₦airaland Forum

Been having money problems for a while now,added to the fact that i am a kind of person who has his mind set to having a bright future,my future is all i think about when i am not engaged. My education isn't in the best shape right now,not because i am not brilliant but my mind is not fixed on my studies, i want to be a businessman and something else which i wont mention because its not relevant. All this coupled together means i must start some kind of business which i can nuture and give time to grow and make some money too, so i just won't graduate and be a burden to those who laboured to pay for my education.

Now all the money i have in the world is less than 100 000 naira,but i have identified a business i can do which should cost around 40 000 naira to set up,and could bring in around 3000-4000 naira a day,1000-1500 naira could be the cost of running the business daily,but the problem is i am really scared to begin.

My reasons.

1. The location for the business i gather from word of mouth is like a jungle,Mile 12. Full of miscreants and i am not too 'street' myself. Worried i may not be able to handle certain people around.

2. Fear of extortion, i also heard the pay all kinds of levies to both govt. and non state actors. This can ruin a business.

3. Another worry of mine is the cost of securing a space at the market.

4. Fear the business might fail. The money i plan on investing is not money i really can afford to waste. Although rationally thinking, what the business offers is essential to something sold at the market,so ordinarily it shouldn't fail,but i still can't wave away this fear of business failure.

I should add,I am coming from outside of Lagos, so i know next to nothing about Mile 12 market, other than my knowledge of it being a big market for foodstuff. I have no first hand knowledge,so its basically making my fears worse.

I need contributions from people familiar with Mile 12 market to tell how easy it is securing some space to do some business there and people who have started business on how to overcome this fear of beginning a new business.

Hi fajuye59

The best way to address fear is to attack this project head on, no self doubt and work remembering that there will be many ups and downs before you get to the financial promise land

Also remember that fledgling businesses really yield money in their first and second hear you will be spending more than you make, that's just the nature of bricks and mortar businesses, no cash cows at the early stage but you need to stay positive, the times when things are not going your way are the times when your young business will need you the most.

Concerning the issue of misfits around your business. If might be a good idea to go somewhere else because you may not know now what price you will end up paying interacting with those who don't have your best interests at heart.

Fajuyi I think what you really need is a business mentor in the area. Some one who you trust might be able to direct you to a person. The interaction with a person like this could help you seriously cut the learning curve and get you into profitability.

Dont show signs of weakness and give up just because things get a little rough if it were that straight forward everyone would be millionaires

Motivation gets you started but persistence keeps you going

Fajuyi just pay your dues to the area father and no badger of an area boy will dare cross your path.

Another option could be changing location. Mile 12 isn't the busiest place in Lagos, okay.

Ben1975:
Hi fajuye59

The best way to address fear is to attack this project head on, no self doubt and work remembering that there will be many ups and downs before you get to the financial promise land

Also remember that fledgling businesses really yield money in their first and second hear you will be spending more than you make, that's just the nature of bricks and mortar businesses, no cash cows at the early stage but you need to stay positive, the times when things are not going your way are the times when your young business will need you the most.

Concerning the issue of misfits around your business. If might be a good idea to go somewhere else because you may not know now what price you will end up paying interacting with those who don't have your best interests at heart.

Fajuyi I think what you really need is a business mentor in the area. Some one who you trust might be able to direct you to a person. The interaction with a person like this could help you seriously cut the learning curve and get you into profitability.

Dont show signs of weakness and give up just because things get a little rough if it were that straight forward everyone would be millionaires

Motivation gets you started but persistence keeps you going

Thanks alot bro. I'd ask people i know in the area if they can introduce me to someone who is not a stranger to the place.

Kirinwa:
Fajuyi just pay your dues to the area father and no badger of an area boy will dare cross your path.

Another option could be changing location. Mile 12 isn't the busiest place in Lagos, okay.

This area father payment thing, is it some daily payment or...?