If you are one of those people who think oil and gas are the only business that can give you millions, then you are wrong. So many people have made huge money from other sources most especially from food businesses.
With so many research and surveys, Palm oil production is a very lucrative food business that anyone can venture into. It will certainly put millions on your table if you handle it properly with strategies and business rules.
Palm oil is a natural expert from red palm fruit. It is yellowish red in color and is widely produced in West African Countries. Most countries who produce this oil export to neighboring countries.
In Nigeria, almost all households prepare their meal with palm oil. Some even go as far as including it in their ingredients of snacks, soaps and body wash. Now imagine the money you will make if you start palm oil production in a country with a population of over 200 million people where most of their households consume palm oil.
The question now is how can I start palm oil production in Nigeria and make millions from it? There are so many factors to consider when starting up a business especially when it comes to food products like Palm oil.
Before starting this business, you should consider the following.
Virtually all business requires capital to start up. And your speculated size of a business depends on the money that is available for that business.
Palm oil business demands a lot of money to start. You'll need to either buy or rent plantation, employ laborers to maintain the farm, and buy seeds. If you want to make millions, you definitely have to invest hugely.
A capital of between 300k and 500k is a good one for a start. With time, you will make a lot of profit that will lead to business expansion.
Your choice of land for plantation also determines how well and for the business will go. You must consider getting land that is fertile, cheap, and affordable to buy. Its location should be in an area that has access to roads for easy transportation of the palm fruit when they mature.
3. Buying The Palm Seeds.
Of course, you will need the seedlings and one seed in Nigeria costs about N150. For a moderately sized plantation, you'll need about 1000 seedlings to start your palm oil business journey.
The palm oil business is a good choice for people with long term vision. Grow your plantation gradually and use all the products to get oil and trees if needed. Although, it will take you about two years to have your first harvest.
If you can't cope with going through all the plantation procedures, you can set up a palm oil mill. It is capital intensive because it will require the installation of palm oil milling machines for the processing of the palm kernels.
You can also decide to own a warehouse for palm oil storage. The trick to making money in this aspect of the business is to store palm oils when sales are low and then resell when the business picks up again in the peak period.
If you must have a warehouse, ensure that it's spacious, well-secured access to good roads, and conducive for the storage of the oil.
Another aspect of the business that people still make money from is by trading the oil. Most investors in palm oil engage in this category of the business because they earn quickly in the buying and selling. The secret to making money through buying and selling the oil is to buy it when the prices are low and resell when the prices are high.
You can also make more money from renting your Mills and warehouse. The palm oil business is one of the profitable businesses anyone can engage in. Depending on how you start up, how smart and business-oriented you are, you will definitely make millions from this business.
Are you into palm oil production or any business associated with it? Share your experience with us in the comment section and share this article with your friends and family.
Content created and supplied by: Dinma'sBlog (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More