Are you about starting a cassava farm? If YES, here’s a complete sample cassava farming business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a cassava farming business. We also took it further by analyzing and drafting a sample cassava farm marketing plan template backed up by actionable guerrilla marketing ideas for cassava farms. So let’s proceed to the business planning section.
If you live in the united states, you may not know the value of going into commercial cassava farming. This is so because it is not a popular area of farming in the US. But do you know that cassava is a major raw material cum ingredient in the production of alcoholic beverages?
It is also a major source of carbohydrates for most Africans. Cassava can be used in the production of biofuel, animal feed, laundry starch and for medicinal use. The good news is that cassava can be cultivated in the United States of America.
Cassava farming is known to be a profitable business and over the years, it has evolved from small scale into a global industry in most countries where it is carried out. If you are considering starting a commercial cassava farming business, the good news is that you can’t get it wrong. This is because cassava is consumed by both human and livestock in different forms.
It is important to state that starting a cassava farming business comes with its own fair share of challenges, but that does not rule out the fact that it is indeed a profitable business venture. An aspiring entrepreneur can either choose to start a cassava farm on a small scale or on a large scale depending on their financial status.
So, if you have decided to go into cassava farming, then you should ensure that you carry out thorough feasibility studies and also market survey. This will enable you properly locate the business in a good location and then hit the ground running.
Business plan is yet another very important business document that you should not take for granted in the bid to launch your own cassava farming business. Below is a sample cassava farming business plan template that can help you to successfully write your own with little or no difficulty.
A Sample Cassava Farming Business Plan Template
1. Industry Overview
Businesses in the cassava farming industry primarily grow different species of cassava for different purposes. As a matter of fact, worldwide, 800 million people depend on cassava as their primary food staple especially in Sub – Saharan Africa, South America and some parts of Asia.
Cassava is known to be the third-largest source of food carbohydrates in the tropics, after rice and maize. Cassava is indeed a major staple food in Africa, providing basic food for over five million people. It is one of the most drought-tolerant crops, capable of growing on marginal soils. Nigeria is the world’s largest producer of cassava, while Thailand is the largest exporter of dried cassava.
Cassava is extensively cultivated as an annual crop in tropical and subtropical regions for its edible starchy tuberous root, a major source of carbohydrates. Although it is often called yucca in Spanish and in the United States, it is important to state that it differs from the yucca, an unrelated fruit-bearing shrub in the Asparagaceae family.
The Cassava Farming Industry is indeed a very large industry and pretty much thriving in countries such as Nigeria, Thailand, Brazil, Indonesia and Republic of the Congo et al. In 2014, global production of cassava root was 268 million tones, with Nigeria as the world’s largest producer of nearly 55 million tones or 21 percent of the world total.
As a matter of fact, with the recent advancement in technology, farmers can now comfortably grow crops such as cassava in a country where such crops can hardly survive.
One thing is certain when it comes to commercial cassava farming, if you are able to conduct your market research and feasibility studies before choosing a location for cultivating your cassava, you are more likely not going to struggle to grow the cassava and also to sell your cassava because there are always food processing companies, laundry starch production companies, biofuel production companies, pharmaceutical companies and consumers out there who are ready to buy from you.
Lastly, with commercial cassava farming in the United States, it will pay you not to only cultivate cassava and sell them to manufacturing companies that depend on cassava as a major raw material. You can as well start a complimentary business like cassava processing plant; producing and packaging laundry starch, animal feed or any other product that can be gotten from cassava.
The bottom line is that if you have enough farmland (space) and you are interested in maximizing commercial cassava farming, you are sure going to make huge profits from the business.
2. Executive Summary
Akin Williams® Cassava Farms, Inc. is a registered commercial farm that will be based in the outskirts of Dallas, Texas – United States. We have done our detailed market research and feasibility studies and we were able to secure a well – situated and suitable farm land to start our commercial cassava farm.
Our commercial cassava farm is going to be a standard farm hence will be involved in both commercial cassava cultivation, laundry starch and animal feed production. We will be involved in both organic commercial cassava farming and non – organic commercial cassava farming.
We have put plans in place that will help us launch a standard and world-class cassava processing plant within the first three years of officially running Akin Williams® Cassava Farms, Inc. We will produce laundry starch and animal feeds and ensure that they flood the market both in the United States and in other countries of the world.
