New business idea. - page 7. | Bitcointalksearch.org

Biznesmen

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Quote from: Su-asa on November 06, 2023, 06:30:16 AM

I would have posted this thread on my local board (Nigerian local board) but I didn't because both Nigerians and other countries can still benefit from this little business idea.
The kind of business I want to share is what is called graundnut oil making. This business idea can help someone that doesn't even have a skill and someone that is not even educated, all the person just needs to have is the money to buy the manufacturing equipment that's all.
With this graundnut oil making business, one can get the kind of life he/she wanted because the demands in this graundnut oil making business are a bit high. One can even start with a little money. However, this business is also an investment. If one can dedicate more time to it, he/she can benefit from it (can make it a company).

this information shows how the demands of the graundnut oil is in my country today is.
You can also watch a little on how to manufacture the graundnut oil, I can even invest more if I have this business and start making more money, so what are your takes in this idea?

If you have an idea about starting a business and you're doing some groundwork on it and doing a little bit more research on it, then you will find it a great choice to do the business, so go for it. Every business is started by people who cherish doing business. I couldn't have any idea how much you could gain from this business or if it was really successful in Nigeria, but I can assure you that it's a really good idea that you posted this idea on this platform. There are two benefits: people have a new idea to start a business and can clear their doubts and get some advice about it. So clear the doubts, take some advice, and go for it, fighting.

Kelward

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I'm from Nigeria, and I know that groundnut oil and palm oil are abundant in the county, so if a person wants to go into the businesses, they'll be very profitable. But i know that a crop that can grow in one region will not grow in another, so in countries that groundnut can not grow has to rely on importation to be able to process the oil. Another factor to consider is if the business will be lucrative in other countries as it is is Nigeria, because every household in Nigeria, uses palm oil and groundnut oil to cook, also industries use it them as raw materials to manufacture things like soap. In countries that have their own means of cooking oil, investors their might not be interested in the business.

All the same it's a good business opportunity especially for those of us that are from Nigeria, and neighbouring counties. I believe that the investment will be more profitable in our region.

mirakal

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Quote from: Su-asa on November 06, 2023, 06:30:16 AM

I would have posted this thread on my local board (Nigerian local board) but I didn't because both Nigerians and other countries can still benefit from this little business idea.
The kind of business I want to share is what is called graundnut oil making. This business idea can help someone that doesn't even have a skill and someone that is not even educated, all the person just needs to have is the money to buy the manufacturing equipment that's all.
With this graundnut oil making business, one can get the kind of life he/she wanted because the demands in this graundnut oil making business are a bit high. One can even start with a little money. However, this business is also an investment. If one can dedicate more time to it, he/she can benefit from it (can make it a company).

this information shows how the demands of the graundnut oil is in my country today is.
You can also watch a little on how to manufacture the graundnut oil, I can even invest more if I have this business and start making more money, so what are your takes in this idea?

This kind of business will only work if you are living in a country that is rich in manufacturing groundnut oil like China, India, Nigeria and Myanmar but if your country is not into it, then that kind of business will obviously not work. Your business idea is nice but the profitability is only limited to certain countries and that some countries may not actually aware that its also a good form of business.

One thing is certain with any form of investment, you need to take risk and that you also need to consider if your location is currently getting high demand on it. Otherwise, you will be wasting your money because to some other countries, this is a big business or investment already but for your own country, its just an ordinary business that is only getting minimal profits. So do your own due diligence to research first before risking your investment capital.

jeha2015

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Quote from: Su-asa on November 06, 2023, 06:30:16 AM

this information shows how the demands of the graundnut oil is in my country today is.
You can also watch a little on how to manufacture the graundnut oil, I can even invest more if I have this business and start making more money, so what are your takes in this idea?

It is a very good idea for your country if peanuts can produce oil. However, this business idea is not suitable for implementation in my country because my country produces oil from palm oil, and indeed the palm oil business has good prospects for the future in my country because apart from the fertile land, the land is also large. Many are successful in the palm oil business because this business is the most popular among entrepreneurs and ordinary farmers looking for income and the demand is also high.

Even in my country the palm oil industry is the main competitor to the sunflower oil industry, which is mostly produced in Europe.

