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How To Make Money From Gold Business in Nigeria

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Gold Business

If you are looking to start a business of trading in gold or want to invest in gold buying business, I have highlighted some steps you need to take to start investing in gold. I have also discussed investment ideas in gold business which can guarantee you making huge returns when you start a business of buying and selling gold bullion.

Is Investment In Gold A Good Idea?
Many investors in gold preserve it in form of bullion coins and gold bars. These materials can be stored for a very long time because of the fact that their values are not tampered by inflation and recessions.

What Is The Best Way To Invest In Gold?
How do you buy gold and silver? Where do you invest in gold? How do you open a jewelry store? How do you sell gold?

Gold is often sold in jewelry in alloyed form. Gold content of alloys and jewelry is measured in carats (k). Pure gold is designated as 24k. The higher the caratage, the higher the percentage purity of gold in the alloy. As such, the gold content in 22 carat (k) is greater than that found in 18 carat (k) gold. Copper, Silver and Palladium are the most common base metals used in alloying gold. Copper gives the finished product a characteristic reddish colour.

Here is how to do gold business.

Guide To Investing In Gold Jewellery Business Ideas
Gold can be found in reserves in different parts of Nigeria. You can invest in gold which comes in different forms such as gold bar, gold dust, gold ore and gold rock. Gold can be found in the following states Niger, Osun, Kebbi, Kaduna, Kogi, Kwara, Zamfara, Katsina, Kano and the FCT, Abuja. The gold deposits are mainly alluvial and are currently being processed on a small scale and they occur in small quantity that has to be worked on to produce gold bars.

How To Make Money Buying And Selling Gold
Buying and selling gold is a lucrative investment that gives great profit. You can even decide to start your gold business from home so long as you understand the rudiments and technicalities of the business.

TYPES OF GOLD BUSINESS

List Of Investment Ideas In Gold + Gold Jewellery Business Ideas
==> Direct ownership: Buying and storing gold is defensive way of holding value in an asset.
==> Investing gold mutual funds
==> Flipping gold: Buying when price drops and reselling for profit when price rises.
==> Opening a reseller shop: buying second hand used gold jewelry from people and reselling
==> Gold exchange-traded funds (ETFs)
==> Gold mining and sale of raw gold: investing in gold exploration and sale of raw gold bar or dust as a raw gold dealer
==> Opening a goldsmith centre: providing services of gold casting, molding, purification, production and customization of gold rings, bracelets, neck chains, Apple Iphone, business cards etc.

If you are ready to start a business of investing in gold, here are some simple steps to take:

10 Steps To Start An Investment In Gold Business

1. Get Your Gold Business Registered
It is proper to make your gold business legitimate by registering your business and getting a business name for it. As buyers or raw gold dealers, individuals, corporate organizations and the government will are more comfortable doing business with you when it is duly registered.

2. Write A Business Plan For Gold Business
A gold investment business plan will prepare you for challenges involved in gold business and planning on how to overcome them. The business plan will contain plans on how to expand this gold investment in the future. Many people ask what amount of money they need to start a gold business. Well, a well-written business plan would have answered most of your questions. No serious business survives without a well detailed and researched business plan. Same goes for gold business. You can get free samples of business plan to work with here:

Free Samples Of Business Plan Template

3. Research On The Best Type/Form Of Gold To Invest In
Take your time to carry out extensive market survey and feasibility studies on different types of gold before you start this investment. These will guide you into what kind of gold to invest in and where to source for market for gold. Examples include raw gold dust, gold ore, gold rock, gold bar, old and scrap gold jewelry, gold foil/leaf business cards, collection of gold-plated watches etc

4. Get Experience In Gold Value Assessment
Gold comes in different alloyed forms and weights. It is the responsibility of any serious investor in gold to be able to valuate how much gold is contained in a product and its weight in grams (g) or kilograms (Kg). This is called the percentage purity and is rated as Caratage. Thus we have very fine gold 24k (carat) which contains finite to no impurities and 10k (carat) that contains a higher degree of impurities as base metal.

