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How to Operate Boat Transportation Business in Nigeria

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Feasibility Study on Transportation Business in Nigeria

Introduction

The small, medium, and large bodies of water which Nigeria is blessed with afford boat transportation business its rightful place as a money spinner for those who go into it. Boat transpiration business is an area of transportation business that can fetch you good money if you know how to do it well. It is apparent that people will always move, likewise their belongings and other goods, sometimes by water and because of this; there will always be business for people who take to this trade throughout the year.

Like I have mentioned above, boat business isn’t restricted to just human transportation or in simple terms the movement of people; there is the transportation of products and services by boat too. The boat transportation business will continue to be a thriving business in Nigeria given the fact that the business is being aided by natural resources, which includes the ocean, rivers, streams and other waterways and these never diminish or need repair as compared to roads and rail.

Now that you know why you should start boat transportation business, the next thing should be how to start it. So, let’s start by seeing the appropriate locations to operate boat transportation business in Nigeria.

Appropriate Locations For Boat Transportation Business in Nigeria

Possibly you have been thinking where you could run your boat transportation business in Nigeria and make good Returns on Investment (RoI). Truly, your business location is on the ocean or river. You need to understand areas in Nigeria where you could sail your boat on the sea or river on a commercial level and make good money from it. So, let’s see some of them below.

Doing this business within the northern part of Nigeria might be challenging, given the limited availability of waterways there. So, you should consider places in the country with abundant supply of water and that is where the southern part of Nigeria comes in because there, you’ll find large bodies of water to run the business.

See: How to Begin Biscuit Enterprise in Nigeria

So, you can try this business in places like Lagos, Akwa Ibom, Ogun, Cross Rivers, Ondo, Delta, Rivers states respectively. The south-east is also blessed with large bodies of water.So, you can ply your trade there too. It is good if you operate close to the seaports. I recommend Lagos for you because of the Lagos Seaport. In case you don’t like Lagos, you can visit other riverine areas in Nigeria where the business potential is high.

Choose A Specialization and Pitch A Good Location For Your Boat Transportation Business in Nigeria

You may start this business in so many ways. You could specialize on conveying only goods (i.e., luggage), only humans, or both. This to some extent depends on where you are running the business – in the rural areas or the city. Supposing you decide to run your business in the city, I suggest you to pitch it around industrial areas where people have lots of goods (and services) to convey across the river, the ocean or the sea.

If you choose the rural environment to do your boat transportation business, then, you should be pitch the business around where people involve in farming, fishing, and other rural activities dwell.These people will want your service due to the fact that they want to move their farm produce from the farm to the village.

See Also: Top 5 Secrets to Become Financially Independent

Aside from movement of goods, irrespective of location (rural or urban), another mode of operating this business is conveying human beings from one location to another. That is the major stay of the business. In case you get a big boat, you can even transport both humans and goods and services from one nation to another. The RoI from this venture is always greater than when you do intra-state boat transportation business.

Forms of Boat

Before you invest your cash in this business, you should understand the varieties of boats which you can use for this business. See some of them below. They all come in different prices and have different capacities.

  1. Flat-bottomed boat
  2. Luxurious yacht
  3. Tugboat
  4. Skiff
  5. Jon boat
  6. Canoe
  7. Steamboat

Start-up Funds or Capital

You may start this business with any amount you’ve got insofar as you can afford a boat with such. The capital you’ve got will determine the type of boat you wish to use for operating this business. In case you don’t have a lot of money at the beginning, you can get a boat builder to make you a wooden boat. However, if you have the means, just buy a brand-new boat that makes use of fuel. The boat that makes use of fuel will function more efficiently than the locally-made, wood boat. For business sake, it is recommended to have a boat that uses fuel, especially if you are operating within the city.

Incorporate Technology in Your Business

Technology is the human friend in this contemporary world. It enhances the performance of any task that its being used for. To improve your overall performance as a businessman in boat transportation, you could deploy a speed boat for your business. You could as well add a device that assists you to find any geographical region whilst on the waterways. Please, note that setting up of technological devices may only be carried out on the boats that make use of fuel (i.e., speed boats). We are not speaking about the wooden boat in this situation.

Competition and How to beat them

Boat business is very competitive and you are bound to meet stiff competition especially if you are operating your boat business within the city. That is why many people concentrate in plying their boat trade in the rural areas. However, you should still pitch your trade in the cities because of the comparative advantage it has as compared to the rural communities.

Related Post: 4 Excuses Poor People Give Which You Must Avoid

However, anywhere you may operate your business from, endeavour to offer your clients satisfactory service. Part of the techniques you could use to maintain your clientsbase is to make your fare inexpensive as compared to what yours counterparts are charging. This will make you quicker money and patronage. Understand that this is Nigeria where people prefer ‘inexpensive things.’