We want to compete with the best in the industry, which is why aside from the fact that we have secured the required farm land and most of the farming equipment and machines, we have also hired some key employees who are currently undergoing training so as to fit into the ideal picture of the 21st century commercial cassava farm workforce that we want to build.
We are in the commercial cassava farming business because we want to leverage on the vast opportunities available in the commercial farming industry to contribute our quota in growing the U.S. economy, in national food production, raw materials production for industries, to export agriculture produce from the United States to other countries and over and above to make profit.
Akin Williams® Cassava Farms, Inc. is well positioned to become one of the leading commercial cassava farms in the United States of America, which is why we have been able to source for the best hands and farm machineries to run the farm with.
We have put process and strategies in place that will help us employ best practices when it comes to commercial cassava farming processes and laundry starch and animal feeds production as required by the regulating bodies in the United States of America.
Akin Williams® Cassava Farms, Inc. is a family business that is owned by Mr. Akin Williams and his immediate family members. The farm cum business will be fully and single handedly financed by Akin Williams and his immediate family members.
Before starting Akin Williams® Cassava Farms, Inc., Akin Williams has worked with some of the leading commercial farms and laundry starch production plants in the United States of America; he has a degree (B.Sc.) in Agricultural Science from A & M University Texas.
3. Our Products and Services
Akin Williams® Cassava Farms, Inc. is a world class commercial farm that is committed to cultivating organic and non – organic cassava for both the United States’ and the global market. We are in business to produce both food and raw materials for people and industries in commercial quantities.
We will also ensure that we operate a standard cassava processing and packaging plant (laundry starch and animal feed production) as part of our complimentary business.
We are in this line of business to make profits, and we will ensure that we do all that is allowed by the law of the United States of America to achieve our business goals and objectives. These are the areas we will concentrate on in our commercial cassava farms. If need arises we will definitely cultivate related crops;
- Cultivation of numerous cassava varieties (organic and non – organic)
- Production of laundry starch and animal feeds
4. Our Mission and Vision Statement
- Our Vision is to become one of the leading commercial cassava farms and laundry starch and animal feed production brand not just in the United States of America but also on the global stage.
- Akin Williams® Cassava Farms, Inc. is a world class commercial cassava farm that is in business to cultivate cassava in commercial quantities, and produce laundry starch and animal feed for both the United States and the international market. We want our well – packaged laundry starch and animal feed to flood every nooks and crannies of the United States and other countries of the world.
Our Business Structure
Akin Williams® Cassava Farms, Inc. is a commercial cassava farm that intends starting small in Dallas – Texas, but hopes to grow big in order to compete favorably with leading commercial cassava farms in the commercial farming industry both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands in and around Texas.
At Akin Williams® Cassava Farms, Inc., we will ensure that we hire people that are qualified, hardworking, dedicated, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the management of the farm. In view of the above, Akin Williams® Cassava Farms, Inc. have decided to hire qualified and competent hands to occupy the following positions;
- Chief Operating Officer
- General Farm Manager
- Administrator/Accountant
- Cassava Cultivation Manager/Supervisor
- Laundry Starch and Animal Feeds Production Plant Manager
- Sales and Marketing Executive
- Field Employees
- Front Desk Officer
5. Job Roles and Responsibilities
Chief Operating Officer:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
General Farm Manager
- Responsible for the planning, management and coordinating all farm activities across the various sections on behalf of the organization
- Supervises other section managers (cassava cultivation manager, laundry starch and animal feed production manager)
- Ensures compliance during project executions
- Provides advice on the management of farming activities across all section
- Responsible for carrying out risk assessment
- Uses IT systems and software to keep track of people and progress of the growth of crops (cassava)
- Responsible for overseeing the accounting, costing and sale of farm produce after harvest
- Represents the organization’s interest at various stakeholders’ meetings
- Ensures that farming goals desired result are achieved, the most efficient resources (manpower, equipment, tools and chemicals et al) are utilized and different interests involved are satisfied. Responsible for preparing financial reports, budgets, and financial statements for the organization
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Handles all financial transactions for the company
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Oversees the smooth running of the daily farming activities across the various farming sections
Administrator/Accountant
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Responsible for financial forecasting and risks analysis
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the farm
- Serves as internal auditor for the farm
Cassava Cultivation Manager/Supervisor
- Responsible for managing the cassava cultivation section of the commercial cassava farm
- Supervises other workers within the department
- Works closely with the General Manager to achieve the organizations’ goals and objectives
Laundry Starch and Animal Feed Production Manager/Supervisor
- Responsible for managing the laundry starch and animal feed production section of the commercial farm
- Supervises other workers within the department
- Works closely with the General Manager to achieve the organizations’ goals and objectives
Sales and Marketing Officer
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects
- Writes winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, makes surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the farm
Field Workers/Contract Staff
- Responsible for preparing farm land for cassava cultivation
- Responsible for watering the crop
- Weeding, fertilizer and pest control application
- Handles farm implements and machines as instructed by the section manager/supervisor
- Assists in handling the harvest of cassava
- Carries out tasks in line with the stated job description
- Assist in transport working tools and equipment from the farm and back to the designated store room
- Handle any other duties as assigned by the line manager
Client Service Executive/Front Desk Officer
- Welcomes guests and clients to the farm by greeting them in person or on the telephone; answering or directing inquiries
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
- Receives parcels/documents for Akin Williams® Cassava Farms, Inc.
