Oops! It appears that you have disabled your Javascript. In order for you to see this page as it is meant to appear, we ask that you please re-enable your Javascript!
Connect with us

Business Ideas

How To Start Crayfish Business In Nigeria

Published

on

Crayfish is similar to fish, but it is not the same size as the water crabs and you can earn a huge income from the crayfish business. This business is quite profitable and not difficult to commence operation most especially when you have the knowledge and training about the dealings required in the business.

See: How to Get Loans in Nigeria With or Without Collateral

You will be exposed to the requirement and operations of running a successful crayfish business in Nigeria. However, it is important to note that

It takes about 400 to 900 new offspring of crayfish are produce at a time.

It takes about 90 days for crayfish to mature

Crayfish are usually harvested between the month of November and February of the year.

The Market Projection And Prospects For Crayfish Business

One thing that comes to mind about this crayfish is usually about where will I sell my crayfish since there are people already in this business, how do I get my customers to make my sales. It is advisable to locate a market and carry out a survey in order to see the marketing strategy that will work best for you. Here are some market recommendations in order to make your sales and make your crayfish business and they include:

Restaurant

Roadside food vendors

Dormitories

The Open market

Fast food.

Hotels

Offices/Establishments

Online (Internet)

Furthermore, you can select strategic locations with the prospects of this business and adequately provide the community with your product but at the same time keep the price reasonable and affordable for a class. When you purchase in large quantities straight from the producer, it will less expensive compared to when you purchase from the retail outlets where there will be additional prices. Retail most times double or triple their price than the usual cost, therefore buying and selling in bulk is very important.

Pitfalls To Avoid In Crayfish Farming Business

Just like all other business, the crayfish business also has its challenges. Challenges are inevitable in business and having the right knowledge about how to avoid is very important. Here are some suggestions:

Avoid Bad Debts and Sales on Credit

Avoid selling your product on credit. If this must happen, ensure that the customer you are offering it to is a working-class person in order for you not to be at loss. Although it is best that you sell and return to the depot for more supplies of crayfish and when the supplierss realizes that you have become more consistent in buying from them, the supplier can readjust to cheaper prices compared to other customers.

See also: How to Establish a Cocoa Business in Nigeria and Anywhere Else

Don’t leak your business secret to Your Competitors/customers

Your business secrets must be kept and should not be a leak to your competitors and also your customers. This is done to avoid losing customers because they may stop buying your product with the thought of purchasing them at cost prices also. They’d rather buy from the source where it is cheaper

Don’t use Diabolical Powers

As long as you for the principles and ethics of the business, it is always going to be successful in the long run. Although, there is a popular practice in crayfish business which deals with a diabolical means in order to create wealth. However, diabolical means don’t keep the business forever.

Requirements For Smooth Running of A Crayfish Business

Registration

Advertisement

Proper research

Space

Market surveying

Get Office Space

Starting out on a commercial level, you would need to rent a space in an area which is easily accessible and customers and potential dealers can locate you. It would also serve as your storage room where you can store all bags of crayfish especially when you decide on selling for wholesale. It is important to get a spacious office space for easy storage and accessibility.

If starting on a low capital, the need for a storage room may not be necessary. You can sell and expand later, depending on how the sales are improving.

Conduct research

Without research, no lucrative business can succeed. There is a need to ask some vital questions before venturing into the business. This will give you a head start and knowledge about what to do in the operation of the business. The research covers questions that have to deal with the operation, what necessary changes that will be needed, chances of success and failure. Likely unpleasant conditions that may be facing in this line of business and a possible way to succeed.

This research will help a serious businessman reach a level of capital and therefore make necessary budgetary preparations before jump starting.

Do A Market Survey

Carry out a market survey in aspects where you would get people’s opinion about the business, the demands, the likes and dislikes, everything you need to know about customers service relationship. This can help you know the right time and moment to kick start your business and when you should pause. It gives you the whole overview of the operations of the business and this will give you an edge over others.

Register Your Business

Business registration is very important to every business success and for a brand or business, it creates a unique and identity recognized by your customers. Registering your business can also make your business traceable and one way to make your business be on top compared to your competitors is to register your business with a unique name.

Afterwards, you can place strategies posters and banners or handbills directly to your potential customers in your business environment.

Furthermore, you can belong to a union and in that union, you stay updated about the latest trends in the business.

Advertise Your Crayfish Business

When you promote your business, you increase your chance of making more sales and improve awareness. This can improve your business towards expansion and at this level, you will need storage space and more income starts rolling in. If your business lacks proper exposure to the market, it may gradually lead to a business non-existent.

Most Read: How to Come Up with a Business Idea: 5 Proven Steps

Create more strategies for advertising and promotion in order to increase products engagement. You can advertise on prints, online, social media, email marketing, sending a bulk message and so on. All these are too create awareness and establish a presence in order to drive traffic to your product and make more sales. You can reach thousands and millions of buyers over a period of time if the audience reaching out to are targeted properly.

Note:States like Akwa Ibom state, Cross River,Rivers, and other Niger Delta states offer crayfish product at very affordable prices and you’re you buy from these places, you can sell and make a huge profit.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business Ideas

How To Start a Gemstone Business in Nigeria

Published

on

By

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.

See also: How to Start Diesel Business in Nigeria

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.

Continue Reading

Business Ideas

How to Start Fish Farming Business in Nigeria

Published

on

By

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:

See also: How to Start a Creche and daycare Service in Nigeria

  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

Most Read: How to Make Passive Income From Online Business

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.

Continue Reading

Business Ideas

How to Start A Successful Farming Business in Nigeria

Published

on

By

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.

Most Read: How to State a Crude Oil Business in Nigeria

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.

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

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.

Continue Reading

Trending

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.