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What Challenges Did You Face When Starting Your Business? - Business (4) - Nairaland

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What Challenges Did You Experience When Starting A Business? / 3 Common Mistakes People Make When Starting A Business / Share Your Business Start-up Experience:what Challenges Did You Face? (2) (3) (4)

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Re: What Challenges Did You Face When Starting Your Business? by WallStreetfx(m): 12:01pm On May 22, 2021
Ourkitchenpalm:
I'm inside my provision store now.

Opened it during covid/Lockdown era last year. It would be one year next month.
As a result of the Lockdown, I spent one million, one hundred thousand naira building just a 15*15 container and other fitting so as to make it cool always. Instead of the earlier budget of 800k for both the container and goods.

There was no money again to put goods in the store. My wife even laughed at me. Only her knew that it money that was holding me.

I got two hundred thousand only. my wife followed me to the market, we bought things half cartons each instead of 2-5 cartons I earlier quoted. Thanks to my wife. I never knew that, 200k could buy so many goods. when I already looking for where to raise one million naira according to my quotations.

I sold 7k only on the first day. All denominations counted (N1000 -N5).
Today, we don't count N200 to N5.
We do realize such amount in less than 10-30mins.

The only way to succeed is when you declare Operation Do Yourself.



I need your advice on how I can get container. Have dm?
Re: What Challenges Did You Face When Starting Your Business? by popoolaRofiat(f): 1:43pm On May 22, 2021
debbydams:
lol it not easy o...I'm selling all foods stuffs including semo groundnut oil nd the provision..my friend always ask me who put me tru,,I told him I used brain ni,,In addition if op want to be selling noodles, floor, sugar, semo.he should go to ware house,,in ilorin I buy from oja tuntun In every ware house their price is always cheaper than normal shop in the market,,e.g Indomitables is 2300 in ware house if you buying from 5 its 2250.nd Normal shop in the market is selling 2350 some 2400..I hope op is getting my point


Am interested in your Experience.can we connect?this is my number 08149240862.or you can drop your I can add you
Re: What Challenges Did You Face When Starting Your Business? by popoolaRofiat(f): 1:47pm On May 22, 2021
vincentjk:


What exactly do you want to know? Tell me and I'll explain.
I also have interest too.
How much capital to offload a trailer of cement
And what other things one can be sellingto complement cement
Re: What Challenges Did You Face When Starting Your Business? by debbydams(f): 2:19pm On May 22, 2021
popoolaRofiat:



Am interested in your Experience.can we connect?this is my number 08149240862.or you can drop your I can add you
OK dear I'll chat u up
Re: What Challenges Did You Face When Starting Your Business? by vincentjk(m): 2:21pm On May 22, 2021
popoolaRofiat:
I also have interest too.
How much capital to offload a trailer of cement
And what other things one can be sellingto complement cement

For a full truck which contains 900bags, just budget N3m for it.

Other things you can sell are; iron rods, nails, binding wire, zink and other building materials.

1 Like

Re: What Challenges Did You Face When Starting Your Business? by Francisayo(m): 4:49pm On May 22, 2021
vincentjk:


What exactly do you want to know? Tell me and I'll explain.


How much needed to start d business

How to get supply and abt d market

And if d business is lucrative
Re: What Challenges Did You Face When Starting Your Business? by vincentjk(m): 6:46pm On May 22, 2021
Francisayo:



How much needed to start d business

How to get supply and abt d market

And if d business is lucrative

A trailer (900bags of cement) costs about N3m so you need enough capital at hand for a start. but if a full truck will be too much for a first timer like you, you can also order for half truck which is 450 bags or less if you have somone/people running the same business closeby to share with so sharing the goods within yourselves and everyone either pays to the distributor or one person will gather the money and send to the distributor.

Cement unlike other goods is perishable, if you experience bad market especially in rainy season like June, July and august the goods will begin to cake and no buyer will go for these ones.


Getting supply: you look for a trusted distributor around who you can pay to then have your good delivered in a few days time.
Re: What Challenges Did You Face When Starting Your Business? by Francisayo(m): 7:46pm On May 22, 2021
vincentjk:


A trailer (900bags of cement) costs about N3m so you need enough capital at hand for a start. but if a full truck will be too much for a first timer like you, you can also order for half truck which is 450 bags or less if you have somone/people running the same business closeby to share with so sharing the goods within yourselves and everyone either pays to the distributor or one person will gather the money and send to the distributor.

Cement unlike other goods is perishable, if you experience bad market especially in rainy season like June, July and august the goods will begin to cake and no buyer will go for these ones.


Getting supply: you look for a trusted distributor around who you can pay to then have your good delivered in a few days time.

I don't have that much, I plan to start with 100 bags, and what's d interest like?

Is it that lucrative?

I planned getting started and after sometime venture into block industry too, but I just hope d business will be able to bring d needed profit I want.
Re: What Challenges Did You Face When Starting Your Business? by LKO(m): 10:26pm On May 22, 2021
AGUBANZE:



You will need to carry out a feasibility study. You should walk into a store there and check the creams , soaps and tube creams that they sale. Then you will start small but you can ask for advise from the wholesale guys if you can trust them at the market. You will make most of the money in this business when it comes to drinks, creams , body oils and perfumes. The cream you have to be careful because of the expiring date. Tube creams expire first that normal lotions and etc. this business is a business you will learn on the go. There is no fixed way to go about it because areas and preferences varies.


Thank you so much. This five five naira profit in provision, food spices and toileteries business is not funny at all. I'm in it already, though the market where I operate is new with no much traffic for now, I'm still optimistic. I would create one section in my shop to start cosmetics.
Re: What Challenges Did You Face When Starting Your Business? by vincentjk(m): 6:26am On May 23, 2021
Francisayo:


I don't have that much, I plan to start with 100 bags, and what's d interest like?

Is it that lucrative?

I planned getting started and after sometime venture into block industry too, but I just hope d business will be able to bring d needed profit I want.

Cement business isn't that lucrative, the only thing is when you've regular customers you supply to; block industries or contractor customers... Then you'll be doing good turn up and making good sales and doubting your profit.

One thing is, people who sell cement in a big way are doing very well in term of finances. I hope you know this?
Re: What Challenges Did You Face When Starting Your Business? by AGUBANZE(m): 9:19am On May 23, 2021
LKO:


Thank you so much. This five five naira profit in provision, food spices and toileteries business is not funny at all. I'm in it already, though the market where I operate is new with no much traffic for now, I'm still optimistic. I would create one section in my shop to start cosmetics.


Be careful about the expiry date. Be careful about first because once they get into the top of the lotion , the cream may darken up deep within. You should learn all our hydroquinone used in the cream and the mild use which is pervasive in bleaching , so you won’t turn someone to a roasted rip plaintain and yam.

You can consult me if you want. I can drop emails if I have chance.
Re: What Challenges Did You Face When Starting Your Business? by LKO(m): 5:19pm On May 23, 2021
AGUBANZE:



Be careful about the expiry date. Be careful about first because once they get into the top of the lotion , the cream may darken up deep within. You should learn all our hydroquinone used in the cream and the mild use which is pervasive in bleaching , so you won’t turn someone to a roasted rip plaintain and yam.

You can consult me if you want. I can drop emails if I have chance.


Do I need to learn about hydroquinone used for bleaching to sell cosmetics products? I'm not going for skin care consultancy, buyers should know what they want na .

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