Fuso.hp

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It is difficult to choose the right business nowadays. As the prices of all products are increasing, neither the businessmen are profiting nor the customers are able to buy any products comfortably. No matter how much the price of daily essentials increases, people must buy more or less of essentials. Various syndicates know that it is impossible to live without daily necessities, that's why they increase the prices of various products without hesitation. We can do new business ideas but I think our business style should be different considering the context of the country. A business that is more likely to be successful in your country may be less likely to be successful in the same business in my country, so that business should be done in the country where the product is in high demand. I am not planning any business right now but I will definitely plan business in future and I will try to trade the thing which will be more popular in the market at that future time.

lizarder

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Quote from: Su-asa on November 06, 2023, 06:30:16 AM

this information shows how the demands of the graundnut oil is in my country today is.
You can also watch a little on how to manufacture the graundnut oil, I can even invest more if I have this business and start making more money, so what are your takes in this idea?

In my opinion this is only a local scale business and not all countries have the same opportunities as what happens in your country. But the positive value is that you have to take this opportunity if after analyzing the peanut oil business has good prospects in your country. Now it depends on where you want to start and whether this opportunity will be a motivation for you to continue and start or just a wish that is not implemented in reality.

In my area, businesses like this are done at home or with another name, home industry, but the nature may not be the same for peanut oil as in your country. For us, any opportunity must be taken advantage of because the current economic conditions are very difficult and many people have difficulty finding work to make money.

kingvirtus09

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Quote from: Su-asa on November 06, 2023, 06:30:16 AM

I would have posted this thread on my local board (Nigerian local board) but I didn't because both Nigerians and other countries can still benefit from this little business idea.
The kind of business I want to share is what is called graundnut oil making. This business idea can help someone that doesn't even have a skill and someone that is not even educated, all the person just needs to have is the money to buy the manufacturing equipment that's all.
With this graundnut oil making business, one can get the kind of life he/she wanted because the demands in this graundnut oil making business are a bit high. One can even start with a little money. However, this business is also an investment. If one can dedicate more time to it, he/she can benefit from it (can make it a company).

this information shows how the demands of the graundnut oil is in my country today is.
You can also watch a little on how to manufacture the graundnut oil, I can even invest more if I have this business and start making more money, so what are your takes in this idea?

It's the first time to see something like that, and I think you're also quite dedicated to what you're doing. I just want to ask you: do many of your countrymen use it in your country? Also, does your government in Nigeria support the groundnut oil you are talking about? I mean, is that the factory or manufacturer?

then why don't I seem to see this often in the news, articles, and other social media platforms? Or maybe I'm the only one who doesn't know about it; am I late to this matter?

Ayers

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Quote from: cafter on November 08, 2023, 02:44:23 AM

Quote from: libert19 on November 08, 2023, 01:48:02 AM

I made a search about it to see how much profit there actually is (in my country, India), came across this quora Answer [1] — to make 1 KG of pure groundnut oil you require 2.5-3 KGS of groundnuts (180*3= 540 Rupee cost) while groundnut oil that gets sold in market is for same price of 1 KG peanuts, so they must be adulterating it.

There is no point in opening such unethical business, and most people gonna buy what's cheap.

[1] https://www.quora.com/How-profitable-is-groundnut-oil-mill-business

it will be less profitable to start with groundnut oil business, instead starting a edible oil business is profitable compared to groundnut oil.
here you can read this article for more knowledge.
and there is many other options available to start a small business, read my post.

Have you ever sold peanut oil? Why can you be sure that it won't be more profitable than the cooking oil business? Or did you just randomly read some articles and confirmed that this idea is not very profitable? Any business model has the potential and ability to bring very high profits, and high or low profits do not completely depend on the field in which you do business. Much will depend on your abilities. Don't blame the business model when you fail or your business fails.

libert19

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Quote from: cafter on November 08, 2023, 02:44:23 AM

Quote from: libert19 on November 08, 2023, 01:48:02 AM

I made a search about it to see how much profit there actually is (in my country, India), came across this quora Answer [1] — to make 1 KG of pure groundnut oil you require 2.5-3 KGS of groundnuts (180*3= 540 Rupee cost) while groundnut oil that gets sold in market is for same price of 1 KG peanuts, so they must be adulterating it.

