₦airaland Forum

Lamanii22:
Soft drink business

Xammie001:
how boss?
is there no lesson

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.

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

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.

cayorday89:
One thing I have realized is that, school education makes us to understand English and give us ability to read, write and comprehend things easily but not necessarily to make business decisions at a go and be a success at it instantly especially for those of us that did not study professional courses, even those who do still have to learn on the job. Business is another ball game entirely as mistakes will be made and your education will not save you in many instances than it will save you in some.

A teacher once told us in secondary school that you are only literate in the language you are taught, the moment you get to a place where your known languages are not spoken you automatically become an illiterate and same applies to business, and funny enough most teachers are teaching because it's a plan Z for them and are not actually equipped with the actual knowledge to make students business savvy in the future.

joinnow:
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

seanwilliam:
Please before going into any business, even if it will cost you money to do feasibility studies, please pay it. At the end, when the business starts booming, I swear you’ll gain your money back.

I recently started an offline business, there’s this guy in my area , he’s an illiterate but a very grounded entrepreneur . The guy made me realize that there’s different between having money and knowing exactly what to do with it.
Everything I had in mind to do would have collapsed the business. I humbled myself and followed the guy guild lines, at first I hated his style and perspective , baba at the end I succumbed and I regretted not starting the business earlier.




What I’m saying in essence is that you might have the money for the business and not have the business acumen.

Go back to drawing board, I wish you well brotherly.

Victory662:
This is my $200 crypto 😭

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

lavylilly:
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.

Staphylococcus:
Don’t get too addicted to it. You won’t have savings

Iseoluwani:
I don't mind, at least it will be my savings

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 !

Dshocker:
I lost N10m, but i wasn't the person that traded with it....

My friend was advising me to buy twitter shares , through Bamboo, just the same week Elon Musk first said he will be making payment for twitter, but later failed to make payment.

He made N350m after investing into it, profit shut up to 35×.

seanwilliam:
Please before going into any business, even if it will cost you money to do feasibility studies, please pay it. At the end, when the business starts booming, I swear you’ll gain your money back.

I recently started an offline business, there’s this guy in my area , he’s an illiterate but a very grounded entrepreneur . The guy made me realize that there’s different between having money and knowing exactly what to do with it.
Everything I had in mind to do would have collapsed the business. I humbled myself and followed the guy guild lines, at first I hated his style and perspective , baba at the end I succumbed and I regretted not starting the business earlier.




What I’m saying in essence is that you might have the money for the business and not have the business acumen.

Go back to drawing board, I wish you well brotherly.

IyaTola:
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 = #

Iseoluwani:
Logistics as in delivering of customers goods to customers house.

professore:
how does one get into this business? What are the things one needs? Thanks pal.

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?

lavylilly:
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.

Blake755:
U said the simple truth for instance me got a 5 figure I saved up I want to start up something with it but am developing cold feet I really wanna try something out I just don't know what to do again 💔💔

Politicalziggy:
Poultry. Chaiiiiiiii. I wasted money.

post=123179690]What business do you regret venturing into??

Share your experience

Agbadocassava:
Most of you guys will regret not voting Tinubu

professore:
how does one get into this business? What are the things one needs? Thanks pal.

Coolbriz:
3kva is okay, where I've problem is the hybrid 24volts system. Which is going to come with 60amps charge controller.

Did you consider your 270watts panels of 24volts of 9amps each will be connected in series making it a total of 81amps to be generated at maximum.

When this numbers of amps get to the charge controller of 60amps what will happen? It will be get burnt and the system will collapse.

My little cent, when there's higher number of panel never use Hybrid system. Do your maths and balance the equation, don't manage the cost to save you going back to the place.

Good qoutation.

Preciouschinwe:
Mine is I make and supply buns, now I wish to stop because there is no profit but my customers won't let me.

mkoabiola:
Betting

BarrElChapo:
Sorry for tough experience, hopefully you come back stronger with the lessons learnt. I wish you good luck in all your future endeavors.