A TikToker, @official_gegeh, has explained why it is not necessary for small business owners to rent a shop at the start of their business.
According to his advice, rushing into acquiring a physical shop for a business can have negative financial implications, potentially leading to the downfall of the business within its first or second year. He provided an example of someone with a capital of N1,500,000 who decides to rent a shop for over N500,000. In such a scenario, he suggested that it would be difficult to renew the rent the following year.
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Instead, he recommended using online platforms to advertise products and services. He emphasized that online advertising is cheaper and more profitable, as it allows for a wider customer reach. Platforms like Facebook, Instagram, and TikTok were mentioned as effective options. He advised focusing on building a customer base online before considering renting a physical shop. If a potential customer insists on visiting a shop to make a purchase, he suggested collaborating with another business owner who has a shop to arrange a meeting.
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Watch the video below
@official_gegeh♬ original sound GehGeh
See reactions below
@depejualagbo: “How can I get to chat you pls my business is falling, I have customers before now they are not patronize me pls help me.”
@storbyzee: “No be money your friend use rent shop?”
@bidexhairs: “The thing is just that I don’t rent shop that the capacity is more than the business.”
@nomjihbliss1: “what if that ur friend did not open his own boutique were you for start?”
@fendii01: “Ppl think you’re saying rubbish, but those who has passed through these knows you’re always on point.”
@faithclara26: “Omo igbo dey rent 5shop for one location and they dey make money.”
@famousdee1989: “So make them no rent shop make dem carry the goods for head dey waka abi?”
@kingafoo5: “My wife made this same mistake. Almost 400k went down the drain.”
@uzee…shares: “Nah true talk bro… But one can rent a shop with a low rent pay such that it can be renewed easily or might reconstruct a tank as shop.”
@pretty__mma: “my shop I rent it and where I open the shop it was my first time in the state but after 1 year I buy land I just start with 600k if you see good location.”
