The kind of business to start with N100,000, I will advise you take 25k from the money and use it to learn a skill/trade. Place the remaining in a fixed deposit account and do not touch it until you start getting customers and you need to expand.
Nigerians especially like to ask questions like these:
The kind of business to start with N100,000
What businesses can a student do?
What business can I do that will give me 100% profit in 3 months? (Ponzi scheme, innit?)
How do I make money online? ( Google favorite after Linda Ikeji exploded)
How much is UK Visa?
The problems with asking non specific questions :
- Someone will introduce you to a business that only them are good at. Someone who has been selling charcoal for 10 years and gained a lot of network and experience in it will make you believe that you can achieve the same level of success in the business, within a matter of weeks. Again, after spending your 100k buying chickens, you will find out how frustrating it is and how bad you are at running a poultry business.
- Someone will make you buy something from them and will tell you exactly what you want to hear. It could be a visa agent or someone who is a hair extensions wholesaler. They will show you how the business has made them live a good life. They will show you how a UK Visa will make your life better. The catch is that you must buy from them.
- A Gary Veynerchuck type motivational speaker/life coach will come and tell you to “perspire to inspire to transpire”. You get the gist.
- You will receive too much feedback because you didn’t ask for specifics. You will hear a lot of unecessary information and this will lead to analysis paralysis. You will then start to spend the 100k. Within a matter of weeks, your money has finished. You can’t even justify the purchases you made.
How to get the right answer from people
Doing a lot of research by yourself, online and offline. You Have to attend events and trade fairs. You have to chat with your neighborhood boutique owner, barber, taxi driver. they will tell you the limitations of the business. Now you know what not to do. Do not approach people like you are interviewing them. First of all, patronize them and then chat.
When done with soul searching and research,then come back to ask questions like:
Which Nigerian banks offer the best exchange rate?
What should I take into account when assessing the need for a vet doctor for my poultry farm?
Read More: The kind of business to start with N100,000