Topic: New business idea. - page 5. (Read 1504 times)

Nigerians are blessed with natural resources and very good fertile soil for agricultural purposes. These are what most countries are looking for and her wishing they have because of the business ideas they have. Groundnut oil serves many purpose and is making good sales in the market. Going into this festive period where enough meals will be prepared every home must patronize anyone into this kind of business.

The groundnut oil is now made in two ways; Industrial by well refined companies and locally. The ones made locally can be said to contain more cholesterol that can be harmful but in the aspect of the industrial company made groundnut oil It can be advisable for consumption as many improvements are going on to make it well refined for proper consumption. I believe as the world is trying to entertain safety so is the Nigerian companies to blend in and make what we consume very well refined so as not to cause damages and loss of lives

Your idea is great and I am no against with it. But that kind of investment only appears highly profitable to those countries who have bigger demands on groundnut oil, and I can see that in my country, that kind of investment may seem ordinary and there are already a lot of small scale investors who are into that, so I think that won't give me the profits I am looking for.

However, for some countries, that might seem profitable to invest. My suggestion is, once you have made significant profits from that investment, then try to start another investment that seems guaranteed and profitable. When you have multiple source of profits, you will not worry anymore if one of your investments will lose its trend or simply it's time is already over.

Yes that's right. Not every business in a particular country can be applied to all countries. This is the same as in my country there is no oil processing from peanuts so there is not much demand for peanuts for oil and peanuts in my country are cheap while production costs are expensive so there is no significant profit if it is turned into a business. In my country, oil processing is mostly from palm oil, and my country is one of the second largest exporters of palm oil in the world after Malaysia.

So the peanut oil business is not suitable in my country because it is more suitable to do business in palm oil because the demand is greater and this is quite a promising business in my country if you have tens of hectares of oil palm plantations.

My first thought is if you ever put up that business do you already have a target buyer? The idea is good and I would say it is in demand but this depends on the region you are located in, because there are times that there are no big buyers there and you need to transport it to other regions like in my area where I haven't heard anyone buying near my place only in those capital cities, and it's very far unless so you'll need to transport it and it cost a lot

The business idea is great for people in countries where groundnut oil is needed for food processing; fries and stew making. Although people focus on oil with low cholesterol. As most of the groundnut oil available in the market today, consist of high cholesterol, and not preferable for consumers. High cholesterol causes different form of sickness to the body. The type I love to buy are mainly from companies, a bit expensive, but, nice health wise. Starting the business wouldn't be much problem, yet we require more visibility and audience to sell enough oil, that can fetch us good profits as OP promised. I understand, whenever we have a product needed by people, we'll definitely make wealth. The major issue is the market competition. So, even if we don't need huge capital to begin, it's necessary to have lots of capital to reach out to potential customers, could be the retailers and distributors. As these people who make up the production chain, are difficult to convince. They need to compare the already existing groundnut oil sold in their shops with the one we offer to sell. Even at a cheaper rate, it still take longer period of consistent marketing to buy the hearts of retailers and distributors.

You are right, and it is a basic requirement that the land value must match the capital. Where I plant rice for just 1 ha, it requires $100 in cash. it does sound cheap and the result if you cash in all $400 is a profit at a glance and most of all complain about the high cost of fertilizer.

If sales of groundnut oil have increased and there is also a shortage in most areas in your area, this should be quite a good opportunity for those of you there or for business people who used to often sell groundnut oil. Because when an item or material such as peanut oil becomes scarce, the thing that has quite an effect on peanut oil is the price increase so that this will be a golden opportunity for business people who know how to make peanut oil.

Maybe many people already know its benefits so its sales will continue to be abundant in your area and this can also create a special incentive for business people to sell it more expensively. Because when an item has more useful properties, it will always be more sought after by everyone, both direct users and other sellers who want to make more profit from the peanut oil.

If you do not have huge capital, please don't go into this business, the profit margin is small. I have first-hand information, I am into farming, over 50 acres of land under cultivation and do plant groundnut and I understand the economics. Agriculture in Nigeria is a very difficult space to operate and if you are used to free money from Crypto, you are just waiting your time, so many factors contributed to these, the one hurting farmers most is the cost of the inputs (Herbicides price has increased over 100% within a year) how can you have a profitable business when the rate of inflation is so high, it eats into your profit margin

My feeling is that you are very familiar and very clear about the psychology of workers, machinery to produce graundnut oil and the actual, long-term needs and essential sustainable use of graundnut oil. Personally, I think this is a great business idea that you can pursue, it will solve many employment problems and positive thinking so that each person can freely own their own production facilities, something that stimulates each person's hard work and working ability to create more productivity and income.

I share this here because I now how important it is but I didn't post it in the Nigerian local board because I want other Africans to see it too
However that for the compliment, as this is the last month of the year and there will be a lot of people that will request for this groundnut oil and there will be a lot of sales.

This is actually a good idea op, we all know how demanding groundnut oil is in the market, and even at our region, most especially seasons like this where we cook and share our food with others to demonstrate love and to keep a good friendly relationship. This period groundnut oil business experience more sales and the price also increase drastically, so  people into the business now will surely experience high profit return as scarcity hits the product, talk more of those who are producers of this product. Taking this manufacturing as an investment outside of Bitcoin could be a way e can actually achieve our DCA target when we start receiving profits.