Register the Business

Before you could start running on the Nation’s waterways legally, you should get certificates or license from the Nigerian Maritime Authorities. This must be preceded by using Certification from the Corporate Affairs Commission of Nigeria (CAC). Registering your business with the commission (i.e., CAC) gives your businessa legal standing as a registered entity with the the Federal Republic of Nigeria. There, you obtain your business name. The Nigerian Maritime authority office are located across the states of the federation. Those certifications are your proof of the permission to work on the Nigeria’s waterways legally.

Workforce

As a boat owner, you’re the number one personnel in your business. But, you should hire competent hands to assist out in some parts of the business as it is growing. One of such persons is a boat conductor.

Advertising the business

You need to advertise your business for people to know about you. It doesn’t matter if you’re running a large boat that travels long distances shipping goods and services from one region to the other or a small canoe that just conveys people across the river; you need to advertise. These adverts can be online or offline.

Conclusion

Boat transportation business could be very rewarding in Nigeria if you do it right. In case you need to involve in this business, please, take time to study the area you wish to use for the business. Yous hould also try and specialize or combine the transportation of people, products and services with a focus on areas with highest profits.

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Business Ideas

How To Start a Gemstone Business in Nigeria

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The Basic Principles to a Successful Gemstone Business in Nigeria

Several questions arises from doing gemstone business because a lot of people are new to this business (just entering the market) while some others are just reading about it for the first time.

It is a known fact that one of the best sectors for business is the mineral sector and it has been identified that Nigeria is blessed with lots of mineral resources and about 35 mineral deposits have been discovered in the nation. Nigeria is a country blessed with unique kinds of diamonds such as topaz sapphire with a large market out there demanding for these minerals.

See: How to Start Fish Farming Business in Nigeria

What is Gemstone and its Physical Properties

A gemstone is a kind of attractive mineral but after being polished and cut is traditionally used to make jewelry or other adornments.

Some physical properties of Gemstone which distinguishes the mineral include its lustre, although most of them are tough. Rarity is another attribute that brings value.

Stone according to this is valued dependent on not the amount available but also from what is called the 4C which is interpreted as Clarity, Cut, Carat Weight and Colour.

Colour: Color is an important element for gemstones as there is no stone without color. If the color of a stone varies from this variety either being darker or lighter, more vibrant or less, it becomes less precious the stone will be. Colour generally consist of three dimensions: hue, tone, and saturation.

Hue is the belief of color noticed like yellow, red or blue.

Tone defines the degree of darkness or lightness of an item.

Saturation defines the level of purity of a colour.

Cut: This is the design or shape of a stone in addition to the accuracy of the proportions of the stone and complete. The cut reveals a gem’s beauty.

Gemstones are usually cut into shapes. Furthermore, they are fashioned or are sometimes carved into different designs. In the Cut property of Gemstones, there are two other sub-properties namely Proportion and End, respectively.

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Proportions involves appeal and the equilibrium of the design. End identifies the detail of this workmanship. A cut will demonstrate the optical properties of a stone. While all other variables are even in terms of (colour, clarity, and carat weight), a more better-cut gem will increasingly be valuable.

How To Begin a Gemstone Business

Possessing a broad assortment of diamonds is vital. Mostly when having a target on diamonds or jewelry, you should be be able to purchase gemstone beads and carve one off designer beads which are in hot demand. One of the ways to build a long-lasting confidence in the heart of your buyers would be to get a huge choice of gemstones. Through the means of a gem testing lab like the GIA, where you will be able to test these diamonds and include a certificate. It will make your buyers to make decisions even as they build trust in your business.

Strategize On Methods of Targeting and Attracting Buyers

When starting out, necessary precautions needs to be taken but the first step to take when starting the business to attract buyers is start for pleasure, majorly as a hobby and also note that you can avoid mistakes only if the precautions are adhered to. Try out your ideas for beginning. Although there’s a need to do some market research too but ensure that your goods are much better than what others are offering.

Try to Build That Trust

One thing about Gemstone business, is that it needs lots of trust and confidence from both the parties (seller and the buyer). When you are enthusiastic about the business, your clients will have confidence to buy from you.

Invest Your Time and Money

You also have to give it your all, invest your time to the business. In this business, the most important thing to do is to invest large quantity of money. Gemstones are costly, and sapphires and the diamonds are the most of all stones.

