In this episode of Mo Money series, Sope shares how he invested 10 million Naira into a business that he had little knowledge about, which nearly cost him his life.
How did you learn about the business?
I had this friend who used to sell luxurious cars and he had been doing it for years – He is doing pretty well.
How well?
Well, I know of two properties he recently bought from the money made.
Interesting!
Right! I mean, I’ve always heard about how much money one can make from selling a single car, especially if they are in high demand.
True. So how did you get started?
I took a 10 million naira loan from a loan company and bought two Toyota Camrys for a start.
You did what?
The thing is, because of the way my friend talked about the business and also because I could see his proof of success, I kinda thought that I would get returns almost immediately.
Wild! How did that turn out for you?
I was bankrupt for the longest time, two years passed and not even one car had been sold.
Are you kidding me?
No kidding! They are just packed in my garage. In fact, one has developed an engine problem.
Ah! That must have been frustrating and depressing. What happened to the loan?
It was very frustrating. The loan company then began to reach out, and I slipped into depression. They began to reach family members and acquaintances, telling them I was wanted for murder and all manner of things.
Oh dear!
My mental health began to deteriorate and my younger sister had to come stay with me. We began to sell as many things as possible, in order to pay back the loan and its rising interest.
That’s terrible. Did you reach out to your friend?
Friend ke (laughing). Baba already left me on my own o! He blamed me, that I should have done my research – Meanwhile, he was supposed to be my mentor.
I’m sorry, I’m trying so hard to hold in my shock and laughter
No issues… When I think about it most days, I just burst into laughter. My younger sister won’t even let me hear the last of it.
I can imagine
To make matters worse, the cars didn’t come with a warranty and the mileage was very low. So I was stuck with the vehicles.
Ha, this is serious o! So what is the way forward now?
I discovered better ways to sell cars now. There are several platforms that I can now list my cars on, like Jiji and cars45. Plus, I don’t have to own the cars – like tie down a huge amount of money till when I can make a sale.
Interesting! Do you mind sharing?
Sure thing! I just find car owners who want to sell their cars, take pictures and distribute on these platforms, agree on a price with the owner and my commission, then add a little token on the selling price.
Woah! It’s like you went “Wolf Of Wall Street” on the matter
Mehn! I had to o. I also have an Instagram page where I run ads. This month alone, 13 people have made enquiries, 8 have come for inspection and I’ve made 3 sales.
Amazing! This is so exciting to hear. Things are turning out fine for you!
Yes o! I’m happy that my hard work is paying off.
What do you think you would’ve done differently?
I would’ve done proper research before investing in the business. I didn’t do much research because the information I got was from my friend. He gave me contacts, showed me how to import, and linked me up with some of his friends in the business. Because of this, I felt more confident. Little did I know that there was some information that was withheld from me.
What lessons did you learn from this incident?
Before you venture into any business, you have to make sure that you conduct proper research and ask the right questions. Also, not every friend genuinely wants to see you happy.
Thank you Sope for sharing your story!
You are welcome. I hope that no one makes the same mistake that I did.
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