Loaning a friend or a family member money should be seen as a thing of trust. A lot of times, we loan out of sentiment. A huge number of us cannot say no, so we are quick to loan a huge amount of money from our savings or even money we have set aside for important projects. Is borrowing a bad habit? No. However, there are certain people you shouldn’t lend your hard-earned money to.

Below are people you shouldn’t loan money to

1. The person whose job is threatened

A person whose job is threatened may not have the income to pay you back anytime soon, so what’s the guarantee that they will pay you money? What if they lose their job? Will they be willing to use part of their severance pay to pay off your loan?. What do they need the loan for? Is it to start pushing for their business on the side while they look for a better offer?. Ensure you have answered all of these questions before you proceed

2. Jobless friend

Your friend who just lost their job comes to you for a loan. Is the loan to keep body and soul together while they look for a new job, or is it start-up capital for a business? A jobless friend or relative has no source of income to pay back any loan anytime soon

3. The struggling businessman

The friend is struggling in business and requires money to buy more goods for his or her business, and now requires financial support. First, you must know that this kind of person may not be able to pay quickly, as they will keep injecting more funds into their business till it can stand. Only then will they be able to start refunding your money. Will you be able to wait? 

4. The friend with no means of income

We all have that friend who is waiting for that big break without doing anything. It’s either that they are just lazy or just believe in that manna that will fall from heaven. While they are there, ensure that your money is not in their hands.

5. That friend who spends lavishly

We all have the big money spenders. The friend who wants to buy the trendy bags, shoes, and gadgets. They live above their income, all in the name of packaging. While they give the impression that money isn’t a problem, why are they borrowing at this point? Are they broke or going through a little financial setback?. Is there a fund tied up at the moment?. All these are questions you should ask before your income also gets tied up.

It’s looking like this article is filled with doses of wickedness, but the truth has to be told, no matter how bitter. To survive in this economy requires a high level of prudence to avoid premium tears. 

Yesiru Omolola recently relaunched her thrift clothing business, Posh Collections. We had a one-on-one with her, where she told us all about the business and her plans to give women affordable thrift clothing, which will help them slay effortlessly.

Below are excerpts from the interview.

Can we meet you?

My name is Yesiru Omolola, but the queens that patronize me call me Posh. I’m from Ibeju-Lekki LGA, Lagos State. A graduate of Lagos State University, I studied business administration. I work as a Lagos State civil servant. And yes, I’m married.

When did you decide to go into the thrift business?

The first time was in 2020; I was running a shoe business as a drop shipper. I decided to delve into something else because of my love for thrift clothes and how versatile they are. You know, as someone who doesn’t earn much from her 9-5, I struggled with looking good on a small budget until I started curating thrifted pieces for myself. I could wear the same pants or top in many different ways and look good, so that love for thrift birthed the business back then in 2020.

How did you come up with the name Posh Collections?

Ok, so I’m a self-acclaimed soft babe; I decided to give myself the aka Posh. All I did was just add the collections. In fact, that was the business name when I was selling ladies’ shoes. I still have some customers from back then on my contact list, so I decided to retain the name—why not ?.

Who is your target market now that you are relaunching?

My target market will be every woman that wants to feel seen, that wants to be that girl through their looks, and women who want to own their style, story, and shine, of course, on a small budget.

 What is the price range of your collection?

Well for now I have pieces as low as 2k and as high as 8k

What are your payment plans? . Do you accept installment payments for very bulk orders? . Pay on delivery

I’ve decided to stop installments because some customers take advantage of this policy, so for now it’s strictly payment validates order. I might review this policy later.

What do you aim to achieve with your relaunch?. My mission?

To bring you carefully curated, trendy, affordable thrift pieces that make you feel like that girl every day.

My vision?

To build a one-stop thrift brand in Nigeria that inspires confidence and slays on a budget.

We understand this is a “relaunch.” So, are there things you intend to do better now with your brand?

Oh yes, definitely. This is my third attempt at this business. One thing is certain: I have the drive to keep pushing, but for what I’ll do differently, I’ll be strategic with every single decision.

Does your brand cater to all body sizes?

Yes. From Uk 6-22

Last question, you stated your vision is to build a one-stop thrift brand that helps women slay on a budget. Going by the Nigerian economic terrain at the moment and how inflation is affecting businesses,. Do you think this can be sustainable?. Can your customers always trust that you will be offering them valuable clothing that will not make them break the bank?

