₦airaland Forum

Hi guys,
Trust you all are doing well. I'm a chef and I need to share a little situation I'm currently facing with business-minded people on this platform.
There is a vacant kiosk close to where I run my small food business. The kiosk has been sitting idle for almost a year. So I reached out to the owner and he said he was willing to sell it for ₦800k.
Out of desperation to secure the kiosk, I took a loan of ₦500k, which I’m expected to repay at ₦177.5k monthly for 4 months (total repayment: ₦710k). I also managed to gather about ₦300k on my own (a combination of loans from friends and personal savings).
When I contacted the owner again to tell him I was ready to pay, he suddenly changed[quote][/quote]his mind. For reasons best known to him, he said he was no longer selling for ₦800k and that his new final price is ₦1,000,000.
Immediately I heard that, I lost interest in getting the kiosk. The loan I already took is heavy on me considering my current income, and the situation has become very frustrating.
Now I’m automatically owing ₦710k to repay the loan, whether I buy the kiosk or not.
So my big question is: What can I do with this ₦500k loan (now around ₦430k left after some expenses) so that I can repay the loan comfortably?
I would have invested everything into my food business, but sales are currently lower than average and I’m not sure it’s wise to take that risk right now.
I’d really appreciate advice from experienced business minds here.

dailyflavour:
Hi guys,
Trust you all are doing well. I'm a chef and I need to share a little situation I'm currently facing with business-minded people on this platform.
There is a vacant kiosk close to where I run my small food business. The kiosk has been sitting idle for almost a year. So I reached out to the owner and he said he was willing to sell it for ₦800k.
Out of desperation to secure the kiosk, I took a loan of ₦500k, which I’m expected to repay at ₦177.5k monthly for 4 months (total repayment: ₦710k). I also managed to gather about ₦300k on my own (a combination of loans from friends and personal savings).
When I contacted the owner again to tell him I was ready to pay, he suddenly changed his mind. For reasons best known to him, he said he was no longer selling for ₦800k and that his new final price is ₦1,000,000.
Immediately I heard that, I lost interest in getting the kiosk. The loan I already took is heavy on me considering my current income, and the situation has become very frustrating.
Now I’m automatically owing ₦710k to repay the loan, whether I buy the kiosk or not.
So my big question is: What can I do with this ₦500k loan (now around ₦430k left after some expenses) so that I can repay the loan comfortably?
I would have invested everything into my food business, but sales are currently lower than average and I’m not sure it’s wise to take that risk right now.
I’d really appreciate advice from experienced business minds here.

Change strategy by cooking from home and use like 50k to 100k for marketing and promotion. With the amount you have you can achieve 5m in 3 to 6 months if you use blue Ocean strategies, if you are interested you can chat me up on 08089456258

ayoncox:
Change strategy by cooking from home and use like 50k to 100k for marketing and promotion. With the amount you have you can achieve 5m in 3 to 6 months if you use blue Ocean strategies, if you are interested you can chat me up on 08089456258

I'm not cooking from home, I run a hotel kitchen..
Small in that context refers to the sales revenue.
That's all

dailyflavour:
I'm not cooking from home, I run a hotel kitchen..
Small in that context refers to the sales revenue.
That's all

Okay, but you should start thinking out of the box, how do you grow your 430k to clear you debt, don't he hell bent on your original approach to business