Related Post: 7 Ways to Select And Employee Efficient Workers for your Business Enterprise

Have an Escort Especially One Who Knows the Market while Purchasing

It is advised that while trying to source for the product, that you visit the market with someone who knows the market well, especially someone who knows the in-and-out of Gemstone business so that your trade will be worth your cash. You will also find several stores offering the products online and off the streets. For drop-shipping, the shipping expenses will be added. In all these, always try to check up first with someone who has knowledge of the business.

Make A Choice Of What Sort Of Gemstones You Would Like To Market

Before buying a gemstones, you need to decide what sort of gems that you would like to market. Decide if you will establish the market of genstones in retail marketplace or at wholesale. There will be a need to use a cutter to cut the stone if you would like to make the stones in various forms and quality to the market, putting more money into your pockets by selling cut gemstones.

Make More Money Selling Cut Gemstones

By improving the marketplace and making more money, one thing which you would do is to buy a machinery and you probably would have to employ a gemstone cutter the capital you will require will probably be greater. Be assertive that you buy exactly what you would need.

In situations where cut stones will be sold by you, it’s compulsory that you get a gemstone cutter. The cutting of this product can add to the cost and increase to several thousands of dollars.

According to experts, in cutting stones such as diamonds and sapphires in respect to gemstones you would have to pay great rapt attention. This obviously means that the purchase price of the jewelry or the diamond is dependent upon how it’s cut. Which is the main reason why having good knowledge of cutting gemstones is significant to your success in the business.

Strategize and Re-strategize on Your Sales Options

After all been said, you need to identify buyers or potential buyers who may be interested. You may be able to sell your items on the internet or also off the streets. Major investors can be your customers especially for those who like to collect precious things You’ll have the ability to cater for their needs by identifying your target clients. You would need to survey the market for more opportunities in the gemstone business. Produce the quality, quantity of the gemstones in addition to the cost for affordable to everyone. You have the opportunity to promote your business to more clients by promoting your products online. With that, you can have the opportunity to make even more money.

Conclusion

In the Nigerian marketplace, gemstones are very precious but the current market is saturated and will take up as much volume of the product without having any effect on the purchase price against supply. The higher the quantity available, the better your bargaining power.

The price of gemstones can increase by 10 percent to 15 percent once the item is cut.

Most read: 20 Business Ideas for Teenagers (Risk Free, Cheap to Start, and Profitable)

At this juncture, you must be aware that gemstone export has been a recurring event and just a few people are profiting from it due to lack of information.

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Business Ideas

How to Start Fish Farming Business in Nigeria

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Establishing a Profit-Making Fish Farming Business

Fish farming is a highly lucrative and profitable business. It is said that the quantity of fish that are produced locally cannot feed the Nigerian population of over 200 million people. With this, there is an open market for individuals who will like to grab this opportunity in the fish market and locally produce fish.

See: How to Start A Successful Farming Business in Nigeria

Firstly we will consider the commercial potentials of basic fish farming in Nigeria.

Commercial Potential of Fish Farming In Nigeria

  1. Nigerians eat a lot of fish daily because it is a very cheap source of protein compared to meat.
  2. Secondly, there is a high demand of fish importation in the country.
  3. It is also important to note that in order to start a fish farm, the cost implication is cheaper as compared to setting up a poultry farm or any livestock farm.
  4. Fourthly, with government support toward agriculture, you are assured of loans on a long term.

Write a Fish farming business plan

Having known the benefits in starting up a fish business, you can therefore write a business plan and start up. Carry out a market survey to gather all necessary information about the business and also to know the cost items or things needed so as to have an estimated budget price for capital.

As you survey also inquire about the type of fish you want to start with and find out which one is currently on demand and low on production. After carrying out the survey, you can write a business plan to create strategies to run the business.

Begin Small

Begin with the little you can start and use this stage of the business to expand in knowledge and as you get more experience in the business, you can expand as more funds come in. With about three hundred thousand naira (N3000), you can get a pond which can contain an average of 10000 mature fishes and this depends on if you already have a piece of land with a stable source of water.

Types of Fish pond

For your fish farming business to be successful, you are to put into consideration the type of pond to be used in a given environment.

When you purchase a piece of land for your fish business, you need to get an expert opinion on the type of pond that should be constructed. The type of pond are namely:

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  1. a) Earthen Pond

This type of pond from its name is from the soil which consists of about 25% of clay that enables the free flow of water. This pond can be constructed in any desired shape, majorly close to swampy areas whereby there’s a free flow of natural water in and out of the pond.

  1. b) Concrete Pond

This pond involves the use of sand, gravel and cement with manually fix pipes used to pump water in and out of the pond from a storage tank. A well or borehole is built to supply constant water to pond on a regular basis.

