I started this year with a strong resolve to venture into multiple business with a view to having streams of incomes. I am a professional, a salary earner( not up to 90k),in my late 20s and single. Towards the ending of last year, I co funded a Nur/Pry School with a friend in the town where I am.The location of the school is quite strategic. We started running it January this year.Initially we decided that we were going to charge 22k for the pupils. Soon people started complaining that the money was too much,so we lost some puipls. Thereafter,we resorted to charging only the tution fess which is 11k and ask them to pay for schools fees and Uniform seperately. So we have been able to get close to 30 pupils. Lest I forget, myself and my partner had to run from pillar to post to register the school with the appropaite agencies. We also rented a flats of 3 bedroom bungalow in a fenced enviroment directly at the main road.so far,we have spent close to 1M including the debts of over 400k which we stil have to settle. We presently have 4 teachers including a Univeristy graduate,NCE graduate and 2 SSCE holders. The problem however is that parents are not paying their wards school fees on time. Complaints upon complaints here and there. What we do is to settle our debts little by little as parents pay. Also, salaries of our staff. To the following month. Initially,we were borrowing to pay them,but we recently agreed to be using the money we get from the school to pay staff and run the school. We are yet to start reaping the gains,but we are hopeful. 2- Food Vendor Business- My church denomination early this year hosted members of the denomination nationwide in an annual convention.So,I partnered with a lady( church member) to provide cooked food and snacks for delegates. I contributed 114k but guess what, at the end of the programme, I only realized 44k. What a loss! We didn't get a good location and we were thinking too big( imagine,we cooked plenty food on the first day of the programme and by that time our tent had been pushed deep inside so much that you would pass several closer tents before getting to us)Food and snacks wasted big time. We had to be taking the food to where the delegates were sleeping before we could even realize the. meagre we got eventually. 3- Poultry Business- I had the plan of keeping poultry for the purpose of selling them during Ramadam Sallah. I got 40 broilers Chicken( 4 weeks old,as I was told) I had to construct a cage for them on the hakf a plot land we have beside our house. Yes, I calculated almost 100k as the amount I would realize eventually. Soon,they started dying one after the other. I began to get different types of prescribed drugs by those in the business. Yet,the continued to dye. Now 17 survived the'untimely death' we eventually slaughtered 2( they weighed 3.2) when they were dying. I've just sold 10 out the total at an amount which which I bought all of them. Ihave not even gotten the money I spent on feeding then as well as the money I used to make their house. Lest I forget,I also built a block building for them when they had reduced to 25. Do I have regrets? NO. Lessons learnt : 1- Seek adequate Information about any business you want to do before you start. 2- Be willing to take risk,life itself is a bundle of risks.3- Don't start big,reduce your tall dreams at the point of starting that business.4- Have at least 4 sources of income as a man. 5-Develop a serious immunity against poverty.My growing up wasn't rosy.5- Develop your entrepreneural spirit as early as possible,even before you graduate from school.6-Commit everything to God.7- Be sure and trust your partner.

I'm so sorry for your deficits bro.. Better days ahead, life is trail and error. I just started walking the lane of being an entrepreneur as well, thanks for sharing this. It would help a lot.

I just launched my dry-cleaning business on Saturday.

I learnt the stuff for about 3 months to know all the tricks.

I still work but a field engineer.

I have ran massive advert.

Guess what?

On that Saturday morning, warri boys obtained me and made away with my business phone.

I rushed to airtel office to retrieve the line, it's yet to come up.

I feel like hanging my self right now menh!.

Mind u, I sank 350k into it just to look attractive. Cos people judge you by what you have done not what what you'd do.

