Topic: New business idea. - page 8. (Read 1705 times)

You are right because the demand of groundnut oil in Nigeria is very high now. Their are different types of cooking oil Nigerians use today in cooking but the two major ones are the groundnut oil and palm oil, which the groundnut oil is of higher demand than the palm oil today because of the many applications it has in cooking and catering than palm oil, so the price is relatively higher than that of the palm oil. Setting up a groundnut oil business is not an easy one unless you are dedicated and ready to break the obstacles that comes with doing a business in Nigeria.

There is ease of business there, but other factors contribute to making it unease and only the patient and dedicated one can scale through. This is a good business idea for those wanting to start something small before expanding. By bringing the topic here, you can also share in the Naija local board too since the location of the business and the place you know it is of high demand is Nigeria, you can also share there for Nigerians to know about it.

Any business concept that provides something that people can't live without is constantly in high demand. For example, humans require food to survive and cannot go a day without it. Thus, everything you produce or sell to them that will enable them to prepare meals for their families and themselves will be in high demand every day, which will also bring in money for you.

Thus, producing groundnut oil or any other edible product will generate money for someone looking to start their own business in the field.

Aside from producing groundnut oil, Nigeria has several other profitable businesses. For instance, red oil production, vegetable, cassava production(garri), and maize production

You can't expect a business that is profitable in your region to be profitable for everyone around the globe as well because some things might be in demand in certain regions only and there will be no demand for it in other regions and someone starting that business will only waste their money. So, I know that your thought process was just to provide a business idea to people so that it may help someone start a business that is both profitable and doesn't require a lot of skills, but that isn't going to work for everyone.

A person who wants to start a business in their locality will need to evaluate their environment and see what products are in demand around the place where they are planning to start their business, and they should do some research about that product and do all the planning and everything and then they should think of starting it.

The business idea you share is very profitable for those who live in areas with high demand for peanut oil. In several different countries, they don't really use peanut oil, such as in Asia, most people consume palm oil, coconut oil and there is also a lot of demand for olive oil in the market. I think this business idea will be profitable in the area where you live, but you need to expand marketing to increase the amount of profit, especially since the peanut oil market is bullish. It should be underlined that the upward trend in peanut oil prices will not last as long as currently traded. When the supply of peanuts increases or is unlimited, the price of kerosene will fall again.

It's not a new business idea, it's just one of thousands of other business ideas and this is what many people have been doing in my country. In general, you can implement any business idea you have, the important thing is that you need to assess the demand in the area where you live. You don't need to imitate anyone's business model because the needs are different in each place. The demand for peanut oil in my country is not great, but some people still like to use it because it is healthier than some other cooking oils on the market. But the price can be a barrier for many people because it is more expensive than some other types.

The important of people to start venturing into this business is interest people can make it as a choice to choose between which business to start provided they are comfortable with the business, there are people who doesn't like stress maybe due to the nature of the job for like lady's as I am now I may not have that chance to venture into this business because I can see it as something that may likely consume my time and energy. Lots of business are there but is just for people to bring their mind to learn and show interest to start working towards it because what you see as something that could fetch you money is not that kind of amount of money someone else could be looking at whereby may want to go for something more lucrative.

A seemingly simple, yet lucrative business idea. Because currently, the demand for peanuts continues to increase and so does the market price. I am quite interested in starting this business but the availability of raw materials for making peanut oil in my country is not as great as in your country (Nigeria) and if I have to rely on imports from abroad to meet the availability of raw materials it seems that this is not possible because it requires considerable costs.

Nigeria is one of the largest groundnut producing countries in the world and ranks third after China and India. So this business is very suitable to be posted and discussed in your local forum (Local Council of Nigeria). In building this business, besides you are required to have good knowledge, skills, business management, marketing and financial management, but you are also required to have products that have good quality and quantity and can also guarantee the authenticity of the peanut oil. Because at this time along with the increasing demand, many peanut oil producers behave fraudulently by mixing it with other types of oil. so this is a challenge in building this type of business, because you have to compete with competitors who behave fraudulently.

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.

Thanks for sharing this idea. BTW, about 5 years ago I used to struggle a lot with finding business ideas because I didn't know what kind of business to start. But I made a lot of mistakes when I started a business based on someone else's recommendation, and I had no knowledge about that field at all. You might say that the business is easy, but that's from your perspective. I might not see it the same as you see or feel.

Finding a business idea can be tough, and when you discover it from someone else's perspective, it feels strange to venture into a field you know nothing about. You might see great potential in this peanut oil business, but I don't. That's why some people might not be quick to trust you. Why not do it yourself when you know the chances of success are high and keep it secret?

So, if I adopt someone else's business idea, it means I have to start from scratch and learn everything from the beginning... it's different from applying a business idea I already have, as I have a foundation to build upon, and I might just need some additional knowledge to improve the business's growth.

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.

Business is always an investment, but what makes a profitable investment is how it is managed, expanded, and made dominant. Some people can start very small businesses, and before you know it, they have already started a company. Before you know it, they are preparing to retire and hand the management to someone else while they stay at home to reap the profit of their labor.

This idea is good, but one thing I can say is that, even after acquiring the equipment and machine to make the oil, how do you purify the oil and get a registration number that can enable you to sell your product in all markets? Like you said, one can start with small capital, but there aren't many people who might want to buy and consume some locally made oil that is not well purified to remove some trace of other compounds that could be harmful to their health.

