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2024 rice business plan competition.

April 4-6, 2024 | Houston, Texas

With access to mentors, real-world experience and investment opportunities, the Rice Business Plan Competition helps graduate student founders from any university stay on target and realize their potential. 

Grand Prize Winner: Protein Pints, Michigan State University 

Congratulations to all of the winners. Check out the results here .

Powering Founders and Shaping the Future at the 2024 Rice Business Plan Competition

Hosted and organized by the  Rice Alliance for Technology and Entrepreneurship , which is Rice University's internationally-recognized initiative devoted to the support of entrepreneurship, and Rice Business, the Rice Business Plan Competition offers an educational program mirroring real-world experience through this multi-day event for student startups from across the world.

Beyond just the world-renowned prizes, student startups spend time interacting with our judges and prize sponsors—providing valuable access and experience with both early-stage and later-stage investors.

April 4-6, 2024 | Houston, Texas 

The Rice Business Plan Competition exists so that student founders pushing to create new possibilities in technology, energy, healthcare and more can surround themselves with a powerful network; learn what it takes to secure investor funding; hone your pitch; and compete for big money to make the future you’re building possible. After a competitive application season, 42 startups have risen to the top and will be invited to compete on a global stage for more than $1M in prizes at the 2024 RBPC .

FOLLOW ALONG WITH #RBPC24

Previous competitions.

For 21 years the Rice Business Plan Competition has provided student startups with mentorship, guidance and capital to help support them on their entrepreneurial journey! In 2020, the competition went virtual for the first time. Check out a few of our previous competitions' content, including elevator pitch videos, final pitches, photos and LivePlans.

• 2023 Competition - On The Edge of the Future
• 2022 Competition - Grow Your Startup. Build the Future.
• 2021 Competition - Big Ideas. Brilliant Startups.
• 2020 Competition - First Virtual Edition
• 2019 Competition - The Art of Entrepreneurship

How To Write a Business Plan for Rice Production in 9 Steps: Checklist

By alex ryzhkov, rice production bundle.

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Rice production is a thriving industry in the United States, providing a staple food for millions of people and contributing to the country's agricultural sector. With the contract farming model gaining popularity, farmers have a secure market and income source, while agribusiness companies can ensure a consistent supply of high-quality rice. If you're considering venturing into this industry, developing a well-crafted business plan is crucial for your success.

According to the latest statistics, the rice production industry in the US is experiencing steady growth. In fact, the Agricultural Marketing Resource Center states that between 2012 and 2017, the value of US rice production increased from $1.85 billion to $2.32 billion. This signifies a growing demand for rice, making it an opportune time to step into the market.

To help you get started on your business plan, we've outlined nine essential steps that you should follow. These steps will guide you through defining your concept and vision, conducting thorough market research, assessing competition, and developing a comprehensive financial plan, among other crucial aspects.

By carefully considering each of these steps, you can position yourself as a successful player in the rice production industry. Whether you're a small or medium-sized farmer looking for a secure market or an agribusiness company aiming to maintain a consistent product quality, a well-executed business plan will be the fundamental basis for your success.

Define Your Business Concept And Vision

Your business concept and vision serve as the foundation for your rice production business. It is important to clearly define what your business is about and what you hope to achieve in order to guide your decision-making process and set clear goals. Here are some key points to consider when defining your business concept and vision:

• Identify your niche: Consider the specific aspect of rice production that sets your business apart from others. Are you focusing on a particular variety of rice or implementing innovative farming techniques? Determine what makes your business unique and valuable.
• Specify your objectives: Clearly state what you aim to achieve through your rice production business. This could include increasing yields, implementing sustainable farming practices, or expanding into new markets.
• Consider the long-term vision: Outline your long-term goals and aspirations. Do you see your rice production business growing into a large-scale operation or remaining a smaller, niche operation in the market?
• Research the current trends and demands in the rice industry to guide your business concept.
• Consider conducting a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to identify potential challenges and opportunities.
• Regularly reassess and refine your business concept and vision as your business evolves.

Conduct Market Research And Analysis

Conducting thorough market research and analysis is crucial for the success of your rice production business. It helps you understand the current market trends, identify potential customers, and assess your competition. Here are some important steps to follow:

• Identify the demand: Determine the current and future demand for rice in your target market. Research the consumption patterns, preferences, and trends to gauge the market potential for your rice production business.
• Analyze the competition: Study the existing rice producers in your area and assess their production capacity, product quality, pricing, and market share. Understanding your competition will help you position your business effectively and identify areas for differentiation.
• Identify your target market: Define your target market based on factors such as demographics, geographical location, income level, and dietary preferences. This will help you tailor your production and marketing strategies to meet the specific needs of your target customers.
• Assess market trends: Stay updated with the latest market trends and developments in the rice industry. This includes monitoring consumer preferences, emerging technologies, government policies, and international trade regulations. Adapting to changing market dynamics will ensure your business remains competitive and relevant.

Tips for conducting market research and analysis:

• Utilize online resources such as industry reports, market research databases, and government statistics to gather relevant data for your analysis.
• Consider conducting surveys or focus groups to gather insights directly from potential customers and target market segments.
• Network with industry experts, farmers, distributors, and other stakeholders to gain valuable insights and industry knowledge.
• Keep an eye on global rice prices, as they can impact the profitability and competitiveness of your business.

By conducting thorough market research and analysis, you will be able to make informed decisions about your rice production business. This step is crucial for developing a sustainable and profitable business plan that addresses the needs of your target market.

Identify Your Target Market And Customers

Identifying your target market and customers is a crucial step in developing a successful business plan for rice production. This information will help you tailor your production, marketing, and sales strategies to meet the specific needs and preferences of your customers.

Start by conducting thorough market research to understand the demand for rice in your target region or industry. Determine the size of the market, its growth potential, and any emerging trends or preferences among consumers. This research will provide valuable insights into the potential demand for your rice and help you make informed decisions about your production capacity and pricing strategy.

Once you have a clear understanding of the market, narrow down your target audience. Consider factors such as demographics, such as age, gender, income level, and location, as well as psychographics, including lifestyle choices, preferences, and values. Understanding these characteristics will allow you to develop marketing messages and strategies that resonate with your target customers.

• Research the preferences and demands of your target market
• Consider the demographics and psychographics of your ideal customers
• Identify any niches or segments within the rice market that you can target
• Explore potential partnerships or collaborations with other businesses in your target market
• Engage in market research to gain a deep understanding of your target market and customers
• Utilize online surveys, focus groups, and interviews to gather valuable insights
• Keep an eye on emerging trends and consumer preferences in the rice industry
• Stay flexible and willing to adapt your marketing and sales strategies based on customer feedback

By clearly identifying your target market and customers, you can tailor your business plan to meet their specific needs and preferences. This will increase the chances of success for your rice production venture and help you build a loyal customer base over time.

Assess The Competition And Determine Your Unique Selling Proposition

Assessing the competition is a crucial step in developing a successful business plan for rice production. It allows you to understand the market landscape and identify opportunities to differentiate your product from competitors. By determining your unique selling proposition (USP), you can effectively position your rice production business in the market and attract potential customers.

When assessing the competition, it is important to gather information about existing rice producers in your target market. Research their production methods, quality standards, pricing strategies, and distribution channels. This information will provide valuable insights into the industry and help you identify ways to stand out.

Here are some key points to consider when assessing the competition:

• Identify the major players in the rice production industry and analyze their market share.
• Evaluate the quality and variety of rice offered by your competitors.
• Compare pricing strategies and determine if there is an opportunity for competitive pricing or premium pricing.
• Analyze the distribution channels used by competitors and consider alternative channels to reach your target market.
• Look for gaps in the market that your rice production business can fill.
• Consider offering unique rice varieties or specialty products to differentiate yourself.
• Focus on sustainability and organic farming practices, if there is a demand for eco-friendly products.
• Offer exceptional customer service and build strong relationships with buyers.

Once you have thoroughly assessed the competition, it's time to determine your unique selling proposition. Your USP is what sets your rice production business apart from others and answers the question, 'Why should customers choose your rice over competitors?'

Your unique selling proposition could be based on factors such as superior product quality, innovative farming techniques, sustainable practices, or specialized rice varieties. It is essential to clearly define your USP in your business plan and use it as a foundation for your marketing and sales strategies.

Remember, the goal is to differentiate your rice production business and create a strong value proposition that resonates with your target market. By thoroughly assessing the competition and determining your unique selling proposition, you can position your business for success in the competitive rice production industry.