5. Look For Sources Of Gold To Buy At Competitive Price
There is nothing cheap about gold. If it is cheap, it’s most likely to be scam. Instead of looking for cheap gold to buy, why not get a supplier of gold who will give you at a price that can guarantee you decent return on your investment. Your choice of gold seller must be reliable, trusted and delivers on time.

6. Source For Market For Your Gold Business
Before starting a gold trading business, do well to conduct specific market survey. Know who your buyers of gold are, how much of gold you can easily sell of within a short time and what type of gold these gold buyers are willing to buy.

 

Partner with other investors to raise enough capital to purchase more KG of gold and to be able to gather enough money to start wholesale business in gold. You may also work with gold shops and retailers. Gold is a luxury and not a necessity so you need to actively look for buyers of gold yourself.

7. Buy Equipment For Gold Business
If you don’t want to be cheated into bankruptcy, it is wise to buy important tools use in gold business and ensure they are well maintained. Some of these equipment include those used in gold smelting, molding, weighing, testing etc.

8. Gold Business Promotion
Advertisement is the soul of business. To succeed in gold business, you need to spread your reach. If you can afford it, market your gold products and services on tv and radio as well as in print media. Several online platforms are also available for affordable advertisement.

9. Monitor Trends In Gold Investment
Demand, gold use and market price of gold fluctuates. As investor determined to succeed in gold business, please do well to monitor these changes. For instance there is significant variation in people’s demand and taste for gold jewelry during different times of the month and year.

10. Secure Your Gold Business
Gold business is capital intensive. This usually attracts stealing and pilfering. It is good ideas to maintain high security around your gold business premises. Installation of tight security iron safe, security doors, electric fencing and CCTV, as well as the use of security guards is recommended if you can afford them.

How To Obtain Gold Mining License (Lease) in Nigeria
To obtain a license for mining gold, there are currently two routes available for prospective raw gold mining investors into the mining sector.

==> Purchase of a pre-existing gold mining property from the original owner. After acquiring the property, you can apply for a business license from the Ministry of Solid Minerals Development.

==> Applying for the following mining rights.

1. Prospecting Right (PR)
2. Exclusive Prospecting Licence (EPL)
3. Special Exclusive Prospecting Licence (SEPL)

How much capital do I need to get started in this gold business?

Buying a good quality gold scale and gold testing kit may cost you around 10,000 Naira. Money will also be spent on advertising your gold business. Finally, you will require money to buy your first few pieces of gold. This may be between $500 – $5000 depending on how much gold you want to start with.

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Ekemini Ekpo is a professional writer, blogger, and internet marketer. He is passionate about engineering, business, investment, entrepreneurship, finance, and personal development. When he is not managing web projects, he handles academic research writing and data analysis for individuals and organizations.

Business Ideas

How to Start a web design business in Nigeria

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Web design business is a very profitable business idea in Nigeria that has been in vogue for many years now. However, only few people fully understand how to design a professional website for clients. How To start a web design business in Nigeria, need two basic skills: (1) skill of creating a website and (2) skill of knowing how to market your web design service to potential clients.

Web design business is a highly profitable business as many businesses are going online these days and need a website. This includes small-scale business, schools, religious organizations like churches and mosques to big corporations. Beyond creating website for your clients, some of them (your clients) may need you to manage and update their websites for them regularly. This is an added benefit with extra financial reward that makes web design business very lucrative to the extent of generating millions of revenue annually.

How to Start a web design business in Nigeria

How to Start a web design business in Nigeria

Why You Should Start a Web Design Business in Nigeria

  • The startup cost is low
  • You don’t need to learn code
  • Your schedule can be flexible
  • The demand in the Market is high
  • The overall revenues are high
  • Contenders are falling behind
  • The timing is right
  • Training is readily available
  • Web development favors the young
  • Building websites opens doors to new opportunities
  • Makes you connect with multinational organizations

How to start a web design company in Nigeria

Content Management System (CMS) vs. Skills

Having the knowledge of programming language skills like HTML/CSS is a good advantage but in this era of constant update of software and optimized Content Management System (CMS) from developers around the world, things have become much easier in the web design business space. Today, with a content management system like WordPress, Joomla, Wix, Simplemachine, etc., you can easily setup and host a professional website within a few hours.

