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BusinessRe: What Business Do You Regret Starting?? by lavylilly: 8:30am On May 18, 2023
NaughtyBrainiac:
Thanks a million for the very detailed and inscive response
You welcome. You can drop your email if you so wish for us to discuss further
BusinessRe: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 8:29am On May 18, 2023
Seen
valiju:
Waleherbs@yahoo.co. uk
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 11:15pm 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
You don't need the bolded when you start out as you grow then you can start delegating certain responsibilities, you have to have solid grip of the business, because if they know you don't know certain things about the business, they would run you street.

You need yourself (being the manager & accountant), receptionist & cleaner who doubles as the house keeper, as demand increases you bring more hands.

Hotel is income and expenditure account
Income
Lodging
Bar
Swimming
Snooker
Hall rentals
Kitchen
Mallam selling suya or Shawarma person (pays you monthly for using the front of your hotel)
The italicized, monitor them bumper-to-bumper, get daily report of the stock/inventory -This another reason you don't need the bolded yet

Expenditure
1. Tablet soap
2. Disposable (ONLY when there's a party)
3. Cleaning materials
4. Salaries
5. PHCN
6. Fuel (Go for solar inverter system)
7. Minor repairs - don't change hands (repairers) very important if you want your facilities to last. Number 6, usually takes about 40-50% of profit hence the reason I suggested solar & also you either buy the fuel & other items yourself or contract it out- this another reason I said you don't need the bolded

As for the police, wait for them to come to you, don't go to meet them & when they do come, meet directly with the DPO not the boys. Whe you meet him, tell him you appreciate the work he does and how he has kept the area secure, praise him to high heavens a d be quick to add that business has been VERY dull but he should manage this xyz amount for card, make sure you collect his number.

Finally, don't wait till you have 20m... START NOW.
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 10:58pm On May 17, 2023
Xammie001:
how boss?
is there no lesson
Lessons
Never change your hand when it comes to Palm oil
2. Be consistent
3. Don't forget rule 1&2
BusinessRe: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 10:56pm On May 17, 2023
valiju:
I am planning on building something like that so needed the location to help with feasibility study and how lucrative the business is
I could help with that if you don't mind
BusinessRe: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 10:56pm On May 17, 2023
valiju:
I just saw from your post did you want to sell? Am interested
For now, NO, but I could help you get one if you don't mind. Drop your email
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 6:04pm On May 17, 2023
Transport business, if you will not drive it, do not venture into it, because it ends in premium tears
Runnerzz:
Lol... Back in uni me and my cousin started some okada business. Omor these riders na we come dey pay them after some time oo. Complaints no dey ever finish from their mouth. One problem to another small thing men done gather come dey enter repairs. After smoking and thinking hard. We summon all the riders took the okada from them and made arrangements for them back to Benin. E come be like them remove skyscraper from off my shoulders. Not to mention how some silly friends made a mockery of the move 🤦🏾‍♂️
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 6:02pm On May 17, 2023
I know of someone that can supply you direct from south-south palm oil
Xammie001:
Ikorodu, Lagos
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 5:57pm On May 17, 2023
What you should ask yourself first is: how much do I have to spend on absolutely essential utility bills and personnel to keep this business open and divide them to the days of operation.

Next thing to do is calculate your maintenance costs and divide them to the days of operation.

Third step is calculate your daily wage and add that to the expenses.

You add the above figures and you have yourself the amount which is the margin loss to profit line. If the hotel earns more then it is profitable, if the hotel earns less then you need to adjust the prices assuming you CAN do that.

Always check the competition, what they offer, how much they price it and find something unique to add to your product (e.g. Book 7 nights pay 6) Location is important, open your eyes on short rest because those receptionists will do about 10 SR and claim it only 2, you need to monitor the revenue most especially those that lodge at night. Be very strict an discipline too.
Lastly, manage it yourself & join the association of hotelier in your region
NaughtyBrainiac:
Funny and Educating. I have plans to build a hotel. I lost so much money between February and April this year. I am currently praying to God that the source of income that fetched the money should not block( at least till the end of the year).

If my prayer is answered, I should be able to save 40 Milion naira between now and end of the year.

If it works, I am seriously considering building a hotel of about 20 rooms, with lounge/bar. I prefer that to building a house.

What are your thoughts?
Rental properties comes with a lot of heachaches most especially TENANTS, UNLIKE HOTEL INCOME ARE GENERATED DAILY
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 5:27pm On May 17, 2023
Whats your location?[/quote]
Xammie001:
I'M READY OOO
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 5:24pm On May 17, 2023
CONSISTENCY is BORING but it is indeed the KEY to SUCCESS👌

Take your time to build that business/project you are about to start.

Trust me, building takes time 😘

Don't spend one week in a sector and leaves for another the following week.

You are in fashion today, next week you're in agriculture...when they talk about technology, you are also there. In short, you're everywhere.

I'm not saying you can't have a legit side hustle oooo but be known for something.

Let's take for an instance, you start to build a house but you stopped after the foundation is being done then you go to another land to start another building. If you keep doing this, then you might never achieve a complete house.

You might think people aren't buying or interested in what you're doing at all but the truth is they are watching you.

Some might not even see you at that moment because foundations aren't always visible until the building starts growing.

People easily notice a complete building not a foundation.

Please do not give up...keep pushing 🙏

I've been there...I know what it feels like when people aren't appreciating what you do.

I'd like to encourage us to keep seeking knowledge and getting better at what we do as well.

There's something we were thought in chess...when you see a good move, look for a better one. This means you can always do better than what you are now.