Determine The Resources And Facilities Required For Rice Production

In order to successfully produce rice, it is essential to have the necessary resources and facilities in place. These include:

• Land: Rice production requires a significant amount of agricultural land. The size of the land will depend on the scale of your operation and the yield you are aiming for. It is important to ensure that the land is suitable for rice cultivation, with proper soil conditions, access to water sources, and adequate drainage.
• Water: Rice is a water-intensive crop and requires access to a sufficient and reliable water supply. This can be in the form of irrigation systems, such as canals or wells, or by utilizing natural water sources like rivers or lakes. It is important to ensure that the water supply is consistent throughout the growing season.
• Infrastructure: Infrastructure plays a crucial role in rice production. This includes farm buildings such as storage facilities for seeds, fertilizers, and machinery. Additionally, proper roads and transportation infrastructure are important for efficient movement of equipment, crops, and supplies.
• Machinery and Equipment: Rice production requires specific machinery and equipment to carry out various tasks such as planting, harvesting, and processing. This can include tractors, transplanters, harvesters, threshers, and milling equipment. It is important to assess the scale of your operation and determine the appropriate machinery and equipment needed.
• Storage Facilities: Proper storage facilities are essential for post-harvest handling of rice. This includes facilities to dry and store the harvested paddy rice, as well as warehouses for processed rice. It is important to ensure that the storage facilities maintain the required moisture and temperature conditions to avoid spoilage.

Tips for Determining Resources and Facilities:

• Conduct a thorough assessment of your land to ensure its suitability for rice cultivation, considering factors such as soil quality, access to water, and drainage.
• Consider the availability and cost of water sources and choose the most suitable irrigation system for your operation.
• Invest in proper infrastructure, such as farm buildings and transportation networks, to facilitate smooth operations.
• Research and identify the appropriate machinery and equipment for your production scale, considering factors such as cost, efficiency, and availability of spare parts.
• Ensure that your storage facilities meet the required standards to protect the quality and quantity of your rice crop.

Develop A Production Plan And Consider The Necessary Machinery And Equipment

A key aspect of successfully starting a rice production business is developing a detailed production plan that outlines the necessary steps and resources required to grow and harvest rice. This plan will serve as a roadmap for your operations and will help ensure efficient and effective production.

1. Determine the cultivation methods: The first step in developing your production plan is to decide on the cultivation methods you will employ. This may include traditional methods like flooded paddy fields or advanced techniques like precision farming. Consider factors such as soil type, climate conditions, and water availability to determine the most suitable cultivation method for your rice production.

2. Plan the seed selection: Selecting the right seeds is crucial for achieving high-quality rice production. Research and identify the rice varieties that are in demand in your target market and align with the contract farming company's requirements. Consider factors such as yield potential, disease resistance, and market preference to make an informed decision.

• Choose seeds from reputable suppliers to ensure quality and authenticity.
• Consider testing different varieties on a small scale before committing to large-scale production.
• Maintain records of seed selection and performance for future reference.

3. Assess the fertilization requirements: Rice cultivation requires specific nutrient supply to ensure healthy plant growth and optimal yield. Conduct soil tests to determine the nutrient deficiencies and develop a fertilization plan accordingly. Consider factors such as organic or synthetic fertilizers, application methods, and timing to provide the necessary nutrients to your rice crops.

4. Plan for pest control: It is important to implement effective pest control measures to protect your rice crops from pests and diseases. Identify common rice pests in your region and develop a comprehensive pest management plan. This may include cultural practices, biological control methods, and chemical treatments when necessary. Regular monitoring and inspection are essential to identify and address any potential pest issues.

5. Consider the necessary machinery and equipment: Depending on the scale of your rice production, you will need to acquire the appropriate machinery and equipment. This may include tractors, seeders, transplanters, harvesters, and drying facilities. Research and compare different brands and models to ensure you are investing in high-quality and reliable machinery that meets your production requirements. Estimate the costs of purchasing or leasing the machinery and include them in your financial plan.

6. Develop a schedule: Once you have determined the cultivation methods, seed selection, fertilization plan, pest control measures, and necessary machinery, it is essential to develop a production schedule. This schedule should outline the critical activities and timelines for each stage of rice production, from land preparation to harvesting. Consider seasonal factors, weather conditions, and labor availability to create a realistic and efficient schedule.

By developing a production plan that incorporates these considerations and details the necessary machinery and equipment, you will be well-prepared to start your rice production venture and ensure smooth operations from planting to harvest.

Create A Comprehensive Financial Plan And Determine The Required Funding

Creating a comprehensive financial plan is crucial for the success of your rice production business. It helps you understand the financial implications of your business decisions and ensures that you have enough funds to cover your expenses and investment needs. Here are the key steps to creating a financial plan and determining the required funding:

• Start by estimating your startup costs, which include land acquisition, infrastructure development, machinery and equipment purchase, seed selection, and initial marketing expenses. Consider obtaining quotes from suppliers and contractors to get accurate cost estimates.
• Calculate your operational expenses, including labor costs, utilities, fertilizers, pesticides, irrigation systems, and transportation. This will give you an idea of the ongoing costs involved in rice production.
• Forecast your revenue by considering the contracted price per unit of rice, the estimated yield per acre, and the number of acres you plan to cultivate. This will help you determine your potential income and evaluate the profitability of your venture.
• Identify potential sources of funding, such as personal savings, loans from financial institutions, or investments from partners or stakeholders. Consider the terms and interest rates associated with each funding option, and assess their feasibility and impact on your business.
• Create a detailed cash flow statement that shows your expected inflows and outflows of funds on a monthly or yearly basis. This will help you identify any potential cash flow gaps and plan accordingly.
• Prepare financial projections, including profit and loss statements, balance sheets, and return on investment analysis. These projections provide a snapshot of your business's financial health and can be used to attract potential investors or lenders.

Tips for creating a comprehensive financial plan:

• Consult with an accountant or financial advisor to ensure the accuracy and feasibility of your financial projections.
• Consider seeking grants or subsidies for agricultural businesses, as they can provide additional funding opportunities.
• Regularly review and update your financial plan to adapt to changing market conditions or business needs.

By creating a comprehensive financial plan and determining the required funding, you set the foundation for a financially sustainable rice production business. It allows you to make informed decisions, secure appropriate funding, and ensure the long-term success of your venture.

Determine The Legal And Regulatory Requirements For Rice Production

When venturing into rice production, it is crucial to understand and comply with the legal and regulatory requirements in order to operate your business in a compliant and ethical manner. Failure to adhere to these requirements can result in fines, penalties, and potential legal issues. Here are some important aspects to consider:

• Licensing and permits: Research and obtain the necessary licenses and permits required to operate a rice production business. This may include agricultural licenses, environmental permits, and water use permits, among others. Consult with local agricultural authorities and regulatory bodies to ensure you meet all the necessary obligations.
• Land use and zoning regulations: Familiarize yourself with the specific land use and zoning regulations governing rice production in your area. There may be restrictions on the types of agricultural activities allowed in certain areas or limitations on land use conversion. Ensure your business operations comply with these regulations to avoid potential legal and land use issues.
• Labour regulations: Comply with labour laws and regulations when hiring and managing your workforce. Ensure fair and safe working conditions, fair wages, and adhere to all employment standards. It is essential to stay updated with relevant labour laws and regulations to avoid any legal pitfalls.
• Environmental regulations: As a rice producer, it is vital to be aware of and strictly adhere to environmental regulations. These may include guidelines for water usage, pesticide and fertilizer application, waste management, and conservation practices. Implementing environmentally sustainable practices not only ensures compliance but also promotes responsible and sustainable farming practices.
• Consult with legal professionals or experts in agricultural law to ensure you are fully aware of all legal requirements and regulations specific to rice production in your region.
• Stay updated with any changes in legislation or regulations that may impact your business operations.
• Maintain organized records and documentation to demonstrate your compliance with legal and regulatory requirements, as this may be requested during inspections or audits.
• Join relevant industry associations or organizations that can provide guidance and resources on legal and regulatory compliance in rice production.

By understanding and fulfilling the legal obligations and regulatory requirements for rice production, you can operate your business in a responsible and compliant manner. This not only protects your business from potential legal issues but also contributes towards building a sustainable and thriving agricultural operation.

Develop A Marketing And Sales Strategy

Developing a strong marketing and sales strategy is crucial for the success of your rice production business. It will help you effectively promote and sell your high-quality rice to your target market. Here are some steps to help you develop an effective strategy:

• Identify your target market: Before you can create a marketing and sales strategy, it is important to clearly define your target market. Consider factors such as demographics, preferences, and purchasing power to determine the most promising customer segments for your rice.
• Understand customer needs and preferences: Conduct market research to gain insight into the needs and preferences of your target market. This will help you tailor your marketing messages and product offerings to meet their specific requirements.
• Establish your unique selling proposition: Determine what sets your rice apart from competitors in terms of quality, variety, sustainability, or any other factor. Highlight these unique selling points to differentiate your product in the market.
• Create a marketing plan: Outline the specific marketing activities you will undertake to promote your rice. This may include online and offline advertising, social media marketing, participation in trade shows and conferences, and collaborations with local retailers or restaurants.
• Set pricing strategies: Determine the pricing for your rice considering factors such as production costs, market demand, and competitor pricing. You may choose to position your rice as a premium product and set a higher price point or adopt a competitive pricing strategy.
• Develop a sales plan: Determine the most effective channels for selling your rice, whether it be through direct sales to consumers, online platforms, or partnerships with grocery stores or restaurants. Outline the sales targets and strategies you will employ to achieve them.
• Invest in professional packaging that reflects the quality of your rice and appeals to your target market.
• Establish relationships with local restaurants and chefs who can showcase your rice in their menus.
• Consider offering promotions or discounts to encourage trial and repeat purchases.
• Monitor and analyze the effectiveness of your marketing and sales efforts regularly to make necessary adjustments.

