The steps that need to be taken to start a palm oil mill in Nigeria
The steps that need to be taken to start a palm oil mill in Nigeria are as follows:
Formal and/or informal market research to understand the nature of the business, volume of business, existing buyers and sellers of the product, where they are concentrated and the main producers of palm oil you own.
Identify your niche market. You can choose from three distinct and well-defined niches in the palm oil industry and they are: palm tree plantations, palm oil mills and bulk palm oil trades.
Determine your target market. This will help you determine your marketing strategy and sales plan.
Determine your financial needs. This will help you determine how much capital you need to start your business.
Determine your production costs. This will help you determine how much capital you need to produce your product.
Determine your selling price. This will help you determine how much capital you need to sell your product.
Determine your marketing strategy. This will help you determine how to promote and sell your product.
Determine your sales plan. This will help you determine how to sell your product.
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