As an entrepreneur, you have the responsibility to create value for the market and the users. And about this, there are some benefits that the farmers and millers who use silos enjoy as compared to those using the ordinary warehouse. A good entrepreneur will spot that gap and focus on capitalizing on it. One way to do so is by providing Silo Rentals units to the market. These are the guidelines.
Ensure the storage facility you buy or construct meets the set standards for the storage of grain. Various government agencies and authorities will offer guidelines on how these storage units should be built and the shape of the same. It is essential you ensure that these directives are followed as failure to do so can lead to serious legal implications.
Make sure you hire an academically qualified and professionally competent person to do the construction and maintenance service for you. Owing to the amount of money that the investment requires, you cannot afford to goof during selection process. If you opt for an incompetent quack, you will lose not only your investment but also the working permit. It is therefore important to take your time when selecting who to work with in such this project.
Conduct a market survey and analysis. It is this report that will offer you the details you need to proceed with the exercise or to abort. Remember, you are not focusing on the entire population. Your intended market is government agencies, millers and farmers doing farming in large scale. Understanding your market will help you develop the strategies you need to approach the same.
Check the availability of resources to either build or buy the entire establishment. You should also consider the refurbishing, maintenance and other costs that relate to the facility. The important thing is to make sure you get the best and a fair deal for the transaction you make. Analyze the cost of maintenance and the recurrent expenditure and make sure that at the end you get good profits in the venture.
Ensure you have an insurance cover for the facility. Also, you need to be specific with the party renting out your facility on which cover you are taking and the ones they should take. Since the property in the silos is not yours, you cannot purchase an insurance policy for the same. Taking the cover helps in indemnification when the inevitable happens. It is also important that you encourage the users to cover their grains.
Ensure the facility follows all the laid down safety procedures. The main one should be to ensure there is the availability of fire extinguishers, fire exits and where people meet in case of an accident. Secondly, you should remind your tenants the importance of drying their grains before taking them to the silos. If wet grains are stored, they may become poisonous, if consumed the agencies might shut down the entire silo.
As the person investing, you must assess whether the returns on your investment are favorable or not. If they are not, you need to check whether there is something you can do to make them convenient without altering the quality of the entire exercise.
Ensure the storage facility you buy or construct meets the set standards for the storage of grain. Various government agencies and authorities will offer guidelines on how these storage units should be built and the shape of the same. It is essential you ensure that these directives are followed as failure to do so can lead to serious legal implications.
Make sure you hire an academically qualified and professionally competent person to do the construction and maintenance service for you. Owing to the amount of money that the investment requires, you cannot afford to goof during selection process. If you opt for an incompetent quack, you will lose not only your investment but also the working permit. It is therefore important to take your time when selecting who to work with in such this project.
Conduct a market survey and analysis. It is this report that will offer you the details you need to proceed with the exercise or to abort. Remember, you are not focusing on the entire population. Your intended market is government agencies, millers and farmers doing farming in large scale. Understanding your market will help you develop the strategies you need to approach the same.
Check the availability of resources to either build or buy the entire establishment. You should also consider the refurbishing, maintenance and other costs that relate to the facility. The important thing is to make sure you get the best and a fair deal for the transaction you make. Analyze the cost of maintenance and the recurrent expenditure and make sure that at the end you get good profits in the venture.
Ensure you have an insurance cover for the facility. Also, you need to be specific with the party renting out your facility on which cover you are taking and the ones they should take. Since the property in the silos is not yours, you cannot purchase an insurance policy for the same. Taking the cover helps in indemnification when the inevitable happens. It is also important that you encourage the users to cover their grains.
Ensure the facility follows all the laid down safety procedures. The main one should be to ensure there is the availability of fire extinguishers, fire exits and where people meet in case of an accident. Secondly, you should remind your tenants the importance of drying their grains before taking them to the silos. If wet grains are stored, they may become poisonous, if consumed the agencies might shut down the entire silo.
As the person investing, you must assess whether the returns on your investment are favorable or not. If they are not, you need to check whether there is something you can do to make them convenient without altering the quality of the entire exercise.
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