Iron rods are used in the building industry to construct factories, residential structures, commercial buildings, retail stores, market structures, and expansive places of worship.
It is a significant piece of equipment in the real estate industry that cannot be undervalued given the significant tasks it performs in the casting, erecting, and correction of structural flaws in Nigerian buildings.
As a result, it is a profitable business with high returns on investment.
This article explain how to start a business supplying iron rods in Nigeria. Iron is both produced and imported by Nigeria. The imported ones in Nigeria are more expensive, though.
REQUIREMENTS FOR SUCCESSFUL IRON ROD SALE
Create a business plan.
How many rods would you like to supply? How will they be transported? What are the startup costs for this company? Where is your warehouse located? Your company plan should include answers to the questions raised above. It should include everything you need to get your business up and running.
Acquire a Warehouse
Customers should be able to enter your warehouse where the iron rods are stored. It should be big enough to hold all of your iron rods. Place your warehouse in a visible location.
Purchase Iron Rods
It is now time to purchase the rods and stock your warehouse. It is preferable to purchase from companies that make huge volumes of steel. However, you can still buy in bulk from other stores. 25mm rods- a length is around N7000, 20mm rods- costs round N4000 for each length,16mm rods- is around N2000 for a length, among others.
Team Up with a Steel Manufacturing Company
If the steelmaking businesses are not close to you, go to their suppliers and large producers and form a partnership with them so that you may buy from them at a reasonable price. This will allow you to save money and avoid purchasing subpar equipment and tools.
Register your business with CAC.
Register your company with a business name so that customers know they are not dealing with a scammer. You can apply for registration with the Corporate Affairs Commission.
Build a strong Customer base
Your clients may not have to locate your warehouse before purchasing from you; you must go out and meet them. Your target clients are largely business owners and real estate agents. Your potential clients are mostly industrialist, realtors and property development experts in the Construction sector. Find out where they are and sell your service offerings to them.
Marketing
You may have to hire an honest and accountable person to work as the storekeeper at your warehouse, or you may have to be the one in charge. Bring out the rods so they are visible to passers-by. You may create a website where you discuss your iron rods and how you supply them. You may purchase a vehicle to transport these rods to your clients if they request it. If you don’t have a truck yet, you can hire one, but you’ll always need a vehicle to transport the rods to the site or elsewhere. Irons with a diameter of 16mm or less are more common in the market and in higher demand due to their widespread use.
Quickness in supply
This is critical in this iron rod supply business. Ensure that the products get to the clients on time. Remember to buy safety kits and equipments. Maintain the vehicles and service them to be ready to supply.
Prospects
Iron rod supply business is one of the most profitable businesses you can start in Nigeria because it includes everything related to the construction industry. It is both capital intensive and profitable. To combat the risk and predicted losses in the business, you need a business guide.