There is no point in opening such unethical business, and most people gonna buy what's cheap.

[1] https://www.quora.com/How-profitable-is-groundnut-oil-mill-business

it will be less profitable to start with groundnut oil business, instead starting a edible oil business is profitable compared to groundnut oil.
here you can read this article for more knowledge.
and there is many other options available to start a small business, read my post.

Same reasoning applies to any other edible oil business. If you wanna make 100% pure, you will have to make it expensive to cover the costs or adulterate it and sell it cheap as other hundred brands.

In first scenario, there will be buyers but far less, as most people prefer cheaper option. In later, it's unethical but depends on individual.

Quote from: cafter on November 07, 2023, 11:45:58 PM

If we try to find business ideas in specific niches, like oil, detergent, flour, etc.
This type of businesses are less likely to fail, and are easy to start with low investment..

Idk about investment, but if any business develops product that's helpful to the masses, it'll succeed. All successful businesses boil down to this only.

cafter

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Quote from: libert19 on November 08, 2023, 01:48:02 AM

I made a search about it to see how much profit there actually is (in my country, India), came across this quora Answer [1] — to make 1 KG of pure groundnut oil you require 2.5-3 KGS of groundnuts (180*3= 540 Rupee cost) while groundnut oil that gets sold in market is for same price of 1 KG peanuts, so they must be adulterating it.

There is no point in opening such unethical business, and most people gonna buy what's cheap.

[1] https://www.quora.com/How-profitable-is-groundnut-oil-mill-business

it will be less profitable to start with groundnut oil business, instead starting a edible oil business is profitable compared to groundnut oil.
here you can read this article for more knowledge.
and there is many other options available to start a small business, read my post.

libert19

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I made a search about it to see how much profit there actually is (in my country, India), came across this quora Answer [1] — to make 1 KG of pure groundnut oil you require 2.5-3 KGS of groundnuts (180*3= 540 Rupee cost) while groundnut oil that gets sold in market is for same price of 1 KG peanuts, so they must be adulterating it.

There is no point in opening such unethical business, and most people gonna buy what's cheap.

[1] https://www.quora.com/How-profitable-is-groundnut-oil-mill-business

jcojci

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The hardest part of starting a business is how to have the money to start it. Most prospective entrepreneurs, small and large, are hampered by financial problems and even if they can start with minimal capital, it will be difficult to develop their business. This is where it is important to find investors who invest their capital to develop their business.

But @OP can invest more to own this business, @OP can start it whenever he is ready. He doesn't need to wait for someone else to start it because if not, he could lose a business opportunity that might be difficult to compete with if a large company directly invests with large capital.

HajiBagi

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The business is excellent; I know this because, in Nigeria, when groundnut oil is extracted, we still have what is known as groundnut cake (kuli kuli). Since groundnut cake is one of the products made from groundnuts, I think you should see it sold and profit from it as well. The best businesspeople in Nigeria operate that kind of business, particularly in cities like Lagos, Ibadan, and Illorin. These cities are home to companies that used to manufacture groundnut oil, which they sold all over the nation so that people could learn about them and appreciate the type of product they produced.

This is not just a naija board thread; this is the right place for it because a lot of people will benefit from it, as well as those who have no idea but will learn about it and have the ability to launch the kind of business in their nation. Business is not limited to one nation as long as the other nations can also cultivate groundnuts. I think they can also take use of this chance to make groundnut oil, and who knows, maybe they'll have more equipment than the nation that even came up with the original concept.

retreat

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But the problem is that even though demand is high for graundnuts, people who want to start a business in this sector do not get adequate access to collectors or financing from banks. These are 2 problems faced by people when they want to start a business. Moreover, for those who are abroad and want to try exporting, it is much more difficult, apart from needing money, they need connections to collectors in their destination country and government regulations that must be met. Complicated things like this make this business not as easy as you say.

cafter

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If we try to find business ideas in specific niches, like oil, detergent, flour, etc.
This type of businesses are less likely to fail, and are easy to start with low investment.
It is important to target specific region where demand is high.

Patrol69

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The business idea you have given may be fine but I can give you a new business idea. If you are financially sound then you can start a filling station business. I have seen many people I know succeed in this business. As the price of fuel increases, people will need it and no matter how many filling stations there are in your area, you will have customers at every filling station, so if a company wants to employ you as a dealer, you can take this business.

