.png)
We talked at length, but at one point, someone came to withdraw ₦1,600. He saw me recording it and said, “You this werey boy will never change.” I pretended not to understand and asked him what I did. He questioned why I was recording POS withdrawals and that was when I realized he was also into the POS business.
He said, and I quote: “I have someone operating it and it’s none of my business. All I do is set a daily safe box at ₦2,000, and whatever is left is for her.” I just looked at him and shook my head. I allowed him to finish, then I explained why ₦2,000 was too small, especially since he provides the daily cash float, pays for the stand, and owns the machine.
Now, let’s learn from what I explained to him.
In busy areas like Mokola and Iwo Road, ₦5,000 withdrawal is ₦200, ₦10,000 is ₦300. Only a few POS operators charge ₦100 for ₦5,000 and ₦200 for ₦10,000. If the lady is given ₦300,000 to work with daily, she can make over ₦7,000 — and honestly, ₦300,000 is not even enough for a very busy location.
₦2,000 goes to my friend, and ₦5,000 goes to the lady. Are you wondering about data? The machine needs just 1GB (₦800) for seven days.
But if you run the business yourself and keep proper records of every withdrawal and transfer, you will know ₦2,000 is too small to demand daily. From my study of the POS business, those who withdraw ₦1,000, ₦2,000, ₦3,000, and ₦4,000 are far more than those withdrawing ₦10,000 and above. This gives you plenty of ₦100 charges that add up quickly.
Opay to Opay withdrawals have no charges for the merchant, and even withdrawals from other banks’ ATMs don’t cost much. I didn’t want to stress him too much.
Something pushed him to log into his Opay merchant app so we could check the figures. When we calculated the ₦100, ₦200, and ₦300 charges for that day, it came to ₦10,000. His eyes opened like opolo eyes.
Apparently, the lady is making over ₦130,000 monthly.
He was confused and asked what to do next. I told him to call her for a meeting and inform her that he was increasing the daily pay from ₦2,000 to ₦4,000 since he provides the daily float, pays the stand rent, and owns the machine. I told him she wont argue and that was exactly what happened. He got back to me a week later to confirm it.
If I ever get a stand in those busy areas and have ₦700,000 to run the business, I won’t stress myself. I would get two spots: manage one myself and give the other to someone who pays me ₦4,000 to ₦5,000 daily, depending on the location. This is why you must run a business yourself first and keep proper records, so you know how to structure it when handing it over to someone else.
This also applies to those giving out buses without knowing how the business works. Drivers make money while feeding you stories about FRSC, police, and other excuses just to avoid sending your daily returns.
Take‑Home Lessons
-Do a market survey before fixing any price with anyone.
-Always keep daily records and never run a business on guesswork.
-Never hand out a business you have never done yourself.
Ire oooo
He was confused and asked what to do next. I told him to call her for a meeting and inform her that he was increasing the daily pay from ₦2,000 to ₦4,000 since he provides the daily float, pays the stand rent, and owns the machine. I told him she wont argue and that was exactly what happened. He got back to me a week later to confirm it.
If I ever get a stand in those busy areas and have ₦700,000 to run the business, I won’t stress myself. I would get two spots: manage one myself and give the other to someone who pays me ₦4,000 to ₦5,000 daily, depending on the location. This is why you must run a business yourself first and keep proper records, so you know how to structure it when handing it over to someone else.
This also applies to those giving out buses without knowing how the business works. Drivers make money while feeding you stories about FRSC, police, and other excuses just to avoid sending your daily returns.
Take‑Home Lessons
-Do a market survey before fixing any price with anyone.
-Always keep daily records and never run a business on guesswork.
-Never hand out a business you have never done yourself.
Ire oooo
Wow. Pinky, you just opened my eyes.
ReplyDeleteHappy to make an impact sur/ma
DeleteI learnt a lesson from this, run your business first and see how it goes before handing it to someone to manage for you.
ReplyDeleteThanks sis..
DeleteThat's one of the key concept in business