The place of mastery of web programming/coding skills cannot be replace by knowledge of CMS customization if you want to start a professional web design company in Nigeria or anywhere else. Despite the fact that you can begin a web design business without knowing anything about coding it is important that you get the essential knowledge of creating a website from scratch with code and be familiar with most recent updates in web design space.

Some of the proprietary web design programming languages you should be familiar with are HTML, CSS, jQuery, Python, and PHP. Focus on current software and plugins in designing a website and also go tp PHP.net for free but useful ideas on how to create better sites.

Create Your Brand

To convince a client that you can create a website, you first need to create your own professional business website. The outlook and functionality of your website would showcase your level of professionality and encourage potential clients to hire your service. So, strive to use the most recent standard website design strategies to make a high quality website for your business. This will help to position you and your business as a unique brand which potential clients would want to do business with.

Rent an Office Space

Though you can design professional websites from home for your client, I do not advise you to run your business from home if you intend to stand out among your competitors in the web design business space. You need an office space outside your home where clients can consult you for their web design projects.

Get a very good office at a good location that is accessible by both public and private transport sources. Go for a  place with high volume of human and vehicular traffic so that it can be easily seen or identified by potential clients.

Register Your Business

Register your business with the Corporate Affairs Commission of Nigeria (CAC) and while doing so, register as a corporate entity and not a mere business name. This won’t cost more than N80,000 Naira to do. Registering your business as a corporation shows how serious you are with your business. A registered business places your business as a corporate entity in the eyes of your potential clients. As such, you will be able to charge clients as a corporate entity and not as an individual. The corporate nature of your business will make clients to trust your brand.

Market Your Service

The aim of every business is to make profits. To get clients to pay you, you need to invest heavily in marketing. One of the ways you can promote your business is the use of online advertisement strategies like Google Ads, Facebooks Ad, Instagram Ads, advertisement on classified sites, blogs, forums, etc. in Nigeria

You can also get customers by advertising on National and local tabloids, magazines, using stickers and with billboards. Besides, advertisement through word of mouth still works. So, don’t relegate word of mouth method of advertisement to the background.

Charging good and appropriate rates, offering quality service and using promos and discounts can help to boost the sales in your business and give you better returns on investment in the long term. I hope these tips can help you to web design business in Nigeria and make profits from it.

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How to Start Polythene Nylon Bag Manufacturing in Nigeria

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Ever wondered how to start polythene nylon bag manufacturing in Nigeria. Well, starting a polythene nylon bag manufacturing business in Nigeria is an ideal step to open up more business opportunities as nylon bag business is a very profitable in Nigeria. It is also relatively easy to produce because of the availability of the raw materials and the low cost of machines.

Nylon bags are widely used in Nigeria for different purposes and in different styles from shopping bags, to disposable bags, plastic bags and used in wrapping consumables goods and it’s a fabric that is made from petroleum products. There are two major types of Nylon products which are low density nylons and the high density nylons. They vary depending on their uses and applications. Over the years the demand for Polythene nylon products have continued to escalate in Nigeria because of the increase in shopping malls, sachet water packaging, the need to wrap almost anything. There is hardly a thing in Nigeria today that is not wrapped in polythene nylon bags, even refuse. Despite this huge demand for the product, there is less supply from the polythene nylon manufacturers in Nigeria due to several reasons of which finance tops the chat most times. This creates an opportunity for anyone who is willing to start manufacturing nylon bags in Nigeria and make huge profits doing so.

Though a lot of people in Nigeria are doing just the nylon cutting and sealing business in different parts of the country producing and selling complete polythene nylon bags can give you a huge advantage over the rest of the people in this business. In simple terms, who handles the production controls the market. In financial terms, people who are into just the cutting and sealing aspect of polythene nylon business cannot be compared to you who handles the complete production.

