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My Business Has Failed! Please Advise Me - Business - Nairaland

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My Business Has Failed! Please Advise Me by shogotermies(m): 7:24pm On Jun 15
Hello everyone.Am a guy in in early twenties,.
I wanted a better life for myself, without the help of anyone,.

So I collected a loan from a friend, he lent me a 100k to start the organic skincare business, two months ago.
Which we agreed on an interest of 13.5%, and had it on papers too.

So I was able to make production in two weeks,.
Fast forward.

So I was unable to pay the interest rate of 13.5%, so Iwas able to pay 10%, which is 10,000.

The guy got mad, he was really angry.
But due to d fact my skincare products is just still new, sales was just so poor.

Now I am to pay him, today for the interest unlucky for me I fell into the hands of some fraudsters, I lost my money. But the issue is, I can't pay the interest now, my business isn't showing any positivity. Am frustrated, I need advice on what next to do.

He is now sending me message and insults, thinking am doing this on purpose..


Please mind my grammar and punctuations

21 Likes 3 Shares

Re: My Business Has Failed! Please Advise Me by TarOrfeek: 7:30pm On Jun 15
You people that borrow money and not pay back.


Wetin una gain?

67 Likes 4 Shares

Re: My Business Has Failed! Please Advise Me by shogotermies(m): 7:33pm On Jun 15
TarOrfeek:


You people that borrow money and not pay back.


Wetin una gain?

If I am one of them will I come here and cast my self.

27 Likes 3 Shares

Re: My Business Has Failed! Please Advise Me by obiekunie2: 7:36pm On Jun 15
you didnt tell us how you into the hands of fraudstars.

i guess you went for a fast money doubling - tell us is that betnaija guy on nairaland or you are among the boom or is it doom investors?





TOO MANY IDIOTS IN THIS COUNTRY I SWEARAGAD!

93 Likes 6 Shares

Re: My Business Has Failed! Please Advise Me by shogotermies(m): 7:49pm On Jun 15
obiekunie2:
you didnt tell us how you into the hands of fraudstars.

i guess you went for a fast money doubling - tell us is that betnaija guy on nairaland or you are among the boom or is it doom investors?





TOO MANY IDIOTS IN THIS COUNTRY I SWEARAGAD!

You guys judge too quickly,.
I need an advice not stones of insults.

We all do one mistake or the other, thinking of this business is a mistake.
I need some to give me a good advice, not people who judge,while they are no saints

147 Likes 7 Shares

Re: My Business Has Failed! Please Advise Me by shogotermies(m): 7:50pm On Jun 15
naijaproper:


Laughing so uncontrollably right now.

Please it's not the joke section..
Advice please,

6 Likes

Re: My Business Has Failed! Please Advise Me by naijaproper: 7:52pm On Jun 15
shogotermies:


Please it's not the joke section..
Advice please,

The guy I quoted had very comic comment there. Not like I'm laughing at your situation please.

6 Likes 1 Share

Re: My Business Has Failed! Please Advise Me by Promotions: 8:54pm On Jun 15
First sorry your business didn't go well..you made a lot of mistakes.
1)no proper feasibility study before jumping into the business.
2)you didn't seek for professional advice
3) starting a business with loan is deadly, next time seek for investors or partners..
As it is you need to settle your debt with your friend, take it as a lesson and grow above it.. Goodluck

121 Likes 6 Shares

Re: My Business Has Failed! Please Advise Me by yomi007k(m): 9:26pm On Jun 15
Did you agree to pay back the loan at once or in installments?
Try and agree on the latter so that you can buy time to pay. If not you may need to give him some form of collateral.

