I followed through all the comments till page 9 and I must say that I have learnt a lot. I pray God help me to get a job and save at least some capital in order to start my side business

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2 locations.

Lag
Ib

andiwam7:

What's your location?

cayorday89:

Boss, can I message you, I go like learn from you especially on they foodstuff part..

His a newbie just like you

jagorinho:
lovely write up!!
I would love to add something, I have friends that run different businesses, but I am concerned about two, one makes snacks and he is big in the business now, he even has sales girls while the other is a barber with many apprentices.

I tend to observe that the one making snacks usually complain about inflation a lot, the price of his inputs (baking products) are always on the high side because of the unstable naira , most times his selling price doesn't really correspond with the percentage increase in inflation because he fears total boycott from his customers but the barber is doing extremely well, on weekends he makes 15-20k daily and 10k on weekdays, and fortunately for him, he does not need to buy or change any of his inputs/barbing materials every time, they are fixed except buying of fuel for the generator.

My point is I would really love a business venture that would not be sapping my materials everyday, I won't mind buying everything I need once, so far they will serve me for long before considering replacements for them instead of all these business you have to buy your materials needed every other day, it can be very stressful.

......summary is a baker would need to buy flour, vegetable oil, etc almost every other week but a barber might not change his clipper for six months and when there is low patronage many snacks are wasted which usually affects the guy's mood but a barber does not really have much to loose on days of low patronage.

One thing you've to know is that these two guys are in different industries i.e. Service (barbing) & Production (Food/snacks). You're very right with your observations but the two guys needs to understand the their businesses, it environments, the dynamics of the market and many other metrics that influence their business. For you snack friend, advice him to improve his material sourcing efforts and take sales data very seriously.

Emotionss:
[color=#006600][/color]

It took me more than a year and around 200k to learn Forex on a one on one bases and another 4 months before I started making small small profits like 10-20$ a week gradually I grew.

Forex requires self discipline and consistency. You must be mentally and emotionally strong to withstand Forex and it's unpredictable nature.

People mostly fail in Forex because they lack patience to learn and also think it's one of those get rich quick platforms. It takes time.

How about you show us where you learnt forex extensively as the required amount to learn is available.. also not rushing to start making money there since daily work is providing for my means

Elyn22:
With the 3 byke, I was still looking for other sources of income, my 3 kids in School then at pre nursery were always coming up with so many home work at age 2+, they were not picking at all, the way I expected them to pick, I found out I was the one doing most of the teachers work, funny enough the school fee increased, I pleaded with Oga to withdraw them from School, since am not doing anything, I'll be taking them at home, it was another serious battle, neighbors were coming to pokenose why I had to drop my own kids because of little increase in school fee.
I no kuku send them, I pleaded with Oga since the school fee was 20k each making it 60k termly, to be paying 5k each for the 3 of them to enable me buy textbooks and other materials the kids will need, he refused.

I started taking them at home, after a week, 3 family joined in, Oga warned me seriously never to use his room for any form of lesson, he never knew he was helping me climbed, so the lesson was outside the house.
Before the end if that term I was already counting 15 pupils.
I taught of upgrading myself since am into teaching, I had to enroll in Nigeria teachers institution (NTI). It's a four years weekend program, I paid myschool fee from the money parents were paying as lesson fee.

I was in this lesson for like 3years, my population did not exceed more than 25 foe this four years, I had to roof a space around my place to avoid rain and sun beating my pupils.

I had to vacate my area because of low patronage, before vacating my area I don't have a dime on me when this idea came up, I had to sell to of my new bike at the rate of 80k each, went to rent 3 rooms in a place very far from mine, my people, it wasn't easy at all but God saw me through, whenever I remember what I pass through that year, I always shed uncontrollably tears even as am typing.
To God be all Glory, that term of relocating I was counting 60 pupils, the 3 rooms was too small for us, after one session I add to relocate.
My husband has a land a stone throw from the school, so I pleaded with him that I want to start developing his land instead of paying rent, he accepted, my people Oga is into sales of building materials, but refused to assist me, I never mind because I know the taught of all his act will pull me down.
I was able to build 5 class room the next year and was counting 100 pupils, the next year, I added 3 more classes making 8, now my population is over 150.
Oga started threatening me last year to leave his land, the threat was so much that I had to pack out of the house and rented an apartment somewhere, I stayed there for like 6months, he started coming for apologies, in the cause of my six months outside my family, he had serious accident like 3 times, people were coming to plead on his behalf, I had to accept because of my kids, it was really telling on them. We are settled now by the Grace Of God.
Last year November I bought a land close to the School which is bigger than where I'm using presently, and just last week Thursday God blessed me with a School bus of my own.

