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People said iron condemned is a good business to venture in, if possible do i need to gather money before starting the business?
Your idea is needed.
Yes, it's better to gather some capital before starting an iron condemned (scrap metal) business in Nigeria — even if it’s small. Without startup funds, you’ll depend too much on middlemen, lose profits, and won’t control your supply chain. Real-Life Example: In Warri, one guy started with just ₦30,Read more
Yes, it’s better to gather some capital before starting an iron condemned (scrap metal) business in Nigeria — even if it’s small. Without startup funds, you’ll depend too much on middlemen, lose profits, and won’t control your supply chain.
Real-Life Example:
In Warri, one guy started with just ₦30,000 he saved from his vulcanizing hustle. He bought iron scraps from roadside collectors and resold to local smelters. Because he had capital, he negotiated better prices and scaled up. After three months, he had enough volume to rent a weighing scale and started buying from others — he became the middleman instead of working for one.
Practical Steps:
1. Start with ₦50k–₦200k — Use it to buy scraps in bulk and rent a wheelbarrow or pay okada boys to deliver.
2. Focus on steady supply — Build a relationship with mechanics, welders, and waste collectors.
3. Store properly — Even if it’s just one corner of your compound, you need space to gather weight before selling.
4. Know buyers — Start with local foundries, mini steel mills, or roadside iron dealers.
5. Weighing scale is key — Once you scale up, getting your own scale means you’re not cheated when selling or buying.
Raw Advice:
Don’t rely on “connects” or “free supply.” In this business, na who get cash dey win. If you’re broke, people will shortchange you. If you can’t gather enough money now, start a side hustle (e.g., okada, bricklayer, or PoS) and save gradually.
Challenge for You:
See lessInstead of waiting for ₦500k, what can you do today with ₦20k to enter the scrap game small? That mindset shift is how most iron bosses started in Nigeria.
Venturing into the iron condemned business can be a good opportunity based on the positive feedback received from people. While it is an encouraging prospect, it is important to assess the financial requirements before the business. Gathering money beforehand can be beneficial to cover expenses suchRead more
Venturing into the iron condemned business can be a good opportunity based on the positive feedback received from people. While it is an encouraging prospect, it is important to assess the financial requirements before the business. Gathering money beforehand can be beneficial to cover expenses such as purchasing condemned iron, equipment, and setting up operational infrastructure. Your ideas on potential strategies, target market, and differentiation can help make the business successful and attractive to potential customers.
See lessI think the answer is yes, you need some money to start up iron condemned business. Why do you need money to start? Iron condemned business is a lucrative business, though some people see it as a low life people business. You need money to start this business because you'll be buying condemned ironRead more
I think the answer is yes, you need some money to start up iron condemned business. Why do you need money to start? Iron condemned business is a lucrative business, though some people see it as a low life people business. You need money to start this business because you’ll be buying condemned iron from people too, that’s why money is needed. Also, you’ll need money to buy your scale or tools to measure the iron’s weight.
See lessIt's actually a good business to get in especially if where you live has a lot of disposed iron you can take advantage of, it is equally important to gather money before you start a business because you'll have a capital to buy the iron you want to sale to wholesalers. A good capital is also importaRead more
It’s actually a good business to get in especially if where you live has a lot of disposed iron you can take advantage of, it is equally important to gather money before you start a business because you’ll have a capital to buy the iron you want to sale to wholesalers.
A good capital is also important when it comes to scaling the business or hiring other people to source iron for you, which what those in the business mostly do.
See lessYes to "start iron condemned" (which refers to a scrap metal collection business you might requires little capital for initial investments and operational costs. you would just need to employed means to help you gather the necessary funds. These include personal savings, borrowing from friends orRead more
Yes to “start iron condemned” (which refers to a scrap metal collection business you might requires little capital for initial investments and operational costs. you would just need to employed means to help you gather the necessary funds. These include personal savings, borrowing from friends or family, securing loans from financial institutions, or seeking investment from partner
To find it you need to assess the needs: Calculate the estimated startup costs like transportation, tools, storage space, potential initial purchases of scrap etc
You have to do budget and Save: Allocate a portion of your income consistently towards this goal. you have to minimize Expenses: Reduce unnecessary spending to accelerate the savings process to help you have the money to start.
You can explore loan options from banks or microfinance institutions, understanding interest rates and repayment schedules.
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