2 Likes 1 Share

Re: My Business Has Failed! Please Advise Me by shogotermies(m): 12:29am On Jun 16
Promotions:
First sorry your business didn't go well..you made a lot of mistakes.
1)no proper feasibility study before jumping into the business.
2)you didn't seek for professional advice
3) starting a business with loan is deadly, next time seek for investors or partners..
As it is you need to settle your debt with your friend, take it as a lesson and grow above it.. Goodluck

Thanks

2 Likes

Re: My Business Has Failed! Please Advise Me by shogotermies(m): 12:30am On Jun 16
yomi007k:
Did you agree to pay back the loan at once or in installments?
Try and agree on the latter so that you can buy time to pay. If not you may need to give him some form of collateral.

Hmm. I get you sir
Re: My Business Has Failed! Please Advise Me by Ugosample(m): 8:16am On Jun 16
obiekunie2:
you didnt tell us how you into the hands of fraudstars.

i guess you went for a fast money doubling - tell us is that betnaija guy on nairaland or you are among the boom or is it doom investors?





TOO MANY IDIOTS IN THIS COUNTRY I SWEARAGAD!


that was harsh

14 Likes 1 Share

Re: My Business Has Failed! Please Advise Me by Ugosample(m): 8:19am On Jun 16
shogotermies:


You guys judge too quickly,.
I need an advice not stones of insults.

We all do one mistake or the other, thinking of this business is a mistake.
I need some to give me a good advice, not people who judge,while they are no saints

seek out a deal for instalmental payments overtime

even if it means you paying a slightly higher interest rate
we have all made mistakes in business at some point.

Don't mind those fools trolling you
every mistake is a lesson

But next time shine your eye...

And if you are seeking financing next time, make sure you strike a deal to pay instalmental

Take care and good luck

14 Likes

Re: My Business Has Failed! Please Advise Me by jamace(m): 8:22am On Jun 16
OP, you did not advertise your skincare products on NL. All your threads are on wall clocks adverts.

My mind is pricking me to doubt your story about producing skin care products. Why did you not advertise your skincare products on NL?.

47 Likes 2 Shares

Re: My Business Has Failed! Please Advise Me by Rapidpolystyren(m): 1:38pm On Jun 16
shogotermies:
Hello everyone.Am a guy in in early twenties,.
I wanted a better life for myself, without the help of anyone,.
So I collected a loan from a friend, he lent me a 100k to start the organic skincare business, two months ago.
Which we agreed on an interest of 13.5%, and had it on papers too.
So I was able to make production in two weeks,.
Fast forward.
So I was unable to pay the interest rate of 13.5%, so Iwas able to pay 10%, which is 10,000.
The guy got mad, he was really angry.
But due to d fact my skincare products is just still new, sales was just so poor.
Now I am to pay him, today for the interest unlucky for me I fell into the hands of some fraudsters, I lost my money. But the issue is, I can't pay the interest now, my business isn't showing any positivity. Am frustrated, I need advice on what next to do.
He is now sending me message and insults, thinking am doing this on purpose..


Please mind my grammar and punctuations
it's wrong to use borrowed money to start a new business

13 Likes 1 Share

Re: My Business Has Failed! Please Advise Me by TheOptimist78(m): 1:43pm On Jun 16
It's a bad idea to use borrowed money to start a business. Anyways, how much do you have now? So you can use it start a business or you take your products to where people will buy it so you can raise the money.

6 Likes

Re: My Business Has Failed! Please Advise Me by maasoap(m): 2:23pm On Jun 16
shogotermies:


You guys judge too quickly,.
I need an advice not stones of insults.

We all do one mistake or the other, thinking of this business is a mistake.
I need some to give me a good advice, not people who judge,while they are no saints

Firstly, you're hiding some facts. How did you get into scammers hands when you had your business already?
How much did scammers collected from the 100k and how much is in the business now?
Secondly, it looks like you agreed 13.5% interest rate per month because you didn't specify. If it is annual, it's okay but if it is on monthly basis, you don't know your maths!
My advice: look for money from somewhere else without interest and pay him ASAP.
BTW: of all the businesses around, na organic skin care business u fit do! WTH!

