Today, one of the lucrative businesses in Nigeria is selling palm oil. Yes, you read that correctly. I didn’t mention crude oil.
To succeed in this business, you must be ready to work. Don’t doubt yourself; just be positive about it. Palm oil is a necessity; almost everyone in this part of the world consumes it, one way or another. If you are convinced that you can do it, let me walk you through the tips below. They are the basic knowledge you need to get started.
1. Do a thorough research
Your research should begin with what the business entails. Check your environment; there could be someone in the business, or you could ask. If you still need to, you have different vendors to watch and learn from online. At this juncture, you should be able to decide if you want to process the palm fruits yourself or buy from farmers who have processed them. Your target audience also matters in your environment – people who would certainly buy from you—research branding and how you intend to package it.
2. Register your business
Business registration is now better than before in Nigeria. Think of a unique name you can use for your brand. Go to the C.A.C (Corporate Affairs Commission) website, where you will be asked to fill out a form and pay a certain amount. Only start if you have registered; there is a penalty for this.
3. You need capital
If you intend to be something other than a retailer, you would need substantial money. At least N3 million. As a retailer, N500,000 is an excellent capital to start with. But you still need to thoroughly find out how much you will need so that you won’t halt unnecessarily.
4. You need workers
Why can’t I be a lone ranger, you ask? You can’t do this business alone; you need someone or people to help you. You have to look for people who can do the work efficiently. You can start with any number of people that fit your capital; it depends on you.
5. Be on social media
When you package your product well, there is no reason for you not to advertise it on social media. With short videos, showcase what you’re doing — the process and packaging. You can even decide to speak about how it can be purchased. At first, your family and friends should be your go-to and, of course, your WhatsApp contacts list.
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