How Profitable is Groundnut Farming in Nigeria
What i will be discussing with you is How to Start groundnut business in Nigeria. Among the nuts I know in Nigeria, groundnuts fall among the top business-driven products. It is a commodity which is not so much affected by market dynamics.
You can make a lot of money by engaging in groundnut business. Of course, there are so many businesses you can do with groundnut. I have written a post on this blog already on one of them – groundnut oil business.
Today, I bring to you another aspect of groundnut business – groundnut farming business. Let’s start for there. What is groundnut farming business? How can you make money from this aspect of groundnut business? Is there a market for this niche of groundnut business in Nigeria? If you enter groundnut business in Nigeria, would you make profit?
To answer these and more, I implore you to stay put and read on. The article may be lengthy, but then, it is well articulated. Welcome to mycurrentgist!
A Background Information on Groundnut Business in Nigeria: The Potentials For Investors
In Nigeria today, 100kg pack of groundnut offers at roughly N110, 000 least and it’s turning into an essential trade crop out many parts of Nigeria.
Groundnuts, I was advised they have impacts comparable to those of rice. They do enchantment to men other than being rich in protein and consumable oils. Going ahead in influencing young people to get their tools and go to the farms is a novel idea. This would be a brilliant open door for them.
Groundnut is a crop that has an appeal in view of its helpfulness in our economy. Employments of groundnut: can eat (as browned, cooked or boiled). You also derive groundnut oil from the product. Groundnut is also used for making groundnut cake, feed for animals and so forth. Groundnut just takes around three (3) – four (4) months to develop.
Another fortunate thing about groundnut is that it can be developed two (2) times in a cultivating season. Presently, let us go to the well-ordered procedure of groundnut production.
The most effective method to Make Money Farming Groundnut
Already, I shared about how to make groundnut oil and bore benefit from it. Today, it will be about developing the groundnut. Trust you are prepared to process the long post (it’s somewhat point by point to improve better understanding).
- Bush/farm Clearing: Start with clearing of the site first, as you would for any other crop
To develop groundnut is simple and gainful as well. Knowing when and how to plant this crop can make you understand enormous pick up. Groundnut is a crop that has an appeal due to its convenience in our economy.
- Acquire Groundnut Seeds depending on the size of farm:
If you don’t have your seed, you can go to the market and get the seeds. The amount relies on upon the extent of the land. You can generally check while giving around 30cm space for each seed from each other. Hone on that gaging will prompt flawlessness of such measurement.
Notwithstanding when you have excess of the seed, you can in any case boil/broil/sear and eat or better make some oil for your kitchen require. You should not sit tight for huge groundnut oil expeller to make your oil. You can utilize little manual oil squeeze machine.
- Work on the Soil:
In Potato processing for example, you can make molds. However, in processing groundnut, we simply need to till the land. You can even now clear the stumps in your past yam or potato farm. Level the debris that stayed subsequent to gathering them.
- Planting the Seeds:
Planting groundnut should be possible in March when you more likely than not permitted around 3-4 precipitation or abundant rainfall on the land you have worked on.
It is fitting to give great space of no less than 25cm for each planted seed to help great yield. At the season of planting groundnut, it may satisfy you to include another crop like guinea corn.
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In a situation where you wish to plant guinea corn, proceed to step 5 of this article. However. in the event that you don’t, bounce to step 6.
- Including Guinea Corn:
If you need to interweave crop groundnut with guinea corn, you should first spread the guinea corn on the part you need to plant groundnut.
This is so that while opening soil to put the groundnut seed, the sands will cover the spread guinea corns. In essence, you would have maintained a strategic distance from winged creatures from gobbling them up.
- Weeding and Manure:
Weeding and adding compost to groundnut is the same as in potato. Be that as it may, you need to weed the guinea corn twice since it takes around 5 – 6 months for it to develop
Harvesting ought to associate with June/July. It takes just around three months for groundnut to develop.
- Capacity and Sales:
After collecting, you can offer out quickly or dry them well and store them for future offer. You can prepare it advance by making its consumable oil which is of popularity.
