WHY I LEFT PALM OIL STORAGE BUSINESS
Dont get me wrong, that business is profitable. Store during massive harvest and production, sell in period of scarcity or less production when production must have dropped.
Now please get this, not everyone may have faced same conditions with me. So please let us balance this in view and with respect to my considered variables.
Here are my reasons
1. What i saw as too many logistics
I have to pay to a lady who have to send that money to akwaibom where those gallons of oil are bought, next a bus driver have to be gotten,next we have to wait for that driver until he arrives.
I then have to transport them from point of arrival to my own location and also get someone to pack them
2. Risk of product sabotage.
BY THE HAND OF GOD i didn’t fall into this, i heard that some millers sell substandard products,imagine storing large number of gallons of palm oil only to want to sell and discover they have gone bad, that is high risk. In my case GOD HELPED me so i didn’t experience it but thought of it i must say is very scary.
3. Your customers are very shrewd market women
If you think you can haggle and negotiate price please go and do a one month friendly price war/price negotiation competition with market women-these people are tough-consistentlty determined to get every kobo out during negotiation, they want to create real price margins so they can later increase and make more gains. They use all manner of tactics-emotions, expectations. Honestly,if you are student of sales and marketing dont bother for your industrial training, do it with Nigerian market women-i know management students dont do industrial training.
These and other personal reasons are why i suspended storing palm oil.
It was a great experience.
I must say this in gratitude to MY GOD,i could leave that business because i had another businesses that paid me.
So, you see, if if it was my only income stream i couldn’t take that decision as easily.
I thank my GOD FOR HELPING me gain experience and money in that business without being financially hurt