Tips on how to Start A Farming Business /Business Plans and Feasibility Study
More Tips on how to Start A Farming Business /Business Plans and Feasibility Study
Steps Tips on how to Start A Farming Business /Business Plans and Feasibility Study
Step 1: Identify a farming problem
- Firstly, they were experiencing low yield from their farms because they didn’t have a full understanding of standard practices in agriculture.
- Secondly, they didn’t have enough money to scale mainly due to lack of financial knowhow. For instance, they did not understand the concept of separating revenue from profit or know that they had to cost their labour and apportion personal salaries from their revenues. As a result, they were spending all their earnings and could not scale their businesses.
- Thirdly, they did not have access to profitable markets, which led them to sell their produce at unfavorable and demotivating prices.
People in the nearby villages needed more farming produce than the farmers were able to provide.Also, processing companies in Lagos and other parts of the country wanted more raw materials than these farmers were able to supply.
Step 2: Close the knowledge gap
Seek agricultural education:
You could get knowledge from available material (doing online courses or reading books) on the problem you are looking to solve.
You could leverage the knowledge other people have acquired, by consulting experts in the field you would like to venture into; Nigeria has a whole lot of smart people to learn from, the problem is we hardly look out for them.
I would personally advise that you use a mix of these two avenues, because having a good understanding of your farming enterprise is a major key for success. Not having this understanding could prove quite costly, and I’ll use a personal story to explain how.
In 2014, I launched a poultry farm where I reared about 450 chickens. An important part of any farming venture is its individual agronomic practices and for poultry farming, this involves – scheduled administration of vaccines, keeping the birds in a good temperature and generally understanding their behaviour.
I ran this business primarily based on the knowledge I had acquired through numerous hours of online research. Online information however, is often unstructured. which leaves a lot of room for knowledge gaps. The resulting gaps in knowledge of agronomic practices led me failing to properly administer the required vaccines. As a result, I lost almost 100 out of the 450 birds I was rearing at the time.
Luckily for me, the University of Agriculture is in Benue state and I was able to meet up with a friend who specialized in animal husbandry. He was kind enough to organize a schedule training visit for me on what to do to better understand animal behaviour.
So, if you are looking to start a farming business. It is important to firstly, affiliate yourself with the right expertise/knowledge. Secondly, be inquisitive and prepared to learn. As much as you will want to hire a specialist, nothing can replace you having a working understanding of the field you are going into.
To help you start reducing the knowledge gap in farming, here are the basic things you will need to know before starting a farming business regardless of what type of farming you are looking to go into:
Step 3 – Raise capital
After all is said and done, the primary factor that limits a lot of potential farming businesses is the money to start. However, in any business venture, it is important that you start with as little as possible and learn to grow patiently. With that being said, here are three ways you can raise capital to fund your farming business:
– Through personal finances: Starting a farming business with your personal finances will typically require you to fund the farm with money that you have saved up for some time.
– Through partnership/equity funding: This is when a percentage of shares in the farming business are sold in exchange for capital to start your business.
– Through loans: Loans from a financial institution or even from close friends and family can be used to fund ideas. However, at this junction, I must strongly advise against starting your business on loans.
It is wiser to save up and use your money to invest in the farm business at the initial stage, test the waters, before considering a loan agreement for your business. There are too many uncertainties when starting a business to add the certainty of paying back a loan.
Step 4: Launch
Now you have all the basic information you need to start a farming business in Nigeria, so I challenge you to go ahead and start your farming business.
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