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What Is Your Worst Business Investment And How Much Did You Lose? - Business (6) - Nairaland

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Re: What Is Your Worst Business Investment And How Much Did You Lose? by Phyde: 6:08pm On Nov 19, 2018
Credited a bitcoin dealer bank account of 23k and failed to credited my wallet.
Lose 40k to one online forum called esteemtraders.
Lose 135k to winthrills.
Gained 15k from Xpressinvestment before it crashed and Final Bet9ja put a smile on my face with 1.158m recently.

66 Likes 5 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Dollypizzle13(f): 6:08pm On Nov 19, 2018
egwekwe:

As the market is going, na only God and whale get sure contact grin
You're free to contact me tho sad
Lol...how can I contact you?
Re: What Is Your Worst Business Investment And How Much Did You Lose? by oneluv11: 6:09pm On Nov 19, 2018
casspersteve:
Catfish business Brought the business idea My mom invested about 1.5 million Lost the fish and the money My dad was the manager Can't still forgive him up till now
I'm sorry for d lost .

but funny sha
Re: What Is Your Worst Business Investment And How Much Did You Lose? by homirefacuny(m): 6:10pm On Nov 19, 2018
movetoca:

The business is a blood money business, anything you see you take. I won't leave it no matter what.
Hmm.. It's well with you bro.
Re: What Is Your Worst Business Investment And How Much Did You Lose? by Perfectnumber6(m): 6:12pm On Nov 19, 2018
Hmmmm mine was going into a transport business bought a brand new Audi for a relative so he can be balancing me 10k weekly instead of the normal 12k, yet this guy no even balance up to 850k when I take buy the Audi, and now the vehicle don scatter within one year. Mehn relationship business too bad gaaan .

30 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Cassie74: 6:15pm On Nov 19, 2018
CaptainMitch:
I invested over 250,000 in fish farming and made a huge loss, I changed my mind about investing in agriculture, but I have recently gotten land and I am still thinking of what to plant.

Fish farming is capital intensive and if you must make it in fish farming u have to harvest monthly.. U need like 5 ponds and over 2m if you want to make profit and enjoy it. I don't think 250k can cut 1k fingerings to table size. Sorry about your loss though

5 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Amoxdave: 6:18pm On Nov 19, 2018
shocked
movetoca:

Do I sound like a clown?. It's part of the business and you must have the stomach to Bear the risks including prison.
Re: What Is Your Worst Business Investment And How Much Did You Lose? by Cregon: 6:21pm On Nov 19, 2018
twlover:
Poultry Farming.

I invested approximately N12m in building a poultry for layers. Mistake I made was I buying 1 Acre of land which cost me N4M to fence, built Pen house with N3.5M,built a 5 bedroom farm house with about N3m, constructed a concrete scaffolding (with 2 standard rooms, one as store the other as Gen. House) to mount the water tanks for N1.5m

Having done all these, I struggled to get 600 layers, the rest is history.

I have put that property up for sale

Interested buyers are free to send me PM

Howabout you use facility for microlivestock production?

1 Like

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Phred1717: 6:21pm On Nov 19, 2018
Forex..invested $3000. Got my capital back after much threat and confrontation

2 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Phonix1234: 6:21pm On Nov 19, 2018
Did a partnership business with someone here on Nairaland.. On Koso wood or called Rose wood, we started well but the day i allowed him to purchase and make supply, he bought the worse materia in the makert to supply to our customer,,,,, uptil date, he was only able to pay me 1.1m and my 1.8m still hanging till today..... My advise is, nva do business with a born again, bcus u may end up trusting them and dey will stab u at any given opportunity,,, the worse of it is that his parents are both pastors...... Lesson learnt,,, though am still suffring for that mistake.

62 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Sharmeenator(m): 6:23pm On Nov 19, 2018
This is a recent bad business experience I want to share. I believe one or two people will learn from it. It's a long story but I will try to make it short without losing too much details.

I decided to start a side hustle in 2016; a cyber cafe, business center and payment solutions provider (e.g. IKEDC, DSTV/GoTV etc.). I got a big shop at a nice location, renovated it to look nice and comfortable. The shop was setup beautifully. Customers were given laptops to browse instead of the old PC everyone uses.
We were getting positive feedbacks daily and motivations to grow bigger. To cut the long story short, everything was going on well and we were progressing and profiting there until the third month.

