"SEC-S20W1 | My Business Ideas | ( Oil Processing And Transportation)

One of the most precious gifts one could receive is the ability to perceive business ideas, harness their business ideas, manage them till they get to a break-even point, and then start enjoying the profits. But most businesses fail because the entrepreneur fails to be cognizant of the Location; the business idea that works in one city may not work in another. Therefore we should always go for a business opportunity. I am delighted to participate in this contest organized by @dove11 and @aviral123.

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Question #1- Are you planning to start a business or already in business?

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Yes, I am already in business. I am in the palm oil purchasing and processing business and Transportation business. It all started after I graduated from the university in 2019, I searched for Jobs but I couldn't find one, so I remembered what we were taught in school, which is entrepreneurship, so it was time to start up something, but I only had two hundred thousand Naira I saved during one-year compulsory service for Nigeria.

I began the survey to perceive business ideas, and during my survey, I realized that women who were in the crayfish selling business looked for cars to convey them to and back from the market in another city in my town. Since I already had a car, I said to myself; this is a true business opportunity, not just an idea because that was what eighty-eight percent of the citizens needed since they are traders. I seized the opportunity and harnessed it, and I made twenty thousand naira profit on my first day in the business.

I was not satisfied with just one source of income, so I began to purchase palm oil and store it, then sell it when its price rose. But I was not still satisfied, I noticed that people from the northern part of the country come to my city and buy palm oil. Another business opportunity, not just an idea, presented itself: the processing of palm oil. Since I studied chemical engineering at the university, the processing aspect of the business wasn't a challenge.

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Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.

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The sole proprietorship is my business model. Everything is on me, the management, the strategy, the losses, the profits, and how the business is operated are all on me; I am my boss.

In my business model, I have established good relationships with my clients, and I have an open floor for them to drop their complaints. In the transportation business, I noticed that my clients prefer to be picked up from their house and returned there, and they are not comfortable with sudden fare increases; they have to be notified in advance, and I have addressed their concerns. In the oil processing business, I noticed that my clients prefer quality but in commercial quantity, and I have addressed this.

In my model, I have decided how money is utilized by setting profits aside from capital and then dividing the profits into maintenance fees, consumption, and reinvestment. This helped me not to temper with my capital.

In my business model, I review what clients need, and the best way I can serve them. And I have always taken note of my competitors the services they render that can turn my clients from me, then I will double the services; that's the strategy, offering the best makes me the number one choice in my line of business. I also look out for Government policies in my model.

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Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.

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Partnership business is advantageous since there's a collaboration and collection of ideas, and there's also a share in losses. But my business model is not a partnership; it's a sole proprietorship.

The advantages of my business model are;

I earn all the profits
I make major decisions
I plan my business strategically all by myself

But I am also facing some disadvantages in my business, which are;

I incur all the losses
There's no collaboration of ideas
I can not satisfy all my clients simultaneously because of limited power
I am always exhausted because the workload is all on me

Looking back at the disadvantages of my business model has made me think of how to curb these. I am planning on expanding my business to a mini company, then a large company. In transportation, I will purchase more cars and hire drivers so more clients can be satisfied. In oil processing, I am looking at hiring people so we can produce more gallons of oil in a day. As time goes by, I will be submitting business proposals to people to come partner with me; by then, the company's name will have to change from limited to PLC( public corporate). I am also contemplating starting another business that's selling off all kinds of drinks, both wholesale and retail.

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Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

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Business is not supposed to be stagnant, but it has to grow and flourish. But that doesn't just happen; effective planning must be carried out to achieve growth and flourishing in business. I am planning to expand my business as I mentioned earlier, and these are my plans;

In transportation; I will purchase more cars, and hire drivers to work for me. The limitation I am presently having is that I have just a car, and I drive it myself. Often, I will receive calls from my clients when I have been booked by another client; therefore, having other cars will address this limitation. I am saving up daily for this. When I have gotten some cars, I will open the floor for partnership.

In oil processing: Palm oil is a saturated oil that is highly consumed; I am planning to expand this business and purchase more machines. Then, I will open the floor for partnership, and we see how we can get into exportation after refining to preserve the oil.

Finally, the selling of drinks in wholesale and retail; this business is yet to be established, but I will soon do that.

In summary, I see my businesses becoming a group of companies in five years, a company that will provide quality service in transportation, oil processing, and drinks selling. This is my dream, and I Earnestly pray it will come true.

I invite;

@beevicsam
@blessedbee
@goodybest

Participate through this Link

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BEST REGARDS

@iddy