What Business Do You Regret Starting?? - Business (9)

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What Business Do You Regret Starting?? - Business (9) - Nairaland

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Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? / Which Business Did You Regret Starting Because It Ended Up In Huge Loss / What Business Do I Invest 8M In? (2) (3) (4)

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Re: What Business Do You Regret Starting?? by TheRealOwner(m): 6:40pm On May 17, 2023

DrUche3:
Ponzi o
. I even dropped from school as a second year Pharmacy student and the aftermath have been tormenting my life ever since...

Dear Nairalanders, Ponzi is evil! Learn from me and stay away from it!

Oh my goodness. I hope you are ok now and back in school

1 Like

Re: What Business Do You Regret Starting?? by TheRealOwner(m): 6:41pm On May 17, 2023

princejones:
I lost millions in futures trading, futures trading is worst than virtual betting

I lost too much money. Futures trading gave me hypertension

2 Likes

Re: What Business Do You Regret Starting?? by Iseoluwani: 6:44pm On May 17, 2023

awakeuche:
you do the transportation yourself?

Yes

Re: What Business Do You Regret Starting?? by TheRealOwner(m): 6:45pm On May 17, 2023

SkyFi:

taaii !!! Don't say that !

It failed you because you put in money and expected quick returns, you may have also put in money that was not set aside for investment.
I was also naive in the past and made some decisions that made me loose value of my crypto investments, but I have learned a lot and now applying my experience in my decision making, mit is paying off already.

This is the time to make money in crypto with so many projects now all the prices are low. The price will only go up from here.

I can teach you 1 or 2 moves to start making profits on if only you have that spare change you can afford to loose !

With all due respect, shut the Bleep up. You can keep those profits to yourself and let him move on on his own. How many people do you see pitching how to recover using the same venture they failed in?

10 Likes

Re: What Business Do You Regret Starting?? by Iseoluwani: 6:46pm On May 17, 2023

Rubyjade:
I want to use you that why I am asking the name of your company

Your location sir

Re: What Business Do You Regret Starting?? by lizko(m): 6:50pm On May 17, 2023

Thanks for the update.

IyaTola:
1.6m but you can go for second hand if you do not have that cash because the guy in my street is using it for his bet shop and viewing center

Re: What Business Do You Regret Starting?? by IyaTola: 7:00pm On May 17, 2023

lizko:
Thanks for the update.

1 Like

Re: What Business Do You Regret Starting?? by Egelife(m): 7:06pm On May 17, 2023

Remijuice:

Do you mind sharing the secret, make we go start am

I will drop just one here, i may not be stating more, but will definitely give the basic factors you must consider to maximize full profit as an intending agent.

1. Location- This matters a lot, it is the first thing to consider, you see those high brow areas with intellectuals, avoid them. sports betting was way more lucrative for shop agents between 2013 and 2016 when data was expensive and these bookmakers had less online platforms to place bet, currently these people will rather get home and place bets on their PCs and most conveniently, on their mobile devices than your outlet, the stigma associated with gambling helps this behavior as well.
You see those low brows? motor parks, malls close to market places, local joints, busy streets with unemployed youths (no disrespect) etc. Set your outlets there.

2. Brand- The brand you are in franchise with also contributes a lot in your success. The two major brands in Nigeria now are Bet9ja and Betking, others come behind. For me if i find a good location and the top brand's Super Agents wants money for it, i will oblige because its worth it. one could be in a ground floor of a mall flying an unpopular brand and people (youths and aged) will over look your outlet, walk up to the 6th floor of the same mall that houses a top brand, that is how important it is.

3. Electricity- if you location cannot boast of at least 8 hours constant electricity, you are in the business to deplete your funds. Go for a full Solar system to power your outlet (no matter how much you spend on it, its worth it). Alternatively, go for a small solar to power the TVs and printers and change those desktops to laptops with healthy battery that can go for 5-6 hours (you see those booking games, can be on the desktop for hours staking games of #500 or less whereas your have burnt fuel way more than the commission you will get on that amount).

4. Staff- Do not be nonchalant on choosing staff especially when you will not always be there, these contributes 50% percent in most failed betting outlet. Your staffer must provide a good guarantor (be very serious with this), lecture the person on the implication of what he is about doing.

