tensazangetsu20:

It's not just mini importation. Many Nigerians invest in businesses without thinking of how to market their products or services to get customers. They believe customers will fall from the sky.

Naso bro, the greatest success tool in life is investment, even amazon spends millions of dollars on ads every month and they are making their money back in ten folds same as other companies. Every business needs awareness, you can't just buy a product or start a business and expect customer to be coming na. Learn digital marketing and apply it to your business and watch it grow.
That's why I said I will never target Nigerians for any subscription stuff, it's only the western countries I will target cos of their investment ability.

Donbosco46:

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

How much have u made urself. Cos am sure if u are really making it,u won't say it loud as u are doing now.

NGRsenate:


Did all that. Lol even sponsored a fashion show back then in school with locally made sandals for ladies.

Use yourself as an example. Let’s say i come to meet you with shoes, locally made and i tell you it costs 28k. Even if you have the money, will you just buy it?

Tell me in detail what will go through your mind?

but my Broder with d kind of average living we av in Nigeria 28k to me is too much now for a shoe I think u shud av targeted d average population by going for sometin cheaper n quality but ,thats just my thought though

Freshprince91:
Well, mine is not having enough patience but will you blame a 20-something year old who doesn't want to be a lazy pumpkin ?
After i left my job in January and new jobs were not forthcoming after two interviews, i decided to embark on ehailing (Uber & taxify).
I have read rave reviews about Toyota corolla, Camry, Hyundai Elantra and Honda Civic cars for the business because they tend to withstand abuse and can wiggle their way for long on our dreadful roads but i couldn't afford any of those cars, the least being 2003 Honda Civic cost 1.3m.
I brooded about the cost for a while and the people i met told me not to buy Nigerian used vehicles unless the owner is selling it off to upgrade, if not i might fall into depression visiting mechanics. There was no way i could raise 1.3m, the savings i had was 400k and my Aunt gave me a loan of 600k to-be paid back (15k weekly) when i start the hustle.
After going back and forth with no headway, she contacted her pastor who introduced the younger brother (a car dealer) and narrated my ordeal . He said i can't get a 2002 Tokunbo car for less than 1.2m and the Nigerian used he sells are way expensive than what i was looking for.
Long story short, he got me a Tokunbo 2001 Ford with a sound engine and a very eye catching leather interior but the front shock absorber was bad and the AC wasn't working when they brought it.
I have seen hell using that car for the past 3 months, need i say, i have spent a whooping 200k to fix (2 oxygen sensors, radiator hose, shock absorber, brake pads, AC compressor, evaporator and blower ,serviced transmission engine ,fuel pump and other minor repairs i cannot account for). At a point i was looking for buyer, still looking for it though because i am scared of what might happen on the road but when its in good shape, its wonderful to drive, the performance , speed and handling is superb couple with the attractive interior but it is not the conventional Uber car which i had premonition of before accepting to use it but i thought i was smart enough not to put it on the road more than 7 hours 5 days a week.
This is my story!

Eeyahh.. Sorry about your experience. So the vehicle was actually the problem and not that the business isn't cool or paying? secondly, why don't you consider swapping the car with good Toyota car while you add some money?

Ginaz:
I want to start a bike business. If a new bike cost let’s say 200k how much would the bike rider balance me at the end of it ? Please answers needed .

Depend on the brand u want to buy, in my area, TVS cost N210,000 plus number plate and u give it out for N330,000 HP. Boxer cost N230,000 and u give out for N370,000 HP.

Note that the Boxer is mostly preferred as it has a better resale value compare to the TVS.

Cheers.

ecclize:

i need the two sure odds... how do i get it ..

there's nothing like sure odds..becareful oo..before it will end in tears

patjane:
That woman Dey mad, inf’t she be witch ..

He should have collected cheque at least.

RxSameer:
but my Broder with d kind of average living we av in Nigeria 28k to me is too much now for a shoe I think u shud av targeted d average population by going for sometin cheaper n quality but ,thats just my thought though

you are there bro,how many people on the street can afford N28k shoe.... just few.
Rather go for what an average guy can afford and make a killing.
At least, selling 4 to 5 shoes a day making like 4 to 5k a day is worth the effort than relying on 1 shoe a day with too many saliva to waste.
I believe in little dropping.

Lanjonath:
Never in this life!! No bank will give you 4.5% monthly

I inquired with a GTB customer support. She said the more money u fix and the longer the fix period, the higher d interest u get.

As I was made to understand, the least u can fix with them is N100,000 for a duration of 30 days, and a 3% interest. U can always roll it over at the end of 30 days period, and get d new month interest based on ( previous month interest + d principal )

If u fix something like N200,000 or more, for a longer period, u can negotiate a higher interest.

