Iron rods are used in the construction industry to build factories, residences, industries, businesses, markets, and large centers of worship.
It is a major piece of equipment in the real estate industry which cannot be understated due to the major works it is used for in pouring, erection and fixing structural defects of buildings in Nigeria.
It is therefore a thriving business with a huge return on investment.
You can supply iron rods as a business in Nigeria and this will tell you how to get started. Nigeria produces iron and also imports it. However, those imported into Nigeria are more expensive.
REQUIREMENT TO SUCCEED IN IRON ROD SELLING BUSINESS
Get a business plan
How many rods do you want to supply? How do you transport them? What are the start-up costs of this business? Where do you locate your warehouse? Your business plan should answer the questions above. It should contain all the items you need to start the business.
Get a warehouse
Your warehouse for the storage of iron bars must be accessible to your customers. It should be big enough to store your iron rods. Locate your warehouse where people can see it.
buy iron rods
Now is the time to buy the rods and fill your warehouse. It is better to buy from companies that produce steel in large quantities. However, you can still buy from other places in large quantities.
25mm rods – one length is around N7000, 20mm rods – cost around N4000 for each length, 16mm rods – are around N2000 for one length among others.
Join the partnership with Steel Making Company
Reach out to suppliers and major producers of local steel companies and partner with them so you can buy from them at a fair price if the steel companies are not close to you. This will allow you to reduce the cost and risk of purchasing inferior equipment and tools.
Get your business and CAC registration
Register your business with a trade name so people know they are not dealing with a fraudster. You can register with the Corporate Affairs Commission.
Cate Real Estate & Devt Expert Sometimes your customers don’t need to locate your warehouse before buying from you, you need to go meet them. Your potential customers are mainly manufacturers, real estate agents and real estate development experts in the construction sector. Find out where they are and sell them your service offerings.
You may need to get someone honest and responsible to stay in your warehouse as a warehouse worker or you are the one who stays.
Take the rods out so that they are visible to passers-by. You can create a website where you talk about your iron bars and how you supply them.
You can buy a truck to move these rods to your customers when they request it. However, you can rent if you don’t have a truck yet, but you’ll still need a vehicle to move the rods around the site or elsewhere.
Irons of 16mm and less in diameter are more common in the market and are more in demand due to their common use.
Speed of supply
This is crucial in this business of supplying iron bars. Make sure the products reach customers on time. Don’t forget to buy safety kits and equipment. Maintain vehicles and service them to be ready to supply.
Supply of iron bars is one of the businesses you can do in Nigeria that will thrive as it involves all that is responsible for construction activities. It is capital intensive and largely profitable. You need a business guide to overcome the risks and expected losses in the business.