26 Tips to Open Plastoground Company

Open Plastoground Company: New companies thrive on innovation.

If you want to come up with a winning idea for a new company.

You’ll need to set yourself up for success.

By learning to conduct market analysis and identify a gap in consumers’ needs.

Then develop a compelling vision to fill that desire.

With a new and undeniable product.

See Steps to start learning how to start a new company.

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1. Get the business backgrounds

Plastic industry is among the industries that have flourished very well in Nigeria despite the inflations.

And economic instabilities that had affected the country’s economy in the past.

It still stands as a successful industry alongside others.

To open a plastic industry in Nigeria.

You need to understand that it may not be as cumbersome as you may think.

2. Open Plastoground Company

The things you need to operate a plastic industry.

That would rise up to become popular like the INNOSON plastics.

GEEPEE plastics, etc. may not cost more than N2million for a starting.

You will only need to buy and set up basic equipment for a low capacity production.

Which may be just 10% of what the popular plastic industries are producing.

But the good thing is that your company will rise to a bigger brand.

And production capacity with good management and marketing.

When considering opening a plastic industry.

The first thought is the availability of raw material and the processing of the raw materials.

3. Open Plastoground Company

Plastics are produced from the polymerization of monomers.

Small crystals of hydrocarbon products obtained during and after the processing of crude oil.

A good place to obtain such product in Nigeria is from the ELEME PETROCHEMICAL.

Popularly known as INDORAMA, a chemical industry known for the production of fertilizers.

And other chemicals at the out-sketch of Port Harcourt city.

Just very close to the Port Harcourt refinery in Rivers state.

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4. Open Plastoground Company

However, another source of raw materials for plastic industries.

Includes the recycling of used plastic products from refuge sites and industries.

The recycled plastics costs less and may be easier to process in some cases.

About N700,000 can take care of buying of raw materials for small plastic industry.

Open Plastoground Company

5. Create a long-term series of goals for your company.

What will you need for your company to be successful at the end of this month?

The end of this year? Ten years down the road?

Give some serious thought to where you want your company to head and what you’ll need to take it there.

Flying by the seat of your pants is a good way to create a company that will fail.

Careful planning will help you to structure your company.

And accurately anticipate the challenges that await you.

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6. Write up a business plan to define your goals and appeal to investors.

A business plan is an essential step in starting any company.

A well-written business plan forces you to articulate the corporate philosophy for your company.

The practical execution of your ideas in terms of marketing and funding.

And a detailed description of your product or service.

Your business plan needs to include:

  • Your vision for the company
  • Market research and consumer analysis
  • A detailed description of your corporate structure, including leadership and staff
  • Your marketing plan
  • A specific breakdown of costs needed to get your company off the ground
  • A personal appeal to potential investors

7. Put a name on it.

It’s important to come up with an appropriate and eye-catching name for your company to make it official.

Brainstorm lots of possibilities and get feedback on a handful of your favorites.

A well-named company has a much better chance of sticking around long-term.

Your name also needs to be unique in your state.

If you plan on filing for incorporation.

And should be registered with the Business Bureau or Administration in your state.

A good company name should be:

  • Catchy
  • Simple
  • Fresh
  • Easy to brand

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8. Obtain the proper state and federal permits to conduct business.

Depending on the nature of your products or services.

You’ll have to file at the federal and state level to conduct business legally.

Research the requirements and talk to a representative at the business bureau.

To make sure you’ve filed appropriately and are within the bounds of the law.

You can find the requirements for your particular state by clicking here.

9. Form a Limited Liability Company (LLC) for maximum flexibility.

An LLC is a hybrid of the flexibility of a partnership-style organization.

With the liability features of a more complex corporation.

While a corporation is owned by shareholders.

The members of an LLC are not taxed as a business entity.

But rather report the business of the company on their personal tax returns.

Making it a popular option for small companies getting off the ground.

To register as an LLC, you need to:

  • Register your name. The name must be unique and registered with the business bureau in your state.
  • File articles of organization in your state. This is a basic document available from and filed with the Secretary of State in some states, and the corporation commission in other states.
  • Create an operating agreement. While not required in all states, an operating agreement exists to codify the financial organization of your company in terms of profits.
  • Obtain the necessary licenses and permits to hold business and/or manufacturing in your state.

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10. Estimate your start-up costs.