My boy called me one morning that he met the door opened with no sign of forced entry. We later leant that my staff was careless with the key, someone must have smartly made a copy from the bunch he carelessly left on the counter. We changed the lock and upgraded the security. 5 laptops, router and money were stolen.

Less than a month later, another burglary attempt was made. This time very forceful; the window was cut opened late in the night and the burglary removed. The most unfortunate part was that no one confessed to hear a sound from the removal (which I'm sure couldn't have been done silently) in the dead of the night. The landlord, a pastor in the church that separates the shop from the resident building wasn't so bothered as no one in the house and his family was targeted. More laptops and money were carted away.

I pleaded with the landlord to allow me to get an "aboki" to stay there at night so he could watch over the shop as the security guards we pay to secure the area are as useless as used diapers. He refused citing religious differences. I was forced to involve the police this time despite hating the idea in involving our men in black. I paid 10k and nothing was done. Detective assigned asked me to investigate personally and call him when I 'catch' thieves grin I didn't care, we did some diggings and suspected 3 guys; popo man was called and he said he has closed for the day. The following day when we called him again, he lied he was coming and later cancelled the appointment citing official duty despite having tactically delayed one of the suspects. I have sworn never to involve Nigerian police in my affairs again angry

Almost a week later, a third attempt was made and it became clear we had to leave at least for the sake of our lives. We used less than 6 months there and all these unfortunate events happened within 2 months. We left hastily for another shop not far so we could continue where we left. This decision marked the worst I have ever taken. The new shop, although smaller showed signs of success, so I thought. We renovated it and moved in almost immediately hoping that business would be better there especially with the planned inclusion of Bet9ja and PS2 Gaming. Bet9ja bursted my bubble by not approving the shop, mistake number (I can't tell again). I tried Winners Golden Bet, they answered my prayer but cut it short later when they retrieved their license citing a mistake from them as there was another WGB center not too far off which they didn't noticed earlier. Maybe I would have been given notwithstanding if I had a good connection. I had to settle for Surebet247 which checkmated me to defeat.

Business was over dull in the new environment (no pun intended). Light was over bad (they only have light during our closing hours). We buy fuel of almost 2k everyday despite not making up to 2k (it's that bad) daily. I was practically financing that place with personal money; paid my two staffs from my pocket every month. We did only four months there as that was how far I could personally sustained the business. I sadly laid off my staffs, locked the shop till when my rent expires which was in February this year. I sold off most of the items I didn't give away at ridiculous prices as there was no place to keep them. When I sat down to count my losses, I calculated a loss of 1.6 million (which is surely more than that). I haven't recovered from the unfortunate incidents having spent all my savings. I'm married now with a child this year but I have fallen flat into the same rat-race I was avoiding by attempting to open another stream of income. I will rise, I will fully recover and charge forward.

202 Likes 14 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by egojeny1(f): 6:24pm On Nov 19, 2018
zicoraads:
I met this guy while I was serving. We became pretty close because we had a lot of things in common. And we were staying in the same room and finished from the same school. He told me about a business he started while in school, but due to some family issues, had to make use of the money earned and all. It sounded good, because before now, I had heard about people buying yams from Niger and Benue states and selling them off in places like the South South region at huge profits.

The fact that I was familiar with how costly and cheap yams are in these places made it seem like a very good ides to follow.

Long story short: I collected 200k from my sister and put in 300k of mine. Traveled to Niger and bought yams from a village along Lapai road. We traveled with the truck and met a guy in Effurun, whom he said was the person he always sold it to. Spent about a week in Delta state and sold everything, with the profits coming being about 200k, after expenses and whatnot. Got 300k and added to everything we had and came back to Niger to buy more.

Couldn't follow them back due to other factors that were beyond my control. Lost about 1.3 million altogether on his way back. He said he was robbed. But up till now, the news and the numbness of it never made me ask follow-up questions to the bloody pictures I saw.

I didn't quite recover from that for a long time.
Chai! Sorry dear. It is well with u IJN

2 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by freemi(m): 6:26pm On Nov 19, 2018
bet9ja
Re: What Is Your Worst Business Investment And How Much Did You Lose? by NCANTaskForce: 6:28pm On Nov 19, 2018
Dogs, The idiot I contracted to take care of them was nonchalant about it, I lost close to 700k on 4exotic breeds of dogs

21 Likes 2 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Amiblaize77(f): 6:28pm On Nov 19, 2018
Niyi9002:
So sad. Something like this happened to my dad's cassava farm last year. Was funding him from Lag and when harvest time came,voom! thieves came along and cleared everything. Life can be crazy sometimes!