36 Likes 1 Share

Re: My Business Has Failed! Please Advise Me by maasoap(m): 2:29pm On Jun 16
TheOptimist78:
It's a bad idea to use borrowed money to start a business. Anyways, how much do you have now? So you can use it start a business or you take your products to where people will buy it so you can raise the money.

Nothing bad in borrowing to do business because it's not easy raising your own capital when you are unemployed or underemployed. The most important thing is the nature, source, terms of borrowing and repayment, and the feasibility study of the business.
I started mine with loans. Firstly: interest-free loan from the cooperative and wife.
Secondly: Payment plan over a period of 12 months.
Thirdly: business with low returns but less risky with guarantee of small daily income

12 Likes

Re: My Business Has Failed! Please Advise Me by TheOptimist78(m): 5:40pm On Jun 16
maasoap:


Nothing bad in borrowing to do business because it's not easy raising your own capital when you are unemployed or underemployed. The most important thing is the nature, source, terms of borrowing and repayment, and the feasibility study of the business.
I started mine with loans. Firstly: interest-free loan from the cooperative and wife.
Secondly: Payment plan over a period of 12 months.
Thirdly: business with low returns but less risky with guarantee of small daily income

I raised money(2.6million naira) for my business without borrowing and all those Cooperative societies you're talking about. He can do it with the right mindset and strategies. Once again, it's not really a good idea to borrow money for a business as he has painfully learnt

8 Likes

Re: My Business Has Failed! Please Advise Me by NiggasInParis: 5:50pm On Jun 16
My friend don't be stupidd. You just posted a few words and said your business failed! How did your business fail? I was even thinking something tragic had happened...Be elaborate, what did you use that money to do?

GIVE ACCOUNT. Like my friend Akin Alabi saida in his book, Small Business Big Money- Your "friend" doesn't just has the right to be mad he has the right to demand accounts from you! He is your sponsor, your BOSS. At least until you make it and remit his shares!


Skincare niche is a niche that have brought millions to even dummies so long your product works. (I am into it myself, through importation so cop that)

Three things involved
1. You gamble with that money.
2. You did not have a blueprint for promotion and publicity.
3. Poor marketing skills

This is an FP material by the way! Some people need to have sense

14 Likes 2 Shares

Re: My Business Has Failed! Please Advise Me by joeeee240(m): 6:18pm On Jun 16
NiggasInParis:
My friend don't be stupidd. You just posted a few words and said your business failed! How did your business fail? I was even thinking something tragic had happened...Be elaborate, what did you use that money to do?

GIVE ACCOUNT. Like my friend Akin Alabi saida in his book, Small Business Big Money- Your "friend" doesn't just has the right to be mad he has the right to demand accounts from you! He is your sponsor, your BOSS. At least until you make it and remit his shares!


Skincare niche is a niche that have brought millions to even dummies so long your product works. (I am into it myself, through importation so cop that)

Three things involved
1. You gamble with that money.
2. You did not have a blueprint for promotion and publicity.
3. Poor marketing skills

This is an FP material by the way! Some people need to have sense


Skincare products like soaps and creams? And please can I get alabi's book from you?
Re: My Business Has Failed! Please Advise Me by Naijaguy12345(m): 8:11pm On Jun 16
Re: My Business Has Failed! Please Advise Me by Offpoint1: 8:11pm On Jun 16
Space for advert, just 5k.
Re: My Business Has Failed! Please Advise Me by legalwealth(m): 8:11pm On Jun 16
All will be well
Re: My Business Has Failed! Please Advise Me by Amuocha: 8:11pm On Jun 16
Buhari economic policies angry

Did you play sports betting with the cash
Re: My Business Has Failed! Please Advise Me by trapQ: 8:11pm On Jun 16
Ehya
Re: My Business Has Failed! Please Advise Me by TalkMyMindToo: 8:12pm On Jun 16
Failed youth......
Re: My Business Has Failed! Please Advise Me by dapadawee: 8:12pm On Jun 16
God will see you through

2 Likes

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