the comments made on the aforementioned article, I suddenly realized I have to include a follow up on how I have been able to tackle the challenges which are as below:
My startup capital came from savings, while subsequent funding that was used to strengthen the business came from my family. Abandoning pleasures like visiting night clubs and embracing a savings culture has been key. My first Boss, Adeniyi Elumaro, now deceased, always stressed "the beginning of investment is savings, the golden rule is to save at least 10% of ur earnings." This has kept echoing in my memory even after my sojourn in his defunct company. Like a baby that learns how to sit, crawl, stand and finally walks, I can classify my business to have reached the
crawling stage. We look forward to take our business to dizzy heights over the ensuing years.
2. Learning the Business:
Life itself is a Teacher. Experience opens us to a lot as we right our wrongs as time goes on.
3. Employment and Training:
I try to retain some of the loaders by offering them better packages like a free meal on daily basis to motivate them.
4. Reduced Prizes:
Since distributors have decided to sell to us and retailers at the same prize, and also offer them incentives, I have decided to source for new customers. As God will have it, I am currently redesigning my outlet in order to sell to end users at a reduced prize, instead of doing only wholesale. Like a deja vu, I have been making delivery to events before this time.
On a daily basis, I balance my sales. Once a month, I count the entire stock, cash in bank, debtors, creditors and available cash. In doing this, I also take away the Capital and see if I am making head-way.
Whether or not you are employed or employing, discipline is one of the tenets of Business. Being punctual, spending according to your income, etc are very important for a starter. More also, your presence and every penny that goes out matters a lot.
7. Power Supply:
The level of electricity supply has improved in my neighborhood, and that has propelled consumption of our products.