I promised to do a thread about how I started my haulage business, RONALD TRUCKING which failed miserably.

I am re-ding this thread, because as much as we talk about our successes, the failures are also important to talk about. They contain lessons as well.

Let get started.

The first business I started is the marketing consulting business, Profit Marketing Systems. I started from scratch landing a number of clients - 1960BET, the other Rev Sam Adeyemi of DayStar's Success Power International, Leaders & Company, Publishers of THISDAY, and a few more.

I was making good money, was still living in Festac. And after I had put together quite a decent sum, I decided to hedge his bets start a "safe, guaranteed" business that would "give him consistent income every month". So he looked at a couple of them and decided he'd get into...

the haulage business.

Why haulage?

I had seen in the papers a multi-national company which you know too well was leasing trucks for a sum each month.

So I visited their transport division and made enquiries.

What did I need? Trucks. And of course paperwork. So I bought...

two truck heads, and had the flat bodies fabricated locally.

Then we leased it to them. TBH, it was a very safe bet, seeing as they also took care of maintenance, or so I thought.

They paid =N=450,000 a month, less insurance which my trucking company had to pay for itself.

Months. went by. Everything was gravy. The money came in as scheduled. Everything seemed good until one day, the company sent letter saying their company was changing policy and would now be buying it's own trucks and wouldn't need our services any longer. In fact, that week...

it was in the papers.

How could they just do this? It was in the agreement we signed with them.

Contract was canceled, and worry took over.

What would I be doing with two flat bed trucks? Where would we park them?

Add to the fact I didn't want to actively run this business.

I could have parked them in Festac but the LGA had just recently created a law against heavy duty trucks inside Festac Town itself.

So we had to look for elsewhere. Finally we agreed with a warehouse on Oshodi-Apapa Expressway to use their premises for =N=2,000 a day per truck.

That's =N=4,000 for two trucks, =N=120,000 a month on parking alone.

Next we started looking for drivers to handle the trucks.

The 1st month we couldn't get any. The next month, we finally found one who "recommended" another driver he knew for the second truck.

Big mistake.

Now they were to seek for jobs that required moving containers around the country and they would get paid a salary. (Another mistake)

They started work and that's when the nightmares began.

Everyday it was either there was no jobs or a client didn't pay complete or they were...

asking to pay lesser than the going rate and the drivers would recommend taking it like that "so we're not idle today".

With each new month the trucks earned lesser than the previous month, once in a while a little higher.

Then the other chapter ensued - claims of Police, ...

Customs, the Army wanting bribes, before the truck moving a container somewhere could be released. Even if I wasn't convinced, I didn't have the time or inclination to travel to the middle of the country, say somewhere in Kabba for example to investigate.

But wait! There's more!

Then the trucks started to break down too. Repairs were needed, servicing, parts etc. And those things are expensive.

Anyway to cut the long story short, after 11 months, I admitted defeat and quit! Oh yes I did. I remembered a lesson my mentor had taught me. He said, "if you...

are in a sinking ship, you dont try to bail out water from the ship. it's futile. What you do is radio shore for rescue, grab a life jacket, release a lifeboat and get the hell out of that ship".

So I did that.

The business was hemorrhaging money. it was a sinking ship.

I recalled the two trucks and put them on sale. 5 months later disgusted with the whole thing and wanting to close that chapter, he sold them for less than half what I paid when I started.

But I got my life back. No more worries. No more hassles. No more spending silly money.

When I was taking stock afterwards, the truth I had to admit to myself was, I had zero knowledge how the haulage business worked anywhere in the world and especially in Nigeria.

I got into the haulage business thinking all I needed to do was put in money and all would be well.

I did not talk to other people already in haulage and doing well.

I didn't take a course or training at least. Maybe if I did, I wouldn't have made the mistakes I made. Heck, I may not have even bothered getting into the business at all in the first place.

Business is not a...

magic box. You can't just put so-and-so amount in and sit back waiting for returns. Maybe you can do that with bonds, funds or some money instruments but those are investments not businesses.

Even then you need to understand how they work, and what you're getting yourself into.

Do not put any substantial money in any business you do not have an idea how it works.

At the very least, pay for a training or a course that explains the nitty-gritty and inner workings of the business and it's profit model. With that info, you can then decide if it is...

something that suits your personality and something you can invest in your life savings in or take out a loan for.

If you determine it's not for you, all you will be out is a tiny bit of money spent on "finding out" before diving in and and your life and peace of mind intact.

DO NOT put money into a business you do not understand.

Avoid colourful stories about what businesses to get into that "guarantee" an income. No real business does. None.

When people pitch you a business opportunity, an investment deal, always ask: "what's in it for them?"

If they cannot answer straight, without mincing words and tell you the truth, then you maybe shouldn't do it.

Be careful. Be wise. Seek counsel, EVEN IF YOU HAVE TO PAY FOR IT.

I hope this was valuable for you.

Thanks for reading.

Blessings!

Want to join my newsletter?

Join here ==> http://www.iwillteachyoubusiness.com/join