ibechris:
My brother thank u for this great analysis.
U indeed took ur time to point at most important parts of various or suggestive businesses one can venture into most especially for our vibrant young men and women.


I shall also like to advice u because it seems u have this fear of quitting ur job just like everyone would do including me. I was a also a banker like u and I did face what u going through today and when I discovered the long way I was going to ply just for working for one man,I quitted and pursued my dreams which is lending money to businesses and that has worked for me and it is still working out for me.

Give yourself a target on when to leave to pursue ur dream,and u have to do it with a very strong conviction that u are going to make it.

U may not need everyone but few clients that have proven to be honest and trust worthy would turn such a business around for u. That is one thing I learnt while working as a banker in the same north. I started with a minimal Capital of N300k which I have turned around to close to 40million in 8 years.


This year alone I was able to rake in 12.6million just as interest on my capital. Just like u said,business do grow little by little and with years comes in progress and expansion.

Think about this as I wish u the best come 2021.

I will like to know some nitty gritties of this business..Please kindly reach me via my email gbanto44@gmail.com ..Thanks

yazga:
Hello! don't make the mistake I made.
1. if it means to go and sell for someone for 1 yr just to understand the business
2. You will meet people and understand the measuring style to make abnormal profit
3. They will not cooperate until you do 1

You're absolutely right. They'll not tell you all until you go learn it from them.
I'm planning on starting something next year, if it's to get my one month annual leave and go learn, I don't mind oo.

MMXX:
What's the summary of this book please.
Never gotten around to reading it

That book turned my life around.

If you cannot make time to read it, then you really are not ready to get its benefits. No one can summarize that book for you.

AltarBoy1:
Luckily for me, as the business flopped, around march of 2016 I got an offer for a bank job which I gladly accepted. Salary was 75k/month. Not much, but for me back then it was much.

I went for training and was posted to one of the states in North west. I have worked for about 5 years now, but I only got a promotion January this year, taking my salary to N115k/month.
Now the question to ask is, if I was into business for this period of 5 years, putting in the type of dedication that I did where I work, as at now, will my net revenue per month not be more than N115k.

Over the years, I have got to understand that business grows every single day. It might not reflect in your net income, but each day that a customer walk up to you to buy your product or pay for your services, your reputation and good will grows. This will amount in more revenue/income later on.

Secondly, we all know that salary remain stagnant while inflation grows. No organization will increase your salary cos of inflation, but unlike business, business grows with inflation. For example, if a product is been sold for N8 as cost price while retailers sell at N10. If there is inflation and cost price rises to N11, most retailers will end up selling at N15, thereby increasing their income relative to inflation.

I am in the banking sector, and it seems to me that am trapped in there even though I work tooth and nail to resign as soon as possible, but a lot of things that I have invested into, didn't turn out as I hope. Not giving up yet, as I look out for other opportunity. To grow a business, the owner need to be on ground to nurture it, but that time is what you don't have when you are working for someone esp as a banker. Its not all that easy leaving your job entirely to go and grow/nurture your business, at a time when you already have responsibility and expenses to carry, you might end up running down your capital. That's why I want to reiterate that the best time to start a business is when you are still in school or under your parent roof, that way you can do all the trial and error you needed to do without getting burnt. If the business fail, you still have roof over your head with your feeding and other basic necessities covered, all you need is time to regain more capital and start afresh.

sir, pls which business can I start with 100k.I school in one of the University in Lagos,I have been thinking for months without finding that business that will give me time for my education

Everybody sounding like they making tons of cash in business yet Nigeria is the poverty capital of the world.

Even the op tried several business and failed woefully yet he thinks he is a master at dishing out advice.

It's not about how much you make, it's how much you keep and how it works for you.

Make shell or Mobil give you employment make I hear say u go wan sell bag or shoe for main market.

