Top 10 Best Iron & Steel Business ideas
Iron metal has always had a profound impact on the lives of people since earlier times. Iron was as precious to ancient people as gold is for us today. After all, it was the sole metal available earlier people used for making farming tools, weapons to fight wars, pottery and even ornaments.
But, as human brains continued to evolve with time, the use of iron began to grow beyond weaponry, farming tools etc and today humans have to reached to a position where iron and its carbon alloy called as steel are now heavily used in construction, automobile and many other industries.
Here are the top 10 best iron and steel metal related business opportunities that may flourish in your locality.
1. Hardware store
Hardware shop is where people go to buy household items that includes hinges, plumbing supplies, keys, locks, electrical supplies, housewares, utensils etc. We know people require such things with purpose to attain home improvements and fix a number of household issues on a constant basis.
2. Make nuts and bolts
Nuts and bolts are very essential in fastening components of machinery, towers, bridges, bicycles etc. It is nothing new to know that as long as we continue build constructions & bridges, manufacture automobiles, motorcycles etc there will be a defined demand for nuts and bolts with time. One would require sufficient investment to initiate the business of nuts and bolts making.
3. Iron Supplies business
Initiating an iron supplies business ensures the supply of iron bars, channels, angles, stripes to welders and fabricators who are engaged in making window grills, railings, balcony fencing etc.
4. Steel supplies business
Welders are fabricators don’t only use iron supplies, they also require steel supplies such as steel angles, stripes, channels etc for making various steel based structures needed in homes, shops etc. Selling steel supplies along with your iron supplies will help you generate additional revenues.
5. Iron factory
Iron factory is where iron supplies like as bars, angles, stripes etc are manufactured from iron ore. You, especially if you live in India, will greatly benefit from the ample availability of raw material and cheap yet skilled labour. However, a sufficient startup budget will be required for machinery, labour and raw materials.
6. Steel mill business
Steel mill is actually a factory involved in the processing of iron ore and production of steel products that includes blooms, ingots, slabs, billets etc. Abundant availability of iron ore and labour proves advantageous to the potential Indian entrepreneurs, however, the setup process is very intensive in terms of startup costs.
7. Wrought iron furniture
You may also delve into a business that uses wrought iron in making a number of furniture products from simple tables to hand forget metal beds. While returns are great, investment required has to be adequate to start a wrought iron future making business.
8. Iron and steel export
Establishing an iron and steel export business is a great opportunity to explore in countries such as India, Australia, Brazil, South Africa etc blessed with abundant iron reserves.
9. Iron and steel import
Similarly, aspiring entrepreneurs who live in countries that heavily import iron and steel from foreign nations can consider opening a business that deals with the iron and steel imports.
10. Pipe Fittings Business
Without fitting material such as elbows, tees, sockets etc, it is hard to install new piping system and repair the defective one’s. Since, piping is every household’s need, opening a pipe fittings business can be the best option you could take.