PUMP: Making most of the highs and riding the lows (LOH 177)

I have to be one of the most excited when I sold a few Hive for a significant amount. The rise of Bitcoin comes with goodies and Hive soaring is just one of them.

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I started a business late last year into this year but the operations only went into full swing by February 25th, 2024. It’s been one heck of a ride since then. And contrary to what I thought, I have to pump in money for a while until the business is able to stand on its own. For that to happen, we need a minimum of 300 orders per day. Right now, we just sailed through 30 per day.

I’ve been on constant Power Down since the pump of Hive. Buying and buying to make sure items are available and also with expenses. For now, the plan is to continue to Power Down and save as HBD to buy Hive later. I think the dump is coming given that BTC fell from $72,000 to $50,000. The reds have been more pronounced but mind you, I don’t keep up with crypto. I only check in when I need it.

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The market has been on a steady rise in the price of goods. Our star Product, Golden Yam, made from frying yam in a paste of eggs and spices has been dominating our sales. So we need yam almost everyday to meet up with the constant demand.

Buying yam daily has been a hassle because the season for yam is gradually coming to an end which means less on the “market cap”. Let’s go crypto on this thing.

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Given the preposterous price situation especially with noodles, plus the fact that noodles is “not food”, the demand has been unreasonably low. Akara (bean cakes) is also a star as it sells out in the early hours of the day. Many locals are enjoy it with Pap or tea(hot choco)/Coffee. We don’t feel the need to provide beans just yet as we got it in bulk the last time. Noodles, yam, Irish and fruits are what we always get daily.

I figured it would be time to get Yam in bulk as the transportation I spend daily also eats into the profits. Hence, Hive. The plan is to get Yam directly from the farmers.

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It would be from a neighboring state and we are looking into the possibilities of 50 to 400 tubers (N40,000 - N1,200,000 including the transportation). Their prices vary as do their sizes and we need to be really picky with the size. That’s where the profit lies.

So what am I doing with this pump? Powering down. Why? To invest in our business. Will I buy back Hive? Of course. I plan to because my HP will be taking a major hit.

As time goes, I know things will get better especially when the Yam season comes around again. For now, we will put my HP to work.