Ever since I resigned from my former place of work, I've been doing almost any kind of petty job and using my different skills to make ends meet. However, I've always been open to new opportunities and how to have different streams of income.
So for a while now, I've been studying the price of Gas and kerosene(which are N700 per kg and N300 per liter respectively and yet can't cook a decent meal or last 2 days depending on how you cook) and yet both are the major means of cooking for most Nigerians, since electricity supply is not stable for people to consider using hotplate, and even if you try using it, the electricity tarrif you'll be charged with might be greater than your monthly income.
So this leads me into thinking of other means through which people can cook that will be affordable compared to Gas and kerosene, and after my research I went for Charcoal business instead of Firewood (Which can cause different environmental hazard and even darken the back of one's cooking utensils), although Charcoal is also extracted from wood.
After my feasibility study, I located two wholesalers of Charcoal;
- Sell a bag of Charcoal at N1500($3.65)
- Sell a bag of Charcoal at N1700($4.13) Since both are almost of the same distance from my place (though different locations), I went for the one of N1500 which is cheaper.
Since it's a new business that I'm just venturing into, I decided to start small, to see how it'll fare and yield. So I bought 2 bags of Choacoal, to start as a retailer, and below is the analysis of how much I spent and my expected income:
- 2Bags cost = N3000($7.3)
- Transportation= N400
- 2Nylon Pack = N300 Expenses Total= N3700($9)
*I fueled a friend's motorcycle with petroleum of N400 and bought 2 packs of Nylon (which consists of 60 pieces each) for the repackaging of the Charcoal. And after remarking the first bag of Charcoal, I got 49pieces ,which means if I resell them at N50 each, I'll get N2450. On repackaging the second bag of Charcoal, I got 53pieces, which means if sold I'll get N2650
Not to bore you with my lengthy words, in total,I'll be expecting the following income after all my sales; Total sales: N5100 Expenses: 3700 My interest: 1400.
Since I started the business on 24th of December, I'm left with just 8pieces as at the time of writing this post, and I'm planning on reinvesting all my income into getting more bags of Charcoal, as the turnout of consumers is encouraging.
I'm certain if this continues for a long time, I may end up being an wholesalers myself and expand my business, from being a side hustle to a huge income stream.
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Return from MY ORDEALS // Venturing into a new business to serve as ANOTHER INCOME STREAM OUTSIDE OF HIVE to vickoly's Web3 Blog
