Egusi is a fast moving product in Nigeria due to how it’s widely consumed, especially in Southern Nigeria. It is a product or good that will move very well in your store if you have it. In this post, we’ll be examining how to start a profitable egusi business with 500,000 naira and above.
This post will be a perfect guide for you on how to run this business profitably. You can get into this business as a supplier, a farmer, a retailer, and so on. There are different sections or factions of this business. This post is a perfect guide for you.
Now, let’s move on the main body of the post.
How to Start a Profitable Egusi Business with 500,000 naira and above
1. Learning the Business
You’ll need to learn the process of the business or how the business is done. This is to enable you do this business right to avoid mistakes. You’ve to find someone who is into this business in a large way in your area, and making gains from it. He or she will teach you where to buy the best egusi, how to buy, and how to sell. It’s very important.
2. Source for Capital
You’ll need to have the capital when you are planning to start this business or you should be able to source for the capital at the point of starting the business. Having the capital at hand will mean that you start the business immediately after learning it. The right capital you’re supposed to have depends on the type or section of the business you want to do.
If you intend to be an egusi supplier, you should have a larger amount of money. You should have around 1 million naira and above. The larger your amount of money, the more gain you are to make in the business, and larger goods as well.
However, if it’s as a retailer or farmer you want to start this business, you should have about 500,000 naira. As a retailer or farmer, you cannot only survive on selling egusi alone, you should mix it with other crops and goods to make your maximum gain which will give you sustainable profit and income annually.
3. Find a Suitable Store or Location
The next step is to find a suitable store or location for your egusi business. The kind of store you get should be depending on how large you want to start your business. If it is simply selling egusi in retail, a residential or market location is alright. However, if it is the large-scale supply and sale of egusi, a bigger store in a market or more central location would be better.
Your store and location should be where people can easily come to you and buy from you, or locate you easily.
4. Rent and Set Up the Location or Store
The next step after finding a suitable location is to rent and set up the location or store. Of course, for this kind of business you don’t need to beautify or set up your shop to look so stylish. Once your store or location is neat, presentable, and well-arranged you are good to go.
5. Buy and Market your Goods
The final step is to buy and market your goods. While starting, you should buy few goods and when the pace or level of the market increases for you, you can buy higher quantity of goods. When you buy, you need to market your goods properly to customers and consumers.
Tell your friends and family what you sell. You can also post it on online marketplaces and other online platforms for free. You should also put up adverts around your location, and set up social media pages for your business.
So far, this post has presented how to start a profitable egusi business with 500,000 naira and above. It’s a simple guide which ensures you do this business right. This business is profitable if you get it right.