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Unlike the tedious nature of the business in the olden days, the agriculture business has taken on a new look as farmers can now invest in large-scale quantities and make use of modern-day equipment and facilities. As one of the oldest occupations in Nigeria, there are various business opportunities in the sector such as cassava farming, poultry farming, rice farming, pig farming, maize farming, etc. The benefits of agricultural ventures have yielded a lot of profits to many farmers who have taken the risk of starting the business. This business is not just for the old as many youths who have ventured into it are reaping the rewards. If you’ve been interested in this business but have held back as a result of fears of encountering so many losses then this article is for you. Below are tips to venturing into the agriculture business:
- Market Research: Venturing into this business without adequate research is tantamount to accruing losses. Research would help you know what aspect of agribusiness to venture into, the types of livestock or cash crops to purchase, the seasons of each crop, the rate at which each of these crops can be sold, and the best distribution method. Research would also help you to know who your target market is, what they need, and how to strategize your business to serve them better.
- Choose a Particular Sector: There are various sectors in the agribusiness therefore, having made proper research, you need to choose which would be most suitable for you bearing in mind your financial capacity and skills. Agribusiness is a diverse one, and you cannot be a master of all so carve a niche in the sector and gain mastery there.
- Get the Technical Expertise Needed for the Sector: After deciding on the sector or sectors you would want to venture into, you need to go ahead to acquire the skills required in the sector to ensure expertise. You need to gain knowledge, skills, talk to people, find a mentor, and garner experiences in that area.
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- Draw up a Business Plan: This is a crucial step in the process and should be done carefully so as not to omit vital details. With the research knowledge, skills and expertise acquired, you need to draw up an actionable plan which would direct the business. In this plan, should be a detailed budget of the overall cost required to venture into your chosen sector.
- Source for Capital: At this point, you need to source money with which to run the business. You must not have millions to start, you can start small and grow patiently and steadily. Funds can be gotten through personal finances or savings, partnerships, loans from financial institutions, family or close friends as well as government grants.
- Acquire a Production site for the Business: Having acquired funding, you need to secure a suitable location for your business. Bear in mind that this location should be a conducive environment that would enable your livestock and crops to thrive. You have to check for land fertility, water availability, proximity to the target market, and audience. You also have to ensure that the price of the location is within budget and is purchased legally.
- Acquire the Necessary Tools and Labour for production: After the production site is set up, you need to purchase equipment, machinery, goods, tools and hire labour needed for the business launch.
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