How to Start a Business when you are broke – Chioma Ifeanyi-Eze
HOW TO START A BUSINESS WHEN YOU ARE BROKE AND FINANCIALLY DOWN
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:
1. 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.)
2. No business that has small margins (no one-one kobo business)
3. No tying down money on inventory (not enough money to buy goods and be looking at the goods)
4. No focusing on selling to only family and friends (forget them from day one)
5. No multi-level marketing (No time to bring two people)
6. No production of any kind (No time to fry Chinchin and be making 10 Naira)
7. No non-essentials (sell what people need everyday not shoe and bag)
8. 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:
1. Service-based business like braid someone’s hair and make 5k
2. 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
3. Sell a single type of cooked food in massive quantity. Example – Only beans or only sweet jellof rice or only moimoi or only indomie.
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.