- Distributes mails in Akin Williams® Cassava Farms, Inc.
- Handles any other duties as assigned by the line manager
6. SWOT Analysis
Akin Williams® Cassava Farms, Inc. do not intend to launch out with trial and error hence the need to conduct a proper SWOT analysis.
We know that if we get it right from the onset, we would have succeeded in creating the foundation that will help us build a standard cassava farm that will favorably compete with leading commercial cassava farms in the United States of America.
We are quite aware that there are several large, medium and small scale cassava farms, laundry starch and animal feeds production companies all over Dallas – Texas and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Akin Williams® Cassava Farms, Inc. employed the services of an expert HR and Business Analyst with bias in the commercial farming industry to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives.
Here is a summary from the result of the SWOT analysis that was conducted on behalf of Akin Williams® Cassava Farms, Inc.;
- Strength:
Our strength as a commercial cassava farm is the fact that we have healthy relationships with loads of major players (agriculture merchants and manufacturing companies who deal in cassava) in the commercial farms industry; both suppliers and buyers within and outside of the United States.
We have some of the latest commercial farming machines, tools and cassava processing equipment that will help us cultivate cassava in commercial quantities with less stress. Aside from our relationship (network) and equipment, we can confidently boast that we have some the most experienced hands in Dallas – Texas in our payroll.
- Weakness:
Our weakness could be that we are a new commercial cassava farm in the United States, and perhaps the fact that cassava farming is not a popular venture in the US. We are aware of this and from our projection will overcome this weakness with time and turn it to a major advantage for the business which is why we are into laundry starch and animal feed production.
- Opportunities:
The opportunities that are available to us cannot be quantified; we know that there are loads of individuals who consume organic and non – organic cassava in different forms both in the United States of America and other parts of the world.
We will ensure that we maximize the opportunities available to commercial cassava farmers. We will ensure that we create business structure and frameworks that will enable us go into biofuel production and the production of other alcoholic beverages from our cassava.
- Threat:
Some of the threats and challenges that we are likely going to face when we start our own commercial cassava farm are global economic downturn that can impact negatively on household spending, bad weather cum natural disasters (draughts, epidemics), unfavorable government policies and the arrival of a competitor (a commercial farm that cultivates same crop – cassava) within same location.
There is hardly anything you can do as regards these threats and challenges other than to be optimistic that things will continue to work for your good.
7. MARKET ANALYSIS
- Market Trends
One of the common trends in the commercial cassava farming line of business is that most players in the industry are no longer concentrating only on non – organic cassava farming. They now find it easier to run both organic cassava cultivation and non – organic cassava cultivation. It is a fact that despite that organic food is expensive, the sale is on the increase and it is indeed profitable.
Despite the fact that commercial cassava farming has been in existence since time immemorial, it does not in any way make the industry to be over saturated; commercial cassava farmers are exploring new technology to continue to improve cassava cultivation, preservation and processing processes; mechanized farming has indeed increased the tons of food produced by farmers.
The fact that there is always a ready market for cassava makes the business highly profitable. Lastly, it is a common trend to find standard commercial cassava farmers in the United States run a cassava processing plant business alongside their farm. It is a means of maximizing profit in the business.
8. Our Target Market
It is a known fact that the end consumers of cassava and those who benefit from the business value chain of commercial cassava farming is all encompassing.