I have this kind of business plan from long time but I don't have enough money that's why I can't start this business. I will definitely start a filling station business when I have enough money to do this business.

I just gave you this business idea considering the context of your country if you think this business can bring you profit then you can do this business.

junder

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Quote from: Smack That Ace on November 07, 2023, 06:38:59 PM

Quote from: barisbilgili on November 06, 2023, 09:51:17 PM

Quote from: Smack That Ace on November 06, 2023, 09:36:48 PM

We can still use rudimentary equipment to create peanut oil, but the quality will certainly not be equal to facilities using more advanced equipment. My family also makes peanut oil but only for family use, not for business, and it can be said that it is very good for health. In terms of business, it is like any other business idea, there is no bad business idea. The important thing is how we execute and our plan, whether it is profitable or not is completely up to us.

The quality produced with simple tools will certainly be different from the results produced with sophisticated tools, but in my opinion, if we only produce it for personal needs, of course we will do it well, even though the results are different, it will certainly be more satisfying because we can take care of it ourselves at the moment of course this processing will really satisfy us.

You are right, everyone who knows how to run their business well will of course get good results from the business they run, but if we don't understand well the business we run, it's better to learn first well so we don't get into trouble while running the business.

In business, finding new ideas is not easy, and it also does not guarantee that it will be successful. In my opinion, the important thing in business is strategy, knowledge and understanding of the business field we are participating in and what we will have to face and solve. Don't run after and look for new ideas when we don't understand anything about business. That is why there are many people selling the same product but there are also many people who cannot sell the product but there are also some people who do business very smoothly.

They will get a lot of buyers by selling their same products but with different or unique marketing methods, that way they can attract more people's attention because of the different and unique marketing, if to find new things or ideas for it is not easy as you said. Not to mention the other things that must be prepared if there is a new idea for selling a product.

Even though the products they sell are the same, it doesn't matter because everyone has their own portion, but they must know how to market their products differently from others in order to attract more people to visit their shop and buy them, and there is nothing wrong with trying this. I think this is worth it for them to do and try it. Because it is impossible for them to just stand around waiting for buyers to come, if it continues like that there will be no progress. So they have to move to market their products.

Smack That Ace

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Quote from: barisbilgili on November 06, 2023, 09:51:17 PM

Quote from: Smack That Ace on November 06, 2023, 09:36:48 PM

We can still use rudimentary equipment to create peanut oil, but the quality will certainly not be equal to facilities using more advanced equipment. My family also makes peanut oil but only for family use, not for business, and it can be said that it is very good for health. In terms of business, it is like any other business idea, there is no bad business idea. The important thing is how we execute and our plan, whether it is profitable or not is completely up to us.

The quality produced with simple tools will certainly be different from the results produced with sophisticated tools, but in my opinion, if we only produce it for personal needs, of course we will do it well, even though the results are different, it will certainly be more satisfying because we can take care of it ourselves at the moment of course this processing will really satisfy us.

You are right, everyone who knows how to run their business well will of course get good results from the business they run, but if we don't understand well the business we run, it's better to learn first well so we don't get into trouble while running the business.

In business, finding new ideas is not easy, and it also does not guarantee that it will be successful. In my opinion, the important thing in business is strategy, knowledge and understanding of the business field we are participating in and what we will have to face and solve. Don't run after and look for new ideas when we don't understand anything about business. That is why there are many people selling the same product but there are also many people who cannot sell the product but there are also some people who do business very smoothly.

EluguHcman

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It might be lucrative though but was expecting it was going to be something untried or basically an unpopular format one can make unique differences by revealing a form of potentials

tabas

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I have no idea what graundnut is but after searching, it's peanut. Is this right? If so, then there certainly a lot of things you can do with it and usually if it's not the product itself but I didn't know that you can make oil from it. Although I have seen its finish product and texture with peanut butter having that oily base, this isn't a new idea after all. But I don't think that you should say that someone don't have a skill and noneducated can do this, when you actually start to product oil from it, then you are technically skilled already.

Topic: New business idea. - page 7. (Read 1705 times)