Franchise21:
Lovely writeup. I love the last piece. I just got an offer as a Retail Sales Mgr for an FMCG... Reason I intend joining is to develop my interest in business... But I'm way confused than I ought to be

What are they into ?

AltarBoy1:
99% of wealthy people are business men, you wont get to a greater height in wealth if you dedicate your entire life on a paid job. The average worker who is upright and doesn't involve in shady dealings ends up not been too wealthy or achieving much in life. Aside from multinational company's, most firms in Nigeria pay belwo 100k and when you factor in cost of leaving and daily expenses, how much can one save out of the salary in a month. Thats why I noted in the beginning of this write up that except you are working in a firm where your salary is above 100k and promotion/upward review of salary is certain within 3 years, then you are just wasting your youthful age when you work in such a place for long. If at the end of a year, you cant be able to save up to 1M, just try as much as you can to quit the job. Though its not easy, but its better you bear the heat and get out when you are strong and agile than wait when you get old.

My advice is that as early as possible, one should start looking for a business to start, irrespective of the nature of the business, as long as its legal and pays your bill just dedicate yourself to it and nurture it to growth/maturity. Business is easier to manage and nurture when your personal expense and responsibility is still very low, thats why its good to start when you are still under your parent, as a student or during NYSC. That way, even when the business fail, you have your family to fall back on until you gather the necessary resource to start again.

On a last note, when you have a striving business, by the time your kids grow up, one or two of them can you in the business and probably be on their own by having an offshoot of your business. That way they wont have to be looking for a job after school especially in this period of unavailability of jobs. But if you retire as a worker, you have nothing to pass to your kids to help them kick start their life. They will have to search for job or establish their own business.

I will also advice that if you have the opportunity of picking up a job as a sales rep of a company, please do not hesitate to accept it as this type of job gives you first hand experience of how businesses of buying and selling works. You will get to know how the market moves, the season when some certain goods are in high demand and with this experience, starting your own business in same line wont be difficult for you as you can even get some capital and purchase goods in the name of your customer and if you have a good relationship with him or with those around, selling the goods wont be much difficult through their help pending when you get your own shop/warehouse.

MODIFIED...
My own rule of thumb is... IF YOUR JOB IS YOUR ONLY SOURCE OF INCOME, DONT QUIT YOUR JOB FOR A SIDE BIZ UNTIL THE BIZ IS A "GOING CONCERN" AND IS GIVING YOU MORE THAN HALF OF YOUR MONTHLY SALARY.

Base on your level of connection so far with top customers in your bank , if you were to start a business, what kind of business would you start ?

uthlaw:
go buy Keke napep!!

What's your price for the big yellow gallon of palm oil now ?

AltarBoy1:

Thanks for the heads up.

If our govt got the back of the citizens, then one can comfortable relax and enjoy the work that you are doing even if the salary is 50k per month.
But knowing fully well that during your retirement age, our govt will assist you with kobo, one have to be a step ahead by ensuring that proper investment are in place before he or she gets old.

I see this one

Chai! E don be!

You see what this OP said is pure beans and bread. Most jobs are overrated. And even if they pay you well learn how to run business or good investment that pays.

If your the job type better marry woman wey get sense not those oloshos that only know iphone and Bone straight hair (abi na bone thugs sef). Woman wey fit manage wuna money well can help push you 10x in life.

Hear word o!

As a close friend to a bureau de change seller I can tell you for free you should have a side hustle. B4 na baller I be. I don learn sense by force. You see this tie and suit? It's overated.

E go be!

I have to choose one option... 1 school , 2 Business 3 to travel abroad for greener pastures

My cousins within my age range then were jumping into schools then, I choosed abroad.. fast forward to 2020 two of them are working in my company and calling me sir


Las Las school nah scam

AltarBoy1:


Well, I dont really know. I really want to have another source of income before leaping out. So far, the little investment that I have made didnt stand. And the capital burnt out. Hopefully this coming year if the country remain fairly stable, I will leap out cos there is another investment that am targeting. Just trying to raise the capital required.