4godsake:


Depend on the brand u want to buy, in my area, TVS cost N210,000 plus number plate and u give it out for N330,000 HP. Boxer cost N230,000 and u give out for N370,000 HP.

Note that the Boxer is mostly preferred as it has a better resale value compare to the TVS.

Cheers.

Thanks so much dear for your inputs . I intend to start this business soonest and since I’m a girl and I have small body with a small voice I won’t be taken seriously. but if anyone think they can intimidate me they should be ready for a rude awakening.

I intend to solicit the help of a lawyer .

ThisisIkemefuna:


Interesting. I'm not sure I perfectly understand how these work oo.. Please put more light into it or I can chat on WhatsApp 0901715 zero five three three

GTB offers 3% for fixing N100,000 for a duration of 30 days. Some banks may offer more or less. I think u should speak with ur bank Customer agent.

Houstency:


Your submission Sir/ma is fraught with inconsistencies in calculations and understanding of the process. For that amount, you can't get that rate in any Nigerian banks. The 10% rate you used as an example is per annum , to get a month's rate from it, it is prorated which is less than the 10% you quoted. Else tBills , FGN savings bond etc wouldn't have subscribers.

Please read my post again sir, I never used 10% rate.

Well, GTB as I know gives 3% rate for fixing N100,000 for 30 days. U can negotiate for a higher interest if u are going to fix more money for a longer period.

I don't know about other banks though.

Bad location power issue bad management learnt the hard way

ManspaceBarber:


I'm concerned about your own business (management) not theirs. If it costs you too high to get them produced the shoes, you will bear the cost when it's time to sell. You should have changed the supply link before things go south.

Understand that for locally made products, the cheaper it is, the worse off the quality.

Shoes that will start laughing after you wear them for one week. So changing the supply link the same as sacrificing quality for price.

Even for the expensive ones, the quality wasn’t all that, some weren’t symmetrical, like you could still see some small small faults on it. But just because they were of a higher quality did not mean that they should cut people’s head off with price. It’s just greed tbh.

achi4u:
you are there bro,how many people on the street can afford N28k shoe.... just few.
Rather go for what an average guy can afford and make a killing.
At least, selling 4 to 5 shoes a day making like 4 to 5k a day is worth the effort than relying on 1 shoe a day with too many saliva to waste.
I believe in little dropping.

Quality bro. Quality!

These shoes were not imported. They were locally made. Asin na shoemaker make am.

Compare a shoemaker’s shoe of 5k and that of another shoemaker’s selling for 28k.

I could have gone for the cheapest of the cheapest but it would have spelt doom!

Even the 20-25k shoes i was selling, some were being returned because they were already laughing i.e the shoe don dey open mouth.

Ginaz:
I want to start a bike business. If a new bike cost let’s say 200k how much would the bike rider balance me at the end of it ? Please answers needed .

My dear sister,I will not discuss the negative part of this business but pls,do not do it.

madone:
pls can u share more on this single treasury bill and fix d deposit.i do like to know more

Well, for the fixed deposit, the rate depends on d bank. So, I suggest u speak with ur bank customer support. Remember u can negotiate a favorable interest - depending on the amount u want to fix.

I can't give authoritative answer of treasury bills yet. I need to inquire more about it myself o

eventsmallchops:
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!

In this era where we have the social media?

9ja083:


You are right. Am confused right now. This is my 1st importation business. I was told that buyers are there at the wolf. And immediately u clear ur goods from the custom, buyers will like to buy it immediately. And now this?

I'm really laughing at the part where you said immediately you clear your goods from the customs, buyers will like to buy it immediately .

It isn't as easy as people make it seem. Let me not even say it's not easy at all. From procurement agencies, to customs to marketing and delivering your product is a hell of a task.
I don't want to discourage you but just want you to have a realistic expectation. I've done this for almost a year now(it's not my primary business for know sha) and i can share you my own experience

- it's not easy at all , it's not free money and it's real hard work
- but it's very profitable , you can buy a product at 2k ( plus shipping ) and have at least 7k profit (even after logistics fees and facebook ad cost )
- if you're someone like me who doesn't like/know how yo approach people to market you must learn facebook ads ( there are free courses , but still be ready to burn money on running and tweaking )
- to get the best out of it , you will need a website (either you learn wordpress , or u use one of those one page sales page )
- be ready for facebook , your best performing ads can just stop performing and facebook can even shut down your ad account with no explanations
- Nigerian buys are crazy too, most the so called ecommerce transactions are usually pay on delivery...someone might order now and when the goods are about to be delivered say he's no longer interested
- logistic companies might not deliver on time and make u lose your sales too

like i said i don't want to discourage you. But be realistic and don't let anyone paint a fantasy fot you. It's good business but it's real hard work

See ehn last last it is for government to dash you oil bloc.