I believe what you meant is groundnut oil or peanut oil? Please correct me if I'm wrong.
Well, peanut oil is 3rd or 2nd to coconut oil in terms of demands in the market here in my country, but it's not a bad business idea though. However, I'm a bit confused when you said, one can even start with little money. I went to check on how it's being manufactured and I've seen 5-6 equipments to use in extracting an oil out of the peanut, and I'm pretty sure each and every one those equipments are quite expensive.
There could be another way of extracting it which will not require to use an expensive equipment, but your market competitors are using top of the line equipments, so I guess it's hard to compete in the said industry atleast here in my country.

Since we are on a crypto forum, I can recommend a variant, which was used by one agricultural company in my country (Ukraine). This is a private agroholding, which has agricultural land, and the owners of the land have decided to develop several agricultural areas.
Most likely you will need to customize the idea to suit your own specifics, but the general idea is as follows:
- The company has issued its tokens, in limited volume. The volume of tokens and initial value was calculated as Estimated value of company assets (market valuation of land value) / 1,000,000,000,000 tokens.
- The company then began selling these tokens for USDT.
- Each token is essentially an "electronic share" on which quarterly dividends are accrued and paid (in USDT).
- Accrual scheme: (Net profit received / 100%). Owners take 25%, investors get 75% of net profit, proportional to the number of tokens each token owner has.
- The token price correlates with the capitalization of the business. For example - adding 1 industrial greenhouse (it is 10*100 m, with heating, ventilation, heating,...) gives additional capitalization of about 100.000 dollars (market price of erecting and putting into operation such a greenhouse).

Most likely you will change the scheme of distribution and accrual of profit, but the model itself is quite workable and for 2 years, quarterly payments are made to token holders.

In any case - you get an inflow of investments for business development, investors get income, everyone benefits !

You can read more:
- on the project page: https://agroglorytime.io/#crowdsale
- in the topic here on bitcointalk: https://bitcointalksearch.org/topic/agti-5441294 (google translate will help you)

A business that sounds quite interesting and profitable. Because the demand for peanut oil is not only for cooking purposes, but it is also very much needed in the medical world. and if you look at competitors, it doesn't seem like there are too many entrepreneurs involved in this business so the opportunity to dominate the market exists.

And if you believe in this business, then immediately start this business now. Because if you just tell stories without any effort, then this business idea will just be in vain. Start now before people who are greater than you start this business. so that eventually this person will become your toughest competition in building this business.

The following is an excerpt from the news:
This is just a problem of uneven allocation of groundnut supply. Now with oil demand soaring, it is possible that profitability is slowly decreasing overtime because however all the farmers there see this as an opportunity and they just have to switch to the consumer market. While you see that this trend will last longer, it is better for you to start this business immediately.

It is a good business idea because you live in a groundnut producing country and you will not have a problem providing the raw material for oil production. But I do not understand why you titled your topic as a new business idea because the idea is being implemented by investors in your country or in any country that produces groundnut.
According to the article in the quote, this sector suffers from a lack of expertise, and therefore there is a lack of investments. This is reason enough to encourage young people to focus their specializations in this field because even if they are not able to launch a business, they will have opportunities to join an active business.

ok now i get it after reading your post. i was also confused about the graundnut he's talking about because i never heard of it. and now, it makes sense to me because high likely that he is talking about groundnut here.
what the OP can do is try this business on his own and see what will come out of it. not many people have the passion to venture on this business. but if will find success on this path, why not?
if he has the land and other resources, he can start planting it or if he doesn't have the land, he can buy cheap from the farmers and make this oil. as he said, the demand is quite great in his country. so he already has the market in case he will push thru this project.

That is actually a good business idea as you focus on the demand for the product in your country, as I observed, it seems like you don't want to share it in your local board due to some people might take this idea and you would have a competition with others. In business having competitors could be beneficial for you as well, as long as you make quality and have a trademark where most people would prefer the product you make. Imagine you are the first one to make this and people would acknowledge you as the OG groundnut oil maker.

Building a business might sound easy from our plan and thinking, you would also need to consider the manpower, equipment, and the source of groundnut. Plus the fact that you need to be checked for quality control and the safeness of your business if it same to be consumed and the cleanliness of the environment and the permits. I think it would be better if you share this with your local board for your fellow citizen to have discussion as they might help you with your plan as well, cause I think its not applicable to some of the countries as they have enough supplies from the product that you are proposing, but it's actually a good business plan.

Just because it is not available in a country or people from that country haven't heard of it doesn't mean that they can't benefit from this business. Business runs on demand and supply. The more the demand the more you can sell to grow your business. There's always the option to export it outside a country to earn foreign money. Or maybe there's a chance that it being unique could blow up and people will buy it instead of other oils and you could benefit from it.

Then again, it is a risk that one should take in order to grow the business. It's a good idea for business because food items are always needed in order to survive. Anything related to food will do a great job becoming it successful business. But as I have mentioned the risk, that is something which is involved in any kind of investment.

If one have the ability to do take the risk and have the financial ability to start the business then this should be a good idea but if you want to stay on the safe side, then it is always a good idea to go for dry food item which can be stored for a longer period of time. Other than that, this idea doesn't feel like it won't work.

This business idea might be beneficial for your country but this is a global board and we have people from all over the world here. This is the first time I have heard of this product you are talking about. Do you know why? Because this is not available in my region so how i will be able to benefit from this business idea of yours? I think this business idea is based on your country so it should have been within your local board.