Since the discovery of oil, the lives of so many has changed for the good. Like other product from crude oil, diesel is one source of energy that is high in demand.
There are a lot of countries that are profiting from the arrival of the oil business and the diesel business is simply one of that business that brings huge profits. Although you earn high profit but the capital required to start the business is huge too.
There are people who are earning a huge sum of the money from selling diesel in Nigeria already but there are still opportunities for those also wants to join in to earn huge from this business line.
You may be skeptical and have a little challenge on how and where to start, where to buy your products, how do I make a profit?
All the answers you need are in this article, simply follow the guidelines and you’ll have a full understanding.
Target Market for Diesel Business in Nigeria
Diesel is in high demand in Nigeria and it can be sold anywhere in as much as the price is not above the regulated price set by the government, you will have lots of customers to patronize you every day. A lot of vehicles are changing their engines to a diesel engine, creating more customers to the diesel suppliers.
You can decide to set up your station in any location in Nigeria but it is desirable to construct your station(s) in the cities where the demand is more. Obviously, the number of vehicles and power plants in demand for diesel is huge in the cities and the cities where you can set up includes:
The Demand Structure For Diesel Business In Nigeria
Many vehicles are designed to use this product and as stated earlier other vehicles are changing from their petrol engine to diesel. However, some generators use the product also. This shows that diesel is one of the highly demanded sources of energy in the country.
With the irregularities in the power sector in providing inadequate power supply in Nigeria, many transportation companies, industries even the banks depend on this product on a daily basis in order to function.
The availability of this product makes sure there’s a continuous market flow or supply of other goods as scarcity of diesel will prevent wholesalers from transporting their goods to their consumers which can lead to hike in the price of goods.
Necessities To Startup Your Diesel Business
There are basic needs that should be available while starting a diesel business and they are:
Capital is the most important element needed to start up a business and for the oil business, you must have some huge amounts of money before you plan to set up. This needed especially where you plan on constructing a diesel station. There will always be a need for recurrent expenses in this business until the project is complete. Please avoid using a loan to set up this business as it could be very risky.
Purchase Some Pieces of Land:
You need to purchase some plots of land in which you intend to build your fuel station. You can buy 2 plots of land per one station but when you buy these lands, make sure they are close to the main roads, a highway for accessibility.
Is this business lucrative in Nigeria?
Because this product is regularly demanded, it proves that it is very profitable. Below are the benefits of selling diesel in Nigeria:
(1) It Is A Money Making Venture:
If you want a business that is lifelong profitable and you have the money to a startup, the diesel business is one of many you can set up for. There are a lot of people who have become more successful just by venturing into this business.
(2) It Is A Most Demanded Product in Nigeria:
This product is highly demanded by so many people because it serves as a source of energy for their vehicles; in order for them to supply their products to the market. High demand brings about high profits.
(3) Opportunity to discuss with the Government:
When there’s is less supply of fuel to the community, the government sought for oil marketers to discuss quick solutions to the problems and there you can make necessary demands from the government
In this line of business you need license in order to commence operations and this license is usually gotten from the government but before the government can give you the license to operate, you’ll need to register your business first under the Corporate Affairs Commission of Nigeria and it can be done in any state of the federation where your business is located. You will also need to pay regularly pay your tax in order for your business to run smoothly.
Equipment You Must Get For Your Fuel Station.
Here are some of the equipment you will need to buy for your fuel station to get your it running:
Pipe and valves: In order to get the fuel from the underground tanks, you need to connect pipe, valves.
Gauge or Fuel Management: This takes the measurement of the product which your customers buys.
Fuel tanker: Every station has a fuel tank that helps to carry the fuel from the depot to your station(s) anywhere in the country.
Dispenser: This help control the quality of the product.
Storage tanks (steel): This is the reservoir for your fuel, as a storage tank for your product.
Canopies: Serves as a kind of shade or protection from the sun to the fuel station
POS: A gadget used for receiving payment in case the customer is not with cash.
You need to recruit workers in your company for proper administration and profit making and these are some of the workers needed:
Tips for Sustainable Business
There’s no need any special promotion or advertisement for your business. Just sell at the ‘regulated’ price or below as long as it gives you profit and customers will patronize you continuously.
Most Read: How to State a Crude Oil Business in Nigeria
The structure for management should be in your business plan from the beginning. Just make sure that your staffs are paid as at when due. Carefully monitor what staffs to know how they are doing and track their performance. You need to orientate your staff on how to achieve goals in what they do.
As an entrepreneur, you must possess good leadership skill and be a problem-solving individual who can persevere in challenging situations. Make sure the communication channel between you and your staffs functions properly
The oil business is a profitable business one can think of, with a product such diesel which highly demanded by the several individuals and industries. You need money in this business to make money.
How To Start a Gemstone Business in Nigeria
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.
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.
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.
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.
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.
How to Start Fish Farming Business in Nigeria
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.
Firstly we will consider the commercial potentials of basic fish farming in Nigeria.
Commercial Potential of Fish Farming In Nigeria
- Nigerians eat a lot of fish daily because it is a very cheap source of protein compared to meat.
- Secondly, there is a high demand of fish importation in the country.
- 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.
- 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 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:
- 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.
- 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.
- 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 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.
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
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 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.
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.
- Make sure you purchase healthy Fingerlings and Juveniles from farms that produce them
- Let them be fed two times in a day
- To prevent pollution in the water, carry out spot feeding
- Never change water immediately after feeding so that they do not vomit the food
- Do not manage water as fish cannot survive outside water
- Change water after two or three days with fresh water
- Supply fish with vitamin supplements to prevent diseases and keep them healthy
- Purchase the common brand of feed on sale such as Raanan, Livestovit and Aquafeed
- Separate fishes by sizes as they mature to avoid bigger ones from eating eating smaller ones
- Same size fishes will grow, struggle for food, swim, and have healthy competition
- To save cost of feed, buy your own Pelletizer to make your personal feed
- Store feeds in a cool dry place save from rodents and pests
- 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
- 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
- Lack of experience
Get adequate knowledge, have a mentor, attend seminars; get all the help you can.
- Bad Farm Site
Have an easy accessible farm site to buyers, let the roads to your farms but vehicle friendly
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.
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
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.
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.
How to Start A Successful Farming Business in Nigeria
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:
- 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.
- 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.
- 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
Useful Caution Before Taking To Farming Business In Nigeria
Before you delve into farming in Nigeria, there are several imperatives you need to consider:
- 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.
- 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.
- 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.
- 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.
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.
- 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.
- How to Get a Job in National Root Crops Research Institute (NCRI)
- How to Get a Job in National Veterinary Research Institute (NVRI)
- How to Get a Job in National Youth Service Corps (NYSC)
- How to Get a Job in Nigerian College of Aviation Technology (NCAT)
- How to Get a Job in Nigeria Communications Satellite Limited (NIGCOMSAT)
Business Ideas3 months ago
How To Get Loans In Nigeria – With and Without Collateral
Entrepreneurship4 months ago
Top 5 Secrets to Become Financially Independent
Business Ideas4 months ago
9 Most Profitable Skills for Young Entrepreneurs
Business Ideas4 months ago
11 Ways To Build A Profitable Business In Nigeria
Business Ideas4 months ago
How to Boost Sales in Your Business
Career Tips4 months ago
7 Mindsets of Successful People Which You Must Cultivate
Business Ideas3 months ago
How to Establish a Cocoa Business in Nigeria and Anywhere Else
Entrepreneurship4 months ago
How to Develop a Proper Mindset For Business Growth