Ground nut oil making in 2023 is too local, not saying it might not bring something but the world is advancing into a more safety space where people prefer to use vegetable oil than G nut oil because studies have shown that they contained high number of cholesterol and that is dangerous for your heart, it increases the rate of heart failures.

If I'm to..encourage him, it's better to go into a business that will not bring side talk and should have general acceptability from people, the one that wen people want to criticize, it should come from your performance which you can easily adjust and not healthy wise because you cannot do anything about that and you don't want to start a rethink of another business when you are finally happy of having something good.


It is even better if he can apply for grants and other entrepreneurship program to boost local business, if he comes from a good country that doesn't joke with Msme, they will support it without thinking of how to pay back on time because right now. I doubt if there is a long term interest loan that any micro banks and commercial banks want to give you without a high interest.

It is necessary to learn a lot and understand things related to the business that we will run, because everyone basically does not want to experience losses in his business. it's no joke to open a business because all people want the business they run to grow big, including me who want to have a growing and big business. Therefore it is necessary to learn from the beginning to understand everything related to what business we want to open, for the beginning just pursue one business do not simultaneously open more than one business because if you are not experienced it will create more problems.

But if you are experienced, you can open more than one business because you are familiar with the risks and already know how to deal with the risks or problems that will come. I have also heard the saying "make your business a chair" meaning don't just have one business, because suppose one business goes bankrupt most likely it will die, but if you have another business when one business is destroyed then there is still another business to run, so consider the four legs of the chair as the businesses you have, because if it is broken one chair can still stand and not fall. the same thing with business.

I really agree with your statement, starting a business is not an easy thing, it requires thorough preparation starting from the capital we have, field surveys, what the people around you need, the right selling price according to the income of the surrounding community and most importantly competitive techniques. healthy one. everything needs to be designed well. We also need to look into the future, how the future will affect the business we start. Prepare for the situation when we lose, what should we do? No need to focus on one business field, look at other business opportunities.

OP, you have given very nice business idea, I like your business idea. But OP this almond oil is not in demand in all countries. For example, there is no demand for groundnut oil in my country. Especially since I haven't seen almond oil yet. If I want to do groundnut oil business in my country then the cost will be high in my country, but not much profit can be made. There may also be problems in various ways, such as the oil cannot be stored for a long time, there may be problems in selling it. OP, if this business is profitable in your country then you can do this business.

I agree, the fuelling station business is not considered a small business and it is really not as simple as what Patrol69 said, it is more complicated and bigger than the peanut oil business as OP mentioned. Furthermore, both are not new business ideas, both fields already exist in every country and there are many people doing business. When talking about business, we should not assume that one area will be profitable and another will not. The important thing is what the demand is in the area where you want to do business, so you need to survey to know what their needs are before starting your business.

Well, this also includes what the OP said, if in his country peanuts can be made into oil, then this business needs to be developed because there will definitely be a lot of demand or need. I think it's true that running a business is what is needed, such as starting a business in the field of food security and furniture and household equipment.

Of course the theory of business is easy but if you put it into practice it will be difficult but the most important thing is to try or put it into practice straight away. There is a little addition regarding the operational part. In my opinion, before we develop a business, we first need to know the business we are running. If we already know, we will definitely know the details so that when we switch to "autopilot", we can know what needs to be improved in our business (it can also be a standard and evaluation for the people we employ). That's why you need to use the remaining 20% of the time for operations.

Are you joking here? How easy and cost do you think it is to start up this business? Let me do small work here for you. Starting a fuelling station can be a complex and time consuming process and in fact the process can take several months or even years depending on how buoyant you are financially. This is never an average person business especially in the country the Op is residing. Remember that fuelling station is not just ordinary business and you'll need to do some market research to determine if there's a need for a new station in the proposed area. You'll also need to create a business plan and secure financing. Then, you'll need to purchase the land, get the necessary permits and licenses, and start construction. It's a very costly and expensive business to think of as struggling person. The costs include the cost of the land, the cost of the pumps and tanks, the cost of permits and licenses, and the cost of insurance. We are talking about small scale businesses here.

Those who choose to take out loans to run the businesses they build will certainly make us even more enthusiastic about running the businesses we build, because we have an obligation to be able to pay off the loans we take and this will enable the businesses we own to develop well.

Being able to take advantage of opportunities will also make it easier for us to run the business that we are going to build because if we choose the wrong type of business that we are going to build, it will certainly be very difficult to be able to develop the business that we are building and it will be even worse that the business that we are building will not be able to run smoothly good and also we experience losses from this business.

It is the key to pursuing success business and there are many people who do not know the strategies and patterns of business that is true, so that even though they have developed some businesses they still have difficulty getting success. I was born into a family of business people and my parents always teach something as we are talking about, when intending to develop a business so look at what needs are needed in that place.

Capital and knowledge are important as a condition for someone to build a business and can be ascertained if someone does not have capital, the business that is run will never happen. There are some people trying to find loans in building a business and they are really determined to run it even though there is a big risk in it. But one thing that I think they need to consider, which is to see opportunities for the business that is run and if they master it taking a loan is not a problem in my opinion.

Running a business is not easy because someone needs capital to run it, especially if they don't know how to develop it and some know how to develop but do not have capital. When they want to be combined, capital, knowledge and ability to see opportunities are three things that are needed when people run a business and without skills to see this it will be difficult for them to achieve success in business.