Entrepreneurship is an ability of a person or group of people to come together to create a opportunity in other to make profits.
An entrepreneur is a person who creates a product or service in other to earn money or make profits at the end of the day. We have a lot of entrepreneurial ideas surrounding us but we pay little or no attention to them.
One of these ideas is the palm oil business. Palm oil is a very lucrative business if an entrepreneur understands the business
The first thing a palm oil business person needs is to buy gallons of at least twenty five liters each. The gallons must be in good condition to avoid leakage or spillage.
There is a need to buy some small container (kegs) also because it will be needed for portioning when our palm oil is available. It is advisable to buy them between late December and late January because they are usually cheap at this period.
The next step is to make sure that you have your capital ready because palm oil seasons are usually a very short one. It is advisable to buy once the price of palm oil drops and this usually happens by February ending and the first two weeks in March.
Palm oil entrepreneurs must buy as much as possible during the season so that they will sell off some and store some to be sold later. One must be careful in buying palm oil for storage. We must avoid buying palm oil that are not well cooked or that may have water in it or mixed with other things like colouring that is why it is better you go to the farm by yourself to see what you are buying as a palm oil Marchant. Like the Yoruba saying "inu igbe ni owo wa" meaning cool money is in the bush(farm).
Next thing to do is to seive and measure the ones we intend to sell off now, package and brand them then they are ready for
marketing. They can be sold in our local market or sold internationally.
Propal storage of the palm oil we intend to sell off in the later time must be ensured. To store them properly, we must not place our gallons directly on the floor, we should put a plank on the floor before placing our gallons of palm oil on it. If done this way, our palm oil can stay a year and more without getting spoiled.
Usually, palm oil starts getting very expensive from the month of May and it adds more with each month passing so you can decide when to sell off your stored stocks. I for one, I prefer to sell between October and December.
I sell off during this period because the price may be times two of the original capital or minus some few thousands of naira. Here is a business idea I gained from my grandmother and have been doing as a side hustle for some years back.
Thanks for reading till the end.
Images used are mine.