In the wake of making the oil, the cake that you squeezed the oil out from is another product you can offer or change over for your farm animals where you are keeping farm animals too.
- Planting for the Second Time:
I will encourage you to plant for the second time. This regularly commences in August to be gathered in December. In the circumstance that you live anyplace in swampy regions, this is very necessary. What I mean is, where waters grow out of the soil or where water system is conceivable.
This is on the grounds that reaping the plants in dry season is a difficult task. So, plant the second where that you live around such water range.
- Analysis of farm Expenditure and Profit Estimates
Presently, we should check the cost to cultivate a plot of land.
Hypothetical Farm Expenditure Overview
Land Clearing: ₦20,000
Seed Acquisition: ₦15,000 (this relies on upon where you are, it can be less expensive however it costs higher amid planting season)
Manual labor: ₦20,000 (you can even do it without anyone’s help)
Estimates of Profits in Groundnut Business in Nigeria
In the event that all works out well, you will get around 3 vast sacks of the groundnut. In Nigeria, this pack is called “27” by Nigerian farmers. As we typically do, your task now is to solicit how much such substantial sack from groundnut is sold and duplicate by 3.
At that point subtract ₦4,500 from it and see the pickup yourself. On the off chance that you set out to contribute up to ₦45,000, compute your benefit!!!
Look at the benefit yourself so you don’t think it is control. This is the thing that you get in three months despite everything you need to include other crop which will enhance your cool benefit.
You Need a Business Plan.
Build up a composed business plan. It doesn’t need to be a so formal. A business plan is essentially the way toward thoroughly considering and recording your thoughts in a sorted-out way. Making and offering groundnut for sale would be your fundamental thought in the business plan.
However, there are issues you have to thoroughly consider before you begin. Choose your objective. You may need a full-time business or just to profit as an afterthought.
Ask yourself where you can offer your groundnut for sale. Consider what resources you’ll have to deliver it on a vast scale. Appraise the amount it will cost to begin and to what extent it will take for income to begin coming in.
5 ways to Market Your Groundnut Business in Nigeria
1. Contact Nearby Dealers
One system for offering groundnut is to contact nearby dealers. Eateries, coffeehouses and free food merchants are conceivable outlets for your product.
2. Get a Location Around a Busy Business Centre
You can organize to lease a corner at neighborhood makes appears and social celebrations). Another alternative is to set up a space at an adjacent business centre.
Numerous startup markets are continuous undertakings. So, you would have the capacity to build up a consistent business utilizing this approach at a lower price. This is recommended since it avails you the time and opportunity that is required to open a traditional retail location.
3. Showcase Your Products Effectively
Pick a name for your groundnut business. The name ought to be unmistakable and simple for your clients to recall. Package the product alluringly, with a mark highlighting the name you pick and the fixings.
Incorporate contact data, for example, a site address so clients can get refreshes about new products, shippers that convey the nut weak and uncommon offers. You might need to include varieties of your groundnut, if you have varieties.
For instance, groundnut business can incorporate chocolate or be made with pecans, walnuts or different nuts. These varieties offer decisions that draw in more clients and increment deals.
4. Strategize Your Sales Location
In the event that you choose to profit offering groundnut fragile at celebrations and bug markets, outline a stall that is alluring and proficient.
A shade for open air areas makes your stall more obvious and gives security in awful climate.
Everything – tables, show cases and holders – ought to be kept spotlessly clean since you are offering nourishment. Give napkins to clean the products and sacks for clients to convey their purchases.
5. Register Your Business
When you begin a business, you need to take after a few directions. Your city or area division of tax assessment will require a business permit. In the event that your state exacts a business charge, you’ll have to pay up such taxes. Keep this in mind.
Enlist your business name with the Corporate Affairs Commission of Nigeria, CAC. That is very important. It helps put a level of professionalism in your business. Aside from this, it helps in your business promotion.
If you need a complete business plan, please let us know. Or, you want us to help you set up this business, kindly contact us. Otherwise, Please check out these other business ideas you can do in Nigeria
How To Start Cinema Business In Nigeria
How to Invest in Cinema Business
This article will provide the needed and necessary information on how to start up a cinema business in Nigeria. It is necessary because cinema provides a means of comfort to all people of different class.