LegalIcon:
I started this year with a strong resolve to venture into multiple business with a view to having streams of incomes. I am a professional, a salary earner( not up to 90k),in my late 20s and single. Towards the ending of last year, I co funded a Nur/Pry School with a friend in the town where I am.The location of the school is quite strategic. We started running it January this year.Initially we decided that we were going to charge 22k for the pupils. Soon people started complaining that the money was too much,so we lost some puipls. Thereafter,we resorted to charging only the tution fess which is 11k and ask them to pay for schools fees and Uniform seperately. So we have been able to get close to 30 pupils. Lest I forget, myself and my partner had to run from pillar to post to register the school with the appropaite agencies. We also rented a flats of 3 bedroom bungalow in a fenced enviroment directly at the main road.so far,we have spent close to 1M including the debts of over 400k which we stil have to settle. We presently have 4 teachers including a Univeristy graduate,NCE graduate and 2 SSCE holders. The problem however is that parents are not paying their wards school fees on time. Complaints upon complaints here and there. What we do is to settle our debts little by little as parents pay. Also, salaries of our staff. To the following month. Initially,we were borrowing to pay them,but we recently agreed to be using the money we get from the school to pay staff and run the school. We are yet to start reaping the gains,but we are hopeful. 2- Food Vendor Business- My church denomination early this year hosted members of the denomination nationwide in an annual convention.So,I partnered with a lady( church member) to provide cooked food and snacks for delegates. I contributed 114k but guess what, at the end of the programme, I only realized 44k. What a loss! We didn't get a good location and we were thinking too big( imagine,we cooked plenty food on the first day of the programme and by that time our tent had been pushed deep inside so much that you would pass several closer tents before getting to us)Food and snacks wasted big time. We had to be taking the food to where the delegates were sleeping before we could even realize the. meagre we got eventually. 3- Poultry Business- I had the plan of keeping poultry for the purpose of selling them during Ramadam Sallah. I got 40 broilers Chicken( 4 weeks old,as I was told) I had to construct a cage for them on the hakf a plot land we have beside our house. Yes, I calculated almost 100k as the amount I would realize eventually. Soon,they started dying one after the other. I began to get different types of prescribed drugs by those in the business. Yet,the continued to dye. Now 17 survived the'untimely death' we eventually slaughtered 2( they weighed 3.2) when they were dying. I've just sold 10 out the total at an amount which which I bought all of them. Ihave not even gotten the money I spent on feeding then as well as the money I used to make their house. Lest I forget,I also built a block building for them when they had reduced to 25. Do I have regrets? NO. Lessons learnt : 1- Seek adequate Information about any business you want to do before you start. 2- Be willing to take risk,life itself is a bundle of risks.3- Don't start big,reduce your tall dreams at the point of starting that business.4- Have at least 4 sources of income as a man. 5-Develop a serious immunity against poverty.My growing up wasn't rosy.5- Develop your entrepreneural spirit as early as possible,even before you graduate from school.6-Commit everything to God.7- Be sure and trust your partner.

But u appear not to have business sense, u just have d drive.

Plus bieng quick to quit.

