By Beta Adewale Adediran
This guy here came to tell me of his new business idea, the excitement was written all over him. it was about fishery, he told me of his other colleagues already in the business and doing well.
He calculated how much he was going to invest, how much it will yield, the net profit, how he will re-invest the profit again and make more money.
Then he dropped the bombshell, he wanted to apply for loan to start, really? I opposed, I told him never, He said but the business will survive, the land he plan using is a lease from government, his pond won’t be the only one there and there are security guards day and night, so we can be sure of making back the money, I insisted he cannot start with loan.
He reluctantly agreed, he gathered savings himself and invested into the fish business, wow, it was booming, most times he would come give me update that the pond is doing well, that year was his most blessed year as an MC, He got big jobs back to back and he was pumping it all into the fish business. Around 2 million naira went into it.
The fish became big enough to sell, one person chose to buy all, he came to inspect and ready to pay, they agreed that the fish should be sold next two weeks, he was dreaming of how fat his bank account will soon be.
Before the two weeks, ENDSARS protest came, after the protest came the looting. Dear readers, the entire fish pond was looted, every damn fish looted. I do not have to tell you how he felt, he almost died, in fact he landed in hospital. It was a bad phase of life for him.
He was hoping government was going to extend hand to them but nothing happened, he wrote on Facebook and all he got were empathy. He lived with that pain till now.
You know what it means to put your life savings to a project and it failed?
Now to the main point, just imagine he invested with loan, you know he won’t tell banks this story? He was going to be in debt and pain together, you have no idea what that means if you have never experienced it. So, if you come across Apst King Comedian on the road, hug him and say, you are a strong man.
My point is “NEVER OBTAIN LOAN TO START BUSINESS”, Loans are for expansion, start little, in fact you can start with using other people’s product for advert and go pick it from them when client order until you can afford to stock up.
There is nothing bad in taking loan, but you must learn the pros and cons of the business first, there are unforeseen challenges you won’t see till you start. Master them first, then apply for loan.
I remember Amos Tolulope who invested into fishery too, hoping to sell the fish a week to his wedding and settle all wedding vendors once, the pond was looted too and it was just few days to his wedding. He was depressed. Imagine it was a loan.
I remember Naturecreation went into farming that failed too. Imagine it was a loan.
A friend in Ondo told me she took loan for importing business, she sent about 1 million to a company for importation, alas, it was fraudulent company, she is still paying loan till now, and her package never arrived.
Most start ups have issues rising, most times they fail before you get it right, sometimes you buy the wrong market first before you learn the right way. so experience the mess without the pressure of loan.
“DON’T START WITH LOAN” If you must start, start with very small loan, something u can pay with ease, if possible don’t take it at all. It may have worked for some people, they are rare cases.
Businesses are not as easy as appeared, You see that Akara seller? as simple as her business appear, she can be in mess, imaging grinding beans, and terrible rain begins, and rained for two days, wet all her firewood, Nepa took light in whole town for good two days too, no freezer to preserve the beans, is that not trouble? any business can fail.
Many people are depressed and off social media today cos they are are in debt, some can’t pick calls or go out freely cos they owe many people, while I pray for them, I plead that you don’t add to your own problem too. be careful.
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