Just look for a problem to solve and the money starts to come in. That is the simple key and logic.

Nice write up. U can’t make multimillions or billions working for sm1 and even if u do by chance of the global nature of the company there will be a level u can’t cross. To cross that other level of fortune u must own ur own business or be a partner.

Interesting I must say

Now here is my own story

I have been jobless since 2018
I did some contract job with an oil company which wasn't stable and lost it totally at the end of 2018..
Was hopless,confused and low in spirit
Then I decided to visit my fiancee in one of the far north states.. (North Central)
It was difficult to make up my mind to travel due to the security situation of the country, as anyone I told advised me not to embark on such journey, but one girl gingered me and I prayed and set up to go, it was a long and crazy journey but I finally arrived, got there and my fiancee works in a commercial bank, normally she will make me comfortable before leaving early in the morning, but as a guy man and someone that is looking for opportunities, I will always move around to check the environment and interact with people, though language was a major barrier (Hausa) as bike men and market people will always tell me bar English, I will then call her for directions, of which she will start shouting and cautioning me to stay home ,but i nodey hear word!
One day I brought her lunch to her office, and saw bags of rice every where beside her office, I entered and asked about the prices, it was difficult to communicate with them until I saw a Yoruba man that understands English, we spoke and he explained some certain things to me and I left, on Saturday I took her there(my fiancee) as she can understand Hausa abit, we made more enquiries, bought some, came back and cooked and it was nice, we made up our mind and I came back to my base, she will buy after work and send down to me, I did aggressive online /physical advert and it started moving, finished the first trip and ordered for the second, the second finished in less than one Week!
Then something happened
She was transferred out of the state without prior notice, customers were demanding and there was no good, it was crazy, I ran mad, and the demand rose up then because people liked my product and the recommendation grew,
Until we secured a way of sending the product down here, so starting business is not easy, and it comes with its own challenges, by God's grace we will keep growing, I intend to have my own shop someday, as I'm sharing with a friend, I only stock there and do online marketing and then reach out to people physically.

So if you're in portharcourt or it's environs, kindly patronize me, I sell stone and chaf free Nigerian rice at affordable price.. My contact is on my signature and I stock at eleme junction before reason filling station by igboetchie junction..
God bless you, the ops right up really inspired me to keep pushing..

Elsueno:
This is excellent, my brother's please listen to this bros of mine, He is telling what only a few will.


My advice, it's ok to fail, especially when you are young, Cause you can always start again, Try different business ideas

Even if you decide to be an employee make some investment Before you retire! . don't go rushing to invest when you are about to retire, 90% of people who do that end up loosing everything and by then it might break you.

This exact thing happened to my dad.. He lost almost everything

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.

Wow! Thanks for this. I am just starting out as a DJ, and I put myself in the shoes of the barber you wrote about. My equipments (Speakers, DJ Controller, Laptop, Amplifier, etc) are constant...I don't have to buy new product or ingredient every day. And in periods of low patronage, I don't have much to lose.

At your age, that's why you never get money till date. You are too stubborn to learn from new idea and adamant to discuss or share on success stories. I know you. OP, Continue.

Villagemeat:
You want to advertise networking business,na so them dey start

larrypourl:


What are they into ?

Sales of wines n spirits

4lorunsho:




Abeg trade fair for Ojo get Okirika clothing

Ojo

OP,I read your post twice. Started yesterday and repeated today.e get why. Your post na mini MBA.

I am glad that you have seen the best of the two world's. Your experience will also fortify you from the dear of starting small as you had done so before. You also paid attention while you were hustling your own business and when you were working in the bank.

I have no criticism for you, your time doing your own business and at the bank is not a waste. I am sure you would have met one or two people who will become useful for you i. The future of your business.

Small advice for you, you sabi explain something, your explanation is clear. Baba, expand and convert this post to book. If e no sell today, e go sell tomorrow.