Types of Nylon bags you can manufacture and sell in Nigeria

  • Low Density Nylon bags: This type of nylon is widely used to wrap snacks, breads, sachet water because of its thickness.
  • High Density Nylon bags : It’s widely used for Garbage bags, Pharmaceuticals, Packaging, disposable, shopping bags etc. because of its durability strength.

The rest of this guide discusses step-by-step what it takes to start polythene nylon bag manufacturing in Nigeria and how to do so profitably. If you read this article to the end, you should be on your way to starting a lucrative start polythene nylon bag manufacturing in Nigeria in a matter or months.

How to Start Polythene Nylon Bag Manufacturing in Nigeria

How to Start Polythene Nylon Bag Manufacturing in Nigeria

Raw Materials required for producing Polythene Nylon bags

The main raw materials needed for production of polythene nylon bags are:

  1. Escorene
  2. Luplen
  3. Dow
  4. A.S.F
  5. Master Berg

These raw materials will be extruded into polythene and polyethylene sheets which will be made into other shapes and sizes for consumer uses. These raw materials can be sourced locally but most Manufacturers buy these materials from Indonesia, India, China and South Korea. When you have decided on your source of the raw materials, the next concern should be getting the machines to handle the production.

However, when buying the Machines, ensure that you thoroughly understand the capacity the machine can produce and if it has both the ability to produce both high and low density nylons at same time or if its separated. Because there are many types of machines in the market that can produce polythene nylon products efficiently and effectively, I recommend you to ask questions and understand how they works.

Why people choose Polythene bags

  • Lightweight
  • High Tensile strength
  • Durability Resistance to damage

How to start production of nylon in Nigeria

1. Do A Proper Market Survey

You need to do a very good market survey about your potential customers before you start. In the course of your market survey you will discover where to sell, whom to market your products to, and when to supply the products. A good knowledge of the marketing mix will guide you in positioning your business and products to the market in a professional way.

Evaluating the Polythene Nylon industry in Nigeria is a good step in starting polythene nylon bag manufacturing in Nigeria as it will help you to know the legal registrations and licenses needed to set up this business in Nigeria. You will also know your competitors and what they are doing which will position you on how to take a different approach to target to your customers. This is why doing a proper market survey before starting this business cannot be overemphasized.

2. Write Business Plan

A well detailed business plan gives you an edge will help you to know how to move your business from one stage to another as the business proceeds. Some of the key things your business plan will help you with is accurate information of the financing needed for this business, the scale at which you want to operate and upscale/downscale strategies, advertising strategies, the business organizational structure, etc.

3. Register Your Business

Find the office of the Corporate Affairs commission of Nigeria and register your business or company name. It’s very easy as they have updated their services and this can be done with a limited days.

4. Raise Fund

Starting a polythene nylon bag manufacturing in Nigeria is not cheap. You need at least N10,000,000 for it. As such, you need to raise funds for the business from all means good and necessary of which includes your personal savings borrowing from the banks, family and friends. Make sure you have enough capital that can carry the business for at least 6 months before tangible profits begin to set in.

5. Lease a Land or Rent a Warehouse

You will have to buy or lease a piece of land at an industrial layout which is easily accessible by transport systems to enable easy movement of your raw materials and the finished products.

6. Buy and Install Needed Machines

Purchase the Machines needed from a good source or through the Alibaba website and look for good engineers to install the machines for you.

These are the machines you should consider buying:

  • Extruder Blowing Machine
  • Cutting Machine
  • Punching Machine
  • Recycling machine

The price of the machines varies start from 12,000 Dollars to 35,000 Dollars.

7. Hire Staff

Hire few staff initially, especially the people that is very necessary to the success and daily/routine operations of the business. This includes such people as machines operators, engineers, and laborers, accountants, managers, marketer, and product manager. With time, you can add more people to the team to enhance the business.

8. Get a Truck

Get one or more trucks that will aid your transportation processes in the business. If you have a good transport system which take both finished products to customer’s location and transport your raw materials to the factory, you will save yourself variables costs of hiring one at all time and time wasted will be reduced.

9. Kick Off!

Start manufacturing your products according to an acceptable specification and store them for supply.

