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Is Quitting A Good Idea? Opinions Will Be Appreciated - Career (4) - Nairaland

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How Much Did You Save Before Quitting Your Salary Job For Your Own Business? / Career Switch? Is It A Good Idea? Advice Me Please / Employee Appreciation Day: How Would You Love To Be Appreciated? (2) (3) (4)

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Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Nobody: 1:54pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.
100k is presently around $104 at N960 per $. Not so good.


Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?

Best Strategy to start a business during a bad economic period
Knowing the A to Z of any business you want to do in a bad economy is the key. You have all the time to learn it well, but no resources to waste. So, take advantage of the time you have to learn it well so you do not waste money. Contrary to starting a business in a robust economy ...people there will always say that time is money. They can afford to lose money, but they won't want to lose time.

Consider a hairstyle business (barbing shop), POS, or bike if you know the in and out of any out of the three. Whatever you go into now, you must learn it before going into it.

My suggestion is that you need at least 3 months to look into any of these businesses well before you go into any. If you are lucky, you can monitor the 3 businesses simultaneously. Do not ever do the one you cannot observe and learn very well. Do not make any assumption, and do not listen to anyone who gives you any business plan to start right away. Make sure you understand the A to Z of what you want to do.

It is after you know the details that you can know if it is worth going into. So, you ask questions to project your reward, and then take your time to learn it well. You are going to drive your keke...so be ready for area boys and police. Can you endure the wahala? The same goes for the rest of the businesses. What are the risks in POS and a hairstyle shop?

Can you combine this with your job? Hmmm. Maybe not. So, this leads to the adage: "A bird in one's hand is worth more than millions in the jungle". If you quit your job, can you survive?

If I were you and I see that it may be really tough for me to leave my job, I would find a real reason for me to quit the job. How? I would go to that village and find a real reason to quit so that I won't blame myself in the future. There are places you go and you just know that the place is not for you. For example, if you were posted to a Boko Haram area in Borno and you were paid N300k, I am sure you wouldn't go cos you are the first target in the area. So in such a case, you know that it is better to beg to eat than go there and collect N300k. In your case, the extremely hard condition of the place is why you will want to quit after going there.

And you may go and find your success there. This is the irony of life. If you decide to try the place out, use the opportunity to learn farming since it is a rural area. I am telling you what works ooo. Sir, if you can grow tomatoes on a plot of land....hahhaha...you are in millions. You can learn mixed farming too. Have chickens, rabbits, and goats and then grow high-value crops like tomatoes, pepper, cucumber, and some other vegetables. Your self training and development may take you 6 months to 1 year....and you need to do it in your backyard at a very low cost.

Let me give you a quick financial plan for tomato alone:

Targets: Aim at 3kg per plant tomato for a planting cycle of 4 to 5 months. In major markets at the right time of the year when tomato price is not too high and not too low, you can sell a 25kg basket for N10,000 (average price). So, Imagine you have 500 plants (only you can manage this)...it means you will have around 1500kg tomatoes which gives 60 baskets of tomatoes. Sales will be N600,000. This is the low-income rate, but remember the worst case is that you lose all if you don't learn it well.

Sir, believe me...you can grow 1,000 plants yourself alone...you will only use casual workers...and then, you can make 5kg to 8kg per plant using modern seeds and also following the best agro practice. The worst scenario for an educated farmer is 1.5kg to 2kg per plant especially when such a farmer does not reside near his farm and leaves it for workers to manage. But if you manage it yourself, nothing stops you from making 3kg if you learn it very well. And if you target the right time to sell your tomatoes, you will sell at N15k to N25k instead of N10k. Also, if you bring them out at the wring time, price may crash to N2,000. So, this is why you must understand A to Z before doing it. Just imagine bringing your harvests out when price is N15k?

So, if I were you, I would buy the right seeds and other things needed for this journey for just 5 to 10 plants in my backyard in the new location I am going. While I keep enduring the hardship there, I would try to work this out. As soon as I see that I know it very well, then, I can think of getting land in the city (not in the village). Yes, a fenced land in the city or a secured location with a borehole. Then, plan how to spend that N1 million. But if you can sell to the villagers there, why not...you may want to start there.....to raise more money before moving out.

The challenge in farming is that there are no more workers these days. Farm owners in SW and SE used to employ boys from Cotonou, Togo, or Ghana. Those near Calabar employ workers from Cameroun...and then Niger and Chad too. But these days, it is no more possible because naira has been devalued. All these nations have currency with a similar or better value to our currency now. So, farming work has been reduced in the country. This is why you should plan towards having a small scale garden and you monitor your plants yourself. You only use daily workers to do the hard work, and you have to do the rest.

