₦airaland Forum

Acidosis:
Okay, let me be practical as briefly as possible; you cannot pay back a N1m loan in 18 months if you put the whole cash on a small or micro business. 100% turnover in 18 months is possible only on high risk businesses, and who in his/her right senses puts a short-term loan on a high risk business? Remember you'll feed, clothe, and pay rent.

The man advising you against driving may be right after all. Some of these guys will only lure you with how much they make daily. They won't tell you how much they spent on fuel, repairs, tax, registration, servicing and most importantly, how much they saved after a year. More often than not, they end up with nothing at the end of the day.

There are manufacturing companies around you. Many of them need independent distributors, these roles are never advertised. Why don't you do a quick research? Who doesn't want someone that will help improve his/her sales?

Alternatively you can try some desperate measures like buying a car from a desperate but legitimate owner (one in dire need of money) and reselling for a better value. With this, you can even pay back the loan in 1-2 months, use the gain to launch your business. This like I said is a desperate move.

LewsTherin:
To an extent, I agree with Ifyalways. It is dangerous to use a loan to start a business especially with the conditions around both you and the loan.

What experience do you have with doing business? What business have you done that you made some measure of headway? That should naturally be your first point of call.

But since you are to return the entire amount within an 18 month period, and since you don't seem to have much experience and assistance from others (I could be wrong tho), I will advise you try a business venture that keeps your funds as liquid as is possible. That is you should be able to convert whatever you are doing into a level of cash pretty quickly.

Outside of the money market which you may not be able to invest in as the returns on 1m are quite small, not likely enough to sustain you, I would say you should try buying and selling fast moving consumer goods. Indomie, cooking oil, foodstuff basically.

Depending on where you live in Abuja, maybe kerosene or diesel purchased from any of the NNPC mega stations.

Something I always do myself. Walk around your area and try to get a feel for what business can move relatively quickly in your area.

And be careful about any one advising you on a scheme or deal that will return your investment in quick time. ESPECIALLY FOLKS ON NAIRALAND

FrankTalk1:
To determine the business that you can do successful basically depends on various factors which include:
- Your business skills
- Your risk appetite
- Where you want to locate the business
- Easy of marketing the product or services you want to sell.

Do not rush into anything, take out your time to study any idea also make sure that you put everything needed to succeed in place so as not to loose the your money.

Make sure that you have a good marketing strategy and that there is adequate demand for the product or services. Also ensure that there is adequate security where you wish to set up the business to prevent lossing to robbers.

Now CHECK OUT THESE 35 LARGE SCALE BUSINESSES


Also, CHECK OUT THESE 30 MEDIUM SCALE BUSINESSES.

Atk1nson:
Don't invest the whole money in a single business at the same time. It's to minimise the risk you are taking. You don't want to be telling the man stories after 18 months.

I wish you the best

Atk1nson:
I think your question will be better addressed in the business section.

My advice though is that you don't test the waters with both feet

ifyalways:
Sorry but I'm not sure I've got any advisory for you BECAUSE I am not a fan of starting/trying a business venture with a loan. I'm old school and firmly believe that the best way to start a business is by saving up for it yourself that way :
You'd be super extra careful before you dabble into anything considering that you'll always remember how hard you laboured, deprived yourself of certain pleasures before you could put the money together.

If the business flops, you cry, pick up some lessons and move on without hbp as opposed to thinking of how to repay gbese if it was a loan.

All the best. Shine, Shine, Shine your eyes. Real business in Nigeria grows slowly. . . Don't expect to make much profit or hit a jackpot in your first 3 years. It takes at least 4 years to break even. If anyone tells u otherwise or lures u into a fast money making venture be ready to lose your money. Since you asked for my opinion let me quickly add that I would return that money if I were you so I can have rest of mind. I can only accept or take loans for dire health issues :- my opinion.

zicoraads:
Na only Tiv people dey use am?

eyinjuege:
How do you want to pay back 1mill in 18 months when you want to earn 80k per month?

4601CE:
Sane people know what’s happening and also knows the propaganda and mischief the enemy of state are propagating.

4601CE:
I have my PVC and I’m going to vote PMB come 2019 . Inshaallah

4601CE:
I have my PVC and I’m going to vote PMB come 2019 . Inshaallah

Chrisbeks:
I will not get heart attack again over Chelsea matter this season, if dem like make dem go relegation, e no concern me

Chrisbeks:
I will not get heart attack again over Chelsea matter this season, if dem like make dem go relegation, e no concern me

theoldpretender:
CAN and NSCIA both got N10 million for the building of a National mosque and church in Abuja in the 1980's.

CAN , I think, thought that N10million would not be enough, started fundraising for a National Ecumenical Center as early as 1992/3...and work started around that time, but was not complete till 2006.

There was a lot more to the above story though.

Apina:
I hear say olosho no dey like make dem kiss them

donnaD:
u are a sincere and wise man.not sum who wud say it does not mean becus they are African men and are entitled to as many wives as possible.I believe in life u have to treat others the same way u want them to treat u.

ImaMmakara:
You will send her to her father's house, are u serious but if the table was turned you would have expected her to forgive you and move.

donnaD:
and if she catches U cheating nko?is she right if she leaves u? ?.

dumo1:
On the first available flight to her home town. I will even book first class seat for her so that she will arrive in stylish disgrace to her father's house. But that X-ray result though, see better 14 inch nail.

dumo1:
On the first available flight to her home town. I will even book first class seat for her so that she will arrive in stylish disgrace to her father's house. But that X-ray result though, see better 14 inch nail.

Psoul:
Ideal thing....but wen u get married, u may start reasoning differently from this.
Don't say never until u get their.

Afec1000givers:
but some men are so relentless when chasing their choice of women...remember women are weaker and thats y i always give 70% blame on the men.

Slimsly100:
How u wan take nail am pass like this? U don nail am finish ma bruda

OrestesDante:



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∆ I'm in support die!!! Why you go go dey lamba person wife... why


But the husband suppose knack nail for hin wife head too... ∆


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Pauladex:
The general and his boys missed drilling class, if not by now you will be too ugly for Sandra to behold.

Pauladex:
The general and his boys missed drilling class, if not by now you will be too ugly for Sandra to behold.

mikeywise:
you opened a thread in February, where u said that u are based somewhere else other than abuja. how do you reconcile that?