It wasn’t too long ago that everyone in the country would have regarded mining as one of the most important industries in the U.S. economy. These days, things are a little different – mention mining to a businessperson or investor and they will just as likely think you are talking about Bitcoin or data as much as coal or gold.
But make no mistake about it – the mining industry is still thriving. It supports well over a million jobs, and the pay for workers is one of highest in all sectors. Technology is also helping to improve the mining industry, and there are still between 11,000 and 13,000 mining jobs opening every year.
Clearly, the sector is still ripe for anyone wanting to start a viable business – so if the idea interests you, read on. We’re going to explore everything you need to know about finding success in the mining industry.
It’s not just about mining
Of course, you can enter the mining industry from a variety of different pathways, not just by starting to dig or drill into the earth. Software and technology, consulting, transportation and equipment leasing are all exciting areas that appeal to mining companies of all sizes. Bearing in mind the huge amount of money that changes hands in the mining industry, that’s a lucrative piece of a big pie you could be opening yourself up to.
The importance of contacts
If you want success in the mining industry, you will need to start networking first, before forming your team. You’ll need researchers, geologists, industry contacts and an experienced legal team if you want to start drilling and extracting resources. You will also need to consider moving locations so that you are close to the major mining centers of the country.
Capital for equipment
Of course, you can’t expect any success in the mining industry with just a shovel and a hard work ethic. You will need to have the capital available to purchase a lot of equipment, from drills through to mining conveyors. You will need a fleet of vehicles, too, for transportation reasons, and the level of investment we are talking can be enormous. Bear in mind that you will need a solid business case if you want to raise funding from banks or investors – which is an expensive research project in itself.
Building the perfect team
As we mentioned in the intro, jobs in the mining industry are amongst the best paid in the country, and it’s for a good reason. Skilled employees are not easy to find, whether you are talking about underground miners or researchers – and it will cost you if you want the best.
OK, so is mining a viable business opportunity in this day and age? While the entry barrier is huge for those with minimal budgets, it offers a great chance to make a successful – and incredibly valuable – business. It’s certainly a unique industry that is changing every year, but with the right motivation and a lot of dedication, mining is worthy of anyone’s time and investment.