Lack of patronage

It was a business centre


I realized the importance of setting a business near target market regardless of the competition at the area where the target market is located.

Incompetent and Thieving Staffs.

it was a car wash business set up by the road side in front of undeveloped land ,
after spending so much despite paying 80,000 rent per year, the owner of the land across the gutter came to me that she also want to do carwash business with the same land, she came with Hausa thugs with knives, got government to served me demolition notice without compensation, I explained to the government and we were invited but she kept missing appointment because her husband is a labour leader from gombe state serving in Abuja, this was a business I sold a car to raise capital for.
she's now running the carwash I built with my money because her husband is a politician without compensating me, I took police there but they said it was a civil case.
anyway I believe it happened because God have a better plan for me.
lesson learnt!

Staff

Bad decisions

T

I was very careful in handling first business..A viewing centre outside Nigeria. It was successful.. But relocation made me to shut it down.. No regrets

Theiving and incompetent staff, bad debts

ThisisIkemefuna:

I have 100k for it. Wow just need something to do to double the money. Not sure what's viable anylonger in Nigeria

U may put it in a fixed deposit account? I think some banks would give u up to 4.5% interest on it.

Alternatively, u can buy Federal Government Treasury bills.

Edit: The interest rate is per annum plz.

mrgoodd:

Importation is not for small scale entrepreneurs, It can favour you if only you have the shop to display it or you re not in Nigeria, If you re investing millions, if might work for you as you will be selling in bulk and giving discounts to customers and that will help your business grow, But if you re investing below 500k without having a shop to showcase it that will help the online sells, kindly stay off

Please don't give wrong advice. That's why there's "mini" there. Many people into mini importation are thriving.

Iamgrey5:
Lack of patronage

It was a business centre


I realized the importance of setting a business near target market regardless of the competition at the area where the target market is located.

Hehehe. True though.

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mrgoodd:

Importation is not for small scale entrepreneurs, It can favour you if only you have the shop to display it or you re not in Nigeria, If you re investing millions, if might work for you as you will be selling in bulk and giving discounts to customers and that will help your business grow, But if you re investing below 500k without having a shop to showcase it that will help the online sells, kindly stay off

Thanks for this advice. I thought they have buyers at the wolf? Am actually expecting my 1st goods and dont have a shop to display it.
Some1 told me that there are buyers waiting to buy the goods immediately its been cleared. Please, its that true because that's were i rely on. Am new in it.

ThisisIkemefuna:
I'm considering mini importation but do not know how viable it is considering that ordered goods often arrive very late and I am using my last cash to venture into it

You simply need to exercise patience and make use of shipping companies with fast shipping process.

Shopify closed my account if almost 700$ pending..and fined me 300$ ..local man just give up

We started selling China phones I bought from computer village 2008 from my records achieved 260k average monthly sales, gross profit 38%, net was like 16-18%. Save up built capital to 780k by late 2010(while preparing for waec). I wasn't experienced 18 years old then, gave a supplier 500k as the business was very cashflow positive, late 2010. I informed the idiot about Alibaba website to source from China, he said I should bring 500k and he brings 1.5million. Went back to him after much explanation. Told me they seized my goods but not his. Extorted me of another 80k for clearing, I wasn't even informing any one at home. He is late now, I took my experience and enter selling something else. I thank God for his blessings. If you need anything solar. Solartalkers dot com

Hmmmm




Meanwhile, HP Wireless 2630 4-in-1 Printer is available for sales @ 10k, working perfectly, check my signature for contact.

9ja083:


Thanks for this advice. I thought they have buyers at the wolf? Am actually expecting my 1st goods and dont have a shop to display it.
Some1 told me that there are buyers waiting to buy the goods immediately its been cleared. Please, its that true because that's were i rely on. Am new in it.

I think the question u should have asked him is "where are the buyers?".

Let's be realistic bro, it's not easy for people to dip their hands into their pocket and buy things as many internet marketers tell u. You remember they are out there to sell u their courses?

I am organizing a free mini importation class for people like you who want to start on a small scale this afternoon by 12pm to 3pm. The class is free so you have nothing to worry about. Use this link to join the group.

Check my signature to join the WhatsApp group.

ThisisIkemefuna:
I'm considering mini importation but do not know how viable it is considering that ordered goods often arrive very late and I am using my last cash to venture into it

I spent carelessly and needlessly and i failed to do my homework as well. Got extremely confused along the way. Was faced with a tough decision not knowing wether to walk away or keep trying.

