BusinessHABYam Wholesales Business :Going into yam wholesales business is one of the best business you can go into.
For example you can buy in bulk and supply.
All you need to do is source for major suppliers.
Buy from them (this supplier are mainly found in the villages).
And supply to retailer, you need only N200,000 to commence this business.
Do you know that the production of yam in Nigeria is substantially short.
And cannot meet the growing demand at its present level of use?
Yam has an important social status in gatherings and religious functions as well.
Imagine the amount of cash you will be racking in for yourself, owning your very own yam wholesale business.
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Yam Wholesales Business:
1. Get the Business Background:
Nigeria is by far the world’s largest producer of yams.
Accounting for over 70–76 percent of the world production.
According to the Food and Agricultural Organization report, in 2015.
Nigeria produced 18.3 million tonnes of yam from 1.5 million hectares, representing 73.8 percent of total yam production in Africa According to the recent figures.
Yam production in Nigeria has nearly doubled since 1985.
With Nigeria producing 35.017 million metric tonnes with value equivalent of US$5.654 billion.
In perspective, the world’s second and third largest producers of yams, Côte d’Ivoire and Ghana, only produced 6.9 and 4.8 tonnes of yams in 2008 respectively.
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2. Know their various species
According to the International Institute of Tropical Agriculture.
Nigeria accounted for about 70 percent of the world production.
Amounting to 17 million tonnes from land area 2,837,000 hectares under yam cultivation.
Yam, a tropical crop in the genus Dioscorea, has as many as 600 species out of which six are economically important staple species.
These are: Dioscorea rotundata (white guinea yam), Dioscorea alata (yellow yam), Dioscorea bulbifera (aerial yam), Dioscorea esculant (Chinese yam) and Dioscorea dumetorum (trifoliate yam). Out of these, Dioscorea rotundata (white yam) and Dioscorea alata (water yam) are the most common species in Nigeria.
Yams are grown in the coastal region in rain forests, wood savanna and southern savanna habitats.
You can start you a yam business with less than N200, 000.
With yam you can’t go wrong, it generally eaten by all tribe in Nigeria.
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3. Get the Yam Wholesales Business Activities
It’s important to understand the aspect of Yam Wholesales Business we’re discussing, considering how vast the food sector is.
So what is Yam Wholesales Business in Nigeria?
This is a type of business where you buy yam in tones and then sell it at retail to customers.
Your customers can be individuals, restaurants, hotels, schools etc.
Due to the popularity of the wholesale business in Nigeria.
There is still room for more entrepreneurs to invest and profit from the business.
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4. Get the Business Needs
Yam Wholesales Business Can be done anywhere.
The yam wholesales business is one of the businesses that can be done irrespective of the location.
No matter the location, whether in the rural or urban location people need food to survive.
It is needed on a daily basis to maintain our daily body functioning and optimum health always.
You can make profit from the business.
If you start the business, there is every chance of making a profit from the business.
However, this is in no way trying to tell you that the business is a get rich quick scheme.
But when you develop a solid business foundation.
You can be sure to grow the business from nothing to a profitable one.
Now that you’re ready, let’s dive into the step by step process required to set up yam wholesales business.
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Yam Wholesales Business
5. Get a business location
If you’re interested in the yam wholesale business in Nigeria, then the location is really important.
This is because your location will ultimately decide where you can buy the yam when starting the business.
For instance, if your location is in Lagos, you can go to places like the Alaba rago Market, Ojo, where you can get the product at a cheaper rate.
Another option is to visit local market closer to you in a rural community to get the yam produce at a cheaper rate.
Another important factor in choosing a business location is the accessibility to customers.
This is particularly great for those trying to find a static location.
Your location should be easily accessible to all forms of computers.
Once you’re able to make the decision, then you’re ready to move to the next step.
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6.Get a proper business operation
This is really important because without figuring out the business operation of your business.
It’s going to be difficult to operate the business effectively.
You can decide whether your mode of operation can be to be a door to door delivery.
Delivery to hotels, restaurant or find a static location for the business where you sell for individuals etc.
For most beginners, they start the business by selling from a static location then scale it up.