A SECRET- Do you know in a Betting Outlet, Virtual Sports Bet Earns you more than the usual Live Sports Bet? this is why most outlets focus and put more energy on Virtual Sport bet and the major providers of this virtual sports services in Nigeria and most part of the world are Globalbet and Golden Race who are situated in Malta and Spain respectively.

Bookmakers in Nigeria receive noting less than 500% (in some cases 700-800%) of their funding capital then come back home distribute these funds to their agents at a meager and keep the massive profits (of course its business). Note these providers in Malta and Spain has no business with agents, its the sole business of these bookmakers to deal with agents, winnings and cash outs or crediting punters.
lets break it down a bit, for example-

A popular bookmaker, lets say Bookmaker A approaches its virtual provider and deposits a capital of #10,000,000 Naira, the provider in turn credits him with 500% (which in most cases are between 700%-800%) which is #50,000,000. Bookmaker A comes to Nigeria (remember this book maker deals back and forth with winnings, and crediting of agents accounts), and within a week sells #50,000,000 out to agents at 35% on profit. With 35% paid to agents (which is arguably the highest commission paid by any book maker in Nigeria, most pay less), Book maker A pays a total of #17,500,000 to agents and makes his profit of about #22,500,000 (that is after subtracting his #10,000,000 funding capital).

Now, what if you as an agent hooks up with these providers oversees at say 250% since you are not a licensed company with huge capital, don't you think you will earn more than the agents depending on the bookmakers and receiving 35% or less and in turn complains and whines of the economic condition of Nigeria. This is one secret agents will not tell you

EXAMPLE: if you look back at tyour previous monthly sales and you made a profit of #1,000,000.

For a profit of #1,000,000 which your provider paid you #350,000 as commission you ought to receive #2,500,000 with a profit of #1,500,000 directly from the providers. The agent with #350,000 will always complain of cost of running the business- thermal paper, fuel, staff salaries, rent, taxes, equipment repairs etc while the agent on #1,500,000 million will secretly expand his business and watch the other agent pack up and quit (that is how Super agents can comfortably setup and manage 15-20 outlets).

For new and existing agents wanting more clarification and how to go about this, just DM me and i can let out more which i cant really do here.

9 Likes 2 Shares

Re: What Business Do You Regret Starting?? by Blitzking: 7:09pm On May 17, 2023

Following the advise to buy 3 plots of land in ogun..only for me to ask mum c how far and alas she talk say the person wey sell am don die and him brothers don resell the land in fact they don dey build on the land..fight start them go give us another land 2 plot but this time around closer to township..dem Don resell that one I for just use my money invest for where I dey..cos I no dey close by sha..now them dey talk say if we wan build dem go give us another one.

5 Likes

Re: What Business Do You Regret Starting?? by Theophinio(m): 7:11pm On May 17, 2023

grafixdon:
Bar. I lost close to 2.5m. No good staff, most of them are greedy and rude. It's been 2 months I closed the bar. Would reopen when I get someone very serious who can manage the bar for me.

Good evening boss

Which state is your bar located

Re: What Business Do You Regret Starting?? by Tripleoluwa(m): 7:31pm On May 17, 2023

Greatn3ss:

I sent you a mail sir

Please reach me here: Kingbee109@gmail.com

Re: What Business Do You Regret Starting?? by ojasweb(m): 7:49pm On May 17, 2023

NaughtyBrainiac:

Thank you. You are right.

I intend to Manage myself, I will have a room in the Hotel.

I will employ a Manager and an Accountant but I will make sure I oversee their activities as seriously as possible.

And for Location, I intend to do a very thorough feasibility study on this.

I will also cooperate well with the Police and local security in the Location.

Seems we both share the same interest.

I have been doing some research about hotel business and i hope to venture into hospitality in full.

Do you also think having it situated behind the road is a good choice?
I feel I should start working on Location now but I think I should wait till I have at least 20m savings. I just dey pray make God help me

Re: What Business Do You Regret Starting?? by Sablexxxtoons: 8:12pm On May 17, 2023

Akoky:
Investing in Stelmat

Those guys are unreliable. Don't ever do anything with them.