LegalIcon:
I started this year with a strong resolve to venture into multiple business with a view to having streams of incomes. I am a professional, a salary earner( not up to 90k),in my late 20s and single. Towards the ending of last year, I co funded a Nur/Pry School with a friend in the town where I am.The location of the school is quite strategic. We started running it January this year.Initially we decided that we were going to charge 22k for the pupils. Soon people started complaining that the money was too much,so we lost some puipls. Thereafter,we resorted to charging only the tution fess which is 11k and ask them to pay for schools fees and Uniform seperately. So we have been able to get close to 30 pupils. Lest I forget, myself and my partner had to run from pillar to post to register the school with the appropaite agencies. We also rented a flats of 3 bedroom bungalow in a fenced enviroment directly at the main road.so far,we have spent close to 1M including the debts of over 400k which we stil have to settle. We presently have 4 teachers including a Univeristy graduate,NCE graduate and 2 SSCE holders. The problem however is that parents are not paying their wards school fees on time. Complaints upon complaints here and there. What we do is to settle our debts little by little as parents pay. Also, salaries of our staff. To the following month. Initially,we were borrowing to pay them,but we recently agreed to be using the money we get from the school to pay staff and run the school. We are yet to start reaping the gains,but we are hopeful. 2- Food Vendor Business- My church denomination early this year hosted members of the denomination nationwide in an annual convention.So,I partnered with a lady( church member) to provide cooked food and snacks for delegates. I contributed 114k but guess what, at the end of the programme, I only realized 44k. What a loss! We didn't get a good location and we were thinking too big( imagine,we cooked plenty food on the first day of the programme and by that time our tent had been pushed deep inside so much that you would pass several closer tents before getting to us)Food and snacks wasted big time. We had to be taking the food to where the delegates were sleeping before we could even realize the. meagre we got eventually. 3- Poultry Business- I had the plan of keeping poultry for the purpose of selling them during Ramadam Sallah. I got 40 broilers Chicken( 4 weeks old,as I was told) I had to construct a cage for them on the hakf a plot land we have beside our house. Yes, I calculated almost 100k as the amount I would realize eventually. Soon,they started dying one after the other. I began to get different types of prescribed drugs by those in the business. Yet,the continued to dye. Now 17 survived the'untimely death' we eventually slaughtered 2( they weighed 3.2) when they were dying. I've just sold 10 out the total at an amount which which I bought all of them. Ihave not even gotten the money I spent on feeding then as well as the money I used to make their house. Lest I forget,I also built a block building for them when they had reduced to 25. Do I have regrets? NO. Lessons learnt : 1- Seek adequate Information about any business you want to do before you start. 2- Be willing to take risk,life itself is a bundle of risks.3- Don't start big,reduce your tall dreams at the point of starting that business.4- Have at least 4 sources of income as a man. 5-Develop a serious immunity against poverty.My growing up wasn't rosy.5- Develop your entrepreneural spirit as early as possible,even before you graduate from school.6-Commit everything to God.7- Be sure and trust your partner.

learnt from your story. Can I share it on my forum, without your name?

1.you must have three things to start any venture: idea, opportunity and funds. If you lack any, the journey will be tougher.

2. You must be very skilled at what you do as a starter and you must commit time to your business(working for someone and running a business has failed more times than succeeded). Employees are one of the major killers of businesses everywhere and you must be prepared to play their role once in a while to maintain your standard. Swallow your pride and do the teaching or cut customers hair if it's a salon you own.

3. Diversification is good but make sure you are very knowledgeable in what you are diversifying into. Be sure to get the most recent information about it.

4. If you treat your business like it's the air you breathe, your business will never fail

Final tip:

When you are skilled, in what you do as a starter, you may even recruit a WAEC holder and guide them on what to do. This will save you a lot of salary cost.

@ legallcon &ibehkachukwu both of u hv done well; at least u took d risk however I will like you to avoid clashing with each other because we upcoming need more info from ur experience. thanks

Yes, you are free to share it!

ThundrCork:
1.you must have three things to start any venture: idea, opportunity and funds. If you lack any, the journey will be tougher.

2. You must be very skilled at what you do as a starter and you must commit time to your business(working for someone and running a business has failed more times than succeeded). Employees are one of the major killers of businesses everywhere and you must be prepared to play their role once in a while to maintain your standard. Swallow your pride and do the teaching or cut customers hair if it's a salon you own.

3. Diversification is good but make sure you are very knowledgeable in what you are diversifying into. Be sure to get the most recent information about it.

4. If you treat your business like it's the air you breathe, your business will never fail

Final tip:

When you are skilled, in what you do as a starter, you may even recruit a WAEC holder and guide them on what to do. This will save you a lot of salary cost.

noted

OP, it takes a while to get a school running but it pays off big in the end. There's a particular mindset to running a school successfully. You have to be passionate about it. My aunt has run her school for over ten years now but she still knows the names of all her students. Each and every one of them, she knows when each one misses school and she finds out why. she celebrated her birthday last week and the love they have for her is something to behold. My point is, you are onto something with the school, but just make sure you have the right mindset about it, if not you'll be just another failure statistics. If you are in it just because you believe it'll make you a millionaire, na really long journey you dey so oo...by the way my aunt is a multi-millionaire. but it took her years and lots of high blood pressure...

I encourage you to keep trying, it's not easy. Like people rightly said, get enough information before you do anything. Find people who are already in it and interview them, get a feel of what the project feels like before you commit.