  1. c) The Plastic Pond

This is a type of pond made from plastic and installed in the compound where the fish farm business will be tested. This is a less expensive type of pond and can be used by anyone.

Location and Land Mass of Farm

You may want to start with a plot of land or more but this should be big enough for the construction of your ponds and the water source either well or borehole.

A lot of people started the business from their own backyards and later expanded to bigger accessible environment as the demand for more fishes increased.

Types of Fishes You can Produce

The popular fishes in Nigeria with high demand are the Cat Fish, Salmon and Tilapia

Cat Fish

Cat fish is easy to breed and nigerians love catfish. A lot of restaurants, Beer Parlors and Hotels prepare soups and pepper soups using catfish. It is also used during ceremonial activities and many Farmers choose to do cat fish because the demand for it is very high.

Salmon

This is a very popular fish in Nigeria and it is widely called the Titus fish. The natural habitat for the Salmon is the oceans but farmers can produce them also

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Tilapia

Nigerians eat a lot of tiliapa especially in their soups. It is enjoyed and mostly breeded by farmers because they grow fast and the matured ones are usually fleshy.

Sterilize Water

Sterilize water with antibacterial and anti-fungi medicine and make sure the ion and natural concentration of water is of equal strength before you place your fish inside the pond. Get an aquaculture consultant for proper instructions.

Breeding

To start your breeding, you can get Fingerlings and Juveniles at a different price range for both of them and be sure of the exact amount you need to begin with.

Feeding the Fish

Fishes grow faster when they ate being fed well, feeding them properly would enable them grow faster from 1 to 1.5 kg in 4 to 6 months.

 Things You Should Know and Do In Fish Business

Below is a list of things you should know and do in running a fish business and they are highlighted in no order.

  1. Make sure you purchase healthy Fingerlings and Juveniles from farms that produce them
  2. Let them be fed two times in a day
  3. To prevent pollution in the water, carry out spot feeding
  4. Never change water immediately after feeding so that they do not vomit the food
  5. Do not manage water as fish cannot survive outside water
  6. Change water after two or three days with fresh water
  7. Supply fish with vitamin supplements to prevent diseases and keep them healthy
  8. Purchase the common brand of feed on sale such as Raanan, Livestovit and Aquafeed
  9. Separate fishes by sizes as they mature to avoid bigger ones from eating eating smaller ones
  10. Same size fishes will grow, struggle for food, swim, and have healthy competition
  11. To save cost of feed, buy your own Pelletizer to make your personal feed
  12. Store feeds in a cool dry place save from rodents and pests
  13. Gain knowledge from aquaculture experts by attending seminars and conferences.

Sale after Maturity

You can sell to anyone who want to as long as you know the actual price in the open market having done your market survey, as in that way you make profits.

What to do to avoid problems in Fish Farming

Certain problems may occur in fish farming and could be due to inexperience in the business and I have highlighted them for you below:

  1. No Business Plan

Without a business plan you’re planning to fail in this business. It is important to have a business plan in order to protect your capital

  1. Lack of experience

Get adequate knowledge, have a mentor, attend seminars; get all the help you can.

  1. Bad Farm Site

Have an easy accessible farm site to buyers, let the roads to your farms but vehicle friendly

  1. Climate

Control the temperature in the pond to save your fishes. With a high water temperature in the pond, the juveniles at risk of dying, no production of egg and decrease in reproduction.

  1. Competition

Competition is a factor which cannot seized to exist in any business and for the fish business, it is not different. To get your customers you need to move into the market  away from your immediate environment to sell at the best price available

  1. Disease

Disease can wipe out juveniles in no time, therefore it is important that the juveniles are monitored closely and regular checkup should be done on the them to prevent any deadly disease outbreak which could lead to a big loss. If any irregularity is noticed, kindly notify the Vet immediately.

Conclusion

This business is open to anyone who wants to make millions providing the cheapest source of protein to Nigerians. Take advantage of this opportunity using the guidelines above and you can be one major provider of fish to one or more states in Nigeria.

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Business Ideas

How to Start A Successful Farming Business in Nigeria

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Farming is a business which yields a lot of profit especially when it involves the production of crops and livestock. Poultry farming is equally lucrative, especially when talking about chicken, pigeons, quails, and turkeys. Farming is the major sustainable source of economic development for nations over the years and has served as a means of livelihood for the populace and in Nigeria, the strategic role of farming cannot be overemphasized.

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Farming business is the major focus for nations with good climate conditions for farming, as they look into building a sustainable development of the nation and make gainful employment of its populace, encouraging them to engage in farming.