Almost every household makes use of products from cassava or consumes cassava in different forms. In essence, a commercial cassava farmer should be able to sell his or her farm produce to as many people as possible including laundries, alcoholic beverage production companies, laundry starch production companies, livestock farmers and other production companies that make use of cassava as raw materials.
We will ensure that we position our business to attract consumers of cassava and production plants that rely on cassava as raw materials not just in the United States of America alone but also other parts of the world which is why we will be exporting some of our farm produce either in raw or processed form to other countries of the world.
Our competitive advantage
The truth is that it is easier to find entrepreneurs flocking towards an industry that is known to generate consistent income which is why there are more commercial farmers in the United States of America and of course in most parts of the world.
Akin Williams® Cassava Farms, Inc. is fully aware that there are competitions when it comes to selling commercial farm produce including cassava all over the globe, which is why we decided to carry out thorough research so as to know how to take advantage of the available market in the United States and in other parts of the world.
We have done our homework and we have been able to highlight some factors that will give us competitive advantage in the marketplace; some of the factors are effective and reliable cassava farming processes that can help us sell our produce at competitive prices, good network and excellent relationship management.
Another competitive advantage that we are bringing to the industry is the fact that we have designed our business in such a way that we will operate an all – round standard commercial cassava farm that will also include cassava processing plant (laundry starch and animal feeds production). With this, we will be able to take advantage of all the available opportunities within the industry.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups commercial cassava farms) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Akin Williams® Cassava Farms, Inc. is in the commercial farming business for the purpose of maximizing profit hence we have decided to explore all the available opportunities within the industry to achieve our corporate goals and objectives.
In essence we are not going to rely only on the sale of our farm produce to generate income for the business. Below are the sources we intend exploring to generate income for Akin Williams® Cassava Farms, Inc.;
- Cultivation of various species of cassava (both organic and non – organic)
- Production and sale of laundry starch and animal feeds
10. Sales Forecast
We conducted a thorough market survey and feasibility studies and we were able to discover that the sales generated by a commercial farm depends on the size of the farm and the nature of the commercial farm (whether cattle rearing, poultry farming, fish farming, crop cultivation et al).
We have perfected our sales and marketing strategies and we are quite optimistic that we will meet or even surpass our set sales target of generating enough income/profits from the first year of operation and build the business from survival to sustainability.
We have been able to critically examine the agriculture industry cum commercial cassava farm line business, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.
- First Fiscal Year-: $200,000
- Second Fiscal Year-: $400,000
- Third Fiscal Year-: $750,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown that can impact negatively on household spending, bad weather cum natural disasters (droughts, epidemics), and unfavorable government policies.
- Marketing Strategy and Sales Strategy
We are quite aware that the reason why some commercial cassava farms hardly make good profit is their inability to sell off their cassava as at when due. In view of that, we decided to set up a standard cassava processing plant to help us maximize profits.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We want to build a standard and world – class cassava farm that will leverage on word of mouth advertisement from satisfied clients (both individuals and businesses).
Over and above, we have perfected our sale and marketing strategies first by networking with agriculture merchants and companies that rely on cassava as their major raw materials. In summary, Akin Williams® Cassava Farms, Inc. will adopt the following strategies in marketing our cassava;
- Introduce our business by sending introductory letters alongside our brochure to stakeholders in the agriculture industry, livestock farms and production companies that rely on supply of cassava as raw materials and cassava processing plants et al.
- Advertise our business in agriculture and food related magazines and websites
- List our commercial cassava farms on yellow pages ads
- Attend related agriculture and food expos, seminars, and business fairs et al
- Leverage on the internet to promote our business
- Engage in direct marketing
- Encourage the use of Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Any business that wants to grow beyond the corner of the street or the city they are operating from must be ready and willing to utilize every available means (both conventional and non – conventional means) to advertise and promote the business.
We intend growing our business which is why we have perfected plans to build our brand via every available means. Below are the platforms we will leverage on to boost our commercial cassava farm brand and to promote and advertise our business;
- Place adverts on both print (newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events/programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our business
- Install our billboards on strategic locations all around Dallas – Texas
- Engage in roadshows from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact laundries, livestock farms and production companies that rely on supply of cassava as raw materials, agriculture produce merchants and residents in our target areas by calling them up and informing them of Akin Williams® Cassava Farms, Inc. and the farm produce we sell
- List our commercial cassava farms in local directories/yellow pages
- Advertise our commercial cassava farms in our official website and employ strategies that will help us pull traffic to the site
- Ensure that all our staff members wear our branded shirts and all our vehicles and trucks are well branded with our company logo et al.