10. Market Your Products

Advertise your company and its products regularly so that you will be known by marketers that patronizes of your products. A good marketing strategy is important to reach to millions of Nigerians and using different platforms of advertising such as Google, Face book. Advertising on blogs is also recommended. Deploy both online and offline marketing strategies to get your products to your desired customers.

Opportunities in The Polythene Nylon Business

There are huge opportunities in Manufacturing polythene nylon business in Nigeria because of the high population of Nigeria and the potential to reach new markets in other parts of West African countries. Indeed, the opportunities are immense.

Shopping in Nigeria has increased in the past years and a demand for Custom Shopping bags is flowing up. Starting your Nylon business will get you to reach out to these companies and make a lot of sales.

Target Markets for Nylon Bags You Should Consider:

  • Restaurants: Custom made bags uses in wrapping take away foods at many eateries in Nigeria.
  • Pharmacy: Pharmaceutical bags for wrapping up drugs.
  • Shopping Mall: A good place to boost your market share.
  • Laundry Stores: A nice target.
  • Waste Management businesses: It will be used to dispose wastes and very useful to them for reselling.
  • Public Markets: A major step in the right direction to reach to millions of sub-buyers.
  • Fashion Stores: To wrap up clothes and shoes.
  • Mineral Water factories: Used as sachet water and very common in Nigeria
  • Supermarkets: Very nice place to reach out to.
  • Bakery Companies: It’s used in wrapping up breads of different sizes.

Other places you can sell the product are:

  • Schools
  • Hospitals
  • Agencies
  • Snacks Factories etc.

Wrapping Up…

Polythene Nylon Bag Manufacturing in Nigeria is very lucrative and applying some innovative measures to have a different approach both in design and marketing will boost your company’s brand to the population. However, you need a good marketing strategy to penetrate the market and gain a lot of traction with the target customers. Growing your polythene nylon business in Nigeria needs more education on marketing. Besides, you should endeavor to deploy different channels of advertising to reach out to your potentials customers.

If you have questions with regard to this article on how to start polythene Nylon Bag Manufacturing in Nigeria, please comment below.

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How to Start a Bottle Water Production Company in Nigeria

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A bottle water company in Nigeria is a very lucrative and good business to invest in considering the population and the target market. The demand for clean water by individuals, homes and corporate bodies has expanded the market of bottle water in Nigeria. As such, anyone going into bottle water production in Nigeria today stand a high chance to make good returns on investment if the business planned and executed professionally. In this guide, I will be showing you step-by-step how to start a bottle water production company in Nigeria, and how to make profit from this business.

You see, friend, the potential Nigeria is a very large market with almost unlimited opportunities for profits. Besides, and the ever-growing population of Nigeria has made it easy for almost anyone to easily project and take advantage of the immense opportunities that come with steady population growth. Now, based on these two constructs, almost anyone can start, run, and make huge profits from bottle water company establishment.

Bottle water is used in many offices, at parties, while traveling, in schools and in homes across Nigeria. This gives credence to the establishment of bottle water company because of the large market opportunities available, making it one of the most profitable business one can invest in in Nigeria.

How to start a Bottle water company production in Nigeria

How to start a Bottle water company production in Nigeria

Basic things needed to start a Bottle Water Company in Nigeria

(1) A Reliable Source of Clean Water

Water source is very essential because you need to have a very good water source that can be dependable for a long time. You can get a spring water, mineral water, bore hole or other sources and listing your source of water in your label gives you a good advantage and some people usually checks the sources of water before buying.

(2) Government Approval

Government Approval is very essential before you start producing or start selling and getting your approval is by registering with NAFDAC. It costs about 300,000 Naira to register with NAFDAC but I will advise to find some agents that work with NAFDAC officials to be able to fasten your registration process and they may demand up to 500,000 Naira to speed up and obtain the Approval for your company. They are recognized by NAFDAC and will also make the site inspection and approval to be easier and often go free. The license is renewable after every 5 years for bottle Water Company.

