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|Business Decision. Please Help by Yang2020: 11:49pm On May 24, 2020|
Hello NL, I need candid advice in my decision making. I'm a graduate. Bsc holder in an Engineering field, though not working in my field. I've been working with a company close to 2years now and my salary is between 55-60k. Though I get some other tipping from my suppliers and have been doing side business with the suppliers almost immediately after I joined the company. I've been able to raise close to 8m. I plan to create another source of income because I don't want to work for someone for more than 15years or so. I had two things in mind. The side business I've been doing is about haulage , getting trucks to go load stones from quarry to sites. I intend getting a truck which at least for second hand one will cost 11m-12m. All things being equal, one truck should be giving me profit of atleast 300k-400k. weekly. And hoping in less than 6months, if am continuing my business with income from truck then I can get another truck. The other option I had in mind is to get probably two plots of land close to a campus and build around 30-40 rooms. It will be a room self con setting with rent range between 120-150k. I know the building might cost between 15-20m (just guessing the estimate though) . I won't mind the time it will cost me to gather the money. I believe once I have a project in view, I will have more motivation to achieve my aim, as I don't want to buy a car or build personal house for now since they are going to be a depreciating asset. Now I know every businesses has its own risk. I need advice on which one to venture in, because I don't really wish to work under someone for the rest of my life. Risk involved in venturing Into truck business include, not getting a good driver, accident, mechanical faults and the likes. Though there will be insurance. But I think in terms of building, the risk seems to be minimal. Sorry for the long story. Please all input will be appreciated. I need to weigh my options. Thanks...
|Re: Business Decision. Please Help by dorispray: 12:01am On May 25, 2020|
The 2nd option you had in mind is a very good one. I'll say you should go for that.
|Re: Business Decision. Please Help by udumosam23(m): 7:46am On May 25, 2020|
Truck biz will be a burden and great distraction for a guy of your age. You need something you can grow with and establish in future.
Real estate is good too, but you can't really do that much with that amount if you're looking at being independent as a starter.
There are several business you can start up that can blend and allow for career development and you also get your return investment within a short space if time.
Go for Fintech or agro based business. I recommend you partner with som3one with a wealth of experience first.
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