I see a lot of people make this mistake so I thought to teach about it.
If you do not have a lot of capital or skill and you want to start a business to make some money to survive, you must first build a list of things that you should NOT consider:
- No buying and selling (everyone is doing buying and selling, they do not know it is business for the rich. Only a rich man should tie down money.)
- No business that has small margins (no one-one kobo business)
- No tying down money on inventory (not enough money to buy goods and be looking at the goods)
- No focusing on selling to only family and friends (forget them from day one)
- No multi-level marketing (No time to bring two people)
- No production of any kind (No time to fry Chinchin and be making 10 Naira)
- No non-essentials (sell what people need everyday not shoe and bag)
- No non-consumables (sell only what the customers keep coming back frequently because it has finished)
Again, there is nothing wrong with the things listed in 1 to 8 above; but you cannot venture into them at this time. No! You only do those when you have more trading capital.
So, what would I do if I had only 50k to start a business and survive on it?
I would do any of these:
- Service-based business like braid someone’s hair and make 5k
- Act as a middle man and sell items that other people own. Example – Take pictures of nice parlour decorations from a major interior deco importer, and sell at a margin
- Sell a single type of cooked food in massive quantity. Example – Only beans or only sweet jellof rice or only moimoi or only indomie
Listen please – If you do not have a lot of capital, you do not just jump into any business like the rest. You need to give yourself time to think.
Think about what?
- Think about the profit
- Think about the speed at which that thing sells
- Think about the speed at which you will leave poverty
- Think about the speed at which a customer will come back to buy again
- Think about the speed at which my money will turn over
Sister, brother, poverty is not a lack of money o.
It is lack of knowledge.
Please seek knowledge and liberate yourself.
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