Reasons Why You Should Start Farming Business In Nigeria

Why should you go into farming business in Nigeria? Also, why should Nigeria be the focal point for lucrative farming? The answers are:

  1. Large Productivity And Profitability Margin

The Nigerian environment is the lucrative choice for all farming investors as Nigeria has proven to be productive in its resources and show great number of profit achievable in the nation. There’s no country in West Africa with more production rate than Nigeria in the farming industry.

  1. High Population Of Nigeria

Nigeria has an estimated population of over 200 million and this puts a farming venture capitalist to an advantage to a wide open market to constantly do business directly with such estimated percentage of the populace. When the percentage of people who purchase your product from the open market is high, the farming business….

3. Availability of Expansive Fertile, Arable Land

Nigeria has a wide range of rich-fertile farmland which makes it open for investors to adequately invest in farming in Nigeria. With a estimated total mass of 910,770 excluding the water bodies makes it one of the largest land in Africa with over 70% of the land available for farming given the good weather conditions.

  1. Governmental Supports, Loans and Incentives

The government in Nigeria has encouraged local farming in Nigeria by showing support through granting of loans and giving of juicy incentives. In terms of support, the government provides necessary tools and materials which are essentials for farming and will also aid the production of farm goods largely available to the populace and for business to the international market.  Agriculture is also one of the highest earners of foreign exchange for Nigeria aside from oil. So, the government is fully supportive of farming practice in the country

See also: How to Create Passive Income With no Money

Useful Caution Before Taking To Farming Business In Nigeria

Before you delve into farming in Nigeria, there are several imperatives you need to consider:

  1. For a would-be farmer to be successful in Nigeria, you need to master and understand the skills needed to be successful in the business. The major reason for this is that a lot has changed in the business and you must know your onions to avoid running into debts while aiming for profits in the farming business.
  2. In addition, you need to create a market strategy and identify which product you want to focus on or what you will be providing to the populace which will make your farming business a more successful one.
  3. Lastly, set a target for yourself and the business. This will bring about opportunities for improvement in certain areas that needs improvement. Although competition may arise but that should not overwhelm you to the point which you begin to lose focus of what you should do to keep the business going.
  4. You are meant to promote your business and constantly research on new innovations to make it better. It is, therefore, incumbent upon you to raise your bar to becoming a more successful farmer or businessman/woman in the farming industry in Nigeria.

Major Farming Businesses With High Prospect You Should Start In Nigeria Today

Now that you’ve decided to invest in farming, here are major farming business you should start today.  Note that the highlighted business are major farming practices which are high in demand by the populace in Nigeria today.

1. Rice Farming

A bag of rice currently cost about N13, 000 and N25, 000 in Nigeria depending on the quality of rice. Therefore with an estimated production of 100,000 thousand bags a year, selling at about N15, 000 will apparently result to about N1.5million Naira.

Rice is one of the most cheerful foodstuffs in Nigeria and widely consumed meal by most families. On a daily basis, over 70% of the Nigeria’s populace consumes rice and as 2011 the nation spent over 991 million Naira importing rice.

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Therefore, starting up a rice farming business could be highly lucrative to you if all the money which is being used to import rice is directed to you as a major rice farmer.

2. Cassava Farming

Cassava can be processed into several forms such as garri, starch or what the majority call fufu. This food is highly common in Nigeria as everyone eats cassava in one form or another. The cost of garri in the market is similar to rice and this means that there’s a lot to gain or profit in this farming business being that the foodstuff is a premium commodity in Nigeria.

Furthermore, Nigeria has lots of fertile lands for profitable cassava planting and management in which you can be getting profits in millions of naira from selling of raw cassava tubers or in its processed form such as Garri and fufu.

3. Poultry Farming

This is yet another highly profitable farming business in Nigeria. With adequate management of the poultry, a farmer could literally count millions in a very short time. This type of farming business is not difficult to start but requires a basic knowledge of its operations. This knowledge can be sought from veteran poultry farmers and they will shed more light on what is inherent in becoming a successful poultry farmer.

4. Beans farming

Beans is another high-in-demand farm product sort by Nigerians and it is important to note that beans costs almost double the price of a bag of rice and garri combined. The northerners are majorly involved in this business and they supply to states all over the country, ripping millions of Naira on large supplies. Wouldn’t you want to become a stakeholder in the beans farming business?

5. Catfish Farming

If you’re low on capital and want to start on a small farming business, catfish farming and snail farming are available to venture into. In the open market, the catfish sells for about N1,500 and you can gradually increase your production as you make sales.

  1. Snail Farming

Snail farming is another business which requires a low capital of less than N50,000. A research proved that a snail farmer can reap over 15 million Naira in the business within two to three years of operation.

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