Some people limit agriculture business to crop cultivation and animal rearing but there is more to agriculture than that. There are so many agricultural business opportunities that you can explore. For instance, in farming alone, the small farm business ideas are endless. Outside farming, you can start a rental business, a juice business, or even invest in agri business.
2. Check For Available Market
As stated earlier, agriculture is quite broad. However, this doesn’t mean that every area has a market large enough to sustain a business. Before you venture into any agri- business, it is necessary to research the available market and examine its potential of scale as well as feasibility. For instance, venturing into a business with year – round demand such as rice may have a larger market than someone who sells Christmas trees. This doesn’t mean that you should completely shy away from businesses with a small market, but when starting out, let there be enough demand to sustain your business.
It is one thing to know you have a market, but an entirely different thing to identify and reach out to them, especially in the midst of competition. This is why it is necessary to research your target market so you can come up with a marketing plan on how best to get your product across to them. It is important to have a solid marketing plan before your product or service is ready to be sold.
4. Analyze Potential Risks
Every business has its risk and as you may have heard before, “no risk, no reward.” In agriculture business, there is always the possibility of environmental and natural hazards. For instance, if you are rearing chickens, you could have a high mortality rate or rodent infestation. Therefore when starting a business in agriculture, you need to properly analyse potential risks and come up with a risk mitigation plan.