Definition Of A Cinema
A cinema is simply defined as a place of relaxation. It is a place where movies or films. This movies displayed are for entertainment purposes and you are charged for each movie seen. Cinemas have improved the businesses of people as you cannot see a movie without having at least popcorn or an Ice Cream in your hands.
This article will therefore talk on you can start up a cinema business and be successful with it.
- You Must Conduct Personal Research
You should know that you are starting a business you know nothing about so you should not think of making money immediately. You need to meet people that have been in the business for long and are successful. You also need to meet with experts in event planning, studio recording and decorators as there they are the ones to tell you where the right place to set up your business, the cost and the design. These people can help you set up your cinema outfit.
- Make A Tour Around
This is simply visiting other established cinemas. From the visit you will make, you will be able to know how a cinema operates, the risks involved and how to avoid them.
- Get Products Authorization Or Franchise
After setting up your cinema business, it should be noted that it is not compulsory to sell the products of other people. You will benefit a lot from it on the long run.
- You Must Be Competent and Qualified
In order to run a successful cinema business it is important to be trained. This training can be done in business schools as you will learn how to manage tickets sold out for movies and cinematography.
- Reach out To Movie Dealers And Distributors
It is of high importance to get in contact with the people that deal on movies; most importantly the most sought after and highly anticipated ones. This will make your cinema spot attractive as you have what the people are looking for Admission form.
- Space And Arena
Nigeria is a place that when establishing a business you must have a large expanse of land or a big space. In the cinema business, you need to have space big enough to house your equipment’s and tools.
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- Get Good Cinema Facilities And Equipment
The look and decoration of your cinema will determine if customers will come. Therefore it is important to have the latest gadgets and equipment to keep your business growing.
- Always Set In An Income Alternative
This simply means that you are not to fully depend on the income made from cinema as it can fail you at any time. Therefore it is important to have a second choice of income. This can be in form of having a little restaurant, selling popcorns etc.
- Get A Good Advertisement Avenue
It is important and necessary to let people know about what you are doing. You can get to make people know about your cinema business by advertising. Advertisement can be done through newspaper, fliers, television, radio and the internet.
Hindrances To A Good Cinema Business
- Insufficient Funds
A good cinema business needs adequate funds to operate without problems.
- Negative Attitude And Mentality
Having a negative mindset is not the best thing as you begin to doubt yourself. As it is said “what you confess is what you possess” therefore be positive and always believe in yourself.
- Economic Problem
As it was earlier discussed, your location determines the growth of your business. If it is situated in a region where diseases are rampant or have continuous security challenges you are bound to lose customers.
- Moral Behaviors
As a seasoned business person you are, it is important to guard against extra moral behaviors like drinking, smoking, sex acts etc. Your establishment can be brought down by government authorities it they get to discover things like this are happening in your business.
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- Lack of Commitment
Generally speaking now, it is very important to put God first in everything we do. Your business is bound to fail if God is not involved.
The article above has been able to show you the step on how to successfully establish a cinema business this is a summary of everything discussed.
- You must conduct personal research.
- Make a tour around.
- Get products authorization or franchise.
- You must be competent and qualified
- Reach out to movie dealers and distributors.
- Space and arena.
- Get good cinema facilities and equipment.
- Always set in an income alternative.
- Get a good advertisement avenue.
How to Build Powerful Customer Service In Business Enterprise
6 Ways to Improve Customer Service in the Workplace
The desire to have a good relationship with your clients cannot be overemphasized. As it is known, without clients there is no business. Indeed, your customers are constantly right; believe it or not. A business cannot be established or grow when customers or clients are unhappy. In order for your business to grow your customers must be happy. That is why this article is written to provide an explanation on the seven sensible approaches through which you can have an amiable relationship with your customers and clients
Client Retention And Business Growth
There’s one factor we need to recognize about the consumer and this is the idea of consumer retention. This is of high significance in nearly all business ventures. It revolves across the provision of excessive best services and the upkeep of exact relationship along with your clients and consumers.
