TO START A POULTRY BUSINESS, WHAT DO I DO FIRST?
In every aspect of our lives, prior to engagement in any project; it is good to think through the possible solutions to potential problems or obstacles that may arise. One should be ready to deliberate, compare, ponder, research or carry out feasibility studies at the first instance. Failure to do this leads to making last-minute decisions, missing opportunities, inviting pressure, stress and risk.
Taking a more mindful approach to business makes a successful investment. BUSINESS MUST BE PLANNED. This allows an entrepreneur to maintain control and also take away emotion when confronted by difficult decisions. A well planned business hardly makes impulsive choices they later regret.
At its core, the practice of business planning is slow, thoughtful and stressful but it serves the business well. It encourages introspection and helps step back from the turmoil, giving clear vision and providing mental break that relieves stress.
Ultimately, a BUSINESS PLAN creates visibility of the opportunities and potential pitfalls that may prevent the investment from reaching its set goals. It helps identify higher revenue-generating activities and areas of financial, time and energy wastage.
SO, WHAT IS A BUSINESS PLAN
A business plan is a written description of your business’s feature. That’s all there is to it- a document that describes what you plan to do and how to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you’ve written a plan, or at least the germ of a plan.
Business plans can help perform a number of tasks for those who write and read them. They’re used by investment- seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better.
HOW DO I WRITE A POULTRY BUSINESS PLAN
Writing a Poultry Business plan starts by answering the following questions:
1. What is your experience and background in relation to the intended business (track record)?
2. Are you familiar with the value chain and operations of this type of business?
3. Do you feel comfortable with the business idea?
4. What are your business goals?
5. What strategy will be used to meet them (vision, mission, objectives)?
6. What are the potential problems and how do you intend to solve them?
7. Is the risk factor acceptable?
8. What will be the organizational structuring of the business (roles/ responsibilities)?
9. Who are your target market and how to reach them (demography)?
10. Seasonality ( seasonal farmer or a full time)?
11. Who are your competitors?
12. How much money is required for the business (cost estimate)
13. How do you go about marketing your business? (channels)
14. When do you expect your business break even (financial projection /cash flow)?
15. What is the best way to achieve long-term success in the business (sustainability plan)?
16. How can you prevent mistakes or do damage control?
17. Does the business fit your personal goals and objectives?
18. Does the business fit your professional skills?
As simple as it looks; a good business plan focuses on three primary parts:
1. Business concept
2. Marketing overview
3. Financial budget and projection
These primary parts consist of seven key components:
1. Executive summary
2. Business description
3. Marketing strategies
4. Competitive analysis
5. Design and development plan
6. Operations and management plan
7. Financial factors.
Depending on your business and what you intend to use your plan for; you may need a very different type of business plan from another entrepreneur. Plans differ widely in their length, appearance, the ideal of their contents, and the varying emphases they place on different aspects of the business.
For instance; the business plan for rearing Broilers is quite different from that of a farmer rearing layers.
And a farmer rearing broilers + layers will have to merge the two products to yield together on the business plan.
Your business plan must present you and your business in the best most accurate light. When you select clothing for an important occasion, odds are you try to pick items that will play up your best features. Think about your business plan the same way.
However, in situations where the investor has little or no experience in the intended business; experience can be cultivated either through on-the job training, or by attending workshops or seminars. So if you are determined to own your own poultry business, don’t give up.
Hiring the service of a consultant is a better choice. A consultant can help structure a good business plan even when the investor is not a novice in the business. With the help of a consultant; the investor can identify areas which he/she lack the autonomy, self-sufficiency and self-confidence. The investor will also learn other innovative approach to solving problems and also discern possibilities and opportunities in areas where others find little or no potential. It will help the investor to be original and individualistic; and will have the courage to pit against uncertain circumstances and resist pressure.
For an intending poultry farmer; Dealing with these Questions gives the opportunity to find lasting solutions to issues of disease outbreak, accountability, nutrition, biosecurity, legal etc.
When you view a poultry business as a “LOCAL BUSINESS” that you can just gamble with without being guided by a BUSINESS PLAN, then that’s the beginning of your problem.
The best business plans are those that can withstand heavy critical analysis. Entrepreneurship is all about taking calculated risks- potentially disruptive and frightening life risks. If after weighing all the risks and your answer is still a resounding and emphatic “YES”, then you are ready to leap.
Take a plunge and give it a go, start small –but make sure you think big. Many poultry businesses start off in people’s spare time as a side project while they are being developed. The key to success is unwavering commitment and focus. There are bound to be mistakes even after being guided by a good business plan- a ton of them. But keep your eyes on the prize and never blink. If you stop believing, your entire enterprise will be called into question.
For assistance on how to write poultry business plan;
Sent an email to email@example.com
Or call 08035254362.