Omo bro i just zoomed in to look at them well.. that money don go faar from looking at these ones faces ..sorry about that

Re: What Business Do You Regret Starting?? by IyaTola: 8:13pm On May 17, 2023

Forget it, you are not seeing that land or money

Blitzking:
Following the advise to buy 3 plots of land in ogun..only for me to ask mum c how far and alas she talk say the person wey sell am don die and him brothers don resell the land in fact they don dey build on the land..fight start them go give us another land 2 plot but this time around closer to township..dem Don resell that one I for just use my money invest for where I dey..cos I no dey close by sha..now them dey talk say if we wan build dem go give us another one.

3 Likes

Re: What Business Do You Regret Starting?? by JIBO4REAL(m): 8:36pm On May 17, 2023

randy01:

Future is not deadly bro.if you base in Abuja let partner.promise to show you future trading is a blessing.

Show me the strategy I have lost much into future trading

Re: What Business Do You Regret Starting?? by PoloG: 8:41pm On May 17, 2023

NaughtyBrainiac:

Thank you. You are right.

I intend to Manage myself, I will have a room in the Hotel.

I will employ a Manager and an Accountant but I will make sure I oversee their activities as seriously as possible.

And for Location, I intend to do a very thorough feasibility study on this.

I will also cooperate well with the Police and local security in the Location.

I feel I should start working on Location now but I think I should wait till I have at least 20m savings. I just dey pray make God help me

run shorttime. Na there money dey

2 Likes

Re: What Business Do You Regret Starting?? by TheMostComplex1: 9:05pm On May 17, 2023

Rubyjade:

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

You cracked me up lol, you don't want grandma to be generous?

4 Likes

Re: What Business Do You Regret Starting?? by Oizee(f): 9:06pm On May 17, 2023

Tripleoluwa:
Upholstery business.. After I finished school, I knew that university certificate isn't just enough to survive this country, so I approached my friend who's in the business already to teach me how to make chairs, beds, etc..

He agreed. My plan was to ghost NYSC and spend the one year learning at his workshop. After 3 weeks orientation camp, I returned home. As I was getting down from okada like this, na my uncle I see. His tipper truck driver was drunk and left his truck in the middle of a major roundabout. Because I knew how to drive it, he pleaded that I helped him drive to offload the sand in the truck at the destination and bring the truck back home. That was how I spent the whole one year driving. That was 2014. Now I be uber driver.

Early this year, I accompanied my Upholstery friend to Ikoyi to get a contract that requires reading terms and conditions and signing some papers. The job is 1.4m naira. I com dey look myself

lol, damn hilarious. U sure say no b ur village People invited u home?

2 Likes

Re: What Business Do You Regret Starting?? by Raregem9000(m): 9:17pm On May 17, 2023

Bro teach me too o. How can I reach out to you?

SkyFi:

taaii !!! Don't say that !

It failed you because you put in money and expected quick returns, you may have also put in money that was not set aside for investment.
I was also naive in the past and made some decisions that made me loose value of my crypto investments, but I have learned a lot and now applying my experience in my decision making, mit is paying off already.

This is the time to make money in crypto with so many projects now all the prices are low. The price will only go up from here.

I can teach you 1 or 2 moves to start making profits on if only you have that spare change you can afford to loose !

2 Likes

Re: What Business Do You Regret Starting?? by kellybently(m): 9:23pm On May 17, 2023

imoh4king:
Forex.

Lost N3million

you trade your self or you gave ur account out?

Re: What Business Do You Regret Starting?? by Greatn3ss: 9:31pm On May 17, 2023

Tripleoluwa:

Please reach me here: Kingbee109@gmail.com

OK I've sent you a mail sir

Re: What Business Do You Regret Starting?? by caandi: 9:32pm On May 17, 2023

IyaTola:
Are the clothes still available? If yes I am willing to buy them. Don't close the shop look at what would sell in your area and keep moving.

i hv a store on the island too wiv old stocks if you’re interested to buy pls

Re: What Business Do You Regret Starting?? by IyaTola: 9:35pm On May 17, 2023

You have got pictures? drop your number

caandi:
i hv a store on the island too wiv old stocks if you’re interested to buy pls

1 Like

Re: What Business Do You Regret Starting?? by Coolbriz: 9:57pm On May 17, 2023

IyaTola:
Do 1.5kva or 1.7kva

Madam your calculations might be wrong and in the end the system might not power the full loads. The two 45" TV might not be new maybe foreign used, ox fan is 300watts, desktop is 260watts, lights maybe 60watts, those TVs might be 220watts each. We're having about 1060watts already, the inverter efficiency of 0.8 making it 1.3kva there are other appliances not yet mentioned. So do the power audit to avoid failed system.

