Every time I engage vendors, I try to have a chat with them. A guy came to fumigate my house last week, he charged me 30k for the service. During our discussion I asked him how many homes he fumigates weekly, he said some saturdays 5 and in a month 10 - 20.
I was able to establish that his monthly revenue would be between 300k - 500k.
He doesn't keep any income statement / Profit and Loss account.
He spends money on chemicals and transportation but he doesn't have an idea of the % or total expense.
He doesn't keep any income statement / Profit and Loss account.
He spends money on chemicals and transportation but he doesn't have an idea of the % or total expense.
His business is not registered, no business name.
I transferred money into his personal account which means he doesn't have a company bank account.
He doesn't pay TAX on the income he makes monthly so he belongs to the group of those outside the tax net.
I transferred money into his personal account which means he doesn't have a company bank account.
He doesn't pay TAX on the income he makes monthly so he belongs to the group of those outside the tax net.
He has no dream of expanding the business from his one man company. No idea of scaling the business if given a loan.
He doesn't want stress...
I leave you all to pick the key lessons in our interaction. I'll give 10k to any neutral person that can summarize the lessons.
He doesn't want stress...
I leave you all to pick the key lessons in our interaction. I'll give 10k to any neutral person that can summarize the lessons.
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