Good luck!

4 Likes

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by cocolacec(m): 1:57pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?
Go into food business.Buy from the villages and sell in the city.Dont quit your job do your business simultaneouly with the biz for a start.
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by cocolacec(m): 1:59pm On Aug 19, 2023
Taylor90:
Nigeria is gone

See where engineering graduate wan quit him job for bike POS or barbing

Nigerians Ntorrrr

My own advise be say carry that 1million recruit 10 olosho put them for road make them dey do weekly account
You go fit donate the females in your family for the business.Ashewo no be work.

1 Like

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Myer(m): 2:03pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?

I'm glad you're thinking in the right frame of mind.
What's the Asian Coy into?
If you've garnered enough knowledge, experience and contact, you should be thinking in that line in whatever capacity you can. If it's a viable business.

I also must ask, if you're married or not.
If single, then quitting should be quite easy and a blessing for you.

Ultimately, there are 3 options;

1. Continue with the job and regret it if there's no reasonable career growth path.

2. Quit and start a business that pays your bills.

3. You know your passion. Understudy under some one successful in that field, build yourself online and offline. Give yourself at least 3 to 4 years. You will become an expert at it and with God and in time, your skill will truly place you before Kings.

All the best.

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Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Blitzking: 2:09pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?
Continue your job and start a business. Just like I did and the business became 1000× more profitable than my job..my current boss is in distress and I plan on buying out the company. would create a shell company to run the deal don't want them to know am the one behind it.
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by PPIA: 2:10pm On Aug 19, 2023
Jennyclay:
marry Kwa? undecided

Biko, i can’t marry someone earning 70k. God forbid!!

It’s just a date, that’s all.

😂😂😂😂

How much does your father even earn?😂


Person wey her father + mothers combined earnings never ever clock 300k in a month .....I am very sure.


Your posts on nairaland stink of POVERTY.
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Kobojunkie: 2:13pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.
Recently I was transferred to a village with no electricity and the salary remains the same. I'm an engineering graduate from one of the top federal Universities in the south west. Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .
Do you think it is a good idea?
Engineering school graduate yet you want to go into barbing, or POS or Bike? Aren't you better off waiting until you come up with an idea that would put to use the skills you acquired in college, at the same time setting you apart from the many other businesses around that area? undecided

1 Like

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Chibuzoripob: 2:13pm On Aug 19, 2023
sad dnt QUIT yet and start any biz to avoid story that TOUGH/SORRY .Barbing /barbers hardly sell mow due to petrol price. Okada too are struggling. What if the state gov wake up tomorrowand ban OKADA/one men in overall
impoundit?.
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.
.
Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Josephkabila12: 2:21pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?
start pos business or gas business. Your wife should manage it. You'll control the account
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Ombudsman1: 2:22pm On Aug 19, 2023
BoldBrainz:
With a million naira, slow down on the business idea.

The Nigerian business atmosphere is currently very cruel on start-ups and existing SMEs. Irrespective of your location and how viable the option might seem, burying a million naira into a startup right now, is a mistake you may not recover from.

Keep your job. Save a bit more while you watch where the country is headed for the next 5 to 6 months. You can revisit the thought afterwards.

Just so you know, a million naira now is roughly 750 dollars. It's not exactly as much money as you think it is, given the inflationary percentage out there.

HOW CAN 750 DOLLARS BE EQUIVALENT TO 1 MILLION NAIRA. WHICH KIND CAP BE THIS ONE

1 Like

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by BoldBrainz(m): 2:30pm On Aug 19, 2023
Ombudsman1:


HOW CAN 750 DOLLARS BE EQUIVALENT TO 1 MILLION NAIRA. WHICH KIND CAP BE THIS ONE

My mistake. That's about 1,250 dollars. My head has been in a lot of places since 3am.

2 Likes

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by circlesdigital: 2:44pm On Aug 19, 2023
It is well
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Antell95(m): 2:54pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?

Yeneka, before u quit, recommend me to fill your spot. mbok!
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Mantilla(m): 3:01pm On Aug 19, 2023
Don't quit yet set up the business and be running it continue your work until you are sure you can pay your bills from the business
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by lanrefront1(m): 3:15pm On Aug 19, 2023
Forget business for now

Why shoud you abandon a promising career while you are still young

You have a good degree , continue your work and start the process of looking for another job.