This should be done as part of the business plan.

As a way of figuring out exactly what you’ll need to request from investors.

And acquire via other means.

It’s an essential part of getting your company started.

And helps to give possible shareholders or venture capitalists a hard number to consider.

11. Try to distinguish between essential and optional costs.

The cost of the start-up should only include essential costs.

The bare minimum to get things started.

While it’d be great to have money built-in to the start-up for the Fruit Loops bar.

You’ve always wanted to have at work.

It’s probably not a great idea to build that into the initial plan.

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Open Plastoground Company

12. Complete a cash-flow analysis.

Before anyone will consider putting up money to invest in your business.

They’re going to want to know when they’ll start seeing some return on that investment.

You can determine this by performing a cash-flow analysis.

The result of which will be a reasonable expectation of the time.

It will take for your company to become profitable and begin paying back the investment.

  • A good cash-flow analysis should accompany your business plan when you meet with investors.

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Open Plastoground Company

13. Identify a new market.

A successful company is one that uses creativity and innovation.

To discover previously untapped markets for products and services.

Creating things that consumers didn’t even know they needed.

Then selling it to those consumers at a profit.

If your goal is to form a successful company.

You need to start by finding a great need in a consumer base and planning a way to exploit it.

14. Do market analysis

Do market analysis to identify potential consumer needs and desires.

If you’ve already got a great idea for an innovative product.

Think about who it is that will want to use and purchase your product or service.

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15. Be as specific as possible.

Consider important statistical factors in your potential consumer base.

That will help you plan your product and structure your company around its consumers:

  • Age of average customer
  • Socioeconomic status
  • Location (urban, rural)
  • Education
  • Spending habits

Open Plastoground Company

16. Consider forming a business partnership to run a tighter ship.

A partnership is shared by one or more individuals who divide profits.

Responsibilities, and other elements of the company among the parties equally.

Or on a limited basis depending on the company’s structure.

To register a business partnership.

You’ll need to register your name.

Acquire the appropriate permits for holding business.

Depending on your company, and file your company with the IRS.

The tax formula for partnerships is somewhat more complicated than that of an LLC.

  • The partnership must furnish an Annual Return of Income.
  • As well as both employment taxes and excise axes by filling out IRS form 1095.
  • The individual partners must additionally pay individual income tax.
  • As well as self-employment tax and excise tax.

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Consider incorporation.

To file as a corporation, you’ll need to file the proper articles of incorporation in your state, generally with the Secretary of State’s office.

Depending on the state, you may also have to identify your shareholders and issue the accompanying stock certificates to make the corporation legal and file with the IRS, receive a tax ID number and the accompanying permit.

  • Corporations use IRS form 1120 to file revenue, while shareholders will file income tax as regular employees.

Read on: 20 Tips to Start Rice Wholesales Market in Nigeria

Open Plastoground Company

17. Apply for equity or debt financing.

To get a business loan, you’ll need to provide both evidence of good credit.

As well as experience in a management role.

And also decide whether or not you’re going to seek equity or debt financing options.

Or some combination over several sources.

  • Debt Financing refers to a traditional business loan. To repay this kind of loan, you’ll repay the money you’ve been lent over an agreed-upon period of time. These are offered by banks and the small business authority, who grants SBA loans under the right circumstances.
  • Equity Loans are paid off with shares of the company to be formed. This is generally collected from business associates, friends, and other individuals, and is traditionally favored by small businesses and start-ups. In exchange for a piece of the business and a stake in its future, individuals will put up cash.

See also: 22 Tips to Become Egg Hatchery Business Investor in Nigeria

Open Plastoground Company

18. Develop a compelling product, concept, or service for that market.

When you’ve identified a need, fill that need with a new concept for a product.

Think big. Innovation requires that you identify something that will change the way people think.

Apple wouldn’t be a successful company if they hadn’t identified a consumer base’s desire for elegant and simple music, phone, and computing technology.

  • Recent start-up success-story “Coin” had the idea of a simple card that consolidates all your credit cards, debit cards, gift cards, and other wallet-clogging plastic into one, easy-to-use card.
  • By identifying a consumer need (to de-clutter) and a simple, elegant product that filled that need, Coin generated a lot of buzz and attracted serious investors and customers.

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19. Open up to the public by using a cooperative business model.

In a co-op model, the company is owned and shared by the workers and the customers.