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In other words, if you want to continue keeping clients, then your commodity and service must be attractive and exceptional and there must be an amazing relationship among you and your consumers. This is the communication flow which must not be damaged. Customers and clients in addition to staff and top level managers must be aware of the whole things that are happening because it is important.
While you work hand in hand with the rules and regulation of client retention in commercial enterprise, you are beating the competitors within the business; out of your competitors and making sure that there is a non-stop flow of capital in your business for the growth of your business enterprise. That is because after you lose your customers, your competitors make profits. So, how do you keep a good customer relationship along with your clients and consumers?
How To Keep A Good Client Relationship With Your Clients And Consumers
Apart from providing high quality goods and services and attractive in precise conversation together with your clients, does it mean there are no other methods to build an extended-lasting relationship with your clients? Don’t be amazed, there are. We have numerous methods and exact aspects you need to have a long–lasting business-client relationship. I am hoping you gain from them and start moving up to your enterprising dreams.
- Understand Your Customer First
You cannot build a functional relationship with someone you do not know or understand. If you must offer a customer the best of goods and services, you must know who the person is first. You need to know a few things about the custom like where they come from, the kind of work they do, what they like and what they dislike, what they feel about your business and how they can also contribute to making your business great. It is high time you started addressing your customer with sweet names instead of just calling them “customer”. If you know them by name, it will be easier to be a bit cordial with them in your business transactions. Customers like to be addressed by name. They love it.
Having an idea of the marital status of your customers is also important. Also, ask about the welfare of their spouse and send them greeting cards. Also, ask about their state of health. That will prove to them that you love them and that you care about them, and not just after getting their money.
- Have In Memory Their Normal Requests And Specifications
Every customer is peculiar in his or her own way. Also two customers cannot be identical nor have equal type of need because everybody does not like the same thing. Take into consideration, imagine that the next time your consumer walks in, rather than asking the customer what he/she wants, you simply say, “Madam or sir, can I get you your normal?”
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This tells the consumer that you recognize his/her specific and regular requests. If the client orders for something special do well to offer him or her exactly what is needed and on time. That is a super way of growing top consumer relationship in your business.
- Offer Freebies From Time To Time
It is necessary to once in a while provide some freebies. This is an excellent way of attracting both new and already existing customers to patronize your business. It symbolizes care and love even though it is an oblique request for more customers into your business. You could constantly give out freebies which include gifts, run promos sales and provide bonanzas. Additionally, you could provide quality discounts and surprises to your dedicated customers.
- Leverage On Consumer Criticisms
You can take your business to your desired level by means of leveraging on the customer grievance and feedbacks. You ought to get hold of this in a proper way as they speak exactly what the customer thinks and what they think about your product. Never turn down the complaint whether they are good or bad feedbacks.
Devise a way of improving upon your services anytime you get such from your clients. It is an incredible chance for you to realize where your business is lacking and the way to improve on it.
Taking the advice of your customers as a priority is a way of showing that you care for them and their desires. Your clients can be more than glad to recognize that their feedbacks were accurately noted.
- Never Allow Preferential Treatments
It is highly offensive to offer preferential treatments at the place of work. It will make the customers think that they are not as good as every other customer. To reduce negative complaint from your customers, it is recommended by no means to engage in any form of preferential treatment or favoritism amongst customers that one is preferred above the other for any reason.
Such treatment is far against the norms of business to select out a consumer and favor such mainly in the presence of others who were there before him or her. It is far stressful; in preference to doing that, look out for a way of entertaining your customers as they wait to take their turns. Put up a TV set somewhere in the business premises and offer sufficient seats in which your customers can sit down as they are waiting for their turn.
- Respond Quickly and Don’t Forget To Say Thank You
It should be known that it may not be possible to send an immediate response to every electronic mail and phone call or text messages you obtain from the consumer. It is encouraged, however, that you attend to such as quickly as possible. You could usually give immediate computerized replies pending the real solutions
It does not matter the condition you are in; try as much as possible to make sure that the responses are quick and at the right time. Usually say thank you at the close of each transaction. It shows that you care about your consumer.
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.
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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.
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.
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