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Before You Diversify, Plan Very Well. - Business - Nairaland

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Before You Diversify, Plan Very Well. by amtheone(m): 4:46pm On Jun 03, 2020
For those of us who are into different form of businesses, the urge to diversify is always constant(the idea is to have different stream and source of income). Mine happened in 2015, a man I trusted to a large extent brought an idea that appeared so profitable and I bought into, at the end, I lost more than 1.5million naira.

It was a laundry soap production. I insisted that we should start on a low scale so as to mitigate losses if things go wrong, he refused by assuring me that he is an expert in the field and also has an established distributors. It was later that I discovered the reason for rejecting the idea of starting small and opted for what I called medium production was so he could make more money off me(he virtually handled everything as I didn't know much about soup production). Almost all the production items he bought, I later discovered that the prices were all inflated. Any attempts by me to source for such materials elsewhere were being rebuffed by him that I'm going to buy fake and he will not be held accountable.

It was quite an expensive/unfortunate experience for me as it almost affected my other business. The most funniest aspect of the whole thing was that the so called distributors he told me that he has were all "audio".

This experience further strengthens my belief that in most businesses, especially the one you don't have a complete knowledge of and, wish to go into, no matter how promising it appears, it is far better to start small.

Feel free to share yours so as to help others.

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Re: Before You Diversify, Plan Very Well. by KingsJohnson(m): 2:06am On Oct 11, 2020
Such is life and it goes on....

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