I interview entrepreneurs on my website to motivate and encourage people like you. You will find the stories on my signature link. I'm sure you'll find the strength to continue after reading their stories. Lemme know anything i can help you with.

here's the link to the interviews... http://www.nextnaijaentrepreneur.com/stories/

Do not stop...Learn your lessons, get back up and get back in it. Being an entrepreneur is way better than receiving a paycheck no matter the challenges... Cheers!!!

ibehKachukwu:
I just launched my dry-cleaning business on Saturday.


Mind u, I sank 350k into it just to look attractive. Cos people judge you by what you have done not what what you'd do.

Sorry my brother... Don't let failure stop you from getting back up and having another go.

Thumbs Up @op, you've learnt your lessons, just don't quit

delivite:


Sorry my brother... Don't let failure stop you from getting back up and having another go.

Giving up is not part of my orientation.


I had to get another sim and went back to all the locations I did my advert to tell dem my misfortune.

Since it's taking airtel like forever to retrieve my line.

Am getting jobs

Ademat7:
@ legallcon &ibehkachukwu both of u hv done well; at least u took d risk however I will like you to avoid clashing with each other because we upcoming need more info from ur experience. thanks

It's ok bro. Just have dat dream, it may take fiv years and counting but when the time is ripe, ur dream will be reality.

Just keep gathering information and go to people who do what u wish, both successful and non successful and asked the questions.

What ever they tell u, keep it. U'd need later.


And please will u vote my candidate? Her name is refiner

ibehKachukwu:


Giving up is not part of my orientation.


I had to get another sim and went back to all the locations I did my advert to tell dem my misfortune.

Since it's taking airtel like forever to retrieve my line.

Am getting jobs

That's the spirit bro. Good luck. I'm drinking to your success already!

delivite:


That's the spirit bro. Good luck. I'm drinking to your success already!

Oya promise me to vot refiner on Saturday.

Let's the fun be complete.

Thanks, i'd be looking forward to ur moniker.

ibehKachukwu:
I just launched my dry-cleaning business on Saturday.

I learnt the stuff for about 3 months to know all the tricks.

I still work but a field engineer.

I have ran massive advert.

Guess what?

On that Saturday morning, warri boys obtained me and made away with my business phone.

I rushed to airtel office to retrieve the line, it's yet to come up.

I feel like hanging my self right now menh!.

Mind u, I sank 350k into it just to look attractive. Cos people judge you by what you have done not what what you'd do.

Sorry for the loss. Congrats on ur new business. What part of Warri are u, u rented a shop for the business or u work from house? Planning of starting a small car wash soon.

LKO:


Sorry for the loss. Congrats on ur new business. What part of Warri are u, u rented a shop for the business or u work from house? Planning of starting a small car wash soon.

I stay at ugbolokposu but my new rented shop is at commissioner road, uti.


What location do u plan opening urs?

ibehKachukwu:



I stay at ugbolokposu but my new rented shop is at commissioner road, uti.


What location do u plan opening urs?

Probably u were robbed along uti road? That area is hot especially the Alegbo axis. I stay at Ekete inland. I would want to site the car wash in Udu area but if I get a good spot in Effurun axis no problem. Hoping to commenced work in two months time, expecting little money. How much did u rent the shop?

LKO:


Probably u were robbed along uti road? That area is hot especially the Alegbo axis. I stay at Ekete inland. I would want to site the car wash in Udu area but if I get a good spot in Effurun axis no problem. Hoping to commenced work in two months time, expecting little money. How much did u rent the shop?

First, uti I calm a bit because of presence of soldiers guiding d area cos of di house of rep woman, Evelyn oboroh's house dia.

Alegbo is calm also for now sha. U have never heard ill news of late only when dia is crisis

Site ur shop wia the rich resides an wia dia re little to no such business about. Be d innovator and make a difference.

Ur target is the rich and little of the ordinary.
Cos people tend to give di children cars to wash. But the rich dnt have time.

Check also power supply for pumping of water too. And if possible, site a bar in d place and make double income.

Just google : what it takes to open a war wash/ nairaland, I gues u'd hear success . Failure stories, den u'd learn.