1 Like

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by babaneenoni(m): 3:25pm On Aug 19, 2023
To start a real business you need to double that make it 2million base on the low value of naira
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by johnog4sure: 4:05pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?
The problem I have with many Nigerians is that they talk about business as if capital is all you need, guy; you have been an employee for years you will most likely fail in business, first learn how to do business before quiting, hire a consultant to guide you properly. Or join us later when we launch our E2E scheme(employee to employer transition scheme), I am a licensed business developer

1 Like

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Johel(m): 4:12pm On Aug 19, 2023
oluseyiforjesus:
Don't, it's could be to test u capacity den later you will be double promoted


That's it... NIGERIANS just love to rush everything, applying unnecessary pressure on themselves, they can't even control time...just work and gather enough, when it's time, the instinct/the holy spirit will lead you.
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Lannister360: 4:20pm On Aug 19, 2023
Taylor90:
Nigeria is gone

See where engineering graduate wan quit him job for bike POS or barbing

Nigerians Ntorrrr

My own advise be say carry that 1million recruit 10 olosho put them for road make them dey do weekly account

You started well and ended foolishly

1 Like

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by RoadMozart(m): 4:43pm On Aug 19, 2023
tonicyril:
Don't be silly bro, take 600k out if that 1m, keep the remaining 400k, find gallons, buy palm oil, load them to Ibadan, shagamu, onitsha, owerri, and sell in bulk...I swear nobody will tell u to quit ur job before u would hurriedly do so
God bless you.... Na work wey me self dey do be that.

I haven't regretted it

1 Like

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Salowise: 4:44pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?

I'll advise you to keep your job, businesses this period don't make profits as before, allow the economy to have a balance before you quit your job.
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by GBPUSD: 4:50pm On Aug 19, 2023
Jennyclay:
Biko, come and use the 100k to take me out on an expensive date.

It’s better to spend the money on me than waste it on business you have no idea about. Its not as if the economy is friendly undecided

Biko, come and lavish it on me!!!!

Olosho
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by newoffer: 4:55pm On Aug 19, 2023
I dey work full time. My WhatsApp na my office. Making money u got to be smart before your pikin mate use you complete sentences.
emmy512:
Please start your business, if the other one doesn't give room for growth.

You can as well start it without quiting your current job.

Take a break of you can, start a few with what you can and get someone to manage it while also keeping eye on it.
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by Chully01(f): 4:56pm On Aug 19, 2023
You go suffer ehnnn grin
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by EmahBoss(f): 5:09pm On Aug 19, 2023
You have a mindset problem, not a location problem. How could you, an engineering graduate think of pos bike and barbing as an option and proudly call it business

1 Like

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by nkemjacob2(m): 5:17pm On Aug 19, 2023
If Ur cashflow is not static don't try urself.

If u haven't tested Ur business idea, don't try urself

Starting up a business has it own challenges
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by stevups(m): 5:25pm On Aug 19, 2023
With all the problem the country has faced, if you could save a million, there's hope for you. Don't quite. Go for online training in IT. Pay less down 200k for the training. Start to apply for jobs that pay in dollars. All businesses you mentioned up there are nonsensical if you can't stay there and manage it yourself. Don't labour for others please!

2 Likes

Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by tonicyril: 5:36pm On Aug 19, 2023
RoadMozart:

God bless you.... Na work wey me self dey do be that.

I haven't regretted it

U can never regret selling farm produce....never.

But wait bro, where do u normally load to??
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by leunseyis(m): 6:34pm On Aug 19, 2023
Noooo
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by mukthar2000(m): 6:45pm On Aug 19, 2023
Op are u aware that some manufacturing company was planing to quite Nigeria becos of the present situation, guy forget about business for now becos of the unstable economy and doller rate problem, I we advice u to continued with the job pls, then have ur side hustling that u can enjoyed one single little mature secondary pass out guy that u can be paying little among , then u can checkmate his activities on the business weekly or days that u at chance, when the business started booming u can quite the job for the business, but pls don't quite ur job for any new business , hope u can see how most peoples and graduates beg for help everywhere.
Re: Is Quitting A Good Idea? Opinions Will Be Appreciated by frozen70(f): 7:23pm On Aug 19, 2023
Ibibioman:
I've been working in an Asian company since 2017, then my salary was 70k, but it fluctuates up and down currently I've been at 100k for the past 3 years or so.

Recently I was transferred to a village with no electricity and the salary remains the same.

I'm an engineering graduate from one of the top federal Universities in the south west.

Nevertheless, I've come to a stage where I'm considering business, given my set-aside capital of about 1million naira, and because of the Sunday to Sunday work schedule, I am considering quitting, inorder to start either a barbing shop, POS, or bike business .

Do you think it is a good idea?

The main issue here is, will that amount sustain you if you quit probably before the year runs out

If you want to open a barber shop, you have to learn barbing as a part time and understand the secrets in that business

So that as you are resigning, you already knows how to barb

You can then add POS into it

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