Which business did you regret starting because it ended up in HUGE lose

Pojomojo:
Never open a provision shop when you still have kids age 2-5yrs. They will eat the shop and leave the shop for you

lavylilly:
Hotel business

At first i chopped money like there was no tommorrow, it a low budget hotel with sales of about 5k per night. Was banking in about 30k per day. It was like blood money for someone who has never made that much money from anything for like the first 6 months.

Mistake 1
About late last year, Nigeria happened and Buhari proved himself to why he was Buhari, inflation and purchasing power, i noticed people who still wanted to bring babes didnt have enough money left like that cos of food inflation etc. Most were now going for short time service which was 1500 naira for an hour. And as a man once you are done with what you want to do, your eye go clear till next time konjiii hooks you and you are back again.

So in essence i was cashing in more 1500 naira bookings instead of the 5,000 naira bookings resulting in less income per night

Mistake 2
When i was making crazy money per day, i too was forming big boy dashing people around money and acting like i had money, what people came to the hotel to do, me too i carried people to other expensive hotels to do.

Also i was repairing almost everything in the hotel customers will spoil, anything be painting the same wall over and over again

Meanwhile price of emulsion went from 4k to 12k minimum, i still would be doing renovations non stop

I even wanted to buy diesel generator at one point in time and give customers AC, Rooms that i know they wont still sleep in for less than 5k a night. Thank God i couldnt afford the diesel generator

Mistake 3- Ramadan period
Chai this period for like 2 months was hard ooo, its like everyone was holy and no one wanted to spoil thier fast, but once Ramadan ended, things went back to normal.

Conclusion
Save your money and put your money where your mouth is.

Now im still back but more clever now, I have stopped pointless renovations. And i have started saving my money,

Even now i have started lying to my staff that there is no money for renovations, lol the same people that remit 30k per day room bookings for me every day haha

Also im trying to do a palmwine lounge thing. I have noticed one thing its when people are drunk or tipsy thats when they start wanting to do the obvious.

Lead city university students too that always came to camp at the hotel and be doing party around the night looool

Chai

Robertgreene1:
Keke bizness and Barbing salon bizness... please if you won't drive the Keke or be Barbing the hair yourself...don't ever think of these two biznesses....But experience is the best teacher they say..so in biz..u learn and u grow smarter...
As a new investor go into Agriculture and foodstuffs instead.... Nigerians must eat food no matter what!
Now it's Rice supply biz for me...
But I still need some serious minded investors to invest in my Rice destoning biz project...please🙏

Robertgreene1:
Keke bizness and Barbing salon bizness... please if you won't drive the Keke or be Barbing the hair yourself...don't ever think of these two biznesses....But experience is the best teacher they say..so in biz..u learn and u grow smarter...
As a new investor go into Agriculture and foodstuffs instead.... Nigerians must eat food no matter what!
Now it's Rice supply biz for me...
But I still need some serious minded investors to invest in my Rice destoning biz project...please🙏

QuinModah:
How much are we looking at?

Godwin4444:
barbing business is worst

I once ventured into it n I got burnt badly then I understood that majority of barbers are undercover yahoo boys

Only few of them make money from d business

Another one is sport betting, that business is rubbish if the patronage is not mad

I opened a bet shop in a school area, the patronage was low compared to running cost….to make matters worse students went on strike so for like 3 months na sit down dey look

Imagine making 3k d whole day n burning fuel,data, paper, staff payment,transport fare, feeding n co

Rubyjade:
Poultry my grandma was dashing people eggs, and life chicken, i have to close down.

Robertgreene1:
just 800k to 1 milli will establish a profitable Rice destoning center for you ma.

Skillsnigeria:
Hmmm

lavylilly:
CONSISTENCY is BORING but it is indeed the KEY to SUCCESS

QuinModah:
That's hight

Robertgreene1:
But profitable!!!

bukhety:

Thank you

QuinModah:

QuinModah:
Meat delivery biz. It ended in tears. I started building my customer base from family and friends; they ruined the biz with debt.

However, I won't give up because I have the brand name registered already. I will repackage and come up with new strategy. I never say die.


My uncle experience
You see frozen foods business naaaaa no go area oooooooo if u you don't have sufficient capital. Nepa wan kill me for like a week light no go dey. And I'm the only one selling in that area. I regretted doing that business with low capital. Infact many problem dey follow that business



Poultry business.
My cousins did it
It's very practical on paper but when it goes live it slowly grows into a drawn out timeline of heavy expenditure, it's not for the inexperienced or faint of heart. I know how many times I had to dispose off dead birds that were perfectly normal the previous day. The worst part is the market that's very inconsiderate, someone even priced my fuccing birds at 2,500 each. That's after almost two months(8 weeks) of N23,000 per week. Regretful!!

I admit there's other variables that I won't mention here but remember the it says only businesses that we regret so that's it.

My failure in this business and generally most traditional businesses drove me into internet money, I haven't looked back since

lavylilly:

Robertgreene1:
just 800k to 1 milli will establish a profitable Rice destoning center for you ma.

MrLekan95:

Where's your location?
Can we chat on WhatsApp 08175027586

Robertgreene1:
l will hit u up on Whatsaap bro..