Great write up Bro. God bless your effort.

However, let me just drop this:

If you're married, just sit down your wife and have Frank conversations on how to improve the family and the future together and let her come up with buzz she can handle very well and progress despite any odds and challenges.

You too come up with ideas and business you wish to do that can have your wife to manage it. Come up with business ideas and two of you decide which is better option and it becomes a child/ambitions of you both to nuture to maturity.

As a man, you'll come in once a while to do some strategic thinking and some backup areas her strength might not carry but stick to your monthly income if it still pay the Bill's very well until both of you can afford to face the business 100%.

One thing that men suffers most times is to be hiding their finances or not communicating very well with their wives to know the importance of commitment and sacrifice.

Let her know that both of you must sacrifice to make the relationship last long, the business work fine and the children grow in peaceful family. Then help her to wave away some bad friends or ASSOCIATION through diplomatic ways till she realised you're all about her, her progress in life and the better future for both of you.

I bet you, once a woman is committed to you and realised you are very straight and strategic with her and always planning for the future, she will do her best to make sure she managed the business very well.

In conclusion, empowered your wife to a business woman or manage family business while you continue monthly earning but let the business process, managements, profits and others be well written out and be separated from day to day family expenses.

That's what I call a good post. The sort of thing we want to be seeing on front page. Kudos OP.

4lorunsho:

What business do you do?

Loan company

gbengu:
Great write up Bro. God bless your effort.

However, let me just drop this:

If you're married, just sit down your wife and have Frank conversations on how to improve the family and the future together and let her come up with buzz she can handle very well and progress despite any odds and challenges.

You too come up with ideas and business you wish to do that can have your wife to manage it. Come up with business ideas and two of you decide which is better option and it becomes a child/ambitions of you both to nuture to maturity.

As a man, you'll come in once a while to do some strategic thinking and some backup areas her strength might not carry but stick to your monthly income if it still pay the Bill's very well until both of you can afford to face the business 100%.

One thing that men suffers most times is to be hiding their finances or not communicating very well with their wives to know the importance of commitment and sacrifice.

Let her know that both of you must sacrifice to make the relationship last long, the business work fine and the children grow in peaceful family. Then help her to wave away some bad friends or ASSOCIATION through diplomatic ways till she realised you're all about her, her progress in life and the better future for both of you.

I bet you, once a woman is committed to you and realised you are very straight and strategic with her and always planning for the future, she will do her best to make sure she managed the business very well.

In conclusion, empowered your wife to a business woman or manage family business while you continue monthly earning but let the business process, managements, profits and others be well written out and be separated from day to day family expenses.

Thanks.

AltarBoy1:
I will have to stop here for now. I welcome any form of question or criticism. But no insults plz.

love this thread of yours ,it would do wonders for many people out there.

Just finished my service early this year, served at a big company but because of covid-19, we couldn't be retained by the company (at least I got a year of professional engineering experience under my belt).
A month or so before service ended,my roomie convinced me to startup a little something he was doing, I did it and thanks to God, even though It wasn't easy early on and we have had losses, I think that it saved me during the worst of the covid-19 crisis.

I agree with you totally. My people ,we all know the reality as in job hunting in the country. Before one gets out of the uni or secondary school,I will advice one to horn a skill or a good business plan and please surround yourself with peeps who have a vision. .
A fellow corp member (my roomie)who served with me acquired electrical installation skill before he was even done with his HND program.That guy today has secured and is executing a contract for full electrical wiring of two duplexes in two different states,he is also a contract staff (electrician) of a construction company in Nigeria.By next month,he will be opening his own electrical store .

Most firms in the country are slave dealers-the take up all your time and yet pay you just enough to keep your head above the tide. Worst are the private schools and indigenous firms.To truly be a man of your own, you have to achieve financial independence.

