Could You Launch A Mining Business?

Network with the right people and win big contracts

Most people think the mining industry is dead in the water. However, that perception couldn’t be further from the truth. Sure, traditional mining for coal is a dying trade, but there are plenty of other materials and minerals that create high profits. You will have heard about how much money the fracking industry is making at the current time. Getting in on the action might not be as complicated as it seems. The basic guide on this page should help you to understand the process with a little more authority.

Make a business plan and mission statement

Before you do anything else, it’s essential you create a business plan and mission statement. You need to highlight the nature of your firm, and how it will make a profit. You then need to explain why your company will stand apart from the others in the marketplace. Your business plan should always include a growth strategy that highlights how you will progress. Only then will you attract the right investors and get the cash injection you need. Always book an appointment to see your bank manager first. However, you’ll have more luck with private equity firms in this industry.

Purchase or hire all the equipment you need

There is no getting away from the fact that mining companies are going to need a lot of equipment. Your workers might have to travel all over the world, and so you need to look after them properly. Just because they’re outside of Australia, it doesn’t mean health and safety no longer applies. You must provide your workers with the best mining equipment on the market. In some instances, you can hire the tools and machinery you need during the early stages. That would help you to reduce spending and keep more cash in your accounts. However, there are going to be items you need to purchase outright. Make sure you take that into account when creating your business plan.

As you can probably imagine, you’ll have to network with lots of people to get the work you need. That means you might have to entertain clients from overseas, or even make in-depth presentations. Just do some research on the companies that hand out large mining contracts. Arrange some meetings, and judge your results. In most instances, you want to start small and build slowly. So, it’s wise to aim for contracts that allow you to work alongside existing companies. That way, help is always at hand, and you can get advice when you need it most.

So long as you follow that basic process, launching a mining company is not impossible. You must have some experience in the industry to consider such a move. So, draw on your expertise and your existing contacts to push your business forward. As with most things in this world, it’s often who you know rather than what you know. Commitment and motivations are the keys to success. Never feel disheartened if you lose out to a competing firm. There are plenty more fish in the sea. The winners in this life are those who refuse to admit defeat.


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Vinh Van Lam
the authorVinh Van Lam
Vinh Van Lam, co-founder of ArtSHINE, is a visionary art coach and entrepreneur with a passion for fostering creativity. With a diverse background in art and business, he brings a unique perspective to empower emerging artists, enabling them to thrive in the dynamic art industry through the innovative platform of ArtSHINE.

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