By developing a well-thought-out marketing and sales strategy, you can effectively promote your rice production business and attract loyal customers. Remember to continuously evaluate and adapt your strategies to stay ahead in the competitive market.

Writing a business plan is crucial for anyone looking to start a rice production business. By following the nine steps outlined in this checklist, entrepreneurs can ensure they have a clear roadmap to success. From defining the business concept and conducting market research to developing a comprehensive financial plan and marketing strategy, each step plays a vital role in the overall success of the venture.

By embracing the contract farming model, rice producers can capitalize on the benefits it offers, such as a guaranteed market and steady income for farmers, while ensuring quality control and a consistent product for agribusiness companies. With careful planning and execution, the rice production industry in the US holds great potential for growth and profitability.

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A Comprehensive Guide to Starting a Successful Rice Mill Business

Introduction

Are you looking to enter the agricultural industry with a lucrative business idea? Look no further than starting your own rice mill. Rice is a staple food for millions of people. Worldwide and the demand for high-quality rice continues to grow. Starting a successful rice mill business can be challenging. But with the right plan and equipment, it can also be incredibly rewarding. In this full guide, we’ll take you through everything. You need to know about starting and running a profitable rice milling business. From creating a solid business plan to marketing your brand effectively. We’ve got you covered. So let’s dive in and learn how you can become an expert in the booming world of rice mills.

Rice Milling Business Plan

To start a successful rice milling business, it is crucial to have a well-planned and comprehensive business plan. A good rice milling business plan should include the market analysis, financial projections, production process, marketing strategy and management structure.

Market analysis involves researching the current demand and supply of rice in your target market. This will assist you in estimating your venture’s potential profitability. You may also find out who your rivals are and how they operate.

Financial projections are essential for securing funding from investors or loans from banks. It includes forecasting revenue, expenses and profits for at least three years based on realistic assumptions.

The production process section outlines step-by-step procedures involved in transforming paddy into polished rice ready for consumption. You should consider factors such as quality control measures to ensure that your final product meets customer expectations.

Marketing strategy identifies how you will promote your products to reach potential customers effectively. This may include advertising campaigns or partnerships with local supplier or retailers.

Designing an efficient management structure ensures smooth operations throughout all aspects of the business while minimizing costs wherever possible. Remember that having a detailed Rice Milling Business Plan is critical when it comes to starting this type of enterprise successfully!

Rice Mill Equipment

Rice mill equipment is crucial for the success of your rice milling business. It’s essential to choose the right type of machinery that suits your needs and budget.

You need to decide on the scale of your business and select equipment accordingly. Small-scale mills can function with basic machines such as a husker, polisher, destoner, and grader. However, larger mills require more advanced machinery like paddy separators, whitening machines, color sorters, and packaging machines.

Ensure that the quality of your equipment is top-notch to minimize free time due to breakdowns or repairs. Find manufacturers who stand behind their goods with warranties.

Consider the power source required for each piece of machinery based on its size and capacity. Some may require electricity while others run on diesel engines.

Proper maintenance routines are critical in keeping your rice mill equipment running efficiently throughout its lifespan. Regular cleaning and lubrication help prevent wear and tear.

In summary,Rice Mill Equipment plays an important role in ensuring that grains are properly processed before they reach consumers’ tables or kitchens.

This makes it extremely important that you invest in high-quality Rice Mill Equipment from reputable manufacturers with a solid reputation for providing reliable products at reasonable prices.

Rice Mill Feasibility Study

A feasibility study is a crucial step in starting any business, including a rice mill. It helps to determine the viability and profitability of the rice mill project before investing your time, money and resources.

The first thing you should consider when conducting a feasibility study for a rice mill business is the demand for rice in your target market. You need to research on how much rice people consume in that area, what types of rice they prefer, and if there are enough suppliers to meet the demand.

Another important aspect to consider is the cost involved in setting up your own rice mill. This includes purchasing or leasing land, buying equipment such as dehuskers and polishers, hiring laborers and technicians among other expenses. You must also factor in potential risks like natural disasters that can damage crops or machinery.

It’s also essential to analyze your competition – other existing rice mills operating within your chosen location. Determine their strengths and weaknesses so you can learn from them while developing strategies unique enough for an edge over competitors.

Lastly but not leastly , it’s vital you create financial projections based on realistic assumptions about revenue streams (such as wholesale vs retail sales), production costs (including raw materials) as well as fixed costs like rent or salaries etc. This will help gauge whether building a Rice Mill from scratch really makes sense economically speaking

How to Start a Rice Mill Business With Nextech ?

Starting a rice mill business can be daunting, but with the right partner, it can also be rewarding. That’s where Nextech comes in – as your trusted rice mill consultant and equipment supplier.

We help you define your business plan by conducting a feasibility study to determine the viability of your venture. This includes analyzing market demand and competition, identifying potential challenges and opportunities, and developing strategies for success.

Once you have a solid plan in place, we provide customized solutions to meet your specific needs. Our state-of-the-art rice milling equipment is designed for maximum efficiency, productivity and profitability. We offer everything from paddy cleaners to whitening machines to grading systems.

We also offer installation services by our expert engineers. who ensure that every component is properly installed and functioning optimally before handing over the project to you.

But our support doesn’t end there – we provide ongoing maintenance services throughout the life cycle of your machinery ensuring smooth operations at all times.

Furthermore, as a full-service provider we don’t just stop at supplying you with the best technology available. We also offer marketing plans so that once production begins there are already customers waiting for delivery of their orders!

In essence working with Nextech ensures that not only do you have access to cutting-edge, technology but also expert advice.  How best utilize it while minimizing operational costs!

Rice Mill Marketing Plan

Marketing is an essential component of any business, and the rice milling industry is no exception. Without effective marketing strategies, your rice mill business may not attract enough customers to generate revenue.

To develop a successful marketing plan for your rice mill business, you need to identify your target market and understand their needs. It would help if you also defined what makes your product unique from others in the market.

One way to reach potential customers is by creating a website that showcases your products and services. You can also use social media platforms such as Facebook, Twitter, Instagram or LinkedIn to promote your brand.

Another effective strategy is advertising through local newspapers or radio stations. Targeting specific demographics within the community where you operate. You could offer promotions like discounts on bulk purchases of rice grains or free samples as incentives for first-time buyers.

You should consider participating in trade shows and exhibitions related to agriculture or food processing industries. These events provide excellent opportunities to showcase your products directly to potential clients and network with other players in the industry.

Customer feedback can be invaluable when it comes to improving both product quality and service delivery. So don’t hesitate always asking for feedback from satisfied customers either through surveys or reviews online.

Starting a rice mill business may seem daunting at first. But with the right tools and plan in place, it can be a rewarding venture. Conducting thorough market research and creating a solid business plan are essential steps to ensuring success in this industry.

Investing in high-quality equipment and hiring experienced professionals will also help your rice mill business thrive, Moreover. By implementing effective marketing, strategies and fostering strong relationships with customers. You can pave the way for long-term success.

If you’re considering starting a rice mill business or need guidance on how to take your existing operation to the next level. Working with a reputable consultant like Nextech is highly recommended. With their expertise and support. You’ll have access to valuable resources that can enhance every aspect of your business.

Remember that patience and persistence are key when it comes to starting any new venture. With the application of these tips for success and a steadfast commitment to delivering quality products and services. Your rice mill business undoubtedly possesses the potential for remarkable achievements.

Rice Retailing Business Plan | Ultimate Guide In 2023

Rice consumption has shown a clear increase over the years. In the last years of 2021/2022, 520 million metric tons of rice was consumed globally. Rice being the celebrity of the food and beverage industry, is one of the most famous ventures since the ancient times and is all time in demand. As rice is a staple food, the rice retailer business provides a certain security to the investor or entrepreneur. In this article we will discuss what makes the rice retailer business a good idea and what are the few nitty-gritties that are needed, including marketing strategy for rice business, and developing an informed rice retailing business plan. Along with this we will understand what are the few pointers from a sample project proposal for rice retailing that you could incorporate in your rice business plan.