(3) Source of Plastic Bottles

Bottle Supplier is very crucial to consider because you need to find a reliable bottle production company that is a member of the International bottled water Association and you can sign up for a membership with them. You need them to supply the bottle plastic and cap for your bottle water company in Nigeria. You can find some bottle water supplier at Vconnect or Environmental expert and tradinz.

(3) Machines and Equipment

Machines needed for the water treatment, filtering , dispensers, sealers, and other things is very essential and you must make sure that the plant will use reverse osmosis, filtration and ozonator water treatment as this is standard set by NAFDAC ( National Agency for food and drug Administration and Control)for bottling water company in Nigeria.

(4) Storage tank

Storage tanks is very important too as you need to store your water before pumping it into the machine and you can buy some of these tanks at ranging price of 70,000 Naira to 120,000 Naira base on the size of the tank.

Other things you might need include:

  • Fire extinguishers and fire prevention equipment.
  • Alternate Power supply.
  • Online Batch Number Printer.
  • Trucks for delivering finished product.
  • Offices for administration purposes.
  • Office equipment

Bottle water filter and washer, filler and packaging Machines which you will also need to buy

How to start your Bottle water company in Nigeria

  1. Study the Environment and research your target market.
  2. Get Your Business Plan.
  3. Look for Good Location.
  4. Buy or lease a land (at least 1,800 Sq) is enough.
  5. Build a factory or a warehouse.
  6. Buy and Install the water bottling Plant.
  7. Find a Bottle Supplier.
  8. Get Your Cap and Labels ready.
  9. Register your business or Company with CAC
  10. Get Approval from NAFDAC
  11. Get Additional Power Generator
  12. Employ few Employers at first.
  13. Start Production.
  14. Market and Advertise Regularly.

Starting a bottle water company in Nigeria gives you an added advantage as you can easily obtain loan from the bank or get easily the SMEs fund support from the government through the bank and some other organization. There are other big competitors in the Market who have made names for their self in bottle water company but because of Nigeria population, everyone is still accommodated in the Business. Such company is as follows:

  1. Eva Water
  2. Gossy Water
  3. Pure Life Water
  4. Swan water
  5. Ragolis water
  6. Coscharis water and others….

Finding Your Target Market

Finding your target Market where you can sell your finished products is easier in Nigeria as people gather in many places and so they need to drink water regularly to void dehydrating. It is in these places that your market is. I am referring to such places as:

  1. Sports Vicinity
  2. Shopping Malls
  3. Super Market/Convenience Stores
  4. Restaurants/Eateries/Fast Food
  5. Hotels/Guest House Bars
  6. Drinking Joints/Beer/Wine/Meat Bars

1) Sports Vicinity

This is a very good place to advertise your products and have an agreement with the organizers to approve the sale of your water only or with products (bottle water) from a few other companies.

2) Shopping Malls

You might find it difficult convincing some shopping malls owner to list your product in their shelves as a beginner but with time you will have your way and this is a very good location to advertise and sell your product.

2) Supermarket/Convenience Stores

This is regarded as the small shopping malls in Nigeria and has a need to advertise with them to sell your products.

3)  Restaurants/Eateries/Fast Food

This is a very good place to market your product and considering the vast number of restaurants in Nigeria. You will always have your way with many restaurants and eateries out there in Nigeria.

4) Hotels/Guest House Bars

This is a very lucrative target market for your product as most hostels don’t sell sachet water in their premises and this will make a high demand of your product if allowed.

5) Drinking Joints/Beer/Wine/Meat Bars

This is also a very good marketing target because of the high populations of Nigeria that turn out to visit these places for relaxation and entertainments.

Other places include:

  • Offices
  • Schools
  • Universities and Markets

Marketing Your Product

Marketing is the livewire of  every successful business and the bottle water business in Nigeria is not left out. You have to advertise your products regularly on TV stations, Radio Stations, the internet especially social media. Offer free samples of your products to people to boost . Promote your product always. Make use of your marketing strategy to keep your bottle water company afloat always.

If you found this article suitable to your need, please post a comment below and let me know you were here. Thanks.

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