Most people have no idea on how to begin their Wealth Creation journey and often ask questions like where do I start? What do I do and How do I begin?
The reason for this article is to spark some ideas on how to start your wealth creation journey through the four asset classes that create wealth. These 4 assets include commodities , business, paper assets and real estate . I will be focussing on commodities in this session.
Commodities are mainly valuable substances which are still in their natural raw form. They include such things as gold, silver, oil, gas, animals, vegetables, plants, dairy, and so on.
For example, about 80% of Canadian exports are commodities. I would like to quickly consider the different ways through which commodities can help you create wealth,
Commodities can generate cash flow by providing raw materials for most products. Most of the frozen food we buy in grocery stores are made from commodities. In addition, all of the fruits and vegetables we buy on a daily basis all come from commodities. One simple way to make wealth through commodity business is to identify where they are being produced and sold., One can simply be a distributor to buy from the producers and supply those who have retail business and make a margin.
Two, commodities largely fall into daily consumption. Examples are dairy products we eat, fruit and vegetables, clothes, shoes, bags that we buy regularly are all made from commodities.
Three, by trading in Commodities you can bridge imbalance in nature, For instance cocoa is mostly produced in developing countries or tropical weather, but it’s largely consumed in developed countries
Also, by providing commodities you can generate foreign exchange because you move commodities from place to place region to region countries to countries
There are lots of ideas about how you can create wealth through commodities. Here are just three of them
One, if you are in diaspora like me, and you originate from developing countries like Africa there are lots of opportunities for you. For instance, the different commodities you can export from Nigeria to Canada include Cocoa, food products like Yam tuber, oil seeds, grains, and lots of food that are sold in African stores.
There are also products you can move from one region of Canada to another .
This is to spark some ideas on how you can begin. My goal is to provide some tips on how we can get started. There are numerous tips, but I will focus on about six or seven in this session.
One, do a little research on the commodities you would like to sell . There are so many ideas on how to start and you can even search on the different commodities that are available in your country where you live that can be exported to other countries.
People make braids with human hair, send it to developed countries as wigs . A lot of people do not have time to go and braid their hair naturally. They buy and use it to look beautiful.. People can export shea butter from Africa, Nigeria, and Ghana, Burquina Faso, and bring it to the developed countries to make nice body cream
Two, find out who the buyers and the sellers are . Again, if you are in the diaspora like me, you have the ability to move products between your country of origin to the country where you are. So find out in the country where you are, who are the people who distribute and buy the commodities and find out in your country of origin where they are being produced, then find out how you can facilitate the delivery.
Three. Find out how you can start a little. You can start on a small scale and then increase your volume as you familiarize yourself with the regulations around the commodity
Four . Find out the people that know what you don’t know about the commodity
Five. Look for people who should be in your team and start making connections with them . Wealth creation is a team sport, you cannot do it alone.
Six, develop a business plan. A simple business plan will outline for example the commodity you want to deal in, the cost per unit, the cost of transportation and delivery, and then the price you can sell to determine the Margin. It can also outline the volume you want to start with and how you want to increase the volume as time goes on
Seven, start implementing your plan. Begin by practicing . The whole essence of practicing is that once you start, it may not be as perfect but as you keep going, you will improve. This was our experience when we started our own business. We made a lot of mistakes initially, but we were determined. As we went on, the mistakes became less and we had better mastery of the business. You can do the same.
Finally I want you to know that wealth is first created in the mind before it manifests physically. Ideas rule our world and every innovation you see around us today starts in someone’s mind. The idea became a reality because they acted on it . So I encourage you to act on the idea that this session has sparked in your mind today
Don’t be discouraged if you have made some attempts in the past, which did not work. Jim Rohn said whatever you do, don’t become a victim of yourself. If you allow your past to hinder you from trying, then you may make yourself a victim of yourself . Which is essentially saying, don’t be the one hindering yourself through negative thoughts
As I conclude. I have shared with us ideas sparklers that can help us create wealth through commodities and different ways, through which commodities can create wealth.