The agriculture sector is a vital part of the economy and is highly emphasized by the government. It is not only in a constant demand but also in high supply which works in the benefit of an entrepreneur in the rice retailer business. Being in this venture also has additional benefits as it is relatively easy to start and requires minimal investment. Thus, generating a good net profit for the retailer.

Also Read: How To Start A Land Clearing Business? 11 Steps {Ultimate Guide}

Table of Contents

Things to keep in mind before starting the business:

• Investment and resources : You should have enough collection of capital and resources that you need for your rice business.
• Acquire License : You would have to generate a government approved license that legitimizes your business and allows you to run your business smoothly.
• Gather Equipment : According to the rules of your license you would need proper equipment of a certain standard. Price tags, calibrated weights etc.
• Storage unit : One look out in the rice industries is the issue of storage, the rice tends to spoil in three months. Along with this the rice gets eaten by insects and bugs. You would need a well-structured storage unit and invest in disinfectants. Here you can take advice from other sample project proposal for rice retailing and also from your supplier.
• Determine your target market : You need to identify who your potential customers are. Are they households, restaurants, or small convenience stores? Knowing your target market will help you come up with a business plan and marketing strategy.
• Look for a reliable supplier : You would need to find a supplier who can provide you with good quality rice at a reasonable price. It’s important to build a good relationship with your supplier to ensure a steady supply of rice.
• Choose a strategic location : The rice retailing business should be located in an area where there is high foot traffic. A location near a market or a busy street is ideal.
• Set your prices : You should set your prices competitively. Do some research on the prices of rice in your area and make sure that your prices are reasonable.
• Promote your business : You need to get the word out about your rice retailing business. You can use flyers, social media, or even word of mouth to promote your business.

Before starting any venture, planning the above points is of key importance.

Also Read: How To Start A Custom Car Shop? {Ultimate Guide}

Here are few Steps that are needed to Develop a Concrete Rice Business Plan –

1. conduct market research and form marketing strategy for rice business –.

Conducting a Market research involves gauging of the rice market in your area. You are to understand the demand of different types of rice, the number of suppliers, the demographic of potential customers and a thorough knowledge about the competition. This is where the competition’s sample project proposal for rice retailing would come in handy and help you create a marketing strategy.

2. Create Business Objectives

Your rice business plan would need a clear set of objectives. Concise, achievable and smart objective and goals work as a guideline onto which further operations are done.

3. Target Market

The rice retailing business plan depends on identifying your target customers, including their demographics, their preferred location, monetary status and purchase habits. And finally incorporating them in marketing strategy for rice business.

4. Unique Selling Proposition (USP)

Create a strategy that sets you apart from your competitors and attracts customers. After developing a unique selling proposition showcase it in your rice business plan. In order to develop a well rounded USP you can use the competitor’s sample project proposal for rice retailing and stand apart from the crowd.

5. Pricing Strategy

One of the pointers of how you can price your rice products that leads to the most net profit is by using an already well researched pricing strategy. For example, D-Mart became a famous retail store in India by using Everyday Low Price Strategy – EDLP which worked for the Indian market and gained high profit.

6. Marketing Plan

Create a detailed advertising statement that markets and promotes your rice business to attract customers and promote customer loyalty. And make this a part of your marketing strategy for rice business.

7. Operation Plan

The rice business plan includes a step-by-step outline of daily activities that you would like to see in your business. Such as information on staff, daily changes in prices, inventory, maintenance of storage facility etc.

8. Financial Projects

Create balanced and realistic financial projects in your rice retailing business plan to assess your company’s workings. create accurate financial predictions that include predicted sales, expenses, and profits.

9. Organizing

And finally compile it all together to form a comprehensive rice business plan.

In conclusion, rice is in all time demand throughout the centuries. With right equipment, capital, license resources, and a full proof rice retailing business plan you can establish a successful venture.

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How to Start a Profitable Rice Mill Business

• August 19, 2023
• by Next What Business Research Team

Starting a rice mill business can be a rewarding and profitable venture. Paddy in its raw form cannot be consumed by human beings. Therefore, it needs to be suitably processed for obtaining rice. It is a staple food product for a large population. Basically, rice milling is the process that helps in the removal of hulls and brans from paddy grains to produce polished rice. If you live in a highly paddy-producing area, you can establish a rice mill business of your own.

However, to be successful in the rice milling business, you need to do careful planning, have knowledge of the industry, and must adhere to various regulations.  Below are some of the most important steps you need to follow to start a profitable rice mill company:

13 Steps to Start a Rice Mill Business

1. market research.

Before setting up a rice mill plant, it is advisable to understand the local demand for rice and the competition in your area. You need to conduct detailed market research and identify your target markets, such as wholesalers, retailers, or direct consumers.

2. Create a Business Plan

Create a detailed business plan outlining your goals, target market, pricing strategy, sourcing of raw materials, production process, and marketing efforts. Some of the chapters that must be included in your rice mill business plan document:

Executive Summary:

• Overview of your rice mill business.
• Mission, vision, and goals.
• Brief description of products and services.
• Summary of financial projections.

Company Description:

• A detailed explanation of your rice mill business.
• Legal structure (proprietorship, partnership, LLP, etc.).
• Location of the business.
• Background of founders and key team members.

Market Analysis:

• Overview of the rice industry in India.
• Analysis of the local and regional rice market.
• Identification of target customer segments.
• Competitive analysis of other rice mills.

Products and Services:

• Types of rice you will produce (Basmati, non-Basmati, parboiled, etc.).
• Processing methods and techniques.
• Packaging options and branding.

Marketing and Sales Strategy:

• How you will promote your rice mill business.
• Pricing strategy based on market research.
• Distribution channels (wholesalers, retailers, online platforms).
• Sales forecast and projections.

Operational Plan:

• Description of the rice milling process.
• Equipment and machinery required.
• Supply chain management (procurement of paddy, processing, packaging).
• Inventory management.

Management and Organization:

• Organizational structure and key roles.
• Profiles of founders and management team.
• Responsibilities of each team member.

Financial Plan:

• Start-up costs and funding requirements.
• Breakdown of expenses (equipment, labor, utilities, etc.).
• Projected revenue and sales forecasts.
• Profit and loss statement, cash flow statement, balance sheet.

Funding and Investment:

• How you plan to secure funding for your rice mill business.
• Details of loans, investments, or personal contributions.

Implementation Timeline:

• A step-by-step plan to launch and operate the rice mill.
• Estimated timeline for each phase, from setting up the infrastructure to full-scale production.

Risks and Mitigation Strategies:

• Identification of potential challenges and risks.
• Strategies to address and mitigate those risks.

Regulatory and Legal Considerations:

• Licenses and permits required to operate a rice mill.
• Compliance with food safety and quality standards.
• Supporting documents such as market research data, industry reports, financial projections, legal documents, etc.

3. Register your Rice Mill Business

Register your rice mill as a legal entity. It can be a sole proprietorship, partnership, or private limited company. You need to choose the business structure as per the size and scale of operation.

Read:  How to Register a Company/ Startup in India

4. Obtain Licenses and Permits

In starting the business, you will need to obtain several different licenses from Government authorities.

• Udyog Aadhaar MSME Registration
• Obtain a Factory License.
• Apply for ‘consent to establish and ‘consent to operate’ from Pollution Control Board
• Apply for a license according to the Rice-Milling Industry (Regulation) Act, 1958.
• Obtain GST registration
• You must comply with PFA and ESIC registration for the employees.
• For export, IEC registration is mandatory.

5. Naming Your Rice Mill Business

Choose a name that reflects the essence of your rice mill business. Consider including words related to rice, quality, tradition, or your geographical location. Select a name that is easy to remember and catchy, making it stand out in the minds of your customers.

Read:   How to Name a Business

6. Choose a Suitable Location

Select a location with easy access to paddy supply and markets. Ensure it meets zoning requirements and has adequate space for processing and storage.

7. Rice Mill Plant Unit Establishment

First of all, you must figure out the requirement of the area. Generally, it broadly depends on two aspects. Whether the unit will be using a parboiling unit for pre-treatment of paddy before the commencement of milling operation or it will be directly milling raw paddy. Generally, 1.00 to 1.50 acres of land are required for establishing an improved rice milling unit having an installed processing capacity of 2 MT/ hr.

The total power requirement will be to the tune of 75 KW. However, the essential power requirement of the unit is about 90 HP, and accordingly, a suitable standby generator provision is made. Additionally, you have to arrange water for parboiling and domestic consumption purpose. Therefore, you must ensure suitable arrangements for a continuous water supply of desired quality and quantity.

You must build several constructions for different unit activities. Such as raw paddy godown, cleaning unit, drier, and necessary supporting structures such as boiler/blower system, etc., milling section, finished product stores, machine rooms, etc. Additionally, you must maintain Quality Control and Standards as per AGMARK specifications.

