12/07/2021
10 RULES TO SETTING UP A PROFITABLE FARMING BUSINESS
1. Agriculture is for anyone, Agribusiness is not
Almost anyone can manage a kitchen garden, nurture some potted flowers or feed a gold fish in an aquarium. But when it comes to agribusiness, there is a lot more involved.
It is therefore important to start by giving a cold reality check to your passion in agribusiness. Consider whether you really have the time and energy your enterprise will need; because like any other business, it will take both passion and commitment to thrive.
2. Farm business is more than passion
Besides the passion to grow crops and rear animal, you also need to have some basic skills in business. Numerous farmers have carried their passion to the farm and hoped to make it. They soon realize you need a few more skills to succeed. Some knowledge in basic bookkeeping, people management and some aptitude in marketing are paramount.
3. Match your farm with the best venture
Your farm could possibly support a number of agribusiness ventures. But before you engage in any, conduct a thorough survey of other alternative uses and adopt the best alternative. Whereas it is easier to grow what everyone else is growing, venturing into new frontiers is one of the best ways of steering off stiff competition.
4. Start by scouting for the best markets
It is much easier to grow anything than it is to market it profitably. Before executing any plan, start by scouting for the best market. Some of the unexploited avenues include online marketing, contract business with schools, hospitals and other institution and regional markets.
5. Start small, set reasonable goals
Starting small gives you an opportunity to make mistake without paying heavily for it. At times it’s the best way to learn. First get the experience and then grow your business.
6. Keep important contacts
The moment you get into farm business, nothing can take the place of experience. It is important to keep the contacts of people who coul
