High depreciation rate vs low profit vs high cost

Keke is overpriced shit

Not thanks to wicked government we have

SUPERPACK:
[s]Useless analysis and a poor rebuttal of the original thread[/s]. I have seen people use their keke for 6 years and still sound, I have also seen people open shops with huge capital only for it to be looted or mismanaged.

There is sense in his post. Feel free to make your own points.

Keke business is not as easy as people think

This fuckin business is what made me broke somehow until. I’ve been regaining my stand. Bought 4 once for #660k. Coupling etc #20k, Reg no: #20k.

I never made up to 1.5m after investing #4m.
Na so so stories the drivers dey talk every other Friday. Some will even turn off their phones, someone will involve in accident and incure damages you’ll still bring out from the savings money to fix .

Abeg, before you invest in Nigeria, make sure you’re present or you maintain a highly regulated rules & regulations accepted in your business and when someone goes contrary to that, be it family or friends, be ready to scrap them or Nigerians will take your business and hard earned money for ride with the believe that Oga has plenty money

I have seen someone that makes 15k Monday n Saturday while the rest is 9k to 10k daily



Opp be guided

Honestly, the person who gave out this analysis is very far from reality. I am a Keke operator and I can sate things clearly. At the end of November 2019 I got my Keke as fairly used one. Its still what I have been using till date and I have only replaced the rings and piston only twice. Apart from that I live in the midst of bankers even my next door neighbour happens to own a clinic here. I have my son attending a very good school while from the Keke business I have been able to secure many industrial machines for my tailoring business and I have been able to set up 3 POS outlets. That you earn 90k monthly from the Keke business does not mean you should keep it in a savings box every month till the year ends. Invest the money into any viable business where the money also attracts more money for you and thereby giving you the opportunity to have many sources of income.

if keke drivers make such money as claimed, why can't they afford decent life style??

food for thought.

That's what we operate with here. Don't be decieved. Its a viable business and you should be prepared to diversify immediately something starts coming in. I save my daily income using insecticide cans and at the end of the month I assume it to my other business where it grows

Jecci:
One thing with Nigerians any business they hear is booming they will just rush into it without doing due research.
Same way they rush saturate POS business

Im tired of repeating this statement
Everybody wan be oga forgetting that you must have a service industry to boom

slawormiir:
Damnnn niggarrrr
Grab my weed to learn

oga this is January.

SUPERPACK:
Useless analysis and a poor rebuttal of the original thread. [/b]I have seen people use their keke for 6 years and still sound[b], I have also seen people open shops with huge capital only for it to be looted or mismanaged.

..
If lie nor kill you, nothing else will..

The main problem with Keke riders not making enough money is due to multiple illegal tax they pay everyday....police , soldiers, FRSC, hoodlums will collect money from them illegally

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uncleck:
Opened this thread partly to respond to a thread I read on front page https://www.nairaland.com/6929052/how-started-tricycle-keke-business and partly to educate those who run into a business based on hearsay.

Before I go into the main thing, let me ease your mental stress a bit. According to the guy on that thread and the analysis of many people I have read on this platform, you can save just 5000 daily, that should give you about 150k/month and 1.8 million annually. But come to think of it, how many keke operators do you see living in a good apartment? With annual net income of about 1.8 million, one should be able to afford a semi decent home; fairly nice dresses and send his children to fairly good schools. After all you can hardly see a civil servant that saves up to 150k monthly yet they live more decent life than keke riders. Why? Before I answe this question, let me say that, although I'm not sure, the OP of that thread is still new in that business; he hasn't stayed up to a year. So at the right time he will come and edit that thread.

The truth about keke business
1st scenerio: fairly used keke...
There are two major reasons why people sell their used keke.
1. The keke is faulty. Most riders have very bad maintenance culture especially those who started their keke with brand new one. They feel the machine will remain sound inspite of their abuse until it down on them that great damage has been done on the machine, they put it up for sell. If you're the unlucky buyer that would be moved by the deceptive statement "five months old", sorry will become your name.

2. The owner is having issues with the operator. The owner might just decide to sell off so as not to loose out completely. In this case, the maintenance history of the machine cannot be guaranteed because in most cases, the operator see it coming and is more concerned about how much he can make before the owner seizes it.

Whichever is the case with the keke you're buying as second hand, you're 85% probably going to suffer in the hands of mechanics just few months after purchase. You will spend the little you have saved fixing the keke and will likely spend a lot of time in mechanic workshop making it hard for you to be able to save more. After one year, instead of the 1.8 million you're have calculated initially, you might just be VERY LUCKY to see 300k. In fact this is one of the realities why keke operators can't afford fairly decent life for their family.

2nd scenerio: new keke...
If you want to get a new keke now, just budget 1 million naira. At the start you'll be making a lot of money because passengers prefer to board clean keke. Because of how much you're making, as a real niggar, you will want to love-vendor your ride so that it will become more appealing and exquisite; the satisfaction you feel while blasting jams filter into the air from your keke... you can work from morning till night without getting tired because your ride is soft... you start paying all your bills without any issue... Hardly will you realize how quickly the machine is detoriating.

The reality will set in when your engine start shorting oil. After sometime you're asked to change your piston and ring. That is the genesis of a downward spiral in your financial life.

There are two very important things everyone should know. First, the lifespan tricycle is short. Remember that keke doesn't have radiator yet many of them are three cylinder. If you're serious minded, just give your keke 6 months, maximum one year, before you replace it. Secondly, every other business appreciates while keke depreciate. From the day you bought it, it starts depreciating till you need another 1milion to buy another one. But the shocking reality is that most people can't raise that money when they need to replace it. The reason is that, the death of their machine normally comes at a time they don't expect it, and they try to maintain the old one with their savings thinking that they can use it to raise more money.