8. Buy Machinery

Acquire and install the necessary equipment, including cleaning machines, milling machines, polishers, graders, and packaging machinery.

Some of the basic machinery required for rice mill plant setup is as follows:

• Raw paddy cleaner cum aspirator consisting of large aspiration of desired suction width. It must be fitted with double fans with necessary damper controls.
• One rubber roll paddy sheller
• Paddy Separator to separate unshelled paddy from deshelled paddy.
• Blowers, husk, and barn aspirators for aspiration of light particles. It also separates husks from dehusked kernels and bran from milled rice.
• Cone-type paddy polishers
• Rice grader/ aspirator for purification and grading of polished rice grains
• Bucket elevators for bulk transport and conveyance
• Procurement of Raw Materials

9. Production Process

The rice milling unit operation includes several steps. Those are:

• Pre-Cleaning: Removing all impurities and unfilled grains from paddy
• De-stoning: Separating small stones from paddy
• Parboiling: It helps to improve the nutritional quality by gelatinization of starch inside the rice grain. It improves the milling recovery percent during deshelling and polishing/whitening operation
• Husking: Removing the husk from the paddy
• Husk Aspiration: Separating the husk from brown rice/ unhusked paddy
• Paddy Separation: Separating the unhusked paddy from brown rice
• Whitening: Removing all or part of the bran layer and germ of brown rice
• Polishing: Improving the appearance of milled rice by removing the remaining bran particles and polishing the exterior of the milled kernel
• Length Grading: Separating small and large broken from head rice
• Blending: Mixing head rice with a predetermined amount of broken, as required by the customer
• Packaging: Package the rice in different quantities, such as bags or sacks, and label them appropriately.

10. Quality Control

Establish relationships with paddy farmers, traders, or cooperatives to ensure a consistent supply of good-quality paddy. Implement strict quality control measures to ensure only high-quality paddy is processed.

11. Evaluate the Costs

Calculate the costs involved in production, including raw materials, labor, machinery maintenance, packaging, and marketing. Set competitive yet profitable prices for your rice products. Create a budget and financial projections for the first few years of operation.

12. Arranging Funds

There are several ways of funding your rice mill business. Some of them are listed below:

• Personal Savings: Utilize your personal savings to cover initial expenses such as equipment purchases and setting up the infrastructure.
• Bank Loans: Approach banks or financial institutions for business loans . Prepare a comprehensive business plan to present your venture’s viability and repayment plan.
• Government Schemes: Explore government schemes and subsidies available for agribusiness and food processing industries.
• Investors: Pitch your business idea to potential investors who are interested in the food and agriculture sector.

Also, do apply for a credit card to meet small-time business expenses.

13. Marketing and Distribution

Create an attractive brand and package design that appeals to your target customers. Establish distribution channels to reach wholesalers, retailers, and consumers. Consider online platforms for wider reach.

Frequently Asked Questions

Is a rice mill business profitable.

Yes, a rice mill business can be profitable due to the high demand for rice in India. Furthermore, since India is a major exporter of rice in the world, there is a big export opportunity.

What is the cost to start a rice mill?

The initial investment can vary depending on the scale of your operation, location, and equipment. However, to start a mini rice mill business, you will need an approximate investment of Rs. 50 Lacs.

What is the 1-ton Rice Mill project cost?

On average, the cost of a 1-ton rice mill cost will be around Rs. 70 Lacs to Rs. 1 Cr. in India

Do I need any prior experience to start a rice mill?

While prior experience can be beneficial, it’s not mandatory. You can learn the technical aspects through training and hiring experienced personnel.

Are there any subsidies available for rice mill businesses?

Yes, the government offers subsidies and incentives for rice mill businesses under various schemes.

How do I find reliable suppliers for paddy?

Establish connections with local farmers, rice traders, and agricultural cooperatives to ensure a steady supply of paddy.

What is the shelf life of rice, and how should it be stored?

Properly processed and stored rice can have a shelf life of several months to a year. Store rice in a cool, dry place to prevent moisture and insect infestation.

Can I start a rice mill business on a small scale?

Yes, you can start small and gradually expand your operations as you gain experience and build a customer base.

10 Essential Steps to Launching a Thriving Rice Farming Business

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Rice is one of the world’s most important staple foods, and it is consumed in large quantities by millions of people globally. According to recent reports, the global rice market is expected to grow at a CAGR of 3.2% during the forecast period of 2021-2026. With such a promising growth rate, it is high time to tap into the rice industry and start your rice farming business. If you are passionate about agriculture and want to enter the rice industry, congratulations! You are in the right place.

In this blog post, we will guide you through the ten essential steps you need to follow to launch your rice farming business successfully. Starting a rice-growing business is not an easy task, and it requires in-depth research, planning, and execution. This checklist will provide you with a blueprint that you can follow to start your rice-growing business and make it a thriving venture. Whether you are a newcomer to the industry or an experienced entrepreneur, these ten steps will help you create a successful rice farming business.

So, let’s dive into the ten steps to start your rice-growing business. By the end of this guide, you will have the knowledge, skills, and confidence to launch your business idea successfully. Do not miss any point, and read this guide till the end. It will help you save time, money, and resources while ensuring that your business thrives in the highly competitive rice farming industry.

1. Define Business Idea

Before starting any business, it is important to have a clear understanding of your business idea. In the case of a rice growing business, your business idea should include details such as:

• The type of rice you plan to grow (long grain, short grain, wild, etc.)
• The location of your rice fields
• The equipment and materials you will need to cultivate and harvest the rice
• Your target market and how you plan to sell your rice
• Your overall business strategy and goals

A clear and well-defined business idea will serve as the foundation for the success of your rice growing business.

Tips & Tricks:

• Research and learn as much as you can about the rice industry before starting your business
• Consider getting advice and guidance from experienced rice growers or industry professionals
• Develop a comprehensive business plan that outlines your goals, strategies, and financial projections

2. Establish Business Structure

Before starting a rice growing business, establishing a solid business structure is crucial to the success and longevity of the operation. Here are the key steps to follow:

• Choose a business entity: Determine if your business will be a sole proprietorship, partnership, corporation, or limited liability company (LLC). Each entity has its own advantages and disadvantages.
• Register your business: File the necessary paperwork to register your business with the appropriate local, state, and federal agencies.
• Obtain Licenses and Permits: Depending on the location of your business, you may need to obtain specific licenses and permits to operate legally.
• Secure financing: Determine the financial needs of your business and explore financing options such as loans, grants, or investors.
• Hire employees: Determine the roles and responsibilities needed to operate the business and begin recruiting qualified candidates.
• Consider seeking legal and financial advice when setting up your business structure to ensure compliance and reduce potential liabilities.
• Research the local market and competition to determine the most profitable business structure and pricing strategy.
• Create a business plan that includes the goals and objectives of your rice growing business to help guide decision-making and measure success.

Establishing a solid business structure may seem overwhelming, but it is a critical step to ensure the success and longevity of your rice growing business. By following these steps and seeking expert advice, you can be confident that your business is set up for success.

3. Develop Business Plan

A solid business plan is crucial to the success of any venture, including a rice growing business. It serves as a roadmap that outlines your goals, the strategies to achieve them, and the potential challenges or risks that may come your way. Here are the key chapters to include in your business plan:

• Executive Summary: A brief overview of your business plan that highlights your mission statement, business idea, target market, competition, financial projections, and funding needs.
• Business Overview: A detailed description of your rice growing business, including your products or services, business structure, legal requirements, permits and licenses, and location.
• Market Analysis: An in-depth research on the rice market, including size, trends, segmentation, competition, and gaps. You should also identify your target customers and their needs, preferences, and buying behavior.
• Marketing and Sales Strategy: A plan that outlines how you will promote and sell your rice products or services, including pricing, distribution, advertising, branding, and customer service.
• Operations Plan: A plan that details how you will produce, process, package, and distribute your rice products or services efficiently and effectively while minimizing costs and maximizing quality.
• Management and Organization: An overview of the key roles and responsibilities of your management team, their qualifications, experience, and compensation, as well as your organizational structure, policies, and procedures.
• Financial Plan: A comprehensive analysis of your projected financial statements, including income statement, balance sheet, and cash flow statement, based on realistic assumptions and financial ratios. You should also include your startup costs, funding sources, and break-even analysis.
• Keep your business plan concise, clear, and persuasive, using charts, tables, and graphics to enhance the readability and visual appeal.
• Consider creating different versions of your business plan, such as a lean canvas, an investor pitch, and an executive summary, depending on your audience and purpose.
• Get feedback and validation from industry experts, mentors, advisors, or potential investors to refine your business plan and increase its chances of success.