Though I still have the intention of farming but I'll have to be there and extremely vigilant

4 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Amiblaize77(f): 6:30pm On Nov 19, 2018
Buffalowings3:


embarassed
Blood, tears, and sweat.
All for nothing..
Take heart

I tell you but have recovered from the loss, Already making preparations for another

1 Like

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Bigfellas(m): 6:31pm On Nov 19, 2018
Well we have all made some tough decisions at one stage or the other due to inexperience. I have always wanted to go into farming as a business so back to 2017, my friend informed me about how we can lease acres of land and plant cassava for a year and then sell it for profit.

I leased 10 acres and decided to give it a try. Then we faced the issues of labourers to work on the farm. We both got duped and I lost close to 1.5m within a year. I had no idea at all and we got used by the locals around. The good thing even though I lost the capital,I gained a lot of experience going forward and I was only able to make 200k from my investment. The good thing is I can start all over again, this time with a whole lot of experience. from all my calculations, I won't be spending more than 300k as expenses with the right hand working on my farm. I believe I will recover all my losses in a year or 2. Farming is really profitable only when you have got the experience. Don't just rush into it

30 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by siverspooon(m): 6:31pm On Nov 19, 2018
Educative thread i think d mods are gradually getting back to their senses

4 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by collins07(m): 6:31pm On Nov 19, 2018
Gaspardd:


Crypto is actually doing fine.
I will dance and give thanks to God if Cardano falls to 800sats, right now its in 1000sat.
I think we that does crypto should hang out on a forum to brainstorming and and share idea cuz as for me I love crypto.though have made some lost but,there is always hope of making it big with good strategy and shun greed.u can check my profile for contact.

1 Like

Re: What Is Your Worst Business Investment And How Much Did You Lose? by egat: 6:31pm On Nov 19, 2018
Love your fighting spirit bro#####
hahn:
What happened to me this year sef just get as e be.

So I was finally making N25k daily from my website and saved more than N1m and decided to hire a professional SEO company to handle my seo so that I can rank for more keywords and make more money. My target is to make 100k+ daily which is actually what my competition make.

The SEO company charged N150k per month and on the first month we found out that Google had penalized my site because of a Yoast plugin issue. With the Yoast plugin new update they was an option which was usually turned off by default but was on with the new update and thus pages were created automatically using images and no content. Coincidentally Google's new algo or whatever just came out and in it included a rule against pages with only images. And thus I was bleeped.

You can read more about the Yoast issue here https://charlesfloate.co.uk/yoast-mess-up. Many people were affected by this issue. If you go through the comments you will see one guy complaining about how he went from $1,000 per month to $100 because of his drop in traffic.

Also the seo company discovered that for some reason my backlinks created to my website were being removed so now I had to pay for on-site seo and also backlinks. To cut the long story short I spent all my savings trying to resolve this issue and I am still working on building more backlinks.

Daily income has gone down to N5k-N10k daily and yes I am royally bleeped because I have to fuel my gen and run it for 24 hours as we barely have power here. Nepa did not even blink the light throughout the weekend and as I write this the generator is on and making noise. Data, feeding, diapers, baby food etc sef dey there but we are managing.

I don't even know what to call this one. Whether bad investment or simply bad luck but thought to share.

By the way, based on the kind of person I am due to the low traffic I was getting and free time I got I used that spare time to build 3 new websites and now I am working on building them to profitability. Man never back down cool

1 Like 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Bamz(m): 6:32pm On Nov 19, 2018
I feel money will always somehow come around if you don't relent, relationships however. People can/would still be a jerk no matter how hard you try to be nice.

Mine was time and emotion wasted on something I thought would develop into a blossoming relationship. Badly enough, I can't quantify 2+ years and fits of emotional torture. cheesy

12 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Elxandre(m): 6:32pm On Nov 19, 2018
khassy:
I came across a thread on nL https://www.nairaland.com/4548511/business-start-400k-lagos

Being the entrepreneurship person that I was, I set out to give it a try.

Left my base in Ilorin to try it out.

Long story cut short.. I invested about 160k into it. Lost about 54k

But I'm unbothered tho, I'm still giving it two more shots next month before giving up on it.

I'm attaching a screenshot to summarise everything I spent.

