"SEC-S20W1 | My Business Ideas | Farm products based ideas.

Greetings!

The teaching/lesson is so clear and below, is my participation. A very special thanks to the Steemit team for giving the engagement challenge a new style and phase completely and this looks very interesting and I wish everyone success!

My interest in the business area

Question #1- Are you planning to start a business or already in business?

I am a business owner. I love business and I love to be engaged into businesses with the knowledge that, there are alot to know and do in a business and that is why people don't just wake up a day to start a business. Having ideas is the key and then planning, which involves getting to know the necessary strategies as to run a progressive business and not that which can be ended within a month or less.

Tell us, what is your chosen business? Or why do you want to join the business field? If your answer is that business can make you rich and famous quickly, tell us what your plans are and what business field you are planning to enter.
Are you ready to do some research? Give me your answer to what you think within 200-250 words.

Source

My chosen business is farm products business and I must confess to the fact that it is one of the businesses around my world that moves greatly with a less risk involved depends on the strategies used and taken by the business owner.

I join this business with an intention infact, there is nothing done without an intention. 80-100% of business owners have the intentions of being into business to be rich and famous and that is also my intention but to be rich and famous, alot has to be done. I invest much effort in buying good grains and selling good seeds will give my business a very good name and tag, involving cheating intentions to my business will do more harm than good.

I am a farm products based business owner and below are the plans and factors to be considered.

• Capital ready
• Seasons
• Timing
• Products purchase
• Storage
• Sales

Every farm-products based business owner lives with the above factors in mind, the business is very simple and less stressed if the above factors are held tight. First of all, I get my capital ready from the beginning of the year and that is because there are farm products that could be ready at early January and that is the best time for purchase from the farmers by myself and some of these products are Guinea corn, rice and millet.

Seasons and Timing matters alot in the storage business, there are products I cannot purchase at the rainy season e.g peppers and tomatoes for storage because it will be a great loss. The above mentioned crops are been harvested around November-December but the best time to buy for storage is January.

Source

Where to keep these purchased goods matters by having safer rooms or store for storage. Fleeting the store with some preventive chemicals helps to protect the business from loss before the appointed time for sales and those are moments I smile more.

Individual business or on a partnership basis

Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.

I am a lover of an individual business. I have made my choice because of some of the experiences I had with business partners some years ago on this same business so, having had alot of that, I have chosen and decided to run my business as an individual body. I set my business plan which has to do with outlining how to arrive at my achievements at the end of the year or years through executions of those plans by myself.

Running my business as an individual involves alot of efforts to be put in place, which has to do with having my capital personally, despite all losses and profits will be mine which it won't be easy for me as an individual business owner especially under the umbrella of loss.

My business model

• Product Identification
• Selling period
• Market target
• Expenses anticipation.

The above mentioned matters alot in storage business and this is very important in both already established or new businesses. The product should be identified by the business owner and the business owner should know when and how to sell it, I should know my target after the sales. So, with this a business owner of any kind will be successful.

The business model term has to do with my profit making plans and every business that does not have a busines model is as well as just running the business under "mismanagement" yes, because that is same as working with no direction, if business owners runs businesses that way then the market itself will have no uniqueness when it comes to the prices of products in the market.

Source

Personally, I draft out my business model and then make it a priority as an individual business owner, my personal effort cannot and shouldn't be wasted on a blank space of running a business with no plans of getting profit at the end of the day.

Pros and cons of individual or partnership

Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.

Pros

The financial burden will be less because in a partnership business, all the partners will come together, have a business plan and then know how much will be the business Capital as to be shared equally among themselves.

Responsibility: Ofcourse as the name implies "partnership" it's a joined agreement in which the workload will not only be on an individual but will definitely be shared among themselves equally, and ofcourse no excuses for any reason.

Risk: The business partners shares the risk equally and that is another joy of it all, one person will not bear the risk alone irrespective of the level of the risk.

Team work: team work is very important in every institution and application to businesses, in partner's businesses, different great ideas easily come from different individuals which makes the business more progressive.

Cons

Disagreements: in partnership businesses even among understanding people there are disagreement on certain decisions which might not be favourable to the other partners therefore, leads to the close down of the business.

Profit shares: Every profit made will be shared no matter how little it is, it has to be shared among or between themselves because it's a partnership business and not owned by an individual.

Decision: Decisions are to be taken by all the partners and if paraventure decision is been taken by one person especially bad decision, it would definitely affect the business which can lead to the business close down.

Lastly, when any of the partner dies, partnership ends.

Where do you see your business in the next five years from now and your plans in brief?

Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

Source

I see myself being an employer, imploying workers (business minded and experts) to work under me and then paying them well. I have big dreams for my business and I am so glad to say it here because in years to come, I shall be speaking of how successful and progressive I am in the business. I cannot keep dwelling in one place and become what I want to become in the next year's to come. So alot has to be put in place.

My plans

Increase on capital: My first year in farm produce businesses was 2023, I started with the sum of ₦50,000 which is steem equivalent to 200 steem and this year I see my business moving in goods of ₦500,000 which is steem equivalent to 2000 steem but with hard work, I see myself counting millions in years to come with more efforts.

Striving for good purchase: What I buy to store matters alot, buying good grains will give me a good reputation, some persons buy the good and mix with the bad with clear intentions of cheating and with this, I wont see myself doing great in this business in years to come.

Considering a moderate profit: considering hight profit making will rather make a business stagnant. Business is the future and not now, it is better to sell at a good and affordable price than to sell at a very high price. I have an indept love for my customers as I love myself and with this, my business will be rushed.

Protected store: Most importantly, this business is a very simple but a risky one in the sense that, buying goods and keeping under a liking roof will cause damages which is very risky. I plan to build a very big store to store my goods and then sell at the right time.

Thank you for reading to this point, I invite my following friends to join the contest. @josepha @simonnwigwe and @vickyson