Hello Naira landers, I need help, assistance, advice etc that can enable me actualize my dream of owning a nursery and primary school.

I am a 42 year old man married with two kids. I have been a private school teacher for 12 years in Rivers state with nothing to show. My kid sister and I inherited a building in Lagos state from my dad after his death. We decided to put tenants in the building in order not to leave the building empty.

Surprisingly, I was called last year by one of the tenants that the power company disconnected their wire and went away with it. It was discovered later that my father bypassed the prepaid meter with a debt running to #500000. Although I was able to pay #170000 to the power company from the rent they paid, promised to pay the outstanding and the wire was released to them. Leaving me with an outstanding debt of #330000 till date.

After critical thinking, I called my sister that the best way for me is to turn the building to a school. I have been to banks but I was told they do not finance start up except existing business.

I have asked family and friends, the only person willing to assist me is abroad but he has a challenge of financing a sudden funeral amounting to over $20000 and will not be able to assist me, but I'm looking at commencing the school by the next academic session by September. I will also like to create awareness by starting with free coaching by August. I just want to start small and grow from there.

Please I know that there are well meaning people on this platform. Please I need a small loan with a moratorium of six to seven months. Please help me leave this miserable life of feeding from hand to mouth.

Nigerian banks are wicked,
How can this economy grow if banks don't finance start-up.

I will suggest you start out as a tutorial centre for those preparing for WAEC and JAMB, likewise after school classes for those in J S.S 1-S S.2.

That's where we find ourselves, Nigerian banks are only interested in making the rich richer while neglecting the inspiring entrepreneurs.

Mindlog:
I will suggest you start out as a tutorial centre for those preparing for WAEC and JAMB, likewise after school classes for those in J S.S 1-S S.2.

Thanks for the advice. I also taught about that, but it's still about getting a loan to get things like furniture, teaching aids and other things.

istina:
Nigerian banks are wicked,
How can this economy grow if banks don't finance start-up.

That's where we find ourselves, Nigerian banks are only interested in making the rich richer while neglecting the inspiring entrepreneurs.

Baba you even have a building. What is wrong with you now? My brother go and buy white board with plenty marker. Gather wooden benches from neighbours. Start with subjects you know you are competent in and start teaching for free. Also meet friends and colleagues to help out in their own subject areas. You don't have to pay them. Just strike a deal with them. I won't talk much on that. You have to be rugged. Print adverts and paste everywhere. Become a nuisance with your advert after all those bastard politicians do same with their billboards. Baba you go see patronage you go run self. This life no balance oh. Me I'm looking for space to run a small business while some have it but don't know how to use it.

HUSTLER001:
Baba you even have a building. What is wrong with you now? My brother go and buy white board with plenty marker. Gather wooden benches from neighbours. Start with subjects you know you are competent in and start teaching for free. Also meet friends and colleagues to help out in their own subject areas. You don't have to pay them. Just strike a deal with them. I won't talk much on that. You have to be rugged. Print adverts and paste everywhere. Become a nuisance with your advert after all those bastard politicians do same with their billboards. Baba you go see patronage you go run self. This life no balance oh. Me I'm looking for space to run a small business while some have it but don't know how to use it.

Thanks for the advice, all you said still have to do with funds. Remember, I live in Rivers state. Relocating is like starting all over and I have away from Lagos state for long years ago. I do not have friends there.

Sweetmaama:


Thanks for the advice, all you said still have to do with funds. Remember, I live in Rivers state. Relocating is like starting all over and I have away from Lagos state for long years ago. I do not have friends there.

You should not be relocating with your family, you move to Lagos alone while they stay behind till you stabilize.

I don't know if the building is partitioned into flats or it is a a face-me-I-face-you, whichever you have to issue quit notice to tenant(s) presently living in the space that would serve you as your living quarter ( a room for now) and the remaining space for the tutorial centre and give other tenants quit notice as you expand.

You already have the most critical thing, which is the building, so you have to be resourceful as reality is that banks would not financing you at this stage and loan apps, a very frightful option.

istina:
Nigerian banks are wicked,
How can this economy grow if banks don't finance start-up.

If you're a significant shareholder in a Nigerian bank you will never support the bank financing start-up businesses with its money.

Any loan a bank lends to a start-up business in Nigeria will most likely go bad and be written off which will reduce the bank's profit and thus also reduce the amount available for distribution to shareholders as dividends!

Banks are not charitable organisations, they're in business to make money and no sensible bank will give out a loan it knows will most likely go bad

Mindlog:


You should not be relocating with your family, you move to Lagos alone while they stay behind till you stabilize.

I don't know if the building is partitioned into flats or it is a a face-me-I-face-you, whichever you have to issue quit notice to tenant(s) presently living in the space that would serve you as your living quarter ( a room for now) and the remaining space for the tutorial centre and give other tenants quit notice as you expand.

You already have the most critical thing, which is the building, so you have to be resourceful as reality is that banks would not financing you at this stage and loan apps, a very frightful option.

Thanks for your advice, I really appreciate you @ mindlog. I have already given all the tenants quit notice, to move by end of July leaving only one in order for the building not to be totally empty. Rent long overdue in Rivers state. That's the reason why I want to relocate with my family. We will be managing a room in the building when we get to Lagos and as the business expands, we will get another accommodation. No matter what I need to do, I still need fund.

If you are in a position to help invest, I'd be glad. With this experience and age, I cannot be a bad investment.

SavageResponse:


If you're a significant shareholder in a Nigerian bank you will never support the bank financing start-up businesses with its money.

Any loan a bank lends to a start-up business in Nigeria will most likely go bad and be written off which will reduce the bank's profit and thus also reduce the amount available for distribution to shareholders as dividends!

Banks are not charitable organisations, they're in business to make money and no sensible bank will give out a loan it knows will most likely go bad

Thanks for the enlightenment.

istina:
Nigerian banks are wicked,
How can this economy grow if banks don't finance start-up.

How is Nigerian bank wicked? Nigerians know how to seek for loan but to pay back it's a big problem.

You expect a bank to loan you money to start up a business you don't know if it would grow or not. If he had started up his school for a while, the bank would have considered him a soft loan.

How sure he can pay back the loan after 7 months when he don't even have students to occupy his school. Do you think students will fall from the sky??

Please invest in my vision.

Please my invest in my vision.

Sweetmaama:
Please my invest in my vision.

You need to first invest in it yourself!

You already have the space, get one or two blackboards and few wooden benches then go meet parents in the neighbourhood and give them your flyers that you offer English language and Maths evening lessons for primary school kids at good rate and guaranteed improvement in their children' academics.

Work with what you have on ground but if you can't, then look for something else to do.