At all times, we’d make sure our visions aligned with the expectations of our customers because they are the reason for this dream. So yes, regardless of the economy we’ll continue to offer great value for their hard earned money

If you are to describe posh collections with one word, just one word, what will it be?

Effortless.

If you have plans to go into the hair business and order hair from a Vietnamese hair vendor, there are factors you must be on the lookout for.

This is because a lot of people have lost money to fake vendors who pretend to sell hair, take money from buyers and never deliver the hair.

Below are factors to check before ordering hair from Vietnam.

1. Request a video call with the vendor:

It’s always a good idea to request a video call with your hair vendor. This will allow you to put a face to the business and also see their factory. If they always claim to be too business for a call, you should reconsider doing business and putting your hard-earned money in their hands.

2. Know the time zone of Vietnam and Nigeria:

The time difference between Vietnam and Nigeria is six hours. What this means is that your hair vendor may delay responding to your chats. This is not the everyday normal, because you may catch them online. But if your vendor is always online and even responding late at night, even with the time difference, you may be chatting with a scammer.

3. Your Vietnamese vendor has a Nigerian payment agent:

All Vietnamese vendors have a Nigerian agent for payments. This is because the legal tender over there is the Vietnamese Dong(VND), as against the Nigerian Naira. Therefore, when making payments, you would have to pay through an agent who receives your naira and pays the vendor the VND equivalent.

4. The Vendor and the agent must verify that they work together:

Before making payments, ensure your vendor instructs you on the agent to whom to. It does not matter if you have made payments to that agent multiple times. This is because the vendor and the agent may have stopped their business relationship. Therefore, always verify with your vendor on the payment receiving agent before making transfers.

If you want personal coaching on how to start this business, you can reach us with the information on the contacts page.

Human hair importation from Vietnam is gaining popularity all over the world. This is because a great number of people consider Vietnamese human hair to be of very good quality.

A lot of human hair vendors who sell human hair blends are considering buying hair from Vietnam. This article will teach you the step-by-step ways to get human hair from Vietnam.

1. Get a vendor.

There are a lot of Vietnamese vendors on social media, on Facebook and Instagram, advertising their factories. However, you need to be very careful so you don’t fall into the hands of a scam vendor. There have been situations where people order hair from vendors and get blocked.  So be very careful as to who you release your money to.

You can also opt to buy a vendor’s contact; however, ensure you get it from a credible hair seller.

2. Compare prices

This point comes after you have got a hair contact. If possible, get more than one so you can compare their prices. You don’t want to start your business by buying expensive hair. Always go with the vendor with a good price, as this will affect your margin profit.

3. Hair Quality

Since you want to buy hair at a good price, also be on the lookout for the quality. Ensure you are buying hair of good quality. You don’t want our customers dragging you for selling hair that is not good.

4. Shipping Agent

Know that you would be paying shipping fees when the goods arrive in Nigeria. Usually, the shipping agent receives the goods into their warehouse, weighs them in Kilograms, and sends you an invoice stating how much you would be paying. These goods would also attract demurrage when you don’t pay for your goods on time.

If you want personal coaching on how to start your hair business. You can reach us with the information on the contacts page.

Hair business is super lucrative in this part of the world. This is because the typical Nigerian woman wants to look good and would spend a good part of her earnings to achieve that.

As an a hair vendor with over three years experience in selling good human hair, I can tell you for free that hair business is super profitable and even though the market seems to be saturated, sellers are smiling to the bank.

In this article, we would explore some factors you should consider before starting hair business.

1.What type of hair do you want to sell?

This is a very important factor you must decide on. Do you want to sell synthetic hairs/ blends or original vietnamese or china human hairs. Selling synthetic hairs may be cheaper to start with smaller capital. Vietnamese or china importation is more expensive with bigger capital. So make your decision.

2. What is your market?

By this question, I’m asking who are your would-be customers. Are you looking at selling to young school leavers, graduates, housewives or big money spenders?. This would decide the type of hairs that you decide to sell. For example, marketing costly Vietnamese bone straights to secondary school leavers or young undergraduates would be a waste of time, as they wouldn’t be able to afford the hairs.

However, selling synthetic hair to 9-5 workers who need good hair for their office use may just destroy your brand. So study your market or target audience before deciding the type of hair to sell.

3. Dropshipping or buying stock?

This is one question you should ask yourself when starting human hair business. Will you be reposting hairs from other vendors, and wait till you get an order and resell. Or will you stock some hairs and market to your friends and families around.