Then use the money from there to start a business and pursue.

Soup wey sweet, na better money dey kill am.

NGRsenate:


Quality bro. Quality!

These shoes were not imported. They were locally made. Asin na shoemaker make am.

Compare a shoemaker’s shoe of 5k and that of another shoemaker’s selling for 28k.

I could have gone for the cheapest of the cheapest but it would have spelt doom!

Even the 20-25k shoes i was selling, some were being returned because they were already laughing i.e the shoe don dey open mouth.

I quite understand you perfectly, just that a little drop to like 15k to 18k will sale too...too many people are afraid of 25 to 30k items like shoes.
I'm on the street anyway.

mrgoodd:

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

.

Easier said than done!

Business survival in Nigeria is an herculean task especially when does not have an additional stable income. Natural disaster like flooding and water pollution affected our fish farming coupled with underpricing from fish buyers.
The business didn't see the light of the day after three fishing year due to the above mentioned points. We had to divert into another farming area.

MoIbrahim:
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!!!

How do you mean they left on their own with giving a dammn.. They didn't inform you, and moreover why will you employ someone out of potty??..

Nnemuka:
So a friend of mine in spain sends spanish wine down to Nigeria and he told me he wanted to expand his business to south south Nigeria and luckily for me he said he would supply me those wines in cartons so i can market the goods for him.

Last year, he sent me some cartons and i sold out in couple of months.
Business was lucrative for me and i decided to venture into it.

Discussed with my friend and he asked me to get a shop, so i can have a warehouse atleast that he will send to me, once i sell off, i will pay him and he will bring more just like we did last year.
Elated me rushed in, rented a shop, and gladly informed him. Shockingly he told me to pay money for any amount of cartons i wanted
I informed him that it wasn't our agreement but he insisted.

I have paid shop rent, fixed the entire place and now he is coming up with another story.
To cut the long story short, i went into retail of the wine, Converted the place to a wine store but i hardly sell anything.
Well i have decided to convert it into a bar and sell drinks, beer, juice infact a sit out spot.
I have made losses but hopefully this new addition will sell for me.

Life is in stages sha

Sorry about the experience. You'll be making a lot money running a bar like you have decided to do.

achi4u:
I quite understand you perfectly, just that a little drop to like 15k to 18k will sale too...too many people are afraid of 25 to 30k items like shoes.
I'm on the street anyway.

We were making just 2k to 3k on one shoe o with 1k out of that for shipping.

The shoemakers were seriously adamant about reducing price. So a 22k shoe becomes 25k... sey you get?

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, It doesn't work for me Dont mean it won't work for you , you can try it .

Why can't N500k be enough to start a lucrative importation business? Millions is for people who can afford it...... who want to start big.... and when business fail.... fail big.
You invest millions..... invest in having a shop to display the products..... and hopefully.... hopefully would be selling in bulk. You intend starting off as a wholesaler with zero customers.... with zero source connections to get best prices.... and here you are hoping to compete with others who know the ins and outs of the business.... who have loyal bulk buying customers... what are your chances of being successful? What are your chances of the product left sitting on the shelves ... but you are paying rent? Is this not what OP went through?... but on a small scale? Not saying it is impossible to succeed... but your monies would be tied up for a longggg time before the business becomes viable.

@ topic...always do business on the side.... small scale. Always invested what I can afford to lose. First business loss... learned [i]money brings greed..... [/i]take nothing for granted... watch any business partner with both eyes... and don't dare blink. Family??... put on eyeglasses.

Middlemen and unnecessary interference in transportation biz. Was lucky to recoup my capital and small profit.
Abandoned the cars to them las las when there was threat to life.

Noel1:


N100k may be difficult to start a major business in Nigeria of today.

Why don't u put it in a fixed deposit account? I think some banks would give u up to 4.5% monthly interest on it. That's like N4,500 interest first month.
Then roll it over and u gain more interest based on compound interest.

Alternatively, u can buy Federal Government Treasury bills.

This is not true! When any financial institution quote you a rate (interest rate) they are quoting per annum! Even TB is now less than 10% per annum!

Mujtahida:

Anything you do particularly business or buying of land, always involve a lawyer but una no go gree because of the money you'd pay as legal fees but eventually when things like what happened to you happens, you'd lost more than the money you would have paid for legal fees.

Where are you based bro?

NGRsenate:


We were making just 2k to 3k on one shoe o with 1k out of that for shipping.

The shoemakers were seriously adamant about reducing price. So a 22k shoe becomes 25k... sey you get?

yo I got ur drift.
God bless your hustle bro and if you see opportunity to add quality belt, wristwatch and other accessories still good.