You know I did not get to this place by luck, it is simply by hardwork and God's grace.

I love you & I'm rooting for you 🥰🤩
PoloG:
copy and paste weldone
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 4:43pm On May 17, 2023
Savings, business is not for the faint hearted especially in Nigeria, you have to be dogged, determined, rugged and rough otherwise them go run you street
Joshuam1:
Please how do you guys get money for investment? Hearing all this amount people have put in business, I wonder how they got it.
RomanceRe: 99.9% Nigeria Girls Are All Prostitutes by lavylilly: 4:34pm On May 17, 2023
story 4 d gods,
Lagos open air brothel where prostitutes shun ‘missionary style’
November 19, 2017 • By CHIJIOKE IREMEKA reports
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 4:29pm On May 17, 2023
Rent
Mikeeytools:
did you rent the hotel or built?
Jobs/VacanciesJobs by Lavy by lavylilly(op):
An Accountant with 3 to 5 years working experience is needed.

Qualifications requirement: B.sc/HND in Accounting or any related course from a reputable University.

ICAN certification will be an added advantage.
HMO
Leave Allowance

Pay 1.8m
Job Location: Benin.
SEND CV TO OPE +234 902 456 0709
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 4:16pm On May 17, 2023
I see shege banza for ramadan period
obinna58:
You’re still balling na, nothing to regret
Jobs/VacanciesRe: Are You Looking For Job With Accommodation? Come In by lavylilly(op): 4:13pm On May 17, 2023
A competent barman/barlady needed to manage a small bar. If you're interested please contact me. The person must reside around Igando/ikotun.

Location: Agric Road, Igando, Lagos
Call: 07030504600
Jobs/VacanciesRe: Have You Had Any Experience With A Fake Recruiter On Social Media? by lavylilly(op): 4:02pm On May 17, 2023
grin
Edipet:
One is currently disturbing me to come for interview. That they will be paying me $250 every week. But I I will have to pay them $600 for for some certain documentation
BusinessRe: What Business Do You Regret Starting?? by lavylilly: 4:00pm On May 17, 2023
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
BusinessRe: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 3:59pm On May 17, 2023
Do you wish to buy it?
valiju:
Bro please which state is the hotel located
Jobs/VacanciesHave You Had Any Experience With A Fake Recruiter On Social Media? by lavylilly(op): 7:08am On May 17, 2023
This is how to identify fake recruiters on social media. ⛔️

As we progress into this new week, I want to take a moment to acknowledge that I understand how challenging the job search process can be.

I completely understand that it takes a lot of courage and determination to put yourself out there and pursue your dream career, and I want to celebrate you for that. 👏

Unfortunately, scammers are working tirelessly to take advantage of unsuspecting job seekers with fake openings here and there. ☹️

They are becoming more sophisticated in their techniques, making it harder to tell the difference between a legitimate job posting and a fraudulent one. 🤔

But don't worry, here are some tips to stay safe and protect yourself from these scams:


📍Firstly, pay close attention to the job description itself.

If the post seems too good to be true, it probably is.

Look out for offers of high salaries with minimal qualifications or experience required.


📍Next, research the company offering the job.

This is where a lot of people miss it, probably due to overexcitement or just laziness.

Don’t do that to yourself.

Take the time to do a little more research:

✅ Is it a well-known and reputable organization, or a lesser-known business with little online presence?

If it's the latter, then you should proceed with caution.


📍Finally, be very cautious of any job posting that requires you to provide personal information upfront, such as your exact residential address, bank account details, or other sensitive data.


No legitimate employer will ask for this information until after they've made a job offer (and you have accepted it).


Like I mentioned, I really understand that the job search process can be overwhelming, but by staying vigilant and doing your own diligent research, you can avoid falling victim to fake job postings here.


I pray that this week brings you that “Congratulations” on your dream job.

**********

Have you had any experience with a fake recruiter on social media?


Kindly share in the comments.
RomanceRe: What's It Like To Date A Nigerian Man by lavylilly(op): 7:05am On May 17, 2023
wink
QuinModah:
Intelligent answers
Let me wait for Ndi NLers as I have created a counter thread.
Jobs/VacanciesRe: I Need 15 People For An Ambassador Role. Pay Is 70k by lavylilly: 7:03am On May 17, 2023
undecided
Robertgreene1:
my friend will u shut up ur trap...wat do u know about making money?..do u know when l started making my own money..do u know how many hustles I've involved myself in
Those peeps are just looking 4 a slave
Even d blog dt I currently write articles for..just told me at least 5 articles a week..but some weeks l write more than 10 articles for them..just to show them my appreciation..and that's what it's supposed to be..when ur employer respects ur labour..u as d employee will put in ur best for them
By d way y not u go apply for d work
Werey
You are lazy type, gambling all your money in crypto
InvestmentRe: Us Stocks Pick Alert by lavylilly: 9:34pm On May 15, 2023
Thank you ALL
BusinessRe: Banks Get 30-day Deadline To Close Accounts Without BVN by lavylilly: 6:42pm On May 15, 2023
The way money will disappear from certain bank account grin
Jobs/VacanciesRe: I Need 15 People For An Ambassador Role. Pay Is 70k by lavylilly: 5:22pm On May 15, 2023
You think it easy to make money ba
Robertgreene1:
20 targets daily! Why not just say u re looking for a slave?
Oga make una dey pity una employees na
RomanceRe: What's It Like To Date A Nigerian Man by lavylilly(op): 5:18pm On May 15, 2023
grin
ItisWell22:
Sweet-sour! 🥱

Maybe that’s what a balanced life is about… 🤧

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