Market analysis Marketing plan Location Competition Management operation Personnel Application and effect of loans or investments Of course, in any kind of business feasibility study or the planning stage is always the first step to take. Ask yourself what kind of rice business you want: rice farming business, rice dealership business, rice mill business, and wholesale or retail rice selling business.
With rice farming business, obviously you will need a large parcel of land. You will need excellent irrigation system, the best seeds, the best fertilizers, the most effective pesticides, harvester, seeders and tractors for plowing the land. These are just the basic necessities of this kind of rice business for you to be able to start and eventually and hopefully sell after the harvest season. Rice mill business is also a good rice business. You will need a huge barn or storage area for the produce that will be milled and that has been milled.
You will also need to invest for a rice milling machine. Proper maintenance of the rice milling machine is very important in this kind of business. It is better to purchase a new one rather than a refurbished one. Refurbished rice milling machine may be cheaper but in the long run it will be more costly for you due to the high cost of maintenance and probably for the repair of the machine. You will also need to hire an operator of your rice milling machine. With rice dealership business and with any kind of business for that matter, you need to apply for a equines license.
You need to kick for a big storage room for the sacks Of rice that will be delivered to you. You will also need to scout for a good location for your rice dealership business. You also have to implement FIFO (first in first out policy). You need to have several varieties of rice, so that your customers will have several options. Get a comprehensive non-life insurance policy for your business; make sure that you include the clause regarding “Acts of God” in your insurance policy. Better be insured than be sorry.