Note I didn't include my transport, cus I was driving my car myself and it was some sort of tourism to me.

Lesson learnt,
Never test a business based on what people say and don't try any business with money you can't comfortably lose (I learnt the last part from cryptocurrency) grin
What's Bawa?
Re: What Is Your Worst Business Investment And How Much Did You Lose? by nonut: 6:32pm On Nov 19, 2018
grin

33 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by spiritedtete: 6:33pm On Nov 19, 2018
sandra50:

Hope you will be able to trust your wife sha?you sound so pain.sorry about that.

My wife is me ... I am my wife... We share absolutely everything.

Apart from side chick lol

22 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by MrCuteking(m): 6:33pm On Nov 19, 2018
hahn:
What happened to me this year sef just get as e be.

So I was finally making N25k daily from my website and saved more than N1m and decided to hire a professional SEO company to handle my seo so that I can rank for more keywords and make more money. My target is to make 100k+ daily which is actually what my competition make.

The SEO company charged N150k per month and on the first month we found out that Google had penalized my site because of a Yoast plugin issue. With the Yoast plugin new update they was an option which was usually turned off by default but was on with the new update and thus pages were created automatically using images and no content. Coincidentally Google's new algo or whatever just came out and in it included a rule against pages with only images. And thus I was bleeped.

You can read more about the Yoast issue here https://charlesfloate.co.uk/yoast-mess-up. Many people were affected by this issue. If you go through the comments you will see one guy complaining about how he went from $1,000 per month to $100 because of his drop in traffic.

Also the seo company discovered that for some reason my backlinks created to my website were being removed so now I had to pay for on-site seo and also backlinks. To cut the long story short I spent all my savings trying to resolve this issue and I am still working on building more backlinks.

Daily income has gone down to N5k-N10k daily and yes I am royally bleeped because I have to fuel my gen and run it for 24 hours as we barely have power here. Nepa did not even blink the light throughout the weekend and as I write this the generator is on and making noise. Data, feeding, diapers, baby food etc sef dey there but we are managing.

I don't even know what to call this one. Whether bad investment or simply bad luck but thought to share.

By the way, based on the kind of person I am due to the low traffic I was getting and free time I got I used that spare time to build 3 new websites and now I am working on building them to profitability. Man never back down cool

Hello boss, please can you help me with how to generate income from a website? Please help me, I don’t mind earning that 5k you earn please whatsapp me.
Re: What Is Your Worst Business Investment And How Much Did You Lose? by egwekwe: 6:34pm On Nov 19, 2018
Dollypizzle13:

Lol...how can I contact you?

I've sent you my whatsapp no via email
Re: What Is Your Worst Business Investment And How Much Did You Lose? by karferguso(m): 6:35pm On Nov 19, 2018
I had a mild loss this year
I imported some iPhones earlier this year to reselll but mumu me did not do due diligence on their unlock status. I ended up buying 3 locked phones spent like 60k+ to unlock 2 of them. I sold the last one like that. All in all, I made loss of around 20k and that’s because I bought very cheap if not, I for hear am. But I understand that was a learning curve. Hopefully, I won’t make that kind of mistake again

24 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by sandra50(f): 6:38pm On Nov 19, 2018
spiritedtete:


My wife is me ... I am my wife... We share absolutely everything.

Apart from side chick lol
Lol..very funny.why can't share side chicks?you are one after all.
Re: What Is Your Worst Business Investment And How Much Did You Lose? by lenghtinny(m): 6:40pm On Nov 19, 2018
sekundosekundo:
A friend begged me to allow my shipper add some of his goods in a 40ft container.....it turned out that the items they added were all country Bound,.....container seized.....me arrested.....#10.3m down the drain.


I have never been shocked in my entire life than that period.




One sad lesson I learned recently is that when it comes to business and money, there's nothing like friends and family.....

31 Likes 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by doggedfighter(f): 6:45pm On Nov 19, 2018
Tallesty1:
I don't even know if I should call it a bad investment because it was more like a fraud. Ordered for recharge card pins worth millions and was supplied fake pins. Spent the rest of the money fighting them but didn't win. It was a very bad experience and it pushed me to below ground zero.

The second one was a woman, things were going bad for her then and she was good to me when I was struggling to feed twice a day. Like she knew I was going through a hard time. Gives me food and money every Sunday. So I gave her N350k to start food stock business, her husband convinced her to invest it in MMM. she lost everything.
You are indeed strong.

1 Like

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