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Nairaland Forum / Nairaland / General / Business / Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? (2324 Views)
What Business Do You Regret Starting?? / Which Business Did You Regret Starting Because It Ended Up In Huge Loss / Supermarket Owners Rake In Huge Profits Over Closure Of Shoprite In Akure (2) (3) (4)
Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Rubyjade: 9:30am On Mar 28, 2023 |
Which business did you regret starting because it ended up in HUGE lose 2 Likes 2 Shares |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Pojomojo: 10:28am On Mar 28, 2023 |
Never open a provision shop when you still have kids age 2-5yrs. They will eat the shop and leave the shop for you 17 Likes 3 Shares |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 12:06pm On Mar 28, 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 🥰🤩 13 Likes 3 Shares |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 7:12am On Mar 29, 2023 |
Pojomojo: 4 Likes 1 Share |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by iCauseTrouble: 7:18am On Mar 29, 2023 |
None for now. 2 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by QuinModah(f): 7:22am On Mar 29, 2023 |
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 8 Likes 1 Share |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Rubyjade: 7:32am On Mar 29, 2023 |
Poultry my grandma was dashing people eggs, and life chicken, i have to close down. 9 Likes 1 Share |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 7:40am On Mar 29, 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 14 Likes 2 Shares |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by jesmond3945: 7:46am On Mar 29, 2023 |
lavylilly:Very interesting read. Frontpage please. Nfpmod 4 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Robertgreene1(m): 10:50am On Mar 29, 2023 |
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🙏 3 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by QuinModah(f): 1:16pm On Mar 29, 2023 |
Robertgreene1:How much are we looking at? |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Godwin4444: 2:27pm On Mar 29, 2023 |
Robertgreene1: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 4 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Robertgreene1(m): 4:05pm On Mar 29, 2023 |
QuinModah:just 800k to 1 milli will establish a profitable Rice destoning center for you ma. 2 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Robertgreene1(m): 4:07pm On Mar 29, 2023 |
Godwin4444:if you no go..u no go know bro but the hustle continues... 1 Like |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Kobicove(m): 4:21pm On Mar 29, 2023 |
Rubyjade: What?! Na which kind grandma be that one? 4 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by NairalandAngel(m): 5:53pm On Mar 29, 2023 |
If I start telling my story I will not leave this place today Once you start having serious doubts about the financial viability of a business you want to start or provide finance just back out immediately and don't look back no matter what! 4 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by QuinModah(f): 6:03pm On Mar 29, 2023 |
That's hight Robertgreene1: 2 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Skillsnigeria: 8:16pm On Mar 29, 2023 |
Hmmm |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by QuinModah(f): 8:49pm On Mar 29, 2023 |
Talk na Skillsnigeria: |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 6:42am On Mar 30, 2023 |
Good morning |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by bukhety(f): 8:54am On Mar 30, 2023 |
lavylilly:Thank you 4 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Robertgreene1(m): 9:06am On Mar 30, 2023 |
QuinModah:But profitable!!! |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by QuinModah(f): 10:31am On Mar 30, 2023 |
Robertgreene1: 2 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 10:44am On Mar 30, 2023 |
bukhety: |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Robertgreene1(m): 10:57am On Mar 30, 2023 |
QuinModah:what's funny 2 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by MISTAICEY02288(m): 4:20pm On Mar 30, 2023 |
QuinModah: As a married Man with a Son, I'm going through similar situation presently. I hardly make 2k in a day at my shop. Please could you put me through the internet business if you don't mind? Thanks! 5 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Pojomojo: 5:39pm On Mar 30, 2023 |
lavylilly:it's not funny but I learnt |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by MrLekan95(m): 6:43pm On Mar 30, 2023 |
Robertgreene1:Where's your location? Can we chat on WhatsApp 08175027586 |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Robertgreene1(m): 6:51pm On Mar 30, 2023 |
MrLekan95:l will hit u up on Whatsaap bro.. 4 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by Dazzling3: 7:40pm On Mar 30, 2023 |
As a hotelier, i kind of relate more with your experience........but on a lighter note, it seems to me you need to learn or improve your knowledge and understanding of financial statements,.......cause some of the mistakes you made could have been avoided without experiencing it, if you had some measure of knowledge on financial statements..... 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[/quote] 3 Likes |
Re: Which Business Did You Regret Starting Because It Ended Up In HUGE Lose? by lavylilly: 7:04pm On Mar 31, 2023 |
Robertgreene1: 1 Like |
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