Lessons from running my business on credits and sentiment

The year was 2017, and I was just beginning my internship at the state specialist hospital as a fresh medic. The profession and practice did not actually give me ample time to engage in any business, but I went ahead nonetheless. I have an aunt that is about four hours' drive away who lives in another state and who makes a delicious and tasty peanut cake, which is popularly called 'kuli' or 'kuli kuli' as many people know.

Kuli is a crunchy peanut staple snack made in Nigeria that can be shaped differently and commonly, such as the long and oval shaped Kuli. Kuli tastes differently depending on the maker, just as the recipes can accentuate different tastes. My aunt has a special and unique recipe, one that she is not even comfortable giving to people in her house. She's that good at what she does, and thus, I used to get my order as an interstate package. The kuli business was selling well mostly because of the recipe, garnished with garlic, ginger, and the like. My order of ₦10, 000 usually gets exhausted over the weekend. I know a consultant who orders the crumbs as she mixes them in her children's pap. Here, the kuli snack and its crumbs were equally popular and selling favorably.

My packaging of kuli was not a hassle. All I did was buy wrapping nylon and use a measuring bowl to sell the quantities my customers needed, but often, they were packed between ₦500 and ₦1,000. It was not a good package for those who were willing to resell it, but it was good enough for consumers. The quality reduced the quantity, yet it was always worth the price.

IMAGE CREDIT IS MINE: THE KULI SNACK

The kuli business was my very first, and like many first-time businesses, I messed it up, or, would I say, I traded on compromises, credits, and sentiment. Which medical doctor sells kuli as a side hustle? The kuli snack was wanted by those who tasted it, there were orders right away, even before I made the orders. I had plans for expansion and, at some point, began making an effort to get a nylon sealer and probably make a small sticker for publicity. I had plans to employ workers that would learn my aunt's recipe and have them produce the kuli here, where I am located, so as to boycott the cost of transportation. A few lessons on why the business died prematurely.

SALE ON CREDIT and POOR RECORD KEEPING

Even medics do buy goods on credit, and we all know that credit kills businesses. I fell victim to credit trades. Customers made the orders for kuli and would ask to pay back their debts when salaries were received. You'll wonder how much worth of kuli they bought that they were indebted for. That was the major reason why I stopped the business. The business was not primarily for profit, at least at that stage, but it was demeaning and frustrating when you have to meet people (mostly of junior cadre) for money for the goods they bought. Unfortunately, I didn't keep records except knowing them physically since my business was mostly within the hospital premises.

Up until today, there have been people who didn't pay back, and I do not have their records to that effect. The business folded up even before one year, and even recently, about two people who knew about my business back then still asked if I was still into it. Early this year, I made an order for Kuli for my new office people, and they enjoyed it. However, I do not want to reopen fresh wounds, if I were to call it that.

FARMING BUSINESS

IMAGE OF ME ON THE FARM

My most recent business has been in the agricultural sector, which has bothered crops and, very recently, livestock. My farming experience started about three years ago when I was offered plots of land to farm. I farmed with a colleague who was very trustworthy; however, the farm supervisors and laborers were unreliable, which cost us a significant loss as we barely made our capital back from the rice farm. The corn, guinea corn, and soy beans actually gave us profits, as we were able to bag and hold some crops that we sold when the prices shot up.

PART OF MY YIELD FROM THE CROP CULTIVATION

My most recent investment has been the purchase of two does (she goats), which I hope will fetch me returns when they deliver. The goats have readily mixed with those already in the house, and they are faring well. I have learned to engage fewer people in my businesses while mastering what they entail for maximum yield.

Thank you for reading. I would love to have your comments and contributions.