5+ Ways To Start Iron Rod And Steel Business in Nigeria

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Iron rod and steel selling business: Are you interested in starting start iron rod and steel selling business in Nigeria

But do not know how to go about it?

If your answer is yes, read on to understand how the business works and how to get started with ease.

Starting this business is really not difficult at all and anyone can do it.

Likewise other worthy businesses, steel rods supply business has good returns on investment.

For instance, one length of 16mm – Iron Rod could be sold at about N3, 000 retail price.

If you buy it at N120,000 per tonne and get 52 pieces, you will get N36,000 profit after selling them off.

The returns could be much higher or lower depending on how much you buy.

There are different prices of iron in the market.

At the same time, the price for imported is not the same with Nigerian made.

The breakdown above is to furnish you with idea of what the profit in the business looks like.

Ensure that YOUR target will always be to get product at the best price possible,

Going directly to the steel companies to buy would be considered more profitable.

I decided to write about steel rods business today because it is very easy to start.

Al what you need is just a space by the roadside along with your start-up capital in your hands and you are good to go.

You do not have to keep too many logistics and starting up expenses is highly minimized.

Again, another thing that really make this business one of the best business is,

The fact that steel rods is one of the most used building and construction material in Nigeria or anywhere in the world.

Therefore, trading on this material is very viable because you are sure of constant sales. Read more…

Iron rod and steel selling business

https://www.dhakatribune.com/business/2018/04/03/rod-prices-go-local-markets

Iron rod and steel selling business

Sample Price Estimates of Iron and SteelRods in The Nigerian Market Today

Some of the available Irons in the market and their estimated prices listed below:

25mm – About N7, 000 per length. 21 pieces make a tonne. It cost N120,000 per tonne

20mm – About N4,000 per length. 33 pieces make a tome. N120,000 per tonne

16mm – Around N2, 200 per length. 52 pieces N120,000 per tonne

12mm – About N1, 200 per length. 93 pieces. N120,000 per tonne

10mm – Cost around N1,200 per length. 133 pieces. N120,000 per tonne

8mm – N700 per length. You get 210 pieces per tonne at N120,000 per tonne.

Important of iron and steel is that it is use for the construction and building.

It is one of the most ideal businesses today.

To improve your knowledge when it comes to starting up this business,

Venture exploring this article because you can make use of the tips here.

This sort of requires one to have an experience on steel mills because experience is the best teacher.

You have think about how to run your business if you do not have any background with steels right.

Set a target for yourself and decide on how to reach your dreams.

Being one of the owners of an in-demand steel mill business.  Read more…

Iron rod and steel selling business

Steps to Start and succeed in Iron and steel selling business in Nigeria

1. Planning: Write a Detailed Iron and Steel Business Plan

Ensure that you have a written business plan on this business.

This will be the pillar of everything because it will direct the course of your moves and actions.

Therefore, you need to write your ideas down because if not, they will just be blowing in the wind.

Ensure Proper Planning and Control: Consider Hiring a Legal Practitioner

Make sure that there is a proper management and control, such as, debt control, business insurances, accounting, employee management, inventory, legal aspects and financing.

If you consider that you do not have knowledge in planning all these.

Then you have no choice but to hire a lawyer because he can help you in this matter.

Read also: 17 Good Building Materials for House Construction

Iron rod and steel selling business

2. Get a Good Business location:  Let a Real Estate Agent Help Out

Once the planning process is over, you could get a space by the roadside in a developing area if possible.

This is where the material sells most for average traders.

Though big construction companies handling big projects like the roads, building of companies

And other massive structures usually get their materials direct from the manufacturing companies.

So, your target customers are chiefly private and commercial building construction people.

It is worthy to note that the location will also be a very important factor for the success of your business.

Therefore, you need to find one.

But make sure that you will get the best deals to cut costs in the location expenses.

You can seek the help of a real estate agent.

Iron rod and steel selling business

3. Finance the Business:

Ensure that your source for fund.

You have to decide how much will be invested in this business considering the quantity you want to start with.

Know and Supply the Type of Iron and Steel That Meek Market Demands:

Note that the most popular steel rods in your target market is from 16mm downwards.

These are mainly used for private and commercial building and concrete works in Nigeria.

The steel manufacturing companies are the best places to buy your iron and steel.

You can look for the one nearest to you and get your constant supply there.

They regularly take it to their customers once you buy in reasonable quantity.

Must read: Top 20  Real Estate & Construction Business

Iron rod and steel selling business

4. Consider Recycling Options

Note: For you to have a lot of sources for the steel operation,

You can make use of worn out cars, scrap metals and many others.

Try and Establish a good working relationship with recycling centers.

In this list also includes disposal areas as well as junk shops.

They will help you reuse, filter and melt metal scraps you might get in the course of your Iron and Steel Business in Nigeria.

Related: How to Start Cement Selling Business

Iron rod and steel selling business

5. Miscellaneous: Equipment, First Aid, Safety, Competent Staff

Also, ensure that you perform your steel duties well,

You have to equip your business with the best and high-quality equipment.

Because a steel business is a tough job, you also need to purchase first aid and emergency fire equipment.

After that, you can begin hiring workers and getting contract job orders.

If you need a complete business plan, please let us know.

Or, you want us to help you set up this business, kindly contact us.

Otherwise, Please check out these other business ideas you can do 

The post 5+ Ways To Start Iron Rod And Steel Business in Nigeria appeared first on BusinessHAB.

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