The thing is have never run a business before, was working in an average company before I got sacked so I stayed at home for some time after which I decided to goan learn a trade and use the money have saved from where I was working before to start the business but unfortunately I lavished 125K savings ignorantly and stupendous.

And right now is when i needed the money so badly to start the business i av been learning since 4months coz I've finally made up my mind that nomatter what i want to start something that will turn my life around.


Right now the money to start is not the issue here coz my sister said she will borrow me 100k and that's exactly what I needed to start the business, and even a friend from where I was working before offer me to be paying back 10k every month.


Am afraid if it doesn't work out, I don't want to be in debt to my sister or my friend but am 85% optimistic that it will work out.

Am just regretting wasting my savings before, if the money I want to use to start is mine am still secure.


I need advice from people that has gone through this before and some counselling, I just don't want to be in debt to anyone.








RoyalRoy
Dominique

wisdom4today:
I will advice you from my personal experience.

I have failed ( and I know what it means to fail in business ) before achieving the success enjoy today.

1. Don't rush into any business yet. Sit down and do your homework. Decide on a but that you have good knowledge about and has good market in the place where you want to locate the business.

2. Start small. Invest into the business in bits. Ads a little money and see how it goes and if it is growing then add more money.

Thanks bro

Am deeply sorry for your experience

Cc BiafranBushBoy your boy need your input here

I started about 6 businesses, 4 failed and 2 was successful...

It didn't hurt because all I did was run a simulation before proper investing...

Since you are scared but have serious belief that your business would work out, I advise you to test the market...

"How can you do this?"

If you are going to start supplying "products" to market women, instead of buying it in large quantity, do the following..

1) Go and meet them in the market.

2) Ask them for feedback about your product.

3) Ask them if they can test your product (at a lil price)

4) Ask them what it would take for them to become your customer.

5) Go back, work on the feed back and get started.

The aim is to meet your prospective clients and get started "Small" before investing so much.

You can start without a store or shop, or office.

I started selling liquid soap door to door before expanding a bit. Now it is going fine.

Hope it helps. Ask more questions.

BiafranBushBoy:
I started about 6 businesses, 4 failed and 2 was successful...

It didn't hurt because all I did was run a simulation before proper investing...

Since you are scared but have serious belief that your business would work out, I advise you to test the market...

"How can you do this?"

If you are going to start supplying "products" to market women, instead of buying it in large quantity, do the following..

1) Go and meet them in the market.

2) Ask them for feedback about your product.

3) Ask them if they can test your product (at a lil price)

4) Ask them what it would take for them to become your customer.

5) Go back, work on the feed back and get started.

The aim is to meet your prospective clients and get started "Small" before investing so much.

You can start without a store or shop, or office.

I started selling liquid soap door to door before expanding a bit. Now it is going fine.

Hope it helps. Ask more questions.

Thanks for your humble response sir........



However my product is something people need today-to-today


I think people eat everyday, it's not something I will be hawking, it's about where there is alots of people, and the place I want to use is a bus stop, that's why I said am optimistic.


It's a snacks to be precise, like puffpuff, egg roll, fish roll, donuts, bounse etc

My sister,it took me six months to decide the type of business I want to do,but when I started,its turn out to b another different business I am doing now.cos you follow what the people want,not what u want,all u end up loosing.people fear the business of walking around,they prefer the business of sitting in one place and be selling.I do not guareentee snack business for you,cos of its life span,if u don sell it finish,u begin to panick,I av done it befor.everybody av knowlege of one thing or the other they learn,but they are not using it to eat.u might start the snack,but money is not coming from it as u plan,u will be angry.to cut this long store short.I advice u to divide,the 100k into two.sit down,with ur biro and book,and think what do u no that people eat everyday that take many days to expire?not ur snack that will expire a day!let say gala.u buy 4 carton of gala and supply to the store in ur neighbour hood and outside ur neigbourhood.rite gala sell more.people eat gala everyday,its spoilage time is two weeks.branded sacket pop corn with tops and witout tops.u supply to stores in neighbourhood,its expire date is 6month.grounded sugar,u tie #10 and #20,u supply to store.the profit is small,if u gather it a month,u see u av realize almost 20-30k.hard work pay.befor u no it,u will av a lot of customers,that u will not want to look for job again.ask people of what they eat daily,in sacket.this buhari goverment,its is the mouth gate people are interested in.the snack u av in mind,u can't meet u,cos u don put preservative to retain it duration,befor u no,u complain of groundnut oil,etc.so my sister decide