A well-crafted business plan can make the difference between failure and success in the competitive rice industry. Make sure to do your research, analyze the market, and tailor your plan to your specific goals and needs. Remember that a business plan is not a static document, but a dynamic tool that should be reviewed, updated, and adapted over time to respond to changing conditions and opportunities. Good luck!

4. Prepare Financial Model

A strong financial model is essential to the success of any new business, and a rice growing business is no exception. Your financial model should be based on realistic assumptions, and should include detailed projections for revenue and expenses over at least the first three years of your business. Here are the key steps to preparing a financial model:

• Estimate your startup costs: Before you can prepare your financial projections, you need to know how much it will cost to start your rice growing business. Your startup costs will include everything from land and equipment to seeds and labor.
• Project your revenue: Based on your expected yields and market prices for rice in your area, estimate your annual revenue. Be conservative in your estimates, and assume that you will have some yield and price fluctuations.
• Estimate your expenses: Your expenses will include everything from seed and fertilizer to labor and fuel for tractors. Make conservative estimates and be sure to include all expenses, including salaries, rent, and utilities.
• Prepare cash flow projections: Your cash flow projections will show your expected cash inflows and outflows for each month during your first year of operation. This will help you identify any potential cash crunches and plan accordingly.
• Prepare income statements: Your income statements will show your projected revenue, expenses, and profits (or losses) for each year of operation. This will help you analyze your profitability and make any necessary adjustments.
• Make conservative estimates to avoid overestimating revenue or underestimating expenses.
• Consider hiring a professional accountant or financial consultant to help you with your financial model.
• Be prepared to adjust your financial model as your business grows and evolves.

A strong financial model is essential to the success of your rice growing business. By estimating your startup costs, projecting your revenue and expenses, and preparing cash flow projections and income statements, you will be better equipped to make informed decisions about your business and plan for the future.

5. Search For Funding Sources

Once you have a solid business plan for your rice growing business, the next step is to find funding sources to bring your plan to life. Here are some steps to follow:

• Assess your financial needs: Determine the amount of money you need to start and run your business. This includes costs for purchasing land, equipment, seeds, fertilizers, and labor, among others.
• Explore government loans: Governments at both national and local levels offer various loan programs to support agricultural businesses. Check with your local agricultural department or Small Business Administration for more information.
• Reach out to private investors: Private investors, such as angel investors and venture capitalists, can provide funding for your business in exchange for equity or partial ownership. Research potential investors in your area and pitch your business plan.
• Apply for grants: Certain private and public organizations offer grants to businesses with a specific mission or goal. Check with these organizations and see if your business aligns with their objectives.
• Consider crowdfunding: Crowdfunding allows you to reach out to a large number of people looking to invest in new business ventures. Platforms such as Kickstarter, GoFundMe, and Indiegogo can help you set up your campaign.
• Talk to your bank: Most banks offer small business loans or lines of credit to help fund your business. Make an appointment with your bank and present your business plan to discuss your options.
• Be prepared to present a solid business plan and budget to potential investors and lenders.
• Consider offering incentives or perks to crowdfunding backers to increase your chances of success.
• Research various funding options thoroughly before making a decision.

By following these steps, you can increase your chances of finding funding sources to start and run your rice growing business. Keep in mind that securing funding can take time and effort, but with persistence and a solid plan, you can make your business dreams a reality.

6. Obtain Necessary Permits & Licenses

Before starting your rice growing business , you need to ensure that you have all the necessary permits and licenses. Depending on your location and the size of your business, you may need to obtain different types of permits and licenses.

Here are some of the permits and licenses you may need:

• Business License: This is a basic license that allows you to operate your business in your city or state. You may need to register your business with the appropriate government agency and pay a fee.
• Zoning Permit: This permit ensures that your business is located in a suitable area and complies with local zoning laws.
• Water Rights Permit: If you plan to use water from a river or stream for irrigation, you may need a permit from the appropriate government agency.
• Environmental Permits: Depending on your location and the size of your business, you may need to obtain permits related to air and water quality, waste disposal, and other environmental concerns.

Keep in mind that the permit and licensing requirements can vary greatly depending on where you plan to start your business. It is best to consult with a local business attorney or a government agency to learn about the specific requirements in your area.

Tips & Tricks

• Make sure you have all the necessary permits and licenses before starting your business to avoid fines or legal problems later on.
• Check with your industry association or other business owners in your area to learn about common permit and licensing requirements for your specific type of business.
• Consider hiring a professional to help you navigate the permit and licensing process to save time and minimize stress.

7. Research Market & Competitors

Before launching your Rice Growing Business, it’s essential to research the market and your competitors to understand their strengths, weaknesses, opportunities, and threats. This information would help you to optimize your business and determine which strategy to implement to stay ahead of your competitors.

You need to research the market to understand the demand for Rice, what your potential customers want, their preferred type of Rice, and the price they are willing to pay. This information would help you determine the type of Rice to grow, the price to sell at, and the target market.

To research your competitors, identify who they are and study their business operations, the type of Rice they grow, and how they market and sell their Rice. You should also study their pricing strategies and customer service to determine areas where you can differentiate yourself and create a competitive advantage.

• Identify your competitors: Use online searches, social media, or Visit local Rice Farms to understand the market and your competitors.
• SWOT Analysis: Use SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) to analyze your competitors.
• Brainstorm: Analyze ways to stand out from your competitors in the market and attract more customers.
• Price comparison: Determine the price range for Rice in the market.

Tips & Tricks: Research Market & Competitors

• Use free online tools such as Google Trends to understand the demand for Rice.
• research on consumers' needs and preferences to develop a unique selling point (USP).
• Create a customer feedback form to know how to modify your product to fit the consumers' needs.

In conclusion, Researching the market and your competitors is a crucial step in starting your Rice Growing Business. By understanding your market and the competition, you can develop a marketing and sales strategy that would help in differentiating your business from that of your competitors and ensure that your Rice Growing Business will be a successful and sustainable venture.

8. Hire Key Personnel Early On

Hiring the right people is critical to the success of your rice growing business. You need to hire individuals who are knowledgeable, skilled, and passionate about the industry. When you hire key personnel early on, you can ensure that they are the right fit and have enough time to learn about your company and its goals. Here are some important points to consider when hiring:

• Write Detailed Job Descriptions: When creating job postings for your key personnel, make sure to provide detailed descriptions of their responsibilities and what qualifications they need to have. This will help you attract the right candidates who are familiar with the industry and have a proven track record.
• Look for Experience: When hiring key personnel, look for candidates who have experience in the rice growing industry. You want to hire individuals who have the necessary skills and knowledge to help your business succeed.
• Consider Personality: While experience and qualifications are important, it's also important to find key personnel that fit well with your company culture. Look for individuals who share the same values and goals as your company.
• Conduct Thorough Interviews: Take the time to conduct thorough interviews with each candidate. Ask them about their experience and skills, as well as their goals and interests. This will help you get a better sense of whether they are a good fit for your company.
• Offer Competitive Salaries and Benefits: To attract and retain top talent, you need to offer competitive salaries and benefits. This will help ensure that your key personnel are satisfied and motivated to help your business succeed.
• Consider hiring from your network or industry associations to find experienced professionals.
• Offer ongoing training and development opportunities to ensure your employees have the necessary skills to grow with your business.
• Clearly define a career path and promotion opportunities to keep your key personnel engaged and motivated.

By hiring key personnel early on, you can set your rice growing business up for success. Take the time to find the right individuals who have the necessary skills, experience, and personality to fit well with your company culture. Offer competitive salaries and benefits, and provide ongoing training and development to ensure your employees have the necessary skills to grow with your business.

9. Set Up Production Process

Once you have secured the land and equipment, the next step is to set up your production process. This is a crucial step in ensuring that your rice growing business runs smoothly and efficiently. Here are some important steps to take:

• Develop a production plan: Determine the target yield, expected output, and estimated production costs. This plan will give you a clear idea of how to organize your production process.
• Hire workers: Depending on the size of your farm, you may need to hire workers to help you with planting, harvesting, and other tasks. Make sure you follow all legal requirements when hiring new employees.
• Prepare the soil: Test the soil to determine the nutrient content and pH levels. Amend the soil as needed to provide the best growing conditions for your rice plants.
• Plant the rice: Purchase high-quality seeds and plant them in the prepared soil. Make sure to space the plants properly and irrigate them regularly.
• Maintain the rice: Monitor the plants for pests, diseases, and other issues. Use fertilizers and other treatments as needed to promote healthy growth.
• Harvest the rice: When the rice is ready, harvest it using appropriate equipment. Store the harvested rice in a safe, dry place until it can be processed.
• Process the rice: Clean and process the rice using appropriate equipment. Package the rice and prepare it for sale.
• Consider purchasing automated equipment to speed up the planting, harvesting, and processing tasks.
• Implement a quality control system to ensure that your rice meets high standards.
• Build relationships with local buyers and distributors to facilitate sales.

