The role of an entrepreneur is to spot a gap business gap and capitalize on it. In the recent past, people are increasingly becoming aware of why they should store their dry grains on silos as compared to the other warehouses. As an entrepreneur, this is an investment opportunity. All you need is to assess the market and provide the Silo Rentals units they need. Here is how to do so.
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.
Select the best type of experts you want to do the construction work for you. If possible, you should get the best clique of engineers and architects who will be able to provide the results you need on a favorable budget. If you use skilled and competent professionals, chances are high you will enjoy superior quality services.
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 whether you have enough resources to build or buy, maintain and repair the facility. As discussed earlier, some regulations dictate how this facility should be kept. It is therefore important to assess the condition it is on before making the transaction. Once you make the transaction, it will be prudent to determine whether you will be in a position to honor the repair needs of the facility.
Make sure you have a valid insurance policy for the enterprise. Engage the experts in this field to see the common risks which you insure as the owner. The rationale for this is that there are other risks that you cannot insure against, and the person renting out has to purchase a cover for. It is the requirement in insurance that you only purchase a cover for the items you have a direct claim for.
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.
Select the best type of experts you want to do the construction work for you. If possible, you should get the best clique of engineers and architects who will be able to provide the results you need on a favorable budget. If you use skilled and competent professionals, chances are high you will enjoy superior quality services.
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 whether you have enough resources to build or buy, maintain and repair the facility. As discussed earlier, some regulations dictate how this facility should be kept. It is therefore important to assess the condition it is on before making the transaction. Once you make the transaction, it will be prudent to determine whether you will be in a position to honor the repair needs of the facility.
Make sure you have a valid insurance policy for the enterprise. Engage the experts in this field to see the common risks which you insure as the owner. The rationale for this is that there are other risks that you cannot insure against, and the person renting out has to purchase a cover for. It is the requirement in insurance that you only purchase a cover for the items you have a direct claim for.
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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