Good day guys, so I'm planning to have a provision store, my budget is actually N800k.

I know every business have its challenges but I want to know what challenges dud you guys faced when your business was still in the early stages so I don't break down completely lolz.
Even if your business isn't provision store, u can still contribute and tell us the challenges u faced thanks.

I know alot of u have cool businesses that u are already running and u want me to join and will fetch me 20k daily but I am not interested so please just stick to the topic, Also FP hijackers, let's be civil here thanks as u cooperate

1. Funding
2. Gaining the trust of people
3. Setting up an appropriate centre
4. Competition from already establish SHARK
5. Envy from friend and foes who are not happy with your vision
6. The waiting period when income could not cover expenses

Setting up the right team. If you assemble people with different vision, you're done for.

And as for Sole proprietorship, it's majorly funding and breaking even.

Nothing is guaranteed in business.

No matter how business smart you are, our beloved country will demystify you

Business requires a lot of patience therefore, only the patient and business minded would survive the heat.


When I first started my cement business, I sold a bag that very first day but to my surprise, didn't sell any for the rest of the week again lol.

Damnnnnn niggarrr
Isoright....grab my weed....while I read comments

The only challenge we real niggarrrrs encounter in our business at first is tools and format

Okay oooo

Hmmm

Unlike when I was earning monthly salaries and running house affairs with the little money that do comes in on regular basis. The major challenge I faced "was not earning even Kobo for so many months as a start up" due to lack of patronage and people being so skeptical to deal; for my line of business required some level of huge amount of money in dealing. Meanwhile there are day to day financial responsibilities and pressure from all angles.

The issue was so intense at a point my wife started to mount pressure that I should go back to salary work, even if to take up teaching jobs for the meantime, I tried to explain to her that taken up teaching job will distract me from my pursuits but she couldn't understand and I remained resolute and let her be.

I kept moving forward with some good level of determination, focus and believe. It's now paying off, even though we are not yet there, we can say confidentially that; we are not where we used to be.

Oh, let I forget that; i am an Estate Consultant, I help Investors home and abroad to achieve their real estate related Investments.

Hmmm...

It's plenty!

1. Epileptic power supply (if your business is power dependent)
2. Bad location

These two factors are the greatest threats to start up businesses in Nigeria.
I nearly ran mad when i started my first business. My total income was going to fueling the generator for the first year.

So, if you are starting a business and you have the cash, do yourself a favour by renting your office in a good location, even if the remaining capital is not enough for the running cost, with time, you break even and ultimately start making profit.

However, if you think you want to save cost and rent an office/shop inside street, where there is no human /vehicular traffic, you will end up wasting your years there without recovering your start up capital.

From my little experience though!

alot

getting vendors to register on the classified ads website i created, still finding ways out.

Let me clear well

As interior designers trained by Canadians, people were doubting our services when we established our own business in 2014, first job was at a hotel in Port Harcourt, little did we know that the guy who posed as the owner was actually an agent. He was able to beat the price of what we quoted by 30%.
As a company that maintains value, we didn't compromise on the quality of the proposed design, we were left with 'peanuts' for workmanship.
Nairalanders are also fond of this
When we finally brought the business to Nairaland, moderators (apart from one particular mod) didn't help matters **so sad**

I like the caveat emptor the OP gave

Discipline......

[img]https://media1./images/36fcad95de988e2c5ef6ee0f9f6301a1/tenor.gif?itemid=3838553[/img]

Surprisingly!

Mine was when I ventured into forex. Oh my goodness! At a point I began talking to myself while walking, you just can't imagine how much I lost to forex when I started. But with consistency and perseverance I gained all I lost back even in double fold and can proudly say I am happy I took the risk. No matter the challenges you face in any business venture always look at the long term target and you'll have reason to be strong.

Chilax, consistent is the key

Mehn
It wasn't easy

OK

It wasn't easy, I almost had high blood pressure but I'll never give up.
#positivity

Govt...only govt wahala is enough!!!

Lack of capital

Dept from customers because my business is situated in a neighborhood. But I've dealt with that after a while.

Challenge that will make a loss and getting the right customers.

Nigeria government is the biggest challenge.... you'll understand better if you're an importer

matter of fact being in Nigeria should be listed as number one thing that can kill a business.

Adam00:
Lack of capital

my brother abi lack of brain

Funding

U will employ sales girl, be careful though. Fine girl is not the same as honest girl

Rat go eat your edible food.So have a showglasses,NEPA, local government workers wahala.Look for a good location.

Low patronage at first but with time , patience, persistence and prayers everything worked out