If I ever get the opportunity to start a business, I would like to venture into one that is not so common. I strongly believe that is where the real profit lies. Many people run after businesses that everyone is already doing, and as a result, the competition is very high, and the profit margin keeps shrinking. For example, the whole of my street is into Sachet water and soft drinksIf you turn right and left, you will see the same thing🤥 For me, I want to go for something that people often overlook, yet has proven over time to be very profitable.
The business I recently discovered is the palm oil business. For a long time, I used to ignore it. I honestly thought it was a dirty business and not really worth my time or effort. I don't want my hands stained but have I gotten the adage which state that Inu igbelowo wa, meaning, treasure lies poop🤣 I never cared much whenever I heard people talking about palm oil business. But to my surprise, after taking a closer look, I realized this business holds a lot of potential and can be extremely profitable, especially here in Nigeria.
Gathering my tools for use.
Palm oil is something that almost every household consumes. It is a basic cooking necessity, and because of that, the demand is always there. But what makes the business even more interesting is how the price fluctuates during the year. Palm oil prices are not stable; they rise and fall depending on the season. Most times, palm oil hikes from around September and remains high till about March. After March, the price drops again before going up later in the year. This pattern creates an opportunity for anyone smart enough to buy low and sell high. Wait for ky testimony 🤣
Take, for example, if I decide to buy 20 kegs of palm oil in March when the price is usually at its lowest and then keep them in storage until October, November, December, or even January when the demand and prices are high, I would be making an incredible profit. The difference is so huge that it can completely change one’s financial situation within a short time. Thoughtful, right?
Let me give a practical example. Last year December, I bought a 25 liters keg of palm oil at the rate of ₦65,000. Now, imagine if I were not the buyer. If I had been smart enough to purchase those kegs earlier in the year, say around March, when a keg was sold for just ₦22,000, the profit margin would have been massive. To break it down, ₦65,000 minus ₦22,000 equals ₦43,000 profit per keg. That is not a small amount of money at all. Now, multiply that profit by 20 kegs. That means I would have made about ₦860,000 in profit in just one business cycle without even stressing myself too much. Isn’t that amazing? It is, my people.
So when I think of the type of business I would love to do, it is definitely this one. Palm oil might look ordinary or dirty to some people, but to me, it is a business that combines simplicity with maximum profit. And in the end, business is not about how clean it looks from the outside, but how profitable it turns out to be👌
The palm oil business is a hidden goldmine and it's the one business I would love to do.
sometimes the things we despise are where the fortune lies
My entry to the #ladiesofhive community contest #252.
The Image is mine.