"SEC-S20W1 | My Business Idea | (Livestock Feed Business)

abdul-rakib (72)in #dtt-sc20w1 • 11 days ago

^{Our current business is pesticides}

Hello friends, how are you? I am going to submit my assignment in the first week titled My Business Idea at Engagement Challenge Season 20 hosted by Dove's teaching team @dove11 sir and @aviral123 mam. Invite you to write about your @wilmer1988 @paholags @xkool24 business ideas.

Are you planning to start a business or already doing business?

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Although I don't have my own business, my brother has a business in agricultural products (pesticides) from which I get ideas about business. I have planned the business according to my capital but I have repeatedly failed in the field. I am still a student and my capital is relatively low. I want to start my own Livestock food business. At present, people in every region of Bangladesh are rearing animals commercially. Every household in my area raises livestock on a small scale, if not commercially. I myself was involved in this animal husbandry during covid19.

I wanted to join this business earlier but could not due to my funds and personal problems. I would like to do a 6/12 month course now or after starting the business to learn about livestock medicine. I want to keep animal medicine with animal feed. Although grass is the main diet of domestic animals, due to lack of current pastures, people are relying on grain feed. I think this feed business will be profitable.

Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model?

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I want to do this business with single capital. I want to take up business as a freelance career. This small scale business would be best for me alone. This business should be done in small capital and rural areas where there are livestock keepers. I have to build my business model. Today's business means having to keep up with the competition. I have to understand the needs and requirements of the customer and create the model. I can do these concepts initially.

I will try to stock the product to maintain the supply according to the demand of the product and procure the product from reliable sources.
I will try to produce some products myself such as; Corn silage is a very effective material as a substitute for grass. To make it I will grow corn on my farm land.
In order to attract buyers, providing short-term credit facility to the buyer and delivery of goods on urgent basis.
The key to business is to keep daily accounts, I will record the daily cash and balances of the business daily and create a balance sheet which is a clean economic activity.

Keeping in mind that partnership businesses have both advantages and disadvantages, what do you think about your business model?

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Advantages: Self boss and self employed in sole proprietorship. I don't want to be accountable to others for my business I will have full control of my business. I will make a simple control plan for my business. All the profits of the sole proprietorship business will be mine and there is no sharing involved.

Disadvantages: A sole proprietorship business has some disadvantages as well as advantages.
Due to the low capital of the business, sufficient quantity of goods cannot be kept. The amount of filing is high and all work has to be done alone. I have to work hard to overcome my own inefficiencies.

Advantages and Disadvantages Considered in a sole proprietorship business, it is possible to bring success to the business by keeping the financial planning, product quality, proper management, customer service in place by facing adverse conditions.

You are now in business and doing well; Let's know what your plans are and what efforts you are making to expand your business in the long term. Will you do it on your own or hire a professional?

I said above that I will keep veterinary medicine along with animal feed for which I need to do a 6 months or 1 year veterinary course so that I can do basic animal treatment. If I can't do it before starting the business then I will take this course after starting the business. Surviving 5 years of starting my business means that it is possible to develop myself as an expert in business. Surely my business will grow and capital will increase. I will add livestock feed as a trade item.

I am interested in rearing animals myself, I will start rearing animals myself sooner. I will invest the proceeds from the sale of Steem tokens for my capital supply.

As the business grows in size it becomes difficult to handle everything alone so hiring a skilled employee or a manager along with it will be the right decision.