Starting a Crayfish business in Nigeria is quite simple. Apart from the fact that it doesn’t require huge capital, it is profitable if the right strategies are employed. Are you looking for how to start a Crayfish business in Nigeria, this guide contains everything you need to know about running a successful crayfish business in Nigeria.
Is Crayfish Business Profitable in Nigeria
Crayfish is one of the indigenous spices used by many to prepare different types of soups and foods. Thus, taking advantage of it by selling crayfish is profitable as you can start with a little amount of money with good profits. Not only that, crayfish are easy to sell and needed by many. Also, you can do the business in the comfort of your home with little or no training. Learn how to start poultry farming in Nigeria
Now, that we have accepted that the crayfish business is a profitable business. Find below some of the steps to start a successful crayfish business in Nigeria
Steps to Start a Successful Crayfish Business in Nigeria
Crayfish business like every other business venture has its techniques and secrets. Failure to follow these ropes may lead to risk and loss in it. Find below some of the steps you can take to set up a successful crayfish business in Nigeria.
1. Mode of operation
The first step in starting a successful crayfish business in Nigeria is by determining the mode of operation. This can be done through effective research and thinking. What type of crayfish business in Nigeria do you want to run? Is it exporting crayfish or selling in bags (Wholesalers) or small quantities (retailers)?
Carrying out research will also help in deciding which you should go for and where your target audience is.
2. Gather Capital
Once you have decided what type of crayfish business in Nigeria, you want to run, the next step is gathering of capital needed to buy crayfish. You may require between N25,000 to N100,000 or more depending on what model of operation you choose.
If you want to be an exporter, it is important to buy in bags for more profit. A crayfish business wholesaler may also need to buy in bags to make much profit. While the retailer may buy a bag, half or even quarter to start with. The price of crayfish in the market isn’t stable as it goes up, and down. A bag of crayfish currently sells between N50,000 to N80,000 while a half bag price may be N25,000 to N45,000 and so on. See how to qualify for an SBA loan
3. Get a Trusted Supplier
Apart from the fact that the crayfish business in Nigeria is profitable, it can be very risky especially when you buy from a fake or any supplier without doing any due diligence. Some Crayfish suppliers are known to pack dirt inside their goods while covering it with good ones. This reduces your profit as a seller or even drives away customers because of its reduced quality.
The best way to get a trusted supplier is to visit oron, Ibaka, or Ibeno market where quality crayfish are being sold. Most importantly, you should ensure you do your due diligence before buying.
4. Get a Location/Shop
Running a crayfish business in Nigeria requires you to get a good location where you can reach your customers. You can decide to rent a store or shop or start from the comfort of your home depending on your capability.
5. Sell/ Advertise your Business
The last step is advertising your crayfish business whether online or offline. If you are a worker, you can take it to your office and offers colleagues and so on.
With all these, you should be able to run and maintain a crayfish business in Nigeria.
How To Package a Crayfish for Sale
In the crayfish business in Nigeria, the packaging is very important. You must be able to package your products in an attractive way (transparent nylon) especially if you are a retailer selling to the final consumers.
Depending on how much you want to sell it, you can package your crayfish into N50, N100 if you are selling to low-income earners or go higher by packaging with big transparent nylon and sell higher like from N1000 to N5000.
How To Preserve Crayfish in Nigeria
One of the risks in the crayfish business in Nigeria is shrinking. Thus, you need to know how to preserve a crayfish before jumping into the business.
It is not advisable to buy crayfish for long because the more it stays, the more it shrinks. Thus reducing your profits and quality when selling.
Even at that, you can buy crayfish within 1 to 3 months and sell if you know how to preserve it very well. Just ensure you buy quality crayfish and do not put it on the bare floor. Find some long wood to place it on and ensure it is well dried before storing it up. Also, you need to be sure that the room has a lot of air and is not damp to preserve your crayfish.
How and Where to Buy Crayfish From
As said earlier, most crayfish sellers buy from the Oron market because of their crayfish quality. When you want to start your own Crayfish business in Nigeria, you can source from the Oron market also. Or get it from Ibaka, Ibeno markets.
Akwa-Ibom, Bayelsa, Lagos, Ondo, and other states are where you can buy or get a trusted crayfish supplier. In case you don’t want to travel that far, you can buy from Iddo or Oyingbo market. See the list of the top 10 richest states in Nigeria and the resources they are blessed with
Final Thoughts on Crayfish Business in Nigeria
Despite being profitable, the crayfish business has its own risk but if you know how to get quality crayfish, preserve, package, and sell. There will be less risk and more profits. With this guide, running a profitable crayfish business will be an easy task. See the list of profitable businesses to invest in Nigeria