The technicality behind drilling a borehole requires some form of training to avail one the expertise to run this type of business. This is because if you don’t know how things work in borehole drilling business, you are likely going to find it difficult to make profits and keep the business active.
In countries like the United States, the United Kingdom where there are laws that restricts the number of boreholes that can be drilled in an area due to natural hazards like earthquake, tremor, e.t.c which are caused by indiscriminate drilling of boreholes. Nigeria as a country is an exception in this regard.
Below are the steps that would guide you to effectively start your own borehole drilling business in Nigeria easily and start making profit:
1. Carry out a Feasibility Study in Different Areas of Your Choice
You should be aware that borehole drilling business don’t work in every place especially in the urban areas that are usually industrialized. You should first carry out proper feasibility studies to be sure that such business of this nature will thrive in such location. Other factors that would guide you when conducting your feasibility studies are the price of equipment needed, startup capital, and cost of running the borehole drilling business, e.t.c.
2. Learn the Technical Skills Required
As earlier stated, borehole drilling is a technical job and can’t be done by everybody but experts in the field. Aside drilling for water, borehole drilling companies are known to drill for gas and crude oil. So if you want to successfully start your own borehole drilling business, you should apply for training on borehole drilling in any college or university that offers such unless you want to employ experts who will manage the operations of your borehole drilling company.
3. Write Your Business Plan
After acquiring the necessary training and experience, your next step is to write a good business plan for your borehole drilling company. In one of our previous post, we covered how to write a good and professional business plan. The main reason for this plan is to give your business direction as it must cover the important areas. A good business plan helps attract serious investors to any business in Nigeria or even to request for a loan.
4. Register Your Business Name and Choose a Good Location
This is another important step if you are very serious to own a borehole drilling business. Ensure that you register the company business name before you start operations. Nowadays, the procedure in registering a business in Nigeria can even be done online. As long as you meet the necessary requirements, visit the Corporate Affairs Commission and register.
Also, choosing a good business location to establish your business is important. Choose a site that is easily accessible to clients who would need your services. Places nearest to construction sites should be a good place to start from as you might be contacted by various homes that might need to drill boreholes for various reasons.
5. Purchase the Required Equipment Needed
Honestly, the equipment involved in drilling a borehole minus its maintenance is capital intensive. Acquiring the required equipment is very vital if you must succeed. Some of the equipments that you would need to be able to start your own borehole drilling company in Nigeria include: Down Hole Drilling Rig or Boremaster 120 Hydraulic Down Hole Drilling Rig, Drag But Stock, Drill Rods, Drilling Rig Counter Weight, Diesel Engine with Hydraulic Power Pack, Safety Helmet, Safety Boots, Overall, and Hand Gloves and so on.
6. Hiring Employees
As with other capital intensive businesses, borehole drilling business can’t be operated by one person. You would need to hire both skilled and unskilled (laborers) employees. Once you hire your staff, ensure you make provision for their training (safety training inclusive) and insurance cover for them.
7. Advertise, Build Contact and Source for Contracts
Try to build a network of contact especially with construction companies. Although, there are several places you can source for contracts for your borehole drilling business. Places like construction companies, government, private homes, offices are some places you can source for works. Also advertise your companies on newspapers, popular websites, radio and television as you aim to expand your business as you start your own borehole drilling business and make profit from it in Nigeria.