8 Facts You Need to Know Before Starting Your Poultry Business
There are some general principles that should be followed before starting any kind of business, and if you’re planning on starting your poultry business, these principles should also be applied.
Poultry business is one of the most lucrative businesses presently in Nigeria, and to succeed in that industry, there are several things you need to put in place. Irrespective of whether you’ve been in business for a while or you’re an already established entrepreneur, you need to take these things into consideration before you set up your poultry business. Here are 8 facts you need to know, before you start your poultry business.
- Do a financial projection.
In starting any kind of business, the cost of it, that is the capital is one of the most important things that should be considered and determined. And to determine the amount of capital that would be required for you to set up your poultry business, you would need to create a budget, a financial projection of the total cost.
To create a budget, you’ll need to identify the things that would be needed in setting the business up, the cost of production, marketing, logistics etc. and find what the total cost would be. This would also help you in creating a revenue target based on the total required cost.
- Create A Business Model
You would need to design a business model for the poultry business you’re about to start, for you to have a picture of how it would look like. The business model should contain every aspect of the business, from the start to finish. The poultry pen structure, the production, marketing, logistics, everything that would be required in carrying out the poultry activities, once the business as being established.
Your business model should also contain a plan for your customers and prospective customers, how you’ll get more and increase the customer base, how you intend to keep the customers, the amount of sales you expect to make on each customer. This is very important most especially in the poultry business, it’s necessary that you establish a customer base, even before you start your first production.
As the products involved in the poultry business could be difficult to preserve for too long.
- Choose an area you want to invest in your poultry business.
As a starter, it is advisable that you pick an aspect of the poultry industry that you want to set your business around, this is to narrow down your competitions, help pull your strength in a direction, and carve out a market space for your business.
As the business grows, and your customer expands, you can now start considering expanding the business to cover other aspects of the industry that’s expected to generate more revenue and profit for your business.
Your location, or the location where you plan to set up the business is also another important factor that should be considered before you start your poultry business. The location should be considered for the protection of the products, birds or livestock, ease of movement to the market, and to avoid contamination or pollution.
You won’t want to be a disturbance for the people that might beliving around your poultry farm, so the location should be considered even in the construction of the pen, and other major structures that would be used in your poultry business.
as it is very important and vital before starting a business, it is not really like that with poultry business. Any location can be used for your poultry business.
Read Also: Top 6 Agricultural Businesses to start with Little Capital
- Building your poultry pen structure.
After considering the location where your poultry business would be established, you also need to consider the structure of your poultry pen. Sometimes the quality of poultry products is affected or impacted by the structure of the pen.
If you are planning on starting with birds, before you construct the pen, you should consider the kind of birds you want to start with, the kind of environment that fits them, the number of birds you intend to get, and how spacious the pen should be. The weather of the location where the pen would be constructed is also need factor that should be taken into consideration before the pen is constructed.
- Poultry management.
Poultry management is an important aspect that can’t and should not be shrugged off, considering the fact that it’s as important to the business as any other aspect of the business. The poultry management is one of the factors that determines the number of employees that you would need to get for your poultry business.
You may need to consult someone who’s been in the business for a while, to know how the farm and the entire business should be managed. The production, preservation, marketing, etc. are all part of the management details that should be considered before establishing your poultry business.
The equipments that would be required for the successful running of your poultry business should also be mapped out. If it’s the first time you’ll be going into the poultry business, you would need to get the service of a professional or someone who’s been in the business for a while to know the kind of equipments you should plan for.
Consulting someone who’s been in the business for a while now, and is doing very well, would help you get quality equipments that won’t give you problem, when you eventually start your business.
The major reason for starting any business is to make profit, and the same goes for the poultry business you about to start. For you to make much sales that would yield more profit, you would need effective marketing.
There are several ways you can about marketing your poultry business, you can use billboards, social media etc. all the means should be extensively researched, before you start your business, so that you can ascertain the exact means that would bring the highest returns.
You’re about to start the journey of creating a fortune for yourself, with your poultry business, considering the fact that it’s a very lucrative industry, even in Nigeria. If you can critically consider all the 8 facts highlighted above, you’re sure to have a successful run.
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