₦airaland Forum

internetpo:
Hmm. @ Op You are so on point esp. about poor accounting and customer relations.

That's why Am working on my staffs so that customer relations becomes a number one priority. But the issue of accounting is still what it is, an issue.

Lols... Accounting is very important too.So work on it to have the records intact and act within the rage of your outputs and inputs.

samuelmath50:
Thanks sir but I have one last question how many years will a snail go b4 sealing in market?

Achatina achatina and Archachatina Marginata are the most common snails in Nigeria for consumption. They gorw at a rapid rate within 3 months and can last up to 6 years.

They also lays about 4-550 eggs three times a year and so this will multiply your snail numbers in a year.

They have to mate before laying egg both some snails have both mail and female organs and you may not need to look for a particular male or female as two with the organs can mate.

I will still write more on this for more clarification and where it can best be started conidering tghe envirnment and also where they won't walk away and you miss your money. lols


Thanks and hope it helps.

LivinaPatrick:
the write-up was and is still wonderful,wish to implemment dt on my business. Thanks again and more lubricant to ur elbow.

Thanks Sir.

Lordtrillion:
Wow, nice article. Will work on my weak points from what i learned from this article. Thanks

Thanks too for stopping by. We share ideas for free to aspiring entrepreneurs. I am a passionate entrepreneur.

[quote author=samuelmath50 post=32447091][/quote]Yes you can start by picking snails in bushes as we are almost in raining season.I will inform you later on the exact type and specie of snail that people mostly buy or sell. That specie is also lays more than 400 eggs at once and they all eat grass like spinach. I will share first in enterpriseboom then to naira land.

suptol:
Hmmm! This is really cool. Thanks for the enlightenment

Thanks too.

Thats good.

samuelmath50:
Hello thanks for dis grate shearing but my problem is that am a young and hard working person I work with musicians as sound enginier and I want to start up some business and have serchd my self to see what I can do which will not later leed me to bankrupt of business failure so I need som addvice of dis thanks one love nija

Check out this first.... https://www.nairaland.com/2238913/top-19-lucrative-business-start


If you don't consider starting any then I can also tell you about more of manufacturing company you can start.

Hope it helps...

elnino3:
Nice write up. One more thing I should add is this
Turn your one-timers to regulars: craft your product in such a way that people will have reasons to come back. Either in discounts or in preferential treatment. A customer feels elated when you treat them well or have believe in them.

You are very right.

realtestament:
Datz y haf bin doing well wit ma condom business

Lols.. Funny Guy. That is a lucrative business though.

suptol:
Hmmm! This is really cool. Thanks for the enlightenment

Thanks ....

datguru:
Your business can succeed, if and only if you seek advice from an ibo man

Lols....

Oballer:
nice write up

Thanks

@ Poster... check out this....

https://www.nairaland.com/2238913/top-19-lucrative-business-start


I hope it will help you.

Starting a business is different from running a business.

Poor Customer relations:

Many business in Nigeria do not relate well with their customers very well. They simply allow other companies to take away their customers freely. Give your customers the best treatments. Hire a very good sales man that can convince a customer. Always smile at customers and don’t raise your voice on customer not matter how bad the situation is because your business is open for the customers. Control your anger as some customers have bad approach and use your knowledge in business to outsmart them. Treat your customers very well and they will be willing to come back again. The highest and the best advert a company can get is from a customer. When your customer refers your product to a friend or a family member. They must be willing to check on it. and this is the best advert and free advert but you cant achieve it if you treat your customer bad or cheat them. Be sincere, be honest, give them the best.
Poor funding or low cash reserve:

Business fail in Nigeria because of lack of adequate funding and poor management of reserves. Businesses run out money many times and this is a result of poor planning. You have to plan very well and know how much money you need to run a business for a period of time before cash begins to flow in. While running your business, You have to reserve some cash in the bank. This is a very important aspect as many business men in Nigeria will tell you that money is not good to be in the bank. Don’t listen to them as reserving money in the bank gives you a very good advantage over your competitors and also shape the way you succeed. You will have a high purchasing power when new technology or things springs up that needs emergency funding. It will take you many time to access a loan in emergency. Keeping some money also gives you a huge advantage in staying ahead against market crash. It makes you to position your self very well and you can withstand it.
Other factors that may affect business failure in Nigeria are:
-Underestimating the Competition
-Lack of innovation
-Giving up
-Failure to accept change
-Bad depth

Source: http://www.enterpriseboom.com/why-many-business-fail-in-nigeria-and-how-to-avoid-it/

