Soy Beans Export Guide
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What Are Soybeans?
Soybeans are a species of legume that is widely grown for their edible bean, which has numerous uses like as a significant and cheap source of protein for animal feeds and many packaged meals.
So What Is Soybeans Export About?
Soybeans export is the export of Soybeans from Nigeria to international buyers located in various parts of the world. It is exported semi-processed and further processed upon arrival at the buyer’s facility for its intended uses.
Facts About Soybeans Export
- Nigeria is the largest producer of Soybean in West Africa,
- Soybeans are grown majorly in Kaduna, Niger, Kebbi, Nasarawa, Kwara, Oyo, Jigawa, Taraba, Borno, Benue, Bauchi, Lagos, Sokoto, Plateau, Zamfara, and Abuja FCT.
- Soybeans are majorly grown in the Northern regions of the country.
- Growing Soybeans can create a great source of employment.
- Soybean is a legume.
- Soybeans are a very rich source of food in many parts of the world.
- The profit margins on the sale of Soybeans to international buyers can be anywhere from 15% to 110% depending on if you’re the farmer or are purchasing from the farms.
- As a broker, you can venture into this business with $0.
- China is the top importer of Soybeans in the world.
Business Opportunities In Soybeans Export
1). Soybeans Export:
Soybeans are usually sold at varying amounts at the farms or local markets and are then further resold to international buyers at varying prices per metric tonne depending on the specification, the seller’s connection to the farms, the trade process, and the final negotiations with the buyer.
In all, your profit margin from the export of Soybeans from Nigeria can be anywhere from 15% to some rare cases of over 100%.
2). Soybeans Brokerage:
When you have zero cash to start up any type of business, the first thing you should do is to venture into the brokerage of that business’ products, and in this case, Soybeans.
You could venture into the Soybeans brokerage business by linking a buyer to a seller, and in the process, add a markup price per metric tonne for your organization, after getting the final selling price from the seller.
But to ensure you have a successful brokerage business, it is important you legally protect your commissions. Any seller who claims to give you something without a contract backing it is bullshitting you. If they get arrogant and tell you to wait to get it without a contract, simply walk away and find another seller.
98% of all sellers are not trustworthy without a contract in hand or a bank indemnity to pay you your commissions.
Setting Up Your Soybeans Export Business
1). Register Your Export Business:
The first step to starting a Soybeans export business is to register a legal business. To do this, you must first register a limited liability company with the Corporate Affairs Commission of Nigeria, then go on to register your business with the Nigerian Export Promotion Council and any local associations regulating the purchase and sale of Soybeans.
Registered business names are not allowed to register with the NEPC, and so, you can only function as an exporter with a Limited Liability Company registered under the laws of the Federal Republic of Nigeria.
2). Find The Direct Farms and Sources For Exports:
Although this can be done before, during, or after your company has been registered with the appropriate bodies, the next step is to source for the direct farms that would be growing the Soybeans for you on behalf of your clients.
It’s usually better you get direct access to the farmers, so you can get the best possible price. Going through a proxy would waste more time, cost more money, and reduce your profit margins.
3). Setup A Proper Business Structure, Trade Process, & Branding:
During or after registering and securing your buyers, it is important you set up a proper business structure that looks internationally reputable. Some ways to do this are to build an international standard website, get a business address, create a company profile, and also have a corporate offer format you can customize and send to buyers who request an offer. Also set up a corporate email that reads something like this: “firstname.lastname@example.org”.
If renting an office is too expensive, you could pay for a virtual office at a co-working hub and use their address for meetings.
When you organize your company this way, buyers would feel really confident about doing business with you and would tend to choose your business as their preferred partner.