₦airaland Forum

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Rule number one in Business - Never take a loan to start a new business especially in Nigeria where 75% of businesses fail after a year of kicking off. You can only take a loan to boost an already thriving business.

Thanks

Doctoadisa:
Been contributing in a cooperative society for a while and now I stand a good chance to take a loan of 500k amount which will be paid back for maximum years of 2.

I want to use this money to start up my own business and quit the long 18k salary I am getting from a private school since I completed my university degree (2019) and possibly move ahead in life.

I have two major business ideas on my mind which I believe is very lucrative but as a part of my research and findings, I need some advice from people who have experience in these two business to please give some suggestions and shed more light as to which busines is best as a fresher in business.

The first one is medicine/cosmetic and some selected provision products retailing while the second one is motorcycle spare parts and oil retailing business.

I am planning to undergo 3-4 months training in the most preferred one before I will kick start it.

Thanks and may God bless you

Make sure you complete the apprenticeship before you even consider taking that loan

Learn first b4 business