Poor Accounting:

One of the fundamentals of business management. You need to have a very good account record of your business if you really want to succeed in Nigeria. Monitor your accounts to know how the customers react and how payable are they. You have to create a situation that will enable good customer relations and tell them the importance of cash and carry. Watch your accounts properly and don’t just concentrate on the liquid cash in the bank. Watch how the debits and credits are being done.
Marketing:

A very major aspect of every business management. Many Businesses have failed in Nigeria simple because they are not interested in marketing or advertising their product. Have you ever wondered why MTN, GLO, PEAK MILK, NESTLE, and many other companies in Nigeria are always advertising? Every one knows about these businesses but they keep on advertising their product and this is one of their secret of success. Every time you advertise your product or service,, there are many people who are out there that are willing to try it. Don’t underestimate it. It is very important. and always budget money for all different kinds of marketing.

Source: http://www.enterpriseboom.com/why-many-business-fail-in-nigeria-and-how-to-avoid-it/

Many things affects business to fail in Nigeria but I am going to share to you some of the core factors that affects failure of business in Nigeria.
Planning:

Most Nigerians only plan for how to start a business but fail to extend the planing on how to run and maintain the business for a period of time. They don’t set their mission or vision. They just depend of making profit which is not what business is all about. They fail to analyze the competition in the market and lack the strategy to tackle them. They never think about marketing activities of their business nor willing to spend money doing that. They don’t think about potential problems or setbacks that could occur in their businesses. Banks in Nigeria now, require a business plan for some SMEs start-ups if you are willing to take a loan. You have to make a detail plan and work on it for you to be successful. Don’t underestimate the market or your competitors. Think, plan, plan again , write it down, project it in a bigger picture, work on it, plan again and keep on working.
Poor understanding of the Industry and Customer Target:

Many business in Nigeria fail for lack of understanding the Industry. Some start checking on the industry after starting off their business or when it begins to affect them. Don’t do that. Do some research before starting and know your target customers, what they want and where they have been buying those things. You need to understand the industry and its target customers. If you fail to to understand or meet your target customers, how do you expect them to reach at to you? Don’t do that. Research and have a good knowledge about the Industry.
Management:

This is a crucial aspect of every business. If you are starting a business in Nigeria or expanding your business. You need to hire or have a very good team. Employees as most company usually says are their highest asset and this is very true. How good your team is will go a long way of determining how successful your business will be. You have the idea but you can’t implement it all by your self and that is why you need a very good team. Hire people with skills in their niche and train them if needed and treat your employees good at all time. Respect them, praise them when needed and thank them for doing a great work. They will be happy at all times and this will improve the team work.

Source: http://www.enterpriseboom.com/why-many-business-fail-in-nigeria-and-how-to-avoid-it/

There has been many reports on the failure of some Nigeria businesses. Most Nigerian Business fail after 2 or 3 years of start-ups. There is a quote that states, “if you can survive for 5 years, you have survived”. I have come across many Nigerians that gives many reasons why their business has failed and some of these reasons comes from………. their lack of understanding what they do.

Business in Nigeria can be tricky, challenging, difficult and enjoyable at the same time. Most people enter business with the idea that it is going to be so easy and smooth. It does not work that way as there are many things to do apart from having the knowledge of setting up a business.

A friend of mine in Nigeria who started manufacturing tissue paper as it is popularly known in early 2011 has a very good passion to start a business. He is educated with an edge to succeed. He started of his business and everything seems so good at the first 4 months. After sometimes he begin to have some difficulties from few customers to low account statements. It affected his business and mindset which transforms to the overall business. Within some short period of time, he is going bankrupt and finally quits. I met this young and vibrant entrepreneur and we had some conversations. He told me how things were and how it led to his failure. From all the things he was saying, I gathered that he was just giving unrealistic reasons from this environment is not good for business to the people don’t like my product.

After a careful study, I told him that you have a very gob business mindset and you are willing to take a risk in business. I asked about his managements, he gave reasons, I ask about his accounting , he gave another reason and then I asked about his marketing strategy, he paused for a while and said that he only calls potential customers when he deems fit to do. From all that I gathered from him, I realize that he has not been good with some of the fundamental aspect of business. I gave him the ideas and how he can achieve that, from having a good team to challenging your team, being ahead of your business, think further and have a better picture of the market. He thanked me and later moved in to business again.

