What Business Can I Start With 150k In Nigeria? Stunning Idea!
WHAT BUSINESS CAN I START WITH 150K IN NIGERIA?
What Business Can I Start With 150k In Nigeria? Is this your query at this point in time? Would you like to know the accurate business idea for a 150k business capital?
Then dive through this article; it’s a guide to help you make a decision as to which or what business can suffice for this amount.
An N150,000 can power a lot of business ideas in Nigeria. However, in this post, we will be looking at starting a palm oil business with N150,000 capital.
PALM OIL BUSINESS
The palm oil business is one most of the lucrative businesses in Nigeria because of its various usefulness and the huge profit involved. In Nigeria, palm oil is one of the essential needs for cooking.
Starting this business is relatively easy, though requires a lot of manpower.
The palm oil business is one of the most profitable businesses anyone can do in this era because of its distinct utility as almost everybody uses palm oil to cook.
You may even decide to be exporting it to other countries which would generate a lot of income.
Moreover, palm oil does not have a constant price, you can buy and store palm oil when it is cheap and sell it when it becomes expensive. This is an added advantage to sellers already.
WHAT THEN IS PALM OIL AND WHAT ARE ITS USES?
Palm oil is an edible vegetable oil derived from the fruit of palm trees and it is reddish in color. It is used primarily for cooking.
A few other uses will be listed below:
- Prevention of vitamin A deficiency, cancer, and brain disease.
- Production of soap, cosmetics, body cream, exfoliation cream, margarine, etc
- Release of stomach pain
- Production of drugs
- Treating malaria, high blood pressure, high cholesterol, dementia, etc
- Weight loss and increasing the body’s metabolism
- Water treatment
- Production of dog and other domestic animal food
- Preservation of food etc.
How Profitable Is The Palm Oil Business In Nigeria?
Apparently, oil is used almost daily. You cannot prepare food without oil.
The palm oil proceeds per hectare are estimated at 8 tons per year at most. Additionally, the profit farmers make per hectare is around 3.4 tons per year.
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Other factors that may determine the profit rate of your palm oil business may be pests and other diseases. You may need to take this into consideration before starting out.
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YOU SHOULD CONSIDER THE FOLLOWING BEFORE STARTING OUT A PALM OIL BUSINESS
Every business needs a start-up amount. Like any other business, you would need money to begin your palm oil business.
The cost to be factored into your capital should include:
- Land accession cost
- Cost of hiring employees
- Farm maintenance cost
- Cost of purchasing the seedlings
- Processing machine cost
- Cost of means of storage
- Transportation cost
You would need people to assist you in processing. So you may need to hire contract staff who would only need to work at certain stages of the production process.
For example, for someone to operate the tractor in clearing the land, you may need to hire people for planting and harvesting.
Get Your Storage Space And Storage Tanks
You would need space as well as tanks to store hour palm oil after production while waiting for the right time to sell. It requires a cool, safe, and dry place. Take this into consideration as a start-up plan.
- Get Your Rubbers
You may need as many rubbers as you can get to put your oil ready for sale. Because having plenty of gallons equals sales.
Market And Sell Your Palm Oil
You need a strong marketing plan which should be part of your business plan to succeed in this business.
It is advisable to source for your would-be retailers before buying or processing your palm oil. This will prepare your potential buyers and give you a ready market when you’re ready to sell.
You can employ a few marketing media such as Online marketing (social media), referrals, word of mouth, and even partnership.
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