Before, if you wanted to start a business, chances are, you’d need a business degree or direct access to a mentor who could take you on as an apprentice. However, nowadays, thanks to the internet and increased access to information, most people have no problem starting and running a thriving business.
However, that also means it’s more challenging to stand out now. There are countless food-based businesses and clothing brands. While it’s easy to get your brand started, it’s an uphill battle to gain recognition among consumers. What business should you get into where there’s not that much competition and great profit margins?
Starting a mining company may be the last thing on your mind, but if you have the right credentials, contacts, and funding, then this might just be the perfect route for you.
1. Research and experience
As with any business, the key to success is to not jump in recklessly. While some business owners pride themselves on risking everything to start their business, a mining company isn’t the same as starting a restaurant or a clothing boutique. There are many technical aspects to mining, and without adequate research and preparation, there’s no way you can get your business off the ground. It may help if you have the right experience. Geologists or mining engineers may have an advantage as they already have insider knowledge of the industry.
They may also have contacts that can help them get customers and suppliers easily. If you don’t have any idea about geology or mineralogy, there are countless online courses you can take to give yourself a solid foundation for your business.
There are also various professionals that can provide advice as you go through the process of running a thriving mining company. It is the reason why it is often recommended to hire experienced professionals with at least a few years of experience under their belt, such as when hiring an accountant. They are not just there to help you deal with paperwork and deadlines. The accountant is also there to help business owners with the overall direction of their company. For startups, the use of experienced professionals ot make up for a startup owner’s lack of experience is practically mandatory to get as much success as possible early on.
2. Equipment
As a mining company, you’ll need lots of heavy machinery to assist with digging, extracting, and transporting. You can decide between buying brand new or used vehicles and equipment from mining companies liquidating their assets. www.hydraproducts.co.uk is a great source of cost-effective and high-quality hydraulic power packs necessary to power your equipment. Ensure you get equipment that will pass safety inspections, as these will likely be done by your local government before they will allow you to operate.
There will also be situations where it might be a better idea to rent heavy equipment instead of purchasing them outright. One of the reasons why renting is a good idea is that you typically do not have to worry about matters of maintenance or storage.
3. Employees
Besides those hired to do manual labor, mining companies require licensed and skilled professionals on board to ensure that the company’s operations are carried out safely and efficiently. You may also need office staff to take care of administrative work like filing paperwork for documentation, procurement, contracts, etc.
It would also be a good idea to consider what the best-practice methods are when it comes to the treatment of employees. For example, the use of employee incentives is crucial — even for startups that might not necessarily have the resources to make use of an employee incentive program. The proper use of labeling is also necessary, to ensure that safety is the top priority when utilizing heavy equipment.
4. Permits and licenses
As with every business, you need to get your permits, licenses, and other government and legal documents in order. This is especially important in the mining industry as you’ll be working on a large scale and possibly disrupting nearby communities with your activities. If you plan to export the materials you extract, you need an export permit.
While not necessarily a part of permits and licenses, it would also be a good idea to have a thorough look into the necessary coverage options for the company. It would be a shame to work so hard on just about every aspect of the company, only to have the business tank due to a single legal loophole from subpar insurance. The use of quality insurance ensures that the business owner can focus on improving products and services without having to worry about coverage.
5. A digital marketing strategy
With the ongoing COVID-19 crisis still making waves in 2024, it is more crucial than ever to take steps forward when advertising services online. More and more potential clients look online for what they need; something that affects just about every industry at the moment. People are more comfortable searching online for everything they need, which is why a digital marketing strategy is crucial.
A good example would be the use of search engine optimization (SEO) to help ensure that the business website is ranked high on the search engine results page (SERP). Having quality services might not matter much if the company is buried underneath all of its competitors. To give yourself a fighting chance, the best thing would be to focus on a viable digital marketing strategy for the mining company. That way, any potential client will always have a means of finding the business.
Starting a mining company may be more challenging than any other startup idea, but the rewards are well worth it. There’s a huge demand for mined products, and you won’t have any problem finding customers from various industries like construction and jewelers — provided you take the time to ensure that your company is as visible as possible online. As stated above, the use of a viable digital marketing strategy ensures that clients always know where to find you.