I can't thank God enough, he has done so much for me.

The story is more tougher than this but for the sake of writing, I have to shorten it.

Nothing good comes easy, we'll have to strive until something happens.

You should create a thread in the family section for others to learn

I will like to add something

Don't try to build a business but a system.

A business will need your input while a system will flourish even if you aren't available

PitexyBaba:


Nice.
I wish to learn forex too..
The losses people are shouting daily made conclude it's more like gambling....

Ensure you see those cars with your own eyes otherwise you might just end up with premium tears.

God bless you for this, I was about starting something this new year

You don give me mind pieces, coz I work in a Bank

Emotionss:
[color=#006600][/color]


On the food stuff business I don't really know much since I an relatively new to the business so I am not the right person to give advice on that.

I am still in the process of building my suppliers from benue,jos,bauchi,sokoto,abakilike, Gombe, Cross River, Anambra, Akwa ibom and Nasarawa state respectively. While my operational base will be in Port Harcourt. (God Willing)

Evening bro....
I can be one of the suppliers
Serving in Sokoto
Onion is my basic product
Rice is also to be added
If possible,we can talk more via phone call or whatsaWh....0-8-0-2-3-7-0-7-4-2-3

Lush100:

Sir,
I work 8-5.
I have 2 other sources of income.
I want to add a 4th one.
Fmcg is the one I think I can do while still working.
Most fmcg distributor around my location are already saturated or shared.
I'm just searching for info to see it it something I can do.

Dear Lush100, firstly I am a lady
congratulations on your other sources of income, you want to add a fourth or 3rd one?
Be that as it may, meet with them make it a point of duty to buy from them (FMCG) be bold enough to tell them you want to patner with them to be a distributor.

The best place to get the information you need is from those FMCG in your area

Sometimes it's not really about the amount you're been paid but your ability to save and utilise your earnings. Here's one important reason to save towards your goal on INest from FCMB. You get up to 10% interest on your savings.

ebullient19:
I followed through all the comments till page 9 and I must say that I have learnt a lot. I pray God help me to get a job and save at least some capital in order to start my side business

Sweetie don't wait for the job,
Go into a business center and design a nice cover letter and type a letter to be a supplier if something you know you can comfortably buy and supply with little or no transportation and submit to companies or schools in your area, you'd be amazed at the results

Op, thanks for the info, this is one of the best information i have received this year

fid3fid:


Brother, opportunity plenty every where, na if you bend down well you go see am. Things plenty for Bauchi there wey people for Lagos dey find.

And NL provides you opportunity to interact with people wey dey different zones. Exchange ideas with folks on this platform. See what they are looking for. See if you can provide that.

Best to start small ... Small small... Dey gauge the runs as e dey go. Don't be greedy or in a hurry to do big and hammer, e fit burn you. if the runs dey enter, dey add small fuel.

Thanks man

Yungbliss:


Evening bro....
I can be one of the suppliers
Serving in Sokoto
Onion is my basic product
Rice is also to be added
If possible,we can talk more via phone call or whatsaWh....0-8-0-2-3-7-0-7-4-2-3

This is good, how long have you been in sokoto?

Oracleforce:
Op, your mind is in bus8ness but your body is in a bank job...my sister, you need prayer for God's direction.....let God direct you better. ...
Because with your passion, skills as your zeal...you are an asset in both business and the banking industry. ...

Yes so... I keep praying for God's direction.

PitexyBaba:

Wow! So nice! What's she into? Ma

Food business

RuddyFusion:
This is one of the best piece I have read here which got me thinking. Regardless of what you do or what you earn you still need to have a business or side hustle by the side......I will holla at you op

If u sent PM, I have replied.

PitexyBaba:

Wow! So nice! What's she into? Ma

Food business

PitexyBaba:

Wow! So nice! What's she into? Ma

Food business

Dear ma'am,
I have 3 sources of income in all for now.
I'm looking for a number 4.

It's not advisable for me to just go and do distributorship for the sake of it.
I'm out to make money.

