Starting up a palm oil business in Nigeria is actually something that seem to be difficult, and not possible. Notwithstanding, in this very precise article; we’ll be sharing with you guys the steps the easy steps on how you can possibly start up a palm oil business Nigeria without going through a whole lost of stress and workloads of impossibilities.
However, it will amaze you to know that Palm Oil business is actually one of the leading Business ventures thriving and pulling much weight on the Economy of most African countries especially the Western and Central Africa, and other Countries of the World like Malaysia and Indonesia.
Getting Started With Palm Oil Business In Nigeria
In Nigeria, various states across the Federation have their soils blessed to accommodate the Planting and Nurturing of Palm Trees which in turn produces a wide spread of Palm products of which Palm Oil is Chief.
States like Abia, Enugu, Ondo, Imo, Ebonyi, Bayelsa, and other Palm producing states have Industries established in them to Foster the Production of Palm Oil. Meanwhile, the establishment of these Palm Industries are not the only sources, Palm Oil circulates round the Length and breath of this Nation.
Without diverting, let’s quickly checkout some of the uses of Palm Oil;
What Are The Uses Of Palm Oil?
It is believed that palm oil is used for several purposes and below are only but are few important ones you should know;
- It is used in the preservation of foods
- Palm Oil is also used for water treatment
- It is used in the medical sector for the production of drugs
- It is also a high prevention for Aging, Cancer, Brain Disease and Vitamin A deficiency
- It releases stomach pain
- Palm Oil is used in the production of body creams, margarine, soap, cosmetics, etc
- It also increases the metabolism of the body
- Palm oil is used in the treatment of HBP (High Blood Pressure), Dementia, Malaria etc
Easy Steps On How to Start Up a Palm Oil Business in Nigeria
Thankfully the Nigeria Market and Environment is conducive and Perfect for the Vast production of Palm oil, and through various eye catching strategies, that this article hopes to Outline, you’d get to find out channels to Explore to Hit It real big in the Business of Palm Oil in Nigeria.
Without much ado, let’s Jump right into it;
STEP ONE: Plan Your Budget
Planning your budget is the first step you should take in starting your palm oil business in Nigeria. Knowing your budget is actually the foundation of every business especially when you want to venture into a capital intensive business just like the palm oil business.
Get this done! Plan your budget because you’ll have lots of financial expenditures in a long run.
STEP TWO: Get a Space
The next thing you should do after you must have planned your budget is to get a space. Hire a land for your business and don’t forget that you really need a spacious land so as to have an expandable futuristic business.
If you’re a land owner, then you’re super good to go but if you’re not; you’ll be left the option of renting a space according to your planned budget.
STEP THREE: Get a Business Name & Register it With CAC
One of the major mistake many business owners make is, starting a business without registering it. Yeah! If you want your business to really do well, you should start from getting it registered with the Corporate Affairs Commission (CAC) so as to validate your business.
By doing so, you’ll have a full authorization to running your palm oil business in Nigeria.
STEP FOUR: Know Your Target Customers
You should be able to know your potential customers (Know if they’re market traders, supermarkets, or Probably large Firms). Now, knowing the end receivers of your Products will decide the strength of your Production, the duration and most importantly the Work force (Man power and Mechanical Power).
STEP FIVE: Secure a Stable and Reliable Source of Obtaining Palm Oil
Having analyzed who your Potential Customers are, the next step, just as important as the first, is finding a reliable source you can bank upon any time for Delivery.
It Could happen that You are a retailer in what ever form and size, then there has to be one, two, three or more wholesalers who supply you Palm Oil on a constant note so as to remain relevant In the Palm Oil industry and as a result, Receive a major stake in the Profitable share of the Viscous flowing Red Fluid.
Or maybe You are a wholesaler who sales Palm Oil in Large quantities and so require a steady supply Of Palm Oil to meet up with the increasing Demands pressing on you, from lower business enterprises depending on your supply, like small/Medium/Large scale retailers, then you may need to have at least one steady source of getting your Palm Oil, to ensure you are never out of business.
You may need to make an alliance with a top leading Palm oil-producing firm, that can disburse Palm Oil at your beck and call.
Or supposedly you are at the top of the Production ladder, then you must go all out to either own or have access to numerous Palm plantations so as to always keep the Extraction process running, for steady availability of Palm Oil.
You may need to journey into rural Communities in search of large areas of land with numerous Palm plantations or you may as well start growing a well developed piece of Land for just the process of cultivating Palm Oil.
STEP SIX: Get Updated with Your Working Machineries and Tools
Every Successful and profitable business venture must always be up to date with the right Machineries and tools they use in operating a healthy and productive business venture. Nothing thrives when left all to itself, systems of production must be kept in place to meet the rising demands of continued production.
The Palm Oil industry is not an Exception, High sounding tech Machineries must be Purchased and Changed with Time to ensure Palm oil is produced Continually in Large Quantity and standard Quality.
Crushing machines, Grinding Machines, Containers of different Sizes must be Readily available to Excel in the Palm Oil Industry in Nigeria.
STEP SEVEN: Get Laborers
Amidst all your business plans and drafting, without laborers your palm oil business may not become a reality. Palm Oil business is quite different from other business out there so it requires much workforce so as to ensure steady production and supplies.
STEP EIGHT: Develop your Product Standard
Yea, you read that right! constantly seek ways to add a new savor to your Palm oil Product, there has just got to be something you needed to add to spice up the quality of what You are marketing and then distinctively give your product a special attribute not common every where else.
This is where Packaging comes into play, your Medium of Conveyance has to send a message to those who will want to have a Taste of what you are pushing up for Sale.
Can your Palm oil comfortably sit on the Shelves of a super Market and attract the eyes of passerby which will draw their attention and probably, win you loyal Customers who will just want to stick around with your Palm Product.
STEP NINE: Go Digital
This last Step seems to topple other steps in pecking order of Importance, howbeit all steps are of Utmost Importance and compliments each other.
However, the Digital Space Currently holds major Business enterprises striving and seeking for relevance In the Online Space. This Sudden outburst of the Internet age is due to its vast coverage.
Hence, anything taken up the online space travels speedily like Lightening. And so every prospective Business Minded Individual or Organization must look to the Online Space as a force to reckon with if the business venture must touch the borders of different geographic regions.
Gone are the days where buyers and Sellers relate only Physically. Presently, Buyers are connected with sellers at the swipe of a Screen or the tap of a Button, deals are closed in, in the less Possible Time, all as a result of the advent of the Internet.
Helpfully the Internet is open for all to take advantage of, Including you, that Palm Oil industry can span across Continents, all over the world, there are no bounds.
Having gone through this article hope it was able to settle your quest? and hope you’ve gathered enough momentum to start up your own Palm Oil Business in Nigeria? if yes kindly send us feedback using the comment section below this article and don’t forge to sharing this article also, Thanks.