12. Our Pricing Strategy
If you want to get the right pricing for your farm produce, then you should ensure that you choose a good location for your commercial farm, choose a good breed that will guarantee bountiful harvest, cut the cost of running your farm to the barest minimum.
You must try as much as possible to attract buyers to your farm as against taking your farm produce to the market to source for buyers; with this, you would have successfully eliminated the cost of transporting your harvest to the market and other logistics.
We are quite aware that one of the easiest means of penetrating the market and acquiring loads of customers for our cassava, laundry starch and animal feeds is to sell them at competitive prices hence we will do all we can to ensure that the prices of our cassava are going to be what other commercial cassava farmers would look towards beating.
One thing is certain, the nature of commercial farming makes it possible for farmers to place prices for their farm produce based on their discretion without following the benchmark in the industry. The truth is that it is one of the means of avoiding running into a loss. The easier you sell off your harvested cassava, the better for your business.
- Payment Options
The payment policy adopted by Akin Williams® Cassava Farms, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Akin Williams® Cassava Farms, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via check
- Payment via Point of Sale Machines (POS Machines)
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produce purchased without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfers for our cassava.
13. Startup Expenditure (Budget)
When it comes to calculating the cost of starting a commercial cassava farm with a cassava processing plant, there are some key factors that should serve as a guide. Factor such as the capacity of cassava processing plant you want to own, the product you want to produce and the size of the commercial cassava farm.
Besides, in setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to start a world – class commercial farm, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your farm is conducive enough for workers to be creative and productive.
Below are some of the basic areas we will spend our start – up capital in setting up our commercial cassava farm;
- The total fee for incorporating the business in United States of America – $750
- The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) at a total premium – $9,400
- The amount needed to acquire/lease a farm land – $50,000
- The amount required for preparing the farm land – $70,000
- The cost for acquiring the required working tools and equipment/machines/fencing et al – $10,000
- The amount required for purchase of the first set of cassava seedlings et al – $50,000
- The amount required to set up a standard cassava processing plant within the farm facility – $100,000
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost of launching an official website – $600
- The amount required for payment of workers for a period of 3 months – $100,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,000
Going by the report from the detailed research and feasibility studies conducted, we will need an average of $500,000 to start a standard commercial cassava farm with cassava processing plant business in the United States of America. These are some of the equipment that we will need to fully launch our commercial cassava farm,
- Tractor
- Soil cultivator
- Plough
- Harrow (e.g. Spike harrow, Drag harrow, Disk harrow)
- Stone / Rock / Debris removal implement (e.g. Destoner, Rock windrower / rock rake, Stone picker / picker)
- Broadcast seeder (alternatively: broadcast spreader, fertilizer spreader, or Air seeder)
- Planter
- Plastic mulch layer
- Transplanter
- Sprinkler system irrigation
- Mower
- Sickle
- Wheel Barrow
- Truck
Generating Funds/Startup Capital for Akin Williams® Cassava Farms, Inc.
Akin Williams® Cassava Farms, Inc. is a family business that will be owned and managed by Akin Williams and his immediate family members.
They are the sole financiers of the business, but may likely welcome other partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources. These are the areas where we intend sourcing for fund for Akin Williams® Cassava Farms, Inc.;
- Generate part of the start – up capital from personal savings and sale of stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility)
N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $400,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business closes shop.
One of our major goals of starting Akin Williams® Cassava Farms, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to sell our farm produce (organic and non – organic cassava and even processed and packaged laundry starch and animal feeds) a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Akin Williams® Cassava Farms, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our organization’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more as determined by the management of the organization. We know that if this is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts in various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All forms of Insurance for the Business: Completed
- Leasing of farm land in Dallas – Texas and preparing the farm land: Completed
- Conducting Feasibility Studies: Completed
- Start – up Capital Generation: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging, Marketing/Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed working tools, machines and equipment: Completed
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Farm land Treatment, Health and Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in the industry (agriculture farm produce merchants, production companies that rely on supply of cassava as raw materials, fertilizer suppliers and transporter/haulage companies et al): Completed