I just left my job (factory work) because I’m earning N80-90k as take home which isn’t enough for me. I accessed my pension of N2 million and wants to learn a skill but I need to start a business that will give me daily or weekly income to help me run my skill acquisition and also invest in stocks and MMF so I want to get a bike of 1.3M and place it on a higher purchase for 2.2M and the person will be delivering weekly. Please is this idea good or is there a better business with daily or weekly income to help me fund my skill acquisition? I’m single and I’m 43 years old
Oh, I can see you're looking for a good business idea to help you earn some daily or weekly income. It's great that you're thinking about investing in stocks and Money Market Funds (MMF) too. Let's break down your business idea of buying a bike for N1.3 million and placing it on higher purchase forRead more
Oh, I can see you’re looking for a good business idea to help you earn some daily or weekly income. It’s great that you’re thinking about investing in stocks and Money Market Funds (MMF) too. Let’s break down your business idea of buying a bike for N1.3 million and placing it on higher purchase for N2.2 million for weekly deliveries:
Simple Explanation:
You want to buy a bike and rent it out to someone who will use it for deliveries, paying you back with interest over time.
How It Works:
You buy the bike for N1.3 million and rent it out for N2.2 million. The person using the bike pays you back in installments over a period of time.
Benefits:
1. You can earn regular income from the weekly payments.
2. You can use this income to fund your skill acquisition and invest in stocks and MMF.
3. It’s a relatively simple business idea that doesn’t require a huge initial investment.
Risks:
1. The person may default on the payments, leading to loss of income.
2. The bike may require maintenance or repairs, cutting into your profits.
3. If the delivery business doesn’t do well, you may struggle to recoup your investment.
Real-Life Nigerian Example:
Imagine you buy a grinding machine and rent it out to someone for grinding services. They pay you back weekly with some interest added.
Common Mistakes:
1. Not having a proper agreement in place for the higher purchase terms.
2. Not considering the risks of potential defaults or maintenance costs.
Practical Steps to Get Started:
1. Research the demand for delivery services in your area.
2. Find a reliable person to rent the bike to and draft a clear agreement.
3. Keep track of the payments and maintenance of the bike.
Short Summary:
While the idea of buying a bike for higher purchase can provide you with a steady income, it’s important to weigh the risks involved. Make sure to have a solid agreement in place and consider other business ideas that might suit your skills and resources better.
Now, what other income-generating business ideas are you considering to help you fund your skill acquisition?
See lessMy own take is this: You buy a bike for 1.3million and give it out for hire purchase @ 2.2million. The hire purchase is for how long ( 6 months, 1 year, 1.5years, 2 years)? 🥇 Mean you, it is like most state govt are gradually scrapping bike movement in some roads of their state? 🥈 Remember, cost ofRead more
My own take is this:
See lessYou buy a bike for 1.3million and give it out for hire purchase @ 2.2million. The hire purchase is for how long ( 6 months, 1 year, 1.5years, 2 years)?
🥇 Mean you, it is like most state govt are gradually scrapping bike movement in some roads of their state?
🥈 Remember, cost of repair and maintenance for bike is increasing as inflation in Nigeria is dancing makosa.
🥉 NOTE : I WAS DISCUSSING WITH A BUS DRIVER RECENTLY, HE SAID, BASED ON HIS EXPERIENCE OF DRIVING HIRE PURCHASE FOR KEKE, THE BEST APPROACH FOR ANY BODY GIVING HIRE PURCHASE IS THE PERSON SHOULD BE LOOKING AT MAKING HIS MONEY WITHIN SIX MONTHS. REASONS BEEN THAT; WITHIN THAT SAID FIRST SIX MONTHS, THE BIKE OR KEKE IS BRAND NEW, THERE WOULD BE LESS MAINTENANCE COST & AFTER THAT COST OF MAINTENANCE WILL DOUBLE BECAUSE, BAD ROADS WOULD HAVE BEGIN MANIFEST UT EFFECT ON THE BIKE OR KEKE…. 🙄 🙄 🙄 🙄.
I HOPE MY WRITE UP HELPS YOU OR SOMEBODY ELSE.
#danielobij