Nadj Villaver | Negosentro.com | 4 Investment Tips for Future Agripreneurs | Farming is a risky business. Aside from the standard factors to consider when starting a business, there are other uncontrollable factors to consider like the weather, type of soil, and many more. For those planning to invest in an agribusiness, here are some tips:
1) Analyze your target location
Just like starting any other usual business, location is crucial to the success of the business. In the world of agribusiness, this will make or break your business. Yes, the country is blessed with fertile soil; however, the geographical location makes the country’s climate volatile.
For those who already have a property or planning to buy one, consider which agribusiness will fit the site. Farming crops will be good for regions that are not often hit by typhoons.
If you are in Canada, you can find farms in Ontario for sale with ease.
2) Conduct market research
Before fully deciding which agribusiness to invest in, one must conduct market research. Questions like ‘Will there be a market for the harvested crop?’ ‘Are there many competitors around the area?’ must be answered.
The market research will also be beneficial for value addition. If there’s already strong competition for primary products, if will be best to invest in value-added agriculture instead.
3) Acquire basic knowledge
A basic knowledge of the chosen agribusiness sector will help one thrive. Say, one decides to invest in the banana industry, he must be able to have a firm grasp of the basics of growing bananas from planting to harvesting.
4) Have the passion
Some people are lucky to have a ‘green thumb’ which people believe encourages good harvest. But the most important factor in any business is to have a passion for what you’re investing. If one is really into farming, it will be a lot easier to be an agripreneur.