Good day am please post to your wall so as for me to know if my problem is spiritual or mismanagement. I am a lady and 29 years, though an only child of my parents(circumstances not made it so), was singlehandedly raised by my mum, although my dad later came into the picture when I was rounding up university.
Ever since I left school, there is nothing I have done(business wise) that I succeeded. After I graduated, I learnt a skill from the little I saved, my mum assisted me to set up a little place which went down due to poor sales.
I felt it could be the environment I relocated to Lagos but things didn't go well as my relative chased me out of her home. I had no option than to return home and my mum still assisted me again with money to start-up same skill by paying for a little space for me to stay.
But I noticed I wasn't getting enough works even though all the social media channels I visited them to advertise my works(I believe I learnt it well), so to assist my mum because she had really tried for me if not that she managed to build a little house we would have relocated to the village by now cos most times I don't make sales and age isn't on her side to stress herself much.
I decided to take a loan to add more goods, my problem started the day I took goods on credit from my customer who I buy goods from, the business was not moving again till finally it crashed....
Now I am back to square one doing nothing, yet I have a debt of over ₦100,000 to clear of which the deadline given to me is this December.
I am now a shadow of myself, I am indoors thinking what next to do with my life, everybody sees me as a failure. Most times my mum compares me to my mate that are doing well (most times I don't blame her though).
Honestly, now am beginning to see reasons with those who commits suicide cos that's what I think of most times. All I do now for the past one month is fry groundnuts and sell which I get 500 profit for every ₦1200 I buy.
Please help me ask your parliament, is there something I am not doing right or is it mismanagement on my part (though I am not a fashion freak) and don't lavish money. I wake up everyday in fear of what next because I have tried all I know of...
How do I pick up and clear my debts and bounce back again??
Thank you ma
I am sincerely proud of you, and I guess you will be surprised by my commendation.
The sincere truth is that no business is easy or rosy. Those who are in any kind of business, and those who are successful in business had ugly moments when they felt like giving up and throwing in the towel.
One of the things successful business owners don't share with young entrepreneurs is their failure stories, instead everybody shares their success stories.
Now, I am privileged to welcome you to business world where potential business opportunities doesn't translate to real financial fortunes.
The first thing any upcoming entrepreneur must do is research and development. Painfully this is where most entrepreneurs have failed. They jump into a business with 'hope' and excitement that they will succeed, without putting reality checks into consideration.
In your research and development, you must ask yourself these vital questions....
- Who are your customers?
- How much will it cost me to kick off the business?
- What will I lose should I venture into this business?
- How do I minimize my losses?
- How long will it take for me to break even, and subsequently make profit?
- Who are my possible competitors?
- What can I offer to win more clients?
- Who are my target?
- How do I hope to promote my business?
When you have factored all these things into consideration, it will guide you in planning your business.
You need to make further enquiries from those who are currently in the business.
- How did they get started?
- What were their experiences?
- How did they overcome the teething phase of their business?
- What are they doing differently to remain in business?
Always remember that no business owner will give you all their secrets to their business, but the basic information will definitely guide you in your own business.
Many young entrepreneurs want to start big, unfortunately you don't test the depth of a river with both feet.
You need to start small, then monitor your growth and then reinvest as you grow.
You are applying that principle in your groundnut business, and it would have helped you in your other business.
Borrowing/loan is the last option, and most times it's best to borrow from relatives or family, than borrowing from bank or credit lenders. The purpose is to manage the pressure of repayment.
Now, I cannot teach you everything, because you pay for business coaching.
But what I can tell you is to go back to your drawing board, and take things slowly.
Don't let anything put you under pressure, as long as you live, you will make millions with determination, vision and perseverance.
Nothing good comes without a price, and in any kind of business, you must pay the price for you to make your mark in the business world.
Be open to learn, be flexible in your approach. If business A didn't yield desired results, there is no crime in switching to business B, or C or D, until you get the business opportunity that will elevate you.
I hope to hear your success story someday in future. Suicide is never a solution, nor will it add any value to the living and the dead.
Snap out of that unproductive thought, and think of ways to restrategise, save, and then invest in your business again.
I wish you all the best.
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