Post by Ismail AbdulAzeez on Dec 30, 2021 21:13:53 GMT 1
The Secret Of Starting A Small Scale Importation Business In Nigeria, How To Raise The Capital, Where To Raise The Loan From, And The Minimum Tenor Of The Loan
We are dedicating the year 2022 as a year of great success for all members of this forum. Let 2021 go with its uncertainties and difficulties; I can tell you that most people suffered in 2021 simply because they were ignorant of what to do to achieve success.
A lot of our members in this forum never bordered to even try some of the business models we brought to them; they were just nonchalant, some were simply afraid to try anything for fear of failure.
Nobody can succeed without failing; it has never happened for you to just start something no matter how simple, to just win without losing; it is impossible. The other day I was just passing by and I saw two young boys practicing skating; the way they were falling amazed me greatly because they were just falling flat with their two legs up. But when I considered them closely, my mind told me that when they eventually succeed, their success will be as great as the fall. That is how life and business in general are. Fear of failure should not deter you, wake up and go.
Another critical factor that acts as impediment in the road to starting a new business is finance. Many people do not know where to raise money from to start their desired business, and this is a critical factor. Without money, no matter how small, you can do nothing. They may not have families that have money that they can give them; though this problem is difficult to solve in most cases but they are not insurmountable. We will come to that later.
What is the minimum length of time you can borrow money to start your business?
This is a big question when you are considering borrowing money to start a new business. Listen to me and listen very carefully; business is very risky, not only in Nigeria but all over the world. The only difference is that it may be easier to raise funds in some countries more that in some others. And also, some countries will offer you better infrastructure than others. For example, if you are operating from Nigeria you will have to face using generators and fuel instead of electricity.
Now let us come to the question of what is the minimum tenor you will ask the person or company lending you money for your business to give you?
The answer is Six Months (6 months). No matter how small the amount is; it can range from N100, 000 to N1, 000, 000. Of course the amount you will be asking depends on the type of business you want to do.
I will in all sincerity consider a business you can do with just N150, 000 in this country, no matter the state of the nation. I don’t care, because this business has been tested many times and has consistently succeeded.
Where can you raise funds from for this business?
From your own personal savings. You may be asking, if I have a personal savings why should I be looking for someone to lend me money? No, some people have savings reserved for certain purposes that they can’t touch except for that purpose. They are afraid of losing that money in business. Their fears are genuine, business is risky.
From your family and friends: This source of loan is supposed to be the easiest, but certain things have caused so much problems that made many family members not to get involved anymore. The main problem lies with the borrowers, they will promise impossible time to return the money. Please no matter the amount you borrowed, do not promise anybody that you will return the loan in one or two months; it is almost impossible. Ask for six months, so that you will settle down and invest the money properly and have time to run the business without tension. When you run the business with peace of mind for six months, you will see success and will be able to repay the loan and continue your business.
Your local cooperative societies: there are some cooperative societies that if you register with them and contribute some money, they will give you about triple that amount to start your business in six months’ time.
The online loan companies: They are the easiest to get loans from, but they do not allow you enough time to use the money to trade or do business before returning the capital with interest. It is not advisable to borrow money from them as the tension they will give you will be too high to enable you concentrate to achieve success.
The commercial banks: These ones will ask for collateral to secure the loan, though they are sources of loan but at this level we are not considering them.
We shall continue with the business proper in our next article.
Stay with us.
Our company is one of the best companies in agro export businesses in Nigeria, we train individuals and corporate organization on how to do export business the right way; if you are interested, please contact the admin of this forum.
We are dedicating the year 2022 as a year of great success for all members of this forum. Let 2021 go with its uncertainties and difficulties; I can tell you that most people suffered in 2021 simply because they were ignorant of what to do to achieve success.
A lot of our members in this forum never bordered to even try some of the business models we brought to them; they were just nonchalant, some were simply afraid to try anything for fear of failure.
Nobody can succeed without failing; it has never happened for you to just start something no matter how simple, to just win without losing; it is impossible. The other day I was just passing by and I saw two young boys practicing skating; the way they were falling amazed me greatly because they were just falling flat with their two legs up. But when I considered them closely, my mind told me that when they eventually succeed, their success will be as great as the fall. That is how life and business in general are. Fear of failure should not deter you, wake up and go.
Another critical factor that acts as impediment in the road to starting a new business is finance. Many people do not know where to raise money from to start their desired business, and this is a critical factor. Without money, no matter how small, you can do nothing. They may not have families that have money that they can give them; though this problem is difficult to solve in most cases but they are not insurmountable. We will come to that later.
What is the minimum length of time you can borrow money to start your business?
This is a big question when you are considering borrowing money to start a new business. Listen to me and listen very carefully; business is very risky, not only in Nigeria but all over the world. The only difference is that it may be easier to raise funds in some countries more that in some others. And also, some countries will offer you better infrastructure than others. For example, if you are operating from Nigeria you will have to face using generators and fuel instead of electricity.
Now let us come to the question of what is the minimum tenor you will ask the person or company lending you money for your business to give you?
The answer is Six Months (6 months). No matter how small the amount is; it can range from N100, 000 to N1, 000, 000. Of course the amount you will be asking depends on the type of business you want to do.
I will in all sincerity consider a business you can do with just N150, 000 in this country, no matter the state of the nation. I don’t care, because this business has been tested many times and has consistently succeeded.
Where can you raise funds from for this business?
From your own personal savings. You may be asking, if I have a personal savings why should I be looking for someone to lend me money? No, some people have savings reserved for certain purposes that they can’t touch except for that purpose. They are afraid of losing that money in business. Their fears are genuine, business is risky.
From your family and friends: This source of loan is supposed to be the easiest, but certain things have caused so much problems that made many family members not to get involved anymore. The main problem lies with the borrowers, they will promise impossible time to return the money. Please no matter the amount you borrowed, do not promise anybody that you will return the loan in one or two months; it is almost impossible. Ask for six months, so that you will settle down and invest the money properly and have time to run the business without tension. When you run the business with peace of mind for six months, you will see success and will be able to repay the loan and continue your business.
Your local cooperative societies: there are some cooperative societies that if you register with them and contribute some money, they will give you about triple that amount to start your business in six months’ time.
The online loan companies: They are the easiest to get loans from, but they do not allow you enough time to use the money to trade or do business before returning the capital with interest. It is not advisable to borrow money from them as the tension they will give you will be too high to enable you concentrate to achieve success.
The commercial banks: These ones will ask for collateral to secure the loan, though they are sources of loan but at this level we are not considering them.
We shall continue with the business proper in our next article.
Stay with us.
Our company is one of the best companies in agro export businesses in Nigeria, we train individuals and corporate organization on how to do export business the right way; if you are interested, please contact the admin of this forum.