By following these steps, you can set up a successful production process for your rice growing business. Remember to keep track of your expenses and revenues, and adjust your production plan as needed to maximize profits.

10. Implement Quality Control

Quality control is an essential aspect of any business, but it is particularly important in the rice growing industry. With quality control measures in place, you can ensure that your customers receive high-quality, nutritious rice products, and this will help to build a strong reputation for your business. In this chapter, we will discuss some of the strategies and tools you can use to implement effective quality control systems for your rice growing business.

• Document Your Processes

The first step in implementing a quality control system is to document your processes. This means outlining the steps involved in planting, harvesting, processing, and storing your rice, and identifying potential areas for quality control checks. By documenting your processes, you can ensure that everyone in your business is on the same page when it comes to quality control, and you can easily identify areas for improvement.

• Train Your Staff

Once you have documented your processes, it is important to train your staff on your quality control procedures. This includes teaching them how to identify potential quality issues, what steps to take to address these issues, and how to record their findings. By training your staff effectively, you can ensure that everyone in your business is invested in maintaining high standards of quality.

• Use Technology to Monitor Quality

Technology can be an incredibly useful tool when it comes to quality control. For example, you could use sensors or monitoring systems to track temperature and humidity levels in storage areas, or use software to monitor quality at each stage of the production process. By using technology to aid in quality control, you can automate some aspects of the process, reduce the risk of human error, and collect data for analysis and continuous improvement.

• Set Quality Standards

It is important to set clear quality standards for your rice products, so you and your team know what you are working towards. Quality standards could include factors such as moisture content, colour, texture, and taste. By setting clear standards, you can evaluate your products objectively, identify any areas where improvements can be made, and communicate your commitment to quality to your customers.

• Implement Regular Inspections and Testing

To ensure that your quality control systems are effective, it is essential to implement regular inspections and testing. These checks could include visual inspections of the rice and packaging, moisture content testing, and taste testing. By conducting regular inspections and testing, you can catch any issues before they become more serious, and make adjustments to your processes to ensure that your products meet your quality standards.

Quality Control Tips & Tricks

• Use statistical process control (SPC) methods to identify trends and patterns in your quality data, and make data-driven decisions about process improvements.
• Don't forget about the importance of traceability - keep detailed records of every batch of rice produced, so you can trace any quality issues back to their source.
• Add quality control checkpoints at critical stages of the production process, such as when rice is cleaned or milled, to catch any potential issues early on.

By following these strategies and incorporating quality control into your business operations, you can ensure that your rice growing business produces high-quality, consistent products that meet the needs of your customers. With strong quality control systems in place, you can build a reputation as a trusted provider of nutritious and delicious rice products.

Starting a rice farming business is an excellent opportunity to tap into a growing market and create a thriving venture. By following the ten essential steps outlined in this checklist, you can lay the foundation for a successful rice-growing business. Remember to prioritize key tasks such as developing a solid business plan, securing funding sources, and obtaining necessary permits and licenses. Do not forget to conduct thorough research on the market and your competitors before launching your business.

To summarize, the global rice market is expected to grow at a CAGR of 3.2% , and with proper planning and execution, your rice farming business can emerge as a leader in the industry. By hiring the right personnel, implementing quality control measures, and setting up an efficient production process, you can ensure that your business thrives in the competitive rice farming industry.

We hope that this guide has provided you with valuable insights and equipped you with the knowledge and skills to start your rice-growing business successfully. Remember to stay committed, resilient, and dedicated to your business goals, and success will follow. Good luck!

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Bigasan Business 2024: How To Start, Capital, Profit (Plus, Tips To Succeed)

Rice has been a staple of the Filipino diet since time immemorial . Therefore, opening a bigasan business or a rice retail business in the Philippines can be a profitable venture for you if the conditions are right.

As with any other food business, there are two ways to make this happen. Either start your own rice retailing business or franchise an already-established brand .

Each has pros and cons, so you should weigh your options carefully before venturing into this type of business.

Let this short article be your guide.

Table of Contents

What is a bigasan or rice retail business.

A bigasan is a retail store that sells a variety of rice. In the Philippines, this is typically done through a simple storefront where bags of rice are opened as a display for customers. The name of the variety of rice and the corresponding price are shown on each bag.

Customers need only tell the store’s staff what variety and how much rice they buy. The staff will then put the requested amount in a bag and weigh it before the customer. After the customer pays for it, then the transaction is complete.

There are specialized rice businesses that sell only rice, but there are also retail outlets, such as sari-sari stores , that carry rice as part of their selection of products.

Bigasan Business at a Glance

How much capital you need to start a bigasan business depends on your business model. Capital investment may start from ₱50,000 (retailer) to ₱300,000 (franchise).

2. Customers

Residences, restaurants, hotels, and other establishments that sell rice meals.

3. Competitors

Usually, just other rice businesses. The supermarkets have a different client base since rice from supermarkets is usually at least 50% more expensive.

4. Who Is It For?

People who prefer to run a simple retail store with an already established market.

5. Pros & Cons

• Steady demand since Filipinos eat rice every day
• It requires minimal marketing because consumers are already familiar with the product
• Straightforward business with the potential to make a living out of it
• Rice is vulnerable to pest attacks, especially if stored improperly
• The quality of rice deteriorates after three months; it spoils easily
• Challenging to be different from competitors aside from the price

How Does a Bigasan or Rice Business Make Money?

Rice businesses typically buy their rice bags from a wholesaler. They then add a markup or “patong” to the cost of the rice. After that, they decide the price per kilogram to sell the rice to their customers. Whatever they earn from selling the rice becomes the income from the rice business.

Note that having a sizable margin is challenging unless you buy in bulk. That’s why it’s typical for a rice business to have a high capital requirement.

Where Can I Find a Rice Supplier?

If you are not getting a franchise, you must find a rice supplier yourself. This could be a wholesaler, a rice mill, or a farmer. You are more likely to know the best places to get rice if you search your area. However, here’s a quick list of well-known rice suppliers in the Philippines:

• DanJethro Grains by A&V Rice Mill – an independent rice mill in Mapandan, Pangasinan, operating since 1993.
• Wil-Lys Cereal Trading Corporation – located in Solana, Cagayan. They sell many varieties, including export-quality rice.
• JDL Nueva Ecija Rice Dealer – also known as Jorem Palay Buying Station, this supplier has been selling farm-fresh rice from Lupao, Nueva Ecija, for 30+ years.
• Primavera Rice Mills – selling quality rice for 46+ years now; among the top rice suppliers for restaurants and fast-food chains in Metro Manila. They are located in Guiguinto, Bulacan .
• RMR Rice Mill – is a popular wholesaler among rice retailers. They are located at Wakas Intercity, an agricultural bagsakan , in Bocaue, Bulacan.

If there is no viable rice supplier in your area, you may want to look for a franchise instead. Here’s a quick list of rice retail franchises you can contact:

• GRAINSMART – has more than 800 franchise branches nationwide. Aside from rice, they also have gas and water refilling business franchise packages. Their head office is located in Quezon City, Metro Manila.

Update: Bigasanko.com has been removed from the list due to an inactive social media page.

How To Start a Bigasan Business in the Philippines: 9 Steps

1. research your market and competitors.

You can’t expect to start a bigasan or rice retail business and succeed right away. You first need to know about your area’s potential customers and competitors.

Find out the typical kinds of rice people in your area buy. How much do they pay for it? If you do start a rice business, then can you also sell it at the same or a cheaper price?

Next, you need to learn any information you can about your competitors. How many are there, and where are they located? If there are too many rice retailers, you may want to rethink starting one yourself.

2. Choose a Location Frequented by Your Target Market

Find a location where it’s convenient for your customers to buy from you. Examples would be groceries or wet markets ( “palengkes” ) where people are already conditioned to buy rice.

You also have to ensure enough space to store and display the sacks of rice in your chosen location. It’s also ideal that you can keep the rice there safely so the product will be protected from heat, pests, and even floods.

3. Choose the Right Rice Supplier

With your research in hand, you now have to find a supplier for the rice typically bought in your area.

You have the option to:

• Find a wholesaler or rice mill that can deliver to your area
• Become a rice business franchisee

List all available suppliers and cultivate a long-term relationship with them. This way, you can avail of discounts when buying in bulk and provide your customers with a wide variety of rice.

Your goal is to get a price to remain competitive in your area. If you can find an excellent supplier, starting a rice retail business will be much cheaper than becoming a franchisee.

However, becoming a rice business franchisee has benefits that justify the additional cost. They already have an established way of getting a rice supply, so getting started’s much easier. You can also learn how to run a successful bigasan from them.

