The Profit potential
The foods supply business is a wealth creation business that will make you smile to your bank. Lets analyze the profit that this business is capable of bringing.
A pack of fried or jollof rice goes for N350 per pack with chicken or beef meat. If you supply 20 pack in a day, that will be: 20×350 = 7,000. Then in 5 working days, you will be making N35,000.
N35,000×4 (weeks) = N140,000 for a month.
Let assume your running costs are:
1 bag of rice 8,800
Tomatoes & Peppers 1,500
Groundnut Oil 4,200
Other expenses 1,200
When you subtract 22,000-140,000= 118,000 after expenses in just a month.
Getting Your Capital
To get your business started you need capital, but at the same time it is advisable to start your own business with the little cash at hand that is readily available. Do not borrow to start business! Borrowing to start a new business has ruined many lives
SEE ALSO: How To Raise Money For Business In Nigeria
If possible talks to your friends and family rather than rushing to the bank for loan. Although borrowers may accept your request; but this may not be the best option at the very early stage of your business. The interests rate that may be require to pay back on the loan is capable of crippling your business.
Be Good At What You Cook
Your ability to cook delicious variety of foods that everyone around you can testify about. This is a step forward that you are good at what you do. If you are privileged to have run restaurant before, its would be an added advantage to you. You can use your home as an address for the food supply business and if you can afford it, rent a shop.
A word of caution: Try to invite others to see and taste your dishes.
Create A Strong Network
Strong networking ability is one of the best ways to create a strong customers base and to reach the desire people.
Take time to visit event centers, organizations or companies. Informs friends about your food supply business, create banners, use van that carry your business name and address etc. Promote your business online on Facebook, through this million of people will get to know you.
As you take steps toward the starting of your food supply business in Nigeri, understand the important of negotiation in your business. Lack of proper negotiation can make you run into loss when you are suppose to gain. Start with higher amount so that when the other party respond you cut down your initial price to suit him.
SEE ALSO: The Concept Of Making Concessions During Negotiations
Price your food within what they can afford while the agreed rate will still be favorable to you. Compare your price with other competitors and fixed your price.
Maintain A Good Cleaning Habits
Your being clean is another step to success. Most customers easily feel discourage the moment they notice that your appearance, environment and your utensils, (plates,spoons etc.) are not hygienic,its spark off their interest in you and especially the foods you served/supply. Keep your environment clean at all time.
Work With An Agreed Time
It is important you work with an agreeable time. Most African are not timely conscious, especially in business issues. Therefore, be sure you are time conscious in your food supply business. Since, most workers may prefer to take their breakfast before resuming duty, it is better you stick to time that will suit your customers. And if there is an arrangement for launch make sure you work with an appointed time.
Finally, the Nigeria business environment is a growing business opportunities. Therefore make use of this advantage and you will smiles to the bank with food supply business.