I want to say u have tried, u have the boldness and I believed that u will succeed in future. Nobody has ever try business and never had a failure.

DO FEEL THAT U HAVE FAILED.

I HAVE FAIL 4/TIMES IN BUSINESS. I EVEN BORROWED AS U DID. PEOPLE THOUGHT I AM CURSE. I NEVER GIVE UP BECAUSE I HAD THAT CONVICTION IN ME THAT I AM GOING TO SUCCEED.



FEAR NOT ABOUT YOUR LOAN. TALK TO HIM HE IS HUMAN HE WILL NOT KILL U BUT TRY AS MUCH AS U CAN TO PAY HIM

I HAVE SO MUCH TO TELL U BUT LET ME PULSE.

U HAVE NOT DONE THIS BUSINESS BEFORE IT IS BETTER FOR U TO KNOW HOW TO BEAT UR COMPETITORS.

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!

Lolzzzzzzz

coldFLARES1:
Sorry, you'll have to learn from this experience. But, more than the business, I can gather than you got the hammer after losing money to seeking fraudulent ways to quickly multiply your money.

Should you want to take another chance at venturing into production, be sure not to start off with loan financing. It is not easy to break even in a market where you don't have a monopoly, moreso where you come with an added disadvantage of not having a properly packaged product.

Per chance you feel convinced about the viability of your production business and would still want to access loan financing, then pay attention to the rate at which your are borrowing. From your write-up, I can deduce that you borrowed at a monthly rate of 13.5%. That's enough to make your venture D.O.A.

Furthermore, be careful to negotiate some grace period before commencing repayments. Such period afford your business the time to find some measure of stability.

Kudos to you for trying out at this very young age. Please inform your creditor about the death of your business and work to repay his money with the agreed interests.

God bless you sir.. I learnt from your post. Btw, what's D.O.A?

You borrowed money for new business. You will survive sha and you will emerge wiser and prudent.

Debt does not kill, your creditor should chill. You will pay when able. This is a civil matter not a criminal case. Police will only threaten you, they can't prosecute.

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

my friend do not listed to tho cold and timid souls who neirher know the taste of victory or defeat.

It's a lesson. Trust me every business man I know have that learning curve. Yo actually learn on the job as an entrepreneur.

Sit back and outline your mistakes here and outline ways to solve I and most importantly how not to repeat them again .

Good luck to you my friend , dont give up as an entrepreneur.

ogbonti:
Business is not for everyone
It is for the shrewed, the frugal, detail-oriented and non - compassionate individuals.
OK enough of Grammar, basic rules
Never borrow money, especially interest loans to start a business. If you have to borrow, make sure it is from friends or relatives who won't breath down your neck when u are trying to break even.
Lastly, never start a business you have not served someone for a couple of years!!!!!

from your last sentence sir, why? and whats the major significance? And how many years at least?

Business wise it's wrong to take startup loans for business. You need to have detailed financial knowledge and financial intelligence when committing scarce resources into business.
Don't relent anyway fight it to the end. Continue to market and advertise aggressively you'll create your niche soon.

God punish you! Foolish person

Houseofglam7:
Your greed ruined ya
You wanted overnight riches.
See what you done to yo self

You should console him nw..don't break his heart further.

hushpapi:
Pls be calm you are still alive you can pay back. Just talk to him if their is anything you can give to stand till the money is available. Or you can talk to an elder person to follow u to talk to him. Every business will always come with profit and lost only charity comes with profit and no
Lost

Good advice

shogotermies:


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

this your response is highly commendable despite the flaws in your story. Congrats anyways, u have successfully helped someone get a start up capital in the form of loan..liar

Meanwhile the main guy(scammer) hiding somewhere on this same thread

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

Don't ever borrow loan to start a new business you have not tested and assured its working.

How much is the remaining interest you are supposed to pay him

Some people on this thread need serious mental evaluation

Btw OP if you're really into skincare products all you need is a working product with results, and with the help of social media you're off.

Business no be beans sha

TVTKOKO:
God bless you sir.. I learnt from your post. Btw, what's D.O.A?

Dead On Arrival.

The op need money from nairalanders, the bottom line here is that he has the money to pay today but he fell into the hands of fraudster which he refused to tell us how did it happen meaning he is hiding something

blackjack21:



It sounds like a joke
Whenever you borrow money, pay promptly and in full, I even go as far as buying gifts for the kids to show my appreciation. It's a matter of reputation.
I would rather the business failed because I paid back a loan on than the business failed and I have a loan to pay.
It's far more respectable to ask for more time and increase in percentage than to try to renegotiate the percentage that was agreed.

I agree. I follow this same principle too. Loans must be paid back first. No excuses

Ugosample:


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

Advertise on nairaland say... like say you go buy.

Ugosample:
Nigerians and their insensitivity

This is not what the OP needs ATM

he need advice

maybe the OP should have gone to Reddit or Quora, there are more sensible souls there
compared to the animals prevalent in NiggerArea

They best place to get advice or answer is qoura, nairaland is just a kid zone.

TVTKOKO:
God bless you sir.. I learnt from your post. Btw, what's D.O.A?

dead on arrival sir.