Am talking from experience, even though my financial condition isn't rock solid, I at least have learned very important life lessons and, I wasn't in a critical situation during most of the covid-19 situation. I also have more room to manoeuvre my future in a direction I want it to go-with God's help of course

uthlaw:
07039397858!

Thanks sir, will give you a call..

cayorday89:

At all sir, can you please make bold explanations on what learning drug business entails, although she helps in drug procurement for her unit in the hospital pharmacy, but the suppliers one way or the other refused to grant her request on learning somethings in order to venture into it and most importantly the license which she does not have..

am sorry i cant type long (using a small phone). The truth is that it will be hard for you to convince her when she is not ready, some of them prefer working under somebody(hospital) licence is not the main problem there. The ability to take proper good business record is another thing. Is not all about selling and putting money in drawer lol .drug also expire, remember all i say do not and will not affect her directly as long as she is working under someone. she is a woman, many of them dont like to take risk and the risk in business is inevitable.( to be nwa boy is not easy imagine typing these with tecno 528). jezzz...

authority2006:


You didn't understand his point. There are many salary jobs in Nigeria that can never make you grow unless you try to combine it with business.

Its true

assinozick042:
.am still serving my boss as for nw... Had it been that i knew early i would have stop school at jss3 though itz not too late because i finished secondary school before going into nwa boy line. There is this my customer(very young guy) he should be around 19 and 21, he is on his own doing ok . He buy goods of 80k 90k 70k every 3 to 4 days. Business is so good when you know how to do it. By Gods grace my own time is not far . Am drawing my map on a good location within benue or north east .

Why don't u consider kano bro.. thats the heart of business in the north. only second to saying in Nigeria. l live in kano city and I know what am saying

assinozick042:
am sorry i cant type long (using a small phone). The truth is that it will be hard for you to convince her when she is not ready, some of them prefer working under somebody(hospital) licence is not the main problem there. The ability to take proper good business record is another thing. Is not all about selling and putting money in drawer lol .drug also expire, remember all i say do not and will not affect her directly as long as she is working under someone. she is a woman, many of them dont like to take risk and the risk in business is inevitable.( to be nwa boy is not easy imagine typing these with tecno 528). jezzz...

True talk boss, I can relate, but she really wants to and it will be a joint venture for she and I but since such opportunities is not forthcoming, she is still sticking with her job and saving massively for it, in fact na me dey in charge of her savings, I am currently 30 and I am jobless, I have my plans with its own difficulties but with quite a good saving and some Lil investments in farming... And she knows all that cos we discuss a lot, like the proper recording and the drug expiry as she brings some home from work if it is close to expiry and they been unable to sell it before its expiry period, to market it to chemist in our area or for use at home before its expiry..

BOOKWORMLUX:
I got to know of sm websites that help me earn $1 daily which is about 450naira. I thought it was too small, but right now i have $174 BTC(about #90k) btween october n december.
i am grateful that i did nt give up.
to you it is small, bt it means a lot to me. i only invest my time and data to do same thins i do here on nland, makin comments.
i am just a student and dont have much to carter for.
I believe that with God by my side, i will make it in this life.

Chief, can I pm you for the website?

LikeAking:
Story,story.

U no go manage wetin u don see.

Keep dreaming.

Go into biz after retirement.

Best advice to any worker.

I wanted to read and pass, then say in my mind that this is your opinion, that it worked or will work for you in the future but then I realised it's an advice you're giving not just me but the numerous people on this platform. To be candid bro, this is the worst advice I've read since the whole of this year.

Nicklaus619:


I have established working business relationship with producers and companies in China, Taiwan, Italy and Japan, where I buy goods in bulk at a reduced price from them and waybilled to me, and I have established a network with konga, jiji and other e-commerce website where these goods will be advertised and sold,


It's a long process but we have gotten here so far, no be today we start the arrangee

But I go give you a break down later if you interested fo spread your tentacles, I want make money like it's blood money come 2021

Any other legit business way they pay am so diving in

Chief,make I pm you?