Making the decisions and the operation of the business a fluid exchange of ideas.

Between company and consumer. Often, co-ops also operate via consensus.

To form a co-op:

  • File for incorporation
  • Draft your company’s bylaws, or operating rules
  • Draft membership applications
  • Elect Directors from the initial membership group

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20. Get a good machine for the business

Another thing to consider is the machines for the processing of the plastic raw materials.

The major working principle of plastic processing machines is the melting of the raw materials and pouring them into molds.

There are two methods the machines could work, they can work as extrusion machine or injection machine.

Depending on the type of plastic you intend to produce.

You will need to understand the difference between these two machines.

Open Plastoground Company

21. Create a working model of your product.

In order to attract serious investors, you’re going to have to prove that your innovation is possible.

Whether your company will be structured around the most delicious brownie mix ever marketed to Brooklynites.

Or a chain of coffee kiosks, you’ll have to develop a working model that actually works.

  • Hook up with engineers and other technological innovators if you can’t create a working model of your product yourself.
  • Depending on what you’re trying to create, this may be a serious time and money investment.
  • Consider crowd-sourcing for an initial product, if it should prove expensive.

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22. Generate as much buzz as possible.

People will be more willing to invest in your company if there’s a difficult-to-define “buzz” around it.

You want your company to poise itself as being impossible to fail.

You want your ideas to seem so strong, your leadership so secure.

That there’s no way it could possibly lose money.

Partly, this will come from establishing an innovative and exciting idea that it will be difficult to deny.

As well as dipping your toe into the vast pool of advertising.

  • Revolights, a garage-start-up that made awesome-looking rotary bicycle lights, managed to crowd-source almost five times their essential funds based on a simple Kickstarter video that went viral.
  • Because the lights looked so cool, it was easy for individuals to convince themselves to pony up some money in exchange for the product’s availability.

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Open Plastoground Company

23. Embrace new media and advertising.

While it’s important to announce your company in the traditional business trades and make the regular contacts.

It’s essential to embrace new media and structure your company in the 21st century.

Building a buzz around social media and other online venues could be the difference between a hot new unveiling and a flat-out failure.

24. Make your company a trendy place to work.

As you recruit and hire new employees, dropping your new company on the world.

You want to cultivate a reputation as an innovative and trendy place to be associated with.

Companies like Google and Facebook, aside from being incredibly successful and innovative servhttps://businesshab.com/ice-providers.

Have also established a reputation as places that celebrate progressive office culture.

If you want to attract the best and the brightest in young workers.

Forego the dismal office park and the traditional culture in the wake of flextime.

Worker-friendly aesthetics and features, and an open policy of making your employees happy.

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Open Plastoground Company

25. Employ an expert

The fear of having the knowledge of any industry.

Before investing in it should not be a limitation.

Rather employing an expert at low cost with a promise of staffing such person.

Will go a long way of placing you on the right track.

Stealing your staff’s knowledge will be of advantage to you as an investor.

Because it is good to have a little knowledge of the activities of your industry.

And the only way to acquire it is to work closely with your staff.

With good knowledge of the industrial activities.

It is part of the reason you are paying him/her after all).

Open Plastoground Company

26. Know how to manage your money:

The best way to be in charge of your money is to use it to invest.

In places that you can easily manage the money.

And such places include industries and commerce.

Nigeria had been known for their high involvement in commerce.

Though with a low number of industries.

The country is rising fast with increasing number of indigenous industries.

Aimed at replacing and overtaking the domestic market.

Against the longtime dominance of imported goods and products.

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Open Plastoground Company

This recent trend has made most countries.

That have a majority of their products in Nigeria market.

To relocate or site some of their industries in Nigeria.

For the fear of not being completely overtaken by the rising indigenous industries.

A good example of such, is the current Chinese company.

That just opened its manufacturing plant in Aba, Abia state.

For the production of bags, shoes, and clothes.

The reason being that the city had been rising in their production capacity of such products.

And the companies contributing to the increase in production are indigenous companies.

These factor has led to the population of such product in both Nigeria market.

And markets in other African countries.


It is believed that in some years to come.

There may be a massive reduction of importation of goods in Nigeria ports.

Therefore, it will be a wise decision to join the trend of industrialist.

Creating jobs and reducing unemployment in Nigeria.

As well as contributing to the nation’s economic growth.

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