With dropshipping, it saves you the cost of capital. You can start the business with zero capital. However, you would always have to reconfirm with your vendor whenever there is a demand on hair. But when you stock, you have hairs to show around to your would-be customer, which you keep advertising till they make a buying decision,

4. Are you passionate about the business?

Hair business is one trade that will test your patience. If you are not patient, you would likely move on after a few months. You must be a hair lover to be in this business. Ask yourself “if I don’t make any sale in three months, will I continue?”. Your answer will determine your next step.

5. Know that the business can be seasonal.

Yes hair business can be seasonal. Seasons like Christmas holidays is usually a big time for sales, because women want to look good for the holidays. This period would be the best time to restock or repost more  hairs if you are a dropshipper.

If you want personal coaching to how to start your hair business. You can reach us with the information on the contacts page.

Keke hire purchase business is a very common transport venture in Nigeria. It is widely embraced by all who wish to make passive income.

The beautiful thing with Keke business is that you make your money on the go, whether you are the one riding it or you have given it out on hire pourchase.

Hire purchase is when you give out the tricycle to a rider who pays you a certain amount of money for a given duration.

This duration is agreed upon by the rider and the owner. In Nigeria, it can be within #30,000 for a second-hand keke, or #65,000 for a brand new Keke.

These payment is made on a weekly, bi-weekly or monthly basis. At the end of the duration, the owner of the tricycle would have made the cost price and a few thousand Naira as profit.

So, if you are desirous of starting a Keke business, these are the factors you should consider?

1. The Keke itself

Will you be buying a second-hand or a brand-new tricycle? At the time of this article, a second-hand tricycle goes for 1.8 million while a brand new spec would go for 3.5 million. It is usually advisable you buy a brand new Keke,  to avoid situations of it develops a fault and spending money on repairs.

If you are giving it on hire purchase, it’s also important that you go for the brand-new tricycle. This will limit the chances of your rider using lies of “faulty tricycle and repairs” to avoid remitting his weekly payments.

2. The Route.

Do you want it on major roads or inside the streets? For major roads, you will likely make your return on investment (ROI) on time. However, the Keke is more prone to accidents when it’s on major roads than in the streets. Also, you can easily monitor the rider who works in the street if you give it out on hire purchase.

3. Trusted Rider

Getting a rider for your keke business is very key. You must have someone trustworthy. Ensure the rider signs a written document with a minimum of three guarantors from their family and friends. If possible, know where they stay. Put a tracker on the keke without telling the rider. This will help monitor the route and mitigate against theft.

4. Close monitoring

You can never go wrong with close monitoring. Ensure that you follow up with your rider. If the rider is doing the street route, ensure you have the estate officials helping you do the monitoring. In a situation where they are on major roads, ensure you approach the bus stop officials to assist in that regard. That way it will reduce the cock and bull stories from your rider, especially when he wants to play a fast one on you.

5. Proper documentation of payments

Ensure that every payment is documented. You can set up a separate account where payments go. That way, both you and the rider will be on the same track as regards when the payment cycle  is completed,

Keke hire purchase business is super lucrative. However, you must be very tactful as to who you allow to be your rider. I hope the points above help you make the right decision.

The term “Achalugo” became popular a few months ago. It was after a top Nigerian actress, Omoni Oboli, released her groundbreaking film “Love in Every Word”.

The movie centers on a hardworking Lagos spinster (Bambam) who meets a very wealthy man (Uzor Arukwe). This man spoils her silly with gifts. He is also very interested in getting married to her.

In Igbo, “Achalugo” is a compound name meaning “one who is adorned with an eagle” or “the beauty of the eagle”. It’s often used to describe a woman with outstanding beauty, elegance, and grace, or a person with a strong presence. The eagle, a revered symbol in Igbo culture, represents greatness, prestige, and keen vision.

Now, let’s return to the movie “Love in Every Word.” Let’s use the movie as the prefix for this article. Remember, the female character was a hardworking spinster who worked in an advertising company but also had a perfume business on the side.

Towards the end of the movie, we see Odogwu get interested in investing in her business. This is because she was in a very toxic work environment. What if she didn’t have a business? What would he invest in? .

Every sensible woman should never play with their financial independence. Your money in the bag should always be a priority. Don’t play, sis.

Having a normal 8-5 is cool, but what if you are dropped at your place of work, what do you fall back on?.

Achalugo, even if it’s a small business that is bringing half or even a quarter of what you make from your normal job, have it on the side.

So, whether it’s a small business or an investment, or a skill, just ensure your money is coming from somewhere other than your job.

I care about your finances, Sis, you should do too.