Source: http://www.enterpriseboom.com/why-many-business-fail-in-nigeria-and-how-to-avoid-it/

sammyms:
I love d snail business & rentals. Thank God have already started d Rentals Business but, i will appreciate if u can put me tru on how to go abt d snail business.

How to start a snail business will be revealed soon.I shall publish it in enterpriseboom and also here.

bluice2:
Urhmm, manufacturing and Dj requires some good capital in a way. Professional Music equipments are so damn expensive, you'll be shocked at the prices you will hear. As for speakers, that is story for some other time. Good sound speakers (full/half range; subs, tweeters and the likes); dont come cheap at all, unless you want to settle for just anything.

You have to start small and grow with time.Most people always want to become a big company immediately. Things don't wort that way.

otedola1:
Nice1

Thanks!

Ok.

Very good.

I think there are many business you can start with less than 1.2 million. there is a post in nairaland about top 19 lucrative business you can do with less money.

Akynzodeighbour:
do you know of sites looking for writers?

enterpriseboom and some other blogs pay for writers who writes meaningful and zero plagiarism and also you have to make sure that you won't share the article in another site as they will confirm before paying out or publishing it.

Your article about their niche must be very original using your own words. If you have a blogger, they welcome guest post also where your profile will be published and your blog site will be published also.

Try it out.

Ok Thanks.

I don't think it is possible a the price of crude oil cannot bounce t even 90 dollar a barrel this year. Nigeria has not other main source of revenue and before they can get another reliable source of revenue, it will take like 2-3 years if implemented at steadfast.

UMadara:
P.S I do not mean to be condescending or water down your post but i just want to point out some of the challenges and risks associated with the few options I have commented on. Tis either the capital is going to be a problem or the risks are.

Business is full of challenging and risks but as an entrepreneur you must be willing to take calculated risks which will mostly pay off. Most people learn the idea to start a business but don't have the passion for that.They want to make profit in 6 months of a start or one year. It is only an investor can think of such and I usually advice those people to invest in stock exchange where they can invest their hot money. Business is an ideal thing to do and needs passion that drives you within to stand the joy and anger of it. There is always an opportunity for every business to turn over most especially in Nigeria that has a large market target and advantage.It means that anything you produce, people will be willing to patronize your product or service as much you are good at it.


I must commend yo for taking out time to read the post and willing to ask questions and I can guarantee you that it is the first step in being a entrepreneurship. You ask questions to get more answers and have knowledge. I have seen many people who gas the required money to start a business but knows nothing about the main aspect of business which is Management, Marketing and Accounting.They also fail to identify the functions of its management like planning, leading, organizing and controlling. They have no Knowledge in it and not willing to employ credible employees. This affect their business and after some while they close down with one reason or the other.

Getting to some of the question, where to get money. There are many ways one can source money, your savings, loan from friends or family but apart from this.If you don't have much savings then you can start another business that your savings can do having in mind that once you grow money then you will move to your main business idea. Another thing is you can bring your friends together who are willing to start a business or get employed. Donate equal amount of money and start a business with it by each person being the manager, marketer and the accountant or other thing. This will make you guys to be employed first and when you put more effort, you will be amazed at what result you will get. MIND you it is not a A GET RICH QUICK syndrome. Nigerian banks are willing to assist many business with loan but they are also afraid if their loan will be paid back. They don't enjoy to sell people property but they make more money when you pay interest for your loan. You will need effort to win the banks interest in securing a loan from them.There are some banks that give out loan easily now for SMES business as in line with the Government support for business. You can inquire about that.

I hope I ansqered some of your questions and please fee free to ask questions at all time.

Ok

Use safe payment options:



Make sure that you are using safe payment methods. Debit cards ensure that you are using your own money to make a purchase and sometimes do not offer protection of something goes wrong. A credit card or PayPal has little advantage and they can return your money after payment is made if it you noticed that it is a wrong payment.

Make sure the site is secure when checking out:

When you want to enter your personal or financial information at any online shopping website, pls make sure that there is a sin of padlock on your browser’s address bar or URL address that begins with HTTPS as that added ‘s’ means that the way your information is being sent is secure. HTTPS using SSl which encrypts the information flying through the wires so that only the intended recipient will see it. Be Vigilant.
Some of the Popular Online website in Nigeria that I can advice people to shop with:

www.

www.kaymu.com.ng
www.mystore.com.ng
www.dealdey.com

Shopping online in Nigeria can be fun and I wish you good luck as you do your shopping with precautions.

Source: http://www.enterpriseboom.com/what-you-must-know-before-shopping-online-in-nigeria/