It is very common in the west Africa ; most farmers do not undergo / carry out Feasibility Study before starting or Investing their money in any farm Business , after failing to undergo feasibility study and farmer start up his/her business, after some period of time , farmer start complaining about negative report or loss in his/her business. All because he/she/ organization/ group did not carry out any feasibility study on the about the business and it Location.
Now back to the Point “Reason you Must undergo / carry out a feasibility study” before starting up your farm business.
– What is FEASIBILITY: – It is the State of being Possible i.e. the possibility of which a business can be successful.
– Carrying out a feasibility study on your new farm business has to deal with how possible the farm business will grow within the located Area of your Farm.
– For Example; If Farmer ‘A’ decides to start a Layers Production (eggs) Farm at Location ‘100’, if consumers in Location ‘100’ do not eat eggs, how do you expect to get your Profit.
– YES you can transport your produce to the Market outside your location or to your consumer door step. After doing this, that does not change the price of Crate of Egg at it normal Price; because consumers are always finding a suitable price or wholesalers/ retailers.
– Exporting your produce is very profitable; as far you find your customers you are exporting to at a profitable price.
– Transporting your Goods does not mean you would not gain your profit; but consider your customers coming to your farm to buy your produce or just transporting your produce to a market within your location. To some people transporting there produce might not be a loss.
– When you do your feasibility Study (if done by a professional) you will get the best kind of business to do in your desired location.
– If you do not do your feasibility study thoroughly, you might end up building your far In location where you might be sued to court to leave the Location may be because of poor waste management disturbing other Landlord in the location.
– In conclusion undergoing a Feasibility study Before starting your new business is necessary to know the beginning and the future of the Business to see how profitable it is (we all do business because of money) and not ton regret in life.
– It best to get your Feasibility Study From Experts / Let your feasibility study be done by Experts.