I rented my shop for 9k per month.

LKO:


Probably u were robbed along uti road? That area is hot especially the Alegbo axis. I stay at Ekete inland. I would want to site the car wash in Udu area but if I get a good spot in Effurun axis no problem. Hoping to commenced work in two months time, expecting little money. How much did u rent the shop?

Sorry to disturb but please I need u time on Saturday.

Please help vote for refiner for miss Nairaland.

Will you? So I can look out for u?

Thanks a lot

ok

LegalIcon:
I started this year with a strong resolve to venture into multiple business with a view to having streams of incomes. I am a professional, a salary earner( not up to 90k),in my late 20s and single. Towards the ending of last year, I co funded a Nur/Pry School with a friend in the town where I am.The location of the school is quite strategic. We started running it January this year.Initially we decided that we were going to charge 22k for the pupils. Soon people started complaining that the money was too much,so we lost some puipls. Thereafter,we resorted to charging only the tution fess which is 11k and ask them to pay for schools fees and Uniform seperately. So we have been able to get close to 30 pupils. Lest I forget, myself and my partner had to run from pillar to post to register the school with the appropaite agencies. We also rented a flats of 3 bedroom bungalow in a fenced enviroment directly at the main road.so far,we have spent close to 1M including the debts of over 400k which we stil have to settle. We presently have 4 teachers including a Univeristy graduate,NCE graduate and 2 SSCE holders. The problem however is that parents are not paying their wards school fees on time. Complaints upon complaints here and there. What we do is to settle our debts little by little as parents pay. Also, salaries of our staff. To the following month. Initially,we were borrowing to pay them,but we recently agreed to be using the money we get from the school to pay staff and run the school. We are yet to start reaping the gains,but we are hopeful. 2- Food Vendor Business- My church denomination early this year hosted members of the denomination nationwide in an annual convention.So,I partnered with a lady( church member) to provide cooked food and snacks for delegates. I contributed 114k but guess what, at the end of the programme, I only realized 44k. What a loss! We didn't get a good location and we were thinking too big( imagine,we cooked plenty food on the first day of the programme and by that time our tent had been pushed deep inside so much that you would pass several closer tents before getting to us)Food and snacks wasted big time. We had to be taking the food to where the delegates were sleeping before we could even realize the. meagre we got eventually. 3- Poultry Business- I had the plan of keeping poultry for the purpose of selling them during Ramadam Sallah. I got 40 broilers Chicken( 4 weeks old,as I was told) I had to construct a cage for them on the hakf a plot land we have beside our house. Yes, I calculated almost 100k as the amount I would realize eventually. Soon,they started dying one after the other. I began to get different types of prescribed drugs by those in the business. Yet,the continued to dye. Now 17 survived the'untimely death' we eventually slaughtered 2( they weighed 3.2) when they were dying. I've just sold 10 out the total at an amount which which I bought all of them. Ihave not even gotten the money I spent on feeding then as well as the money I used to make their house. Lest I forget,I also built a block building for them when they had reduced to 25. Do I have regrets? NO. Lessons learnt : 1- Seek adequate Information about any business you want to do before you start. 2- Be willing to take risk,life itself is a bundle of risks.3- Don't start big,reduce your tall dreams at the point of starting that business.4- Have at least 4 sources of income as a man. 5-Develop a serious immunity against poverty.My growing up wasn't rosy.5- Develop your entrepreneural spirit as early as possible,even before you graduate from school.6-Commit everything to God.7- Be sure and trust your partner.

you have lose now, don't lose those lessons

dollaflow:
you have lose now, don't lose those lessons

Exactly

We have been through this stage but my advice for you is F-follow O-one C-course U-until S-successful.
This is rule number 2

@op, make sure you have a mentor who is successful in the business you want to start.
Best of luck.

thanks for sharing your story.

Stop jumping from business to business.
pick a biz research about it inside out and press ahead full speed without looking back.
Just FOCUS.
I keep telling a close friend with the same issue.

Lol, interesting thread @OP, thanks for sharing.