BabaCommander:

Advertise on nairaland say... like say you go buy.

where is "advertising" coming from ?

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

explain the fraudsters aspect, how were u defrauded

waiting

Son all I have to tell you is that you should learn something from these.... Leave the blame game even though it will be hard for you, even business plan fails many times and the way Nigeria is...its hard to get another capital to try again.... There's no business in Nigeria assuring you profit no matter how you plan it down there can be inteverning variables that can stop all you be planned and worked for.... No matter what we do we all take risk that can better our life and dreams in different ways... Had it been what ever you used that money for was successful people will thank God and call it miracle( some will say when will oluwa pick my call) but since its not and you where scammed they will call you names. I DON'T KNOW HOW YOU WILL PAY HIM BUT NEVER STOP TAKING RISKS OUT OF FEAR... MOST SUCCESS AND I MEAN REAL SUCCESS COMES FROM RISK TAKING WHEN I MEAN RISK TAKING I MEAN EVEN ONE WITH 50/50 CHANCES

meobizy:
What should I advice again?
It is obvious businesses take more than two months to mature.

I will give you an advice I got from business school after millions paid in tuition: some (majority) of businesses take about ten years to break even, after that profit starts trickling in.
Next time aim for a full year at least before thinking of paying back.

God bless you sir, flesh and blood did not reveal this to you, the worst way to start any business is via loan, you struggle to keep business afloat, you struggle to meet terms and conditions.

imitateMe:

You should console him nw..don't break his heart further.

I suck at sugar coating the truth

Hycon:
Is your organic skincare cream working?

If yes and you are 1000% sure, let’s do business.

I want 50% of your business and we pay the loan back.
I can handle your online marketing using social media.

What do you think?

Once again, a working product please

How good are you at online marketing? And what forms of social media are your strongholds and how good and effective are your methods?

TVTKOKO:
from your last sentence sir, why? and whats the major significance? And how many years at least?

X

WHAT I SEE HERE IS BLAME! BLAME!! BLAME!!!

The truth is this... We all make mistakes. Mistakes, are lessons for a better action in the future. And no one is above it.
I have also learnt that successful people, make even more mistakes and this is because they try many things....
So we must learn to accommodate those who fail, even if he had to use the money to drink beer, or sleep with a pashangi. It's part of the lesson to be learnt.

That being said....
Let me start by saying, 100k is too small an amount to worry about paying back.
This is what you should do first.

Go and see your friend and tell him honestly how you failed and your plans to get his monies back with interest as agreed. Be very open and sincere about your intentions to him. Difficult though, but if you must move on, you've got to do it.
Ask your friend to give you 90 days. And be ready to work with the 90 days.

Next....

There are 3 things you could do to get more monies for yourself, and also pay off your debts in 90 days.

1. Go viral with your product both online and offline. Meet the ladies around your area. Go to the shops of cosmetic guys in your local market and offer them free trials while also striking a deal with them. Remember you're the manufacturer, hence you need some chain of distribution for your products. While you do this offline, go online and do more. Ask those with great content writing skills to help you out.

2. Go over to Jumia and Konga and start an affiliate marketing project with them. You can also place your product on the shelves of these e-commerce companies too as a seller too. Drive sales for your products and the affiliate products you want to sell.

3. Find an established business owner in your location and propose to do social media marketing for them and get paid either from commission or service.


Now, all of these depend largely on your Marketing and Selling Skills both online and offline.
So find people and contents online to guide you.
If you can't do it yourself, hire gigs from Fiverr, Elance, Upwork etc to do the job for you while you pay them (I don't like this part anyway, because you are just starting). So you could start with studying Facebook Marketing and use it for all your businesses as we already have more than 100m people visiting Facebook daily in Nigeria.

Thanks



www.timabels.com - Author of "How To Start A Business Without Money".

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

I believe you'll succeed at the end. That's the only advise I can give you. No matter what, stay on the course.

I'll advise you to open an Instagram account. That should get you more customers.

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

Never take loan from one who doesn't know shit about your business..

Meet him personally, explain your situation and appeal to renegotiate your deal with him in light of the business reality.
For instance, tell him that you would give him some equity in your business for a reduced amount of debt.
Let's say instead of paying back 100k, you only get to pay back 50k, while the other 50k becomes his equity contribution to your business which could be 10 to 20 percent stake. Entrepreneurship is tough but you have to be bold an innovative to solve your challenges.
Hit me up in 08067981080 to help with with more tips.

let's get this straight... 13.5% of 100,000 is 13500 .

you have your friend 10000 I guess this loan is for a span of at least 10months or more.

like someone commented on the first page, I am beginning to think you did not even start the skincare business as claimed. your profile has not a single advert post of your products which is strange for a nairalander business man or woman.

this is why people find it difficult to lend money to family or friends because no extra effort is put into making sure the money is spent for its purpose or payed back. it's unfair. it's uneasy to make money and to not pay back is wicked.


I am 100% certain you did not go into the said business as you claim. skin care is big bucks if your products work.

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

Go for a renegotiation and plead ur case.look for an asset to liquidate and pay up principal amount of 50k first so you have time to go back to d business drawing board. Welcome to d rough business terrain where feeble minds dread.