It was reported that Nigerians spent 56.65% of 40.20 trillion which is equivalent to about 21.62 trillion on food consumption. Developed countries spent less on food unlike poorer countries like Nigeria spent more.
6 steps to starting a food business in Nigeria
According to the consumption expenditure pattern report published by the national Bureau of Statistics in 2019.
One of the ways in which you can tap from this business opportunity; is by starting an eatery or restaurant. This is one of the best ways in which money can be tapped from this;
- Obviously it is capital intensive, if you have the required capital, you can venture into it right away.
- Get a good location: A resourceful location where a lot of people commute daily.
- Ensure you have a trusted team as proper management is required to have a sustainable restaurant business in Nigeria.
- Another way in which you can tap from this opportunity is by buying and selling food stuff: A lot of people are into this business in your environment but there is one thing they are not getting right which is, they fail to strategize how they can get foods that are ordered from you to their doorstep. This can easily be done when you are selling in bulk, it is not advisable to send small quantities of food to your customers, as the transportation cost will eat off your profits.
Target those that don't want a street for their lives, those that are ready to pay for comfort. Everybody should not be your target audience.
5.Food prices are not stable, you are required to keep following the price of food trends as the prices always fluctuate on a weekly basis.
6.Seek advice from those that are into the business, ask for the challenges they are facing in the business. Make use of their problems as your own opportunity.
Don't forget to tap from the huge amount of money that people spend on food on a yearly basis. Don't tell me you are looking for business ideas when you can start there with little capital.
Go out now! I mean today
Go and research on it now!!
Learn the business, and explore all the opportunities in it. I wish you success.
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