If for example,
A new company with a new products that has the potential of selling fast and vast,
Then it makes sense to go for distributorship with them coz your (capital) commitment outlay will be lower since they ( the company) will be executing penetrating strategy.
I will also get value for my money.
I could even apply for exclusive distributorship.
But if it's already saturated, it a waste of investment.
One will be struggling to break even.
I don't want that.
That's the best way to enjoy distributorship biz.
I'm thinking of other line of biz.
But what most biz people are doing now is using the format of ShopRite.
Be a distributor for many fmcg,
Buy at distributorship price and promos
Ans sell as retail instead of to dealer(dealership).
This they can keep therir prices low and have very huge turnover of sales.
The issue here the capital outlay is large.
But some are able to overcome by adding other areas
Check out foodco.
Living spring
Fola Mart.
All using same format.

NB.
I have called/tried some companies
U think about 5
Their available location are outside my catchment areas and already well know company brand have high entry distributorship outlay and skewed terms.

yazga:
Dear Lush100, firstly I am a lady
congratulations on your other sources of income, you want to add a fourth or 3rd one?
Be that as it may, meet with them make it a point of duty to buy from them (FMCG) be bold enough to tell them you want to patner with them to be a distributor.

The best place to get the information you need is from those FMCG in your area

AltarBoy1:


That is the reality, you dont just quit your job when you dont have a reasonable source of income.

My own rule of thumb is.... dont quit your job until your side business is giving you at least more than half of your monthly salary.

Nicely written, but i think one thing you didnt capture is in business, you need to save about 6 - 12 months income as backup at all times. This reserve is a buffer reserve should things go sower.
Doing business in Nigeria is highly profitable but great business comes great risk, and govt policies being the number one business killer.

Another thing is you must be skilled in any business you are going into, staffs can ruin your business, they want to make money without working, or they feel they are d backbone of d business and everything should revolve around them alone

Nice write up, keep it up.

[color=#006600][/color]

Yungbliss:


Evening bro....
I can be one of the suppliers
Serving in Sokoto
Onion is my basic product
Rice is also to be added
If possible,we can talk more via phone call or whatsaWh....0-8-0-2-3-7-0-7-4-2-3

Ok number saved.

Lush100:
Even though, I don't have a physical business location,
I have 3 sources of income.
I'm looking for a 4th one.

That's why I'm looking for a fmcg deal if u check my last post on this thread.
Other options are transport biz
or massage centre for now.

Full Details of your laptop?

I'm looking to get one

egopersonified:
I waited till my salary was 10% of my profits. Then resigned without telling any family or friend, so no one discourages me. If I had more competent staff, I should have five locations by now, but presently on the look out for the third location.

What services do you offer?

Have leant alot

cayorday89:

Op, you are the real man for this, how can one get in touch with those pharmacist you talked about, My younger sister who studied pharmacology want but not been lucky with great jobs due to her course not been a professional one in Nigeria, and are been sidelined by pharmacists, want a connection on how she can start a business in that line...

let her go and learn drug biz first ahbi she want to work under somebody, studying about it is quitly different frm you opening your own shop and succeed easily. drug biz dosnt work like that. Drug itself work with believe also. Hope i didnt offend you by my writting.

Lush100:
Dear ma'am,
I have 3 sources of income in all for now.
I'm looking for a number 4.

It's not advisable for me to just go and do distributorship for the sake of it.
I'm out to make money.

If for example,
A new company with a new products that has the potential of selling fast and vast,
Then it makes sense to go for distributorship with them coz your (capital) commitment outlay will be lower since they ( the company) will be executing penetrating strategy.
I will also get value for my money.
I could even apply for exclusive distributorship.
But if it's already saturated, it a waste of investment.
One will be struggling to break even.
I don't want that.
That's the best way to enjoy distributorship biz.
I'm thinking of other line of biz.
But what most biz people are doing now is using the format of ShopRite.
Be a distributor for many fmcg,
Buy at distributorship price and promos
Ans sell as retail instead of to dealer(dealership).
This they can keep therir prices low and have very huge turnover of sales.
The issue here the capital outlay is large.
But some are able to overcome by adding other areas
Check out foodco.
Living spring
Fola Mart.
All using same format.

NB.
I have called/tried some companies
U think about 5
Their available location are outside my catchment areas and already well know company brand have high entry distributorship outlay and skewed terms.

Then stick to the business you are currently doing and make it big.

yazga:
This is good, how long have you been in sokoto?

I came in March
Serving in Yabo L.G.A.
I am hustling with my onion farm
The street is rough


Why I made mentioned of rice is that,in Tambuwal L.GA.(close to Yabo),they deal in rice

Facts