When you going to Kogi from Minna following Laipai area. You will pass this local government.


Hand Bands

Can't recall quantity but I think around 5000. However I can't recall exact quantity. A band goes for N250. They were glow in the dark bands.


Jacquard ( those stuff football fans cross around their neck in times of cold )

On the receipt I wrote 1000pcs of 95% fur jacquard. However I did mix up below par.

In the game of politics, your superiors wants to eat and you too have to play wise and eat too.

Customised Native cloth with Governors Picture
Hahaha. The name of the tailor is even Buhari and we were die hard supporters of the Buhari. However we had to eat our own share of the local cake.
Today we still hangout when am in town.

So sad, while I was an APC - Buhari Die Hard, I wanted Pdp to win in Niger State for personal reasons. .

But Apc ended up winning. Even though I have close ties to both parties state members, I enjoyed that of PdP well.


To have an idea of how to customise and approach organisations, so as to pull things like this read this thread...

https://www.nairaland.com/1990482/it-yourself-contract-version

I posted a detailed tutorial there.



[size=16pt]Table of Content / Indexing / Reference [/size]

We have some set of people who may want to read this thread but will be discouraged because of comments from various other members. Now this reference guide is who do not want to read the whole thread, Just want the important points follow the links below.


1. Introduction
https://www.nairaland.com/1990482/it-yourself-contract-version-phd#27892587

2. Reference / Indexing / Table of Contents
https://www.nairaland.com/1990482/it-yourself-contract-version-phd#27892582

3. Examples of souvenirs, custom items amd services
https://www.nairaland.com/1990482/it-yourself-contract-version#27893514
https://www.nairaland.com/1990482/it-yourself-contract-version#27894025

4. Required Tools / Knowledge
https://www.nairaland.com/1990482/it-yourself-contract-version-phd#27894601

5. Appetizer
https://www.nairaland.com/1990482/it-yourself-contract-version#27894832
https://www.nairaland.com/1990482/it-yourself-contract-version#27895451

6. Problems / Proposal
https://www.nairaland.com/1990482/it-yourself-contract-version/1#27921558
https://www.nairaland.com/1990482/it-yourself-contract-version/2#27927081

7. Encouragement Stories
Story 1: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27927920
story 2: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27928298
Story 4: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27929324
Story 5: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27929644
Story 6: https://www.nairaland.com/1990482/it-yourself-contract-version/2#27930823
https://www.nairaland.com/1990482/it-yourself-contract-version/2#27931426

8. Game ( All work and no Play makes Jack a DULL BOY )
https://www.nairaland.com/1990482/it-yourself-contract-version/5#27974145

9. Writing a Proposal
Proposal Model 1: https://www.nairaland.com/1990482/it-yourself-contract-version/5#27976262
Proposal Model 2: https://www.nairaland.com/1990482/it-yourself-contract-version/5#27976709
DIFFERENCES / SIMILARITIES between PROPOSAL MODEL 1 and PROPOSAL MODEL 2: https://www.nairaland.com/1990482/it-yourself-contract-version/5#27976711

10. Receipts
https://www.nairaland.com/1990482/it-yourself-contract-version/6#28011692

11. Added tips about proposals
https://www.nairaland.com/1990482/it-yourself-contract-version/6#28011859

12. Executing the contract / Customizing Branded Items
https://www.nairaland.com/1990482/it-yourself-contract-version/6#28012230

13. Payment and Funding of Contract
https://www.nairaland.com/1990482/it-yourself-contract-version/6#28012674

14. Conclusions
https://www.nairaland.com/1990482/it-yourself-contract-version/7#28014065

15. Questions and Answers
www.nairaland.com/1990482/it-yourself-contract-version/7#28014065

GAME: https://www.nairaland.com/1990482/it-yourself-contract-version/7#28014563


www.nairaland.com/attachments/1859480_asd_jpeg0c49cdfacac6c059a4fe320b9a38b17f

www.nairaland.com/attachments/1859481_2proposal_jpg_jpeg9435b5d051fd2bee0affb0bdc65cde73

yusufobinna1:
please ymodulus,please kindly help me with your email so we can talk privately,cos my father is into this business already but I want to help him go into importing directly.thanks very much.And m also thinking of quitting my job as a contact staff in one of the banks.I will appreciate your response.waiting for your reply

Ymodulus:




Yes. For mebi try to interact with my driver on a close level. For example, currently am managing a friends vehicle for her, she never wanted hire purchase and the driver frustrated her life.

She is a nairalander here.

I then took over management, changed the remittance pattern to hire purchase. I even hanged out with the driver yesterday, I went to the cinema he took me and he was to turn back I asked him to go in with me.

I paid. She was against it. But in all now she asked me why does the guy like me and not her?

So I think been friendly to your subordinate or workers goes a long way.


However never you pick a married man to drive your car or Keke. If not you are a Gunner for life.