When you’re able to figure it out, then move to the next step.
7. Get your Yam Wholesales Business Plan
Well, this is really important as a yam wholesales business plan.
Will help you keep everything and all calculated figures on record.
Your business plan should include the following:
- Decide on the type of product you intend to sell.
- There are several reasons and factors to consider here.
- But the important of them is the knowledge and demand of the product.
- Then decide on the amount of money you need to spend on the business startup project.
However, these may vary according to the product you choose.
Some may require more startup capital than the other.
- Then write your projected profit and future expansion of the business.
Well, we’ve outlined all the steps required to write a great business plan for any business of your choice.
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8.Get your Yam Wholesales Business Registered
To ensure that you have a business name.
You’ll need to register your business with the corporate affairs commission.
And also register to other relevant institution.
The reason why this is important also is when you intend to become a major supplier of yam to hotels, restaurant, food processing companies.
They’ll need you to be fully registered to ensure that you’re legit.
Then move to the next step of the process.
10. Get your Yam Wholesales Business Setup location
Now it’s time for you to setup your business location.
This setup will ensure that you place products based according to their species
Some so make the setup on tables, others make customized trays to display the yam.
If you don’t have any idea about how the setup will look like,
Then you can visit similar locations and see how the setup looks like.
And then create a prototype of it which will be used to set yours up.
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Yam Wholesales Business
11.Get a delivery van
If you’re to supply to schools, hotels, restaurants or food processing companies.
Then you’ll need a delivery van.
For starters, you may not have the money to acquire one for yourself.
But you can always use a commercial van which can make the delivery for you.
12.Get a better yam product
Go ahead and buy a better yam products since you have everything setup properly.
When buying, it’s important you go in time to do a survey of the prices before making a decision.
One formula that has worked for me is to go to the market early (during the market days).
Do a survey, then relax.
After some hours, or at the verge of closing the market, I go in and buy at a lower rate from desperate sellers who want to sell by all means.
The downside to that method is this. You may not find the best of grains at that time and in cases where there are shortages of yam in the market, you may not find any to buy.
Well, that’s why you have to survey the market before taking the ultimate decision.
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Yam Wholesales Business
13. Hire people
Now your business is getting set to start.
But you’ll need to employ the staff that’ll need to help you in running the business.
But you have to write all the rules and what each worker will do when they’re employed in the business.
If you’re not going to do it immediately.
Then you need to keep that in mind as you’ll need to employ as the business grows.
Yam Wholesales Business
14. Start selling the goods and make profits
Open for business and begin to sell your products.
Business grows as the hours, days increases.
As the number of customers grows, so will be the profit of the business.
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Yam Wholesales Business
15. Advertise the business
Advertisement can come before the last option.
Well, the advertisement is an important part your business.
To get more people to patronize your business, you’ll need to let the voice out.
You can begin the advertising by telling your friends and family.
Make some flyers and distribute to potential customers.
Visit hotels, restaurants, school and submit a foodstuff supply proposal.
Ensure you do it to several of the places involve to boost your chances of getting more than one place to supply yam.
Give some time and so a follow up to see whether your proposal has been approved or not.
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16. Yam Wholesales Business Challenges
Like any other business, there are some challenges of wholesale yam wholesales business in Nigeria.
This is not in anyway trying to discourage you, but to ensure that you’re better prepared for the business.
These are some of the business challenges you may likely face in a foodstuff supply business.
Fluctuating prices
The prices of foodstuff may not be the same all the type due to several reasons:
- When the yam supply to the market is lower and there is more demand for the product.
- That will affect the prices. This scenario always happens at the peak of the farming seasons.
- Another reason is inflation. Inflation pushes the value of the naira down which can also affect prices of the commodity in the market.
Yam Wholesales Business
17. Get yam suppliers
Sometimes the middlemen are the problem. You sometimes not get what you ordered.
These can be devastating and lead you to get the product that is not of good quality.
The way around this is to ensure you find the yam market or farmers market to get your yam.
Conclusion
Now that you’ve read the steps required to start yam wholesales business in Nigeria.
It’s really important to analyze the market.
Make some tough decision and then start making a profit from the business.
BusinessHAB