4. Secure a License From the National Food Authority (NFA)

Once confident that you can successfully run a rice retail business in your chosen area, you must start with government compliance .

The law states that the National Food Authority (NFA) must approve every corn or rice business in the Philippines, whether commercial or NFA rice/corn.

If you plan to open numerous outlets, you need one license for your primary/principal store. All other outlets will be considered as branches.

To get the license, go to the NFA office that has jurisdiction over where you plan to establish the rice business in the Philippines.

Get the application form from the licensing officer (LO).

Submit the accomplished form and pay the application fee of ₱100. The license fee varies depending on your capital.

5. Ensure That You Have the Required Equipment and Facility To Start the Rice Business

An NFA personnel will personally visit your store to check for the following:

• Calibrated weighing scale
• Price tags (the price of the rice per kilogram)
• White-painted rice boxes
• Signboard (45 cm wide and 75 in long) showing your business name, NFA control number, and the words “Licensed Grains Retailer” or “Wholesaler”
• Classification, variety, and grade of the rice grains you’re going to sell

Once approved, the NFA inspector will issue you a notice of inspection. Bring this with the official receipt and proof of compliance with deficiencies (if any) to the NFA office to get the license.

For franchisees of Grainsmart , you don’t need to file for a license because it’s already included in their packages. The downside is that you need to shell out higher capital to start the franchise business –a minimum of ₱298,000 for Grainsmart.

6. Register Your Business

Register the bigasan business with the Department of Trade and Industry (DTI) if you’ll operate it as a sole proprietorship or the  Securities and Exchange Commissions (SEC) for rice businesses run by a partnership or corporation.

You must also register with the BIR and get a business permit from your municipal or city hall. After that, your business registration is complete. Just note that you must file monthly, quarterly, and annual taxes . You also have to pay fees to your LGU quarterly or annually.

7. Set Up Your Bigasan & Store Your Rice Properly

Taking care of your rice starts from the supplier and ends only when your customers buy it. When transporting rice, separate it from other goods and make sure they’re all appropriately covered. 

Otherwise, prolonged sun exposure will cause the rice to lose moisture and shrink by up to 3%. The insufficient covering may also expose it to flying weevils ( bukbok ), especially if the transport vehicle passes by rice fields.

Once it arrives at your store, handle it with care. Don’t throw the rice bags, or the grains might break.

Keep the storage space clean and sanitized to prevent infestation of rats, molds, weevils ( bukbok ), and other pests.

Use the “first-in, first-out” inventory method to ensure that every sack of rice sold is high-quality and doesn’t exceed its shelf life. Remember, rice quality decreases significantly after three months. Any rice that spoils will dramatically impact the profitability of your rice business.

8. Promote Your Bigasan

You should know what’s essential for your customers when choosing a bigasan. Communicate that you can deliver that critical benefit.

You can be as creative as possible when promoting your bigasan locally and online. Talk to your neighbors—partner with other businesses. Join chat groups for the local community. 

There are many ways to promote a bigasan business. As long as your target customers are there, you should also promote there.

9. Be Strict With Your Inventory & Records

A common reason why a rice retail business might fail is because of poor inventory and record management. A few kilograms of lost or damaged rice can wipe out more than a day’s worth of your income.

So make sure to be very strict in taking care of your inventory. You should also record everything that goes in and out of your store. 

If you don’t know how to do your records correctly, you can use the template for the sari-sari store inventory and sales record provided here . It’s the same concept, but you only have to list down your rice’s different varieties, brands, and weights.

Tips & Warnings

• Set aside a regular budget for the rice supply. Some dealers won’t deliver rice to retailers unless they order a minimum amount of rice from them.
• Try to avoid selling any rice on credit, especially for residential clients. It might be unavoidable for business clients; however, deal only with reputable businesses. Bad debts can severely impact your operations.

Go back to the main article: Best Small Business Ideas in the Philippines with High Profit 

Written by Rod Michael Perez

in Business and Finance , Juander How

Last Updated May 3, 2024 11:34 AM

Rod Michael Perez

Rod Michael Perez is a freelance writer with over 7 years of experience in writing long-form articles, ad copy, and SEO content for local and foreign clients. He is also an aspiring startup founder and believes that the Philippines could be the next hub for startup culture. He takes care of his dog, a poodle-Shih Tzu hybrid, in his spare time.

Browse all articles written by Rod Michael Perez

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Sample Rice Retail Store Business Plan

Rice retailing business plan sample.

Rice is one of the most popular and highly consumed food in most countries of the world. Because of this, it is always in high demand. If you are looking for a lucrative business that you can start with low capital, you can consider the rice retailing business.

This article is going to provide all the essential information you need on starting a rice retailing business.

• Carry Out a Market Research

Don’t just assume that because rice is always in high demand, you will automatically make good sales and profits. Though it is undisputed that rice is a highly demanded food commodity but this does not mean that it sells well in every location. Many factors influence the demand for rice and how well it will sell.

Need to write a plan for your venture? Download a FREE Business Plan PDF Sample to develop a template for your own startup.

While there are many places where rice is regularly eaten on a daily and there are also environments where rice is a luxury that is eaten occasionally.  This is why you need to carry out market research to determine where to locate your rice retailing business. Market research will also help you to identify and understand your potential customers and even your competitors.

So, before users start anything as regards the rice retailing business, the first thing you should do is to write a rice retailing business feasibility study report and develop comprehensive market research. Doing this will arm you with all the necessary information you need for the business. And this will help you make the right decisions and also save you from making unnecessary mistakes.

• Learn About the Business

“What do I need to learn about starting a rice retailing business for God’s sake? Is it not to go and buy rice from wholesalers and resell?” I know those are some of the questions running through your mind.

Well, let me tell you the truth, if you don’t want to take avoidable risks that can make your business run at loss, then you need to go and learn about the business from someone who is already doing it. I mean, do you know how to distinguish a bowl of good rice from a bad one? Do you know the right place to purchase quality rice at cheap prices?

You don’t have to waste time trying to figure this out all by yourself when you can always learn how to it right.  My advice to you is that you should look for one or two highly successful rice retailers and go and learn the nitty-gritty of the business from them.

• Find a Good Business Location

Like I mentioned earlier, it is the location of your rice retailing business that will determine whether you will sell very well or not. So, when you are finding a location for your business, make sure that location is where there is a high demand for rice. Also, make sure it is not too far from where you will be getting your rice supplies.

As soon as you get a location that is suitable for your rice retailing business, start promoting your business to people around. Intimate people about what you intend to sell so that they can become familiar with it.

• Write a Rice Retailing Business Plan

If you want your rice retailing business to go far, then you will need a business plan for it. A business plan will not only help you preempt the future and plan for it by setting clear goals, but it will also make it easy for you to pitch investors for your business and even apply for bank loans in case the need arises.

If you want to write your business plan by yourself, there are business plan samples and templates online that users can use as a guide on how to go about it.

• Register the Business

If you want your rice retailing business to be taken seriously, then you need to register the business. Registering your business will make it looks professional and people will not be reluctant to transact business without because they know your business has legal standing.

Also, it will make it easy for you to get contracts from corporate organizations and government agencies.

• Start the Business

If you do not have the required capital to start a rice retailing business, the first thing you should do is to source from capital either from your friends and family members or from the bank. After you have raised capital, you can then make a bulk purchase of rice of different varieties that your customers will like either from a wholesaler or directly from a rice farm.

You should also get all the other basic things you will need like storage facilities, measuring tools, etc. If you cannot handle the business single-handedly, then you can hire a few people to work with you.

• Promote the Business

Remember, your business cannot thrive if you are not making sales and you can’t make good sales if you don’t market your business. So, don’t sit still and assume that consumers will just start rushing to you. You need to do aggressive marketing and look for irresistible offers that will make people buy from you and become your loyal customers.

RICE RETAILING BUSINESS PLAN EXAMPLE

Here is a sample business plan for starting a rice retailer business.

A rice retail store business is a business that can be started by virtually anyone. You do not need any form of experience, good business or educational background to start and run a rice retail store.

One basic requirement for setting up a rice retail business  is the regular supply of rice and a good site for your business.

This article serves as a guide to how a rice retail store business plan sample looks like. You will need it to effectively start your rice retail store business.

Business Name: George Grey Rice Retail Store

Executive Summary

Our Products and Services

• Vision Statement

Mission Statement

Business Structure

• Market Analysis

Sales and Marketing Strategy

• Financial Plan

Competitive Advantage

George Grey rice retail store is a rice retail store owned by a 45-year-old high school dropout, George Grey. It is a registered store and will be situated in downtown Los Angeles, California. We are looking to become one of the biggest rice retail stores in the United States. To make this happen, we have secured a facility that is large enough to help us achieve this.

At George Grey rice retail store, we are aware of the existing competition in the rice retail store business. As a result of the competition that exists in