If you spent 1 million naira opening, let's say, a provision store, after one year you would be surprised how big it has grown because it grows daily. But the pain of coughing out the equivalent of your initial capital once a while just to remain in business is not easy.

Conclusion.
If you want to start a keke business just to keep yourself busy for the meantime, go ahead. But please instead of buying new keke, invest the money in a business that has growth prospect. I've not talked about how often you will scratch somebody's car and you're asked to repay it; how many times the authorities will impound your machine; God forbid you involve in accident... Everything I wrote is based on experience.

I think you are very stupid.

ufotunang:
The main problem with Keke riders not making enough money is due to multiple illegal tax they pay everyday....police , soldiers, FRSC, hoodlums will collect money from them illegally

That may be true. But in this part of Nigeria, you only buy your daily work permit of 2h and 7500 riders permit sticker. Ensure you have a valid driver's licence and vehicle particulars. But if you want to work without licence and particulars, you will have to ply streets and avoid major roads where police and road Safety Mount road blocks

Oldmansense:
Honestly, the person who gave out this analysis is very far from reality. I am a Keke operator and I can sate things clearly. At the end of November 2019 I got my Keke as fairly used one. Its still what I have been using till date and I have only replaced the rings and piston only twice. Apart from that I live in the midst of bankers even my next door neighbour happens to own a clinic here. I have my son attending a very good school while from the Keke business I have been able to secure many industrial machines for my tailoring business and I have been able to set up 3 POS outlets. That you earn 90k monthly from the Keke business does not mean you should keep it in a savings box every month till the year ends. Invest the money into any viable business where the money also attracts more money for you and thereby giving you the opportunity to have many sources of income.

so you are saying that all your business don't need your presence?

nashito:
This fuckin business is what made me broke somehow until. I’ve been regaining my stand. Bought 4 once for #660k. Coupling etc #20k, Reg no: #20k.

I never made up to 1.5m after investing #4m.
Na so so stories the drivers dey talk every other Friday. Some will even turn off their phones, someone will involve in accident and incure damages you’ll still bring out from the savings money to fix .

Abeg, before you invest in Nigeria, make sure you’re present or you maintain a highly regulated rules & regulations accepted in your business and when someone goes contrary to that, be it family or friends, be ready to scrap them or Nigerians will take your business and hard earned money for ride with the believe that Oga has plenty money

Your business died because of your poor management
so shut up .

cherryCola:


I think you are very stupid.

If you are opportune to see him, he may be a dwarf with grinded Mellon filled in his skull in place of the brain

SUPERPACK:
Useless analysis and a poor rebuttal of the original thread. I have seen people use their keke for 6 years and still sound, I have also seen people open shops with huge capital only for it to be looted or mismanaged.

I very much agree with u... But first it's best to ask d op if he actually rode d keke himself n which state or city did he operate....

uncleck:
Opened this thread partly to respond to a thread I read on front page...

Thanks for showing us the truth. The way these guys hype transport business is something else.

When you point out the fact that those in the business would be living well if it was that lucrative, they would tell you drivers and riders are illiterates who spend their money on women and alcohol.

I wanted to go into it some time ago (and give the keke out on hire purchase) but changed my mind after discovering a few of the underlying issues in the business.

I didn't even know most of the ones you mentioned here, but the ease with which they steal that thing is insane. They're very easy to steal.

Not to talk about the security agents, council, agbero & everyone extorting you.

You brush motor, wahala. Motor brush you, another wahala.

And they don't last at all. They're just thin pieces of aluminum. Even wind can blow them off.

Haha my sis just finish advising me right now make i no venture into am unless I get strength to dy shout

nashito:
This fuckin business is what made me broke somehow until. I’ve been regaining my stand. Bought 4 once for #660k. Coupling etc #20k, Reg no: #20k.

I never made up to 1.5m after investing #4m.
Na so so stories the drivers dey talk every other Friday. Some will even turn off their phones, someone will involve in accident and incure damages you’ll still bring out from the savings money to fix .

Abeg, before you invest in Nigeria, make sure you’re present or you maintain a highly regulated rules & regulations accepted in your business and when someone goes contrary to that, be it family or friends, be ready to scrap them or Nigerians will take your business and hard earned money for ride with the believe that Oga has plenty money

Your last statement is funny but so on point.

nashito:
This fuckin business is what made me broke somehow until. I’ve been regaining my stand. Bought 4 once for #660k. Coupling etc #20k, Reg no: #20k.

I never made up to 1.5m after investing #4m.
Na so so stories the drivers dey talk every other Friday. Some will even turn off their phones, someone will involve in accident and incure damages you’ll still bring out from the savings money to fix .

Abeg, before you invest in Nigeria, make sure you’re present or you maintain a highly regulated rules & regulations accepted in your business and when someone goes contrary to that, be it family or friends, be ready to scrap them or Nigerians will take your business and hard earned money for ride with the believe that Oga has plenty money

Ntoor. Why on earth will you give people to ride for you when you are not part of the process. In order to succeed in any business, you must be willing to be part of it. You must know everything about it and also practice it. For example my friend has riders that he registered in same street where we operate. So there is not way the rider will give him excuse because we were all together on the street working. So how can a rider remit less than the agreed amount when I worked 4x the amount on the road.?

Set your mind on positivity always, alot of people made it big by riding keke. A secondary school drop out in my area has 5 kekes now he started from hire purchase, now has 5 of his own, bought land and he is now building his house from the proceeds the kekes are bringing to him.

Matheusmartin:

if keke drivers make such money as claimed, why can't they afford decent life style??

food for thought.

Because 90% of them are working for someone.

Food for your brain .

Why you no talk this thing on time na. Now I don go collect bank loan buy 5 used Keke put for road.