2 Likes

Re: What Business Do You Regret Starting?? by Foodempire: 9:58pm On May 17, 2023

PapaNnamdi:
E hailing business

Can you share what transpired

Re: What Business Do You Regret Starting?? by caandi: 10:02pm On May 17, 2023

IyaTola:
You have got pictures? drop your number

08037844157
Available on WhatsApp
They’re also available for pickup since we sell in wholesales

1 Like 1 Share

Re: What Business Do You Regret Starting?? by BarrElChapo(m): 10:10pm On May 17, 2023

Lemmy123:

My Igala make original and rich palm oil too, but I'll keep that in mind

Re: What Business Do You Regret Starting?? by joinnow: 10:15pm On May 17, 2023

Business don't fail people fail.so what I am saying is that the blame is on you if you didnt make the business work or succeed because there is something you should have done or you shouldn't have done.

3 Likes

Re: What Business Do You Regret Starting?? by joinnow: 10:22pm On May 17, 2023

NaughtyBrainiac:

Thank you. You are right.

I intend to Manage myself, I will have a room in the Hotel.

I will employ a Manager and an Accountant but I will make sure I oversee their activities as seriously as possible.

And for Location, I intend to do a very thorough feasibility study on this.

I will also cooperate well with the Police and local security in the Location.

I feel I should start working on Location now but I think I should wait till I have at least 20m savings. I just dey pray make God help me

Remember to offer irrestible offers. shocked

1 Like

Re: What Business Do You Regret Starting?? by Lamanii22(f): 10:30pm On May 17, 2023

Soft drink business

3 Likes

Re: What Business Do You Regret Starting?? by IyaTola: 10:41pm On May 17, 2023

Coolbriz:

Madam your calculations might be wrong and in the end the system might not power the full loads. The two 45" TV might not be new maybe foreign used, ox fan is 300watts, desktop is 260watts, lights maybe 60watts, those TVs might be 220watts each. We're having about 1060watts already, the inverter efficiency of 0.8 making it 1.3kva there are other appliances not yet mentioned. So do the power audit to avoid failed system.

Thank you for your input, however, you raised valid points, he could do 3kva & also start a phone charging business
Let me drop the quote here for him

3KW INVERTER SETUP + SOLAR

1. 3Kw 24volt Hybrid inverter = #260,000

2. 12v 200Ah battery 4pieces = #180,000 x 4 =

3. 270watts solar panels 9pieces = #65,000 x 9
4. Solar mounting rails on roof and its accessories = #50,000

5. DC & AC Cables = #90,000

6. AC & DC breaker, changeOver, trunking, AVS, breaker box, AC & DC Surge, PV combiner Box = #60,000

7. Logistics to site = #30,000 within Lagos

8. Installation = #60,000 if it duplex
Upstairs #150,000

TOTAL = #

Re: What Business Do You Regret Starting?? by joinnow: 10:42pm On May 17, 2023

Someone share the story aka Patricia
While in university
Bought okada. The rider ran away with the bike. Later track him to his village but receive the beating of my life from the rider and his father at their village.
Open pop corn biz at campus gate. It was doing well till the girl I employee start thiefing and she is complaining of low sale mean while she open another pop corn biz opposite and directing customer to her own and telling student that it's our second branch. Latter find out and close the business.
Third open indomie shop. The person broke a student head. The student eat without paying. School called me and ask I have to choose between school and indomie.ofcourse I close the Indomie biz.
Fouth Bitcoin when I am about to blow Buhari govt ban bitcoin in Nigeria. I japa from Nigeria now my company is in 24 countries in europe

7 Likes

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