Capital got finished and i realized I should have walked away earlier

mrgoodd:

Importation is not for small scale entrepreneurs, It can favour you if only you have the shop to display it or you re not in Nigeria, If you re investing millions, if might work for you as you will be selling in bulk and giving discounts to customers and that will help your business grow, But if you re investing below 500k without having a shop to showcase it that will help the online sells, kindly stay off

What happened to Facebook ads? It is clear you went into importation without a mentor or just purchased goods because they appealed to you

I employed people based on pity, and their need for help. Out of the 5 staff, the 3 that came in due to pity and need for help were the ones that undermined the process, one by one and they left at their own time without giving a damn about the future or survival of the project.

Never again!!!

Inflation, after Buhari started changing policies up and down, sometime in 2016, that year was a tough one. You'll buy an item for 4k, sell for 6k when you go back to buy another one you'll find out it's now 7k. At a point I had to make calls before selling anything, but that didn't help, when you make calls and sell and return back to buy a new stock you'll be shocked. Then after buying at expensive rates and the price starts dropping, something you bought for 7k 4 months ago, you'll learn its now 3k who will you sell it to? That's how my business of 4 years died.

Was stupid I entered a farming business. I was lured into it after visiting an elderly friend’s farm and seeing him selling hundreds crates of eggs and counting hundreds of thousands of naira. I got greedy and entered the business with doing research. It was the worst business I ever did and within six months, it affected my health so bad that till today, I suffer from this health challenges. The painful fact was my mentor sold me the baby chickens and sold me the feeds and sold me the drugs and gave the workers. The man made insane money from me. Before I know it, 10million naira was down the drain.
My mother even left her own business and tried to salvage the business and lost her life in the process.
The only thing I made from that business was the land I bought for it which is till today still along a busy road. Sadly the land is not even up to 10 million naira in value till today. Most of the time I just tell people, entrepreneurship is not worth it if you are not stealing money from somewhere to back it up like Otedola, Dangote and co. If not you are on a long thing.

Moral: don’t let anyone push you into any business because they are doing well. Most of the time, the successful business man you envy is a smart criminal who will finish you if you fall for this tricks

Bank mistake.

I once had excess cash with nothing to do with it, and I was unemployed, I found out that me being unemployed made me spend more money because my mind was idle.

So I acquired a pos to engage in this POS business, went to the bank to collect POS fcmb.

Started the business, from the day I started that business the bank made sure I was frustrated.

I discovered that the POS was disturbing I took it to them they fixed it, after fixing it I was not being credited, I went to the bank to complain and they told me its normal, when I was out of cash by the end of the month I went to the bank to balance and they told me the money was never entering my account from the first day, OK send me back my money, I was going to the bank like twice very week, from where I stayed to the bank was 600naira going and coming Tp, and I go to the bank twice a week for almost 4months.

By the time I got that money bank I was at an extreme Loss.

The bank beared no responsibility, I suffered the loss on my own. That's how I lost that business lost my money, lost the rent money. Just cause of bank mistake.

mrgoodd:

Use the money to buy bike and give it out they will be paying you 2k daily

ThisisIkemefuna,

This is worst business decision ever.

Go and ask people who did that business how far.

Those touts will keep telling you stories until you sell the bike in frustration.

Any business in Nigeria that you will not get involved directly, forget it.

Nigerians are mean and wicked, but we use religion to cover it

ThisisIkemefuna:



I have 100k for it. Wow just need something to do to double the money. Not sure what's viable anylonger in Nigeria

To double it is simple just get 2 odd and stake 100k

pocohantas:


Hehehe. True though.

Lol.

I thought the school/court environment in my area were too crowded for a new business centre, but I soon realized why people still rent shops in open market even when the open market is full of traders selling the same thing.

Chiamaka sucked the business dry, I have to leave the shop for her and run for my life. We better learn in a hard way.

Hummm

henrixx:
I spent carelessly and needlessly and i failed to do my homework as well. Got extremely confused along the way. Was faced with a tough decision not knowing wether to walk away or keep trying.

Capital got finished and i realized I should have walked away earlier

What business did you go into.. Don't be vague and give us details

I started selling shirts nice shirts that I do get from Onitsha main market then I sell with 700 naira gain sometimes 1k gain I was selling to my fellow students the material was good and I was getting it very cheap and then selling to my taste I went for my first and second demand from my supplier then ponzi scheme came out I wanted to double my money to get more money and invest in my small booming business but these guys cash out on me eventually It was horrible. I had to drop everything and focus on my academics again but now I am done with my degree I will put full time energy to whatever I'm good at.

Avoid any doubling agents