Hey fellow nairalanders,

My story is quite lengthy, please read with love, ignore typos and give the much needed advice...

I am a young guy in his late twenties. After the compulsory NYSC, I decided to establish a small business instead of looking for job, got it registered with CAC and obtained the FIRS certificate for tax payment. I am into supply of electrical materials, rural and industrial electrification, electrical installation and maintenance and general contractor.

Last year, I was able to register as a contractor with a well known company that has branches across the nation. Same last year, I was able to secure a contract of 7.8m but was not able to execute it due to lack of fund. I tried getting the fund from capable individuals and approached bank for loan but all efforts proved abortive. I was really depressed but moved on. After the termination of this contract, they were giving me contracts of 100k, 200k and sometimes 300k (basically supply of electrical materials) which I always try to meet up.

This year again, I bid for a contract of 4.6m and I luckily won! For the contract to be executed, I needed just 2m because twas purely installation work (they gave the materials supply to another contractor). I started looking for sponsors again and fortunately/unfortunately, someone agreed to release the fund and get 2.5m after the completion of the contract. We put our agreement into writing and both parties signed. He promised to promised to release the fund a day to when I'll be going to the site in Nasarawa state only to call me in the morning on the said day to inform me that he can no longer sponsor the contract due to a personal reason, I begged and persuaded him but he remained adamant. Note that I have already promised my clients (they're Indians) that I would be coming on the same day. They were really annoyed when I couldn't make it and the contract was terminated again! All thanks to God that I'm still alive because I almost commit suicide.

Now the issue is I am completely broke now and feeding has been a problem. I'm expecting a payment after the lockdown though but I have incurred so much debts that after paying those debts, I'll barely have 100k left and now that the nation is in lockdown, the companies are not fully operational, some are fully closed. The Indians have traveled back to their country.

Yesterday, a friend of mine that works in a farm told me there's vacancy in the farm but the pay is extremely low (just 35k per month). I am strongly considering going for this offer because I have been drinking gaari for almost two weeks now and no one knows when this pandemic would be over (the farm is in operation even in this lockdown) but at the same time, I dnt want to because of the pay and I might possibly get another contract in the next two or three months after this lockdown is over but funding would be the problem again even if I get.

Also I have this business idea of how to make 4m with 1.28m in two years or 6m in three years. There's this uncle I approached when I was looking for sponsors for the first 7.8m contract, he told me he just fixed 12m in his account, therefore he cant be of help. So I told him that instead of fixing money in the bank, why can't he use the money for business and get higher return. He stylishly asked me to give him example of such business and I shared my idea with him. He waved it off and said he's cool with the business he's already doing.
My dear nairalanders, when I got home in January this man has already started this business and it's thriving well as envisaged! It was painful seeing family member treating someone this way because I told him I'll handle the business for him if he's interested. It doesn't stop me if I want to venture into it though, as it can be done where I'm staying too.

Pls what would you advice I do?
Should I take this 35k offer or wait till the next two or three months when another contract might be given (even when I dnt have sponsor)?
I'm seriously confused and I don't know what to do. Though if I see anybody that can invest in my business idea or my main business, I'll permanently erase the thought of going for the job.
Thanks for taking your time to read through

cc: Lalasticlala Seun
Pls help move to the right section where I can get enough comments/advice. Thanks as you do so

Righteousness89:
My Brother,

What do u suggest I do sir?

This is the kind of posts that shouldn't waste time to reach front-page. Posts about ideas and investments, not snake related posts or posts about a sex starved LovePeddler disgracing herself on social media.

To the OP, I wish I had the money to key into your business. I wish you the help you seek.

barackosuco1:
cc:
Lalasticlala
Seun

Pls help move to the right section where I can get enough comments/advice.
Thanks as you do so

pls am interested in the farm job.
As for the bidding and losing of contracts, go to the bank and let them know what's on ground they should be able to finance you

Pls that farm job is really important for me o, pls abeg.
Link me to the guy abeg.
And besides, you have a really luck charm working for you, you just need to properly harness it.

Late 20s million worth of contracts,
Baba God pls make a way for me where seems to be no way so that when people mention millions, I won't start looking like an alien

Take the job for now at least to enable you feed. As it stands, no one knows when the economy will pick up again cos of the virus. the job wont stop you from looking for further contracts.
Also you can start from contracts of little sum which you can easily source for the money and eventually progress to the larger sum.

Samakus:
This is the kind of posts that shouldn't waste time to reach front-page. Posts about ideas and investments, not snake related posts or posts about a sex starved LovePeddler disgracing herself on social media.

To the OP, I wish I had the money to key into your business. I wish you the help you seek.

Thanks so much sir and amen to the prayers

southniyikaye:
pls am interested in the farm job.
As for the bidding and losing of contracts, go to the bank and let them know what's on ground they should be able to finance you

I have been to the bank on several occasions, their requirements is just too much. I have my business account with Wema. When I approached them, I was asked to get two guarantors with high monthly income, they'll give two signed empty cheques, their bvn, six months statement of account and valid ID card. Most people dnt like releasing their BVN number while some dnt want to give a signed empty cheque. That's why I couldnt access the loan

Orubebe01:
Take the job for now at least to enable you feed. As it stands, no one knows when the economy will pick up again cos of the virus. the job wont stop you from looking for further contracts.

Exactly my thought too

southniyikaye:
pls am interested in the farm job.
As for the bidding and losing of contracts, go to the bank and let them know what's on ground they should be able to finance you

Pls that farm job is really important for me o, pls abeg.
Link me to the guy abeg.
And besides, you have a really luck charm working for you, you just need to properly harness it.

Late 20s million worth of contracts,
Baba God pls make a way for me where seems to be no way so that when people mention millions, I won't start looking like an alien

It's well. Keep pushing

Orubebe01:
Take the job for now at least to enable you feed. As it stands, no one knows when the economy will pick up again cos of the virus. the job wont stop you from looking for further contracts.
Also you can start from contracts of little sum which you can easily source for the money and eventually progress to the larger sum.

Another thing I'm considering, if I take the farm job now and eventually get another contract, there's no way I can execute the contract unless I stop the job which would not be fair to the potential employer. So if I want to take the job, that means I should be ready to do it for at least 6months. Or what do you think?

OP there is something that you aren't doing well in the area of securing a loan... You need to tackle that challenge.... Relax yourself and go back to your planning board... Make a couple of consultation and see how to flourish...


And taking the farm job is just a temporary job.... you can chose to resign anytime the lockdown is lifted... and you can as well learn a couple of things while doing the job there....


When life takes you to places, you must be with your jotter to take notes of the lessons....

barackosuco1:

Another thing I'm considering, if I take the farm job now and eventually get another contract, there's no way I can execute the contract unless I stop the job which would not be fair to the potential employer. So if I want to take the job, that means I should be ready to do it for at least 6months. Or what do you think?

Take the farming job and quit when u get a sure contract u can execute.

There's so many who want the farming job if u quit, u no kill person if u leave. You might just lose some part of ur salary

excanny:


Take the farming job and quit when u get a sure contract u can execute.

There's so many who want the farming job if u quit, u no kill person if u leave. You might just lose some part of ur salary

Thanks so much for your contribution sir. Will discuss it with my friend if resigning on a short notice won't affect him. There are some establishment like Lapo that always include a minimum period you can work bfr resigning and if you want to, someone will have to pay a fine of 200k. So I have to confirm if there's nothing of such in their farm coz its a big farm too. Thanks so much sir

barackosuco1:

I have been to the bank on several occasions, their requirements is just too much. I have my business account with Wema. When I approached them, I was asked to get two guarantors with high monthly income, they'll give two signed empty cheques, their bvn, six months statement of account and valid ID card. Most people dnt like releasing their BVN number while some dnt want to give a signed empty cheque. That's why I couldnt access the loan

link him with the farm job since he is interested.

Hi Brother, I admire your courage in the first place to be self employ.

But the truth is, it is very difficult to do business in Nigeria especially as a starter.

Getting funding for your business will prove to be very difficult considering the rate of mistrust we have in this country. People might be willing to fund you but they are extremely afraid, trust issue is really affecting us in this country, even your relatives will not trust you enough to fund your business.

My advice to you is that

1. you need to started the job to keep body and soul, save some money to start your business back in the future.
2. Look for a serious partner to join you in your business: Two good heads are better than one; risk sharing will be minimal.

If it suit you, you can contact me so we can talk me over the phone.
Mail me on

Shallom!

Jobminister:
Hi Brother, I admire your courage in the first place to be self employ.

But the truth is, it is very difficult to do business in Nigeria especially as a starter.

Getting funding for your business will prove to be very difficult considering the rate of mistrust we have in this country. People might be willing to fund you but they are extremely afraid, trust issue is really affecting us in this country, even your relatives will not trust you enough to fund your business.

My advice to you is that

1. you need to started the job to keep body and soul, save some money to start your business back in the future.
2. Look for a serious partner to join you in your business: Two good heads are better than one; risk sharing will be minimal.

If it suit you, you can contact me so we can talk me over the phone.
Mail me on monjerk12@gmail.com

Shallom!

Mail sent. Thanks so much for the sincere contribution

My 2 cents.

You mentioned contract of 4.6m and you needed 2m naira to execute. Meaning you have like a net of 2m.

Isn't there some form of mobilisation in funds to start up like 30-40%.

Are you sure its scam free and you have Legit contract papers with TERMS AND Conditions in black n white. cos from ur discuss, its not FG,

You would find it hard to get someone who will give you 2m like that.

My advice: look for someone whose company will get the contract, he bankrolls and when he gets paid, you get a cut of the profit.

These r d initial sacrifices you need to make to CUT ur teeth in the contracting RACKET in Nigeria.

northbird:
My 2 cents.

You mentioned contract of 4.6m and you needed 2m naira to execute. Meaning you have like a net of 2m.

Isn't there some form of mobilisation in funds to start up like 30-40%.

Are you sure its scam free and you have Legit contract papers with TERMS AND Conditions in black n white. cos from ur discuss, its not FG,

You would find it hard to get someone who will give you 2m like that.

My advice: look for someone whose company will get the contract, he bankrolls and when he gets paid, you get a cut of the profit.

These r d initial sacrifices you need to make to CUT ur teeth in the contracting RACKET in Nigeria.

The company is a standard one known by everybody and I've been supplying them electrical materials and get paid. So it's not a scam

They only give advance/mobilization on contracts above 10m and that's even with "Bank Guarantee"

Only companies that are registered with them can bid for contract. So the idea of getting another company to get the contract and roll it back to me might not work.

Thanks for your contribution sir

There is so much oil in ur head...ur entrepreneurial spirit is unequalled and I would like to meet u in person so that we discuss and probably see what I can do.

Take note: location is of interest to me.

ibeneme83@gmail.com

H

I got something credible for you
Contact
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Op don't give up, I repeat don't. All successful businesses today have their struggling days. Just put this is yours. Your breakthrough is near

Doyin400l:
Op don't give up, I repeat don't. All successful businesses today have their struggling days. Just put this is yours. Your breakthrough is near

Thanks so much for the encouragement sir

CrentB:
I got something credible for you Contact https:///DNbfpB55wNqKoEdSlhQQPa

Seem this is an invalid link sir.

My tiniest opinion.

Take the job while awaiting the big hit.

Well, maybe you should wait till HUNGER kil1s you.

You are trying to fly when you are yet to learn to run.

Stop aiming for contracts in millions. Run the ones you are running now and build your personal financial capacity. This is what I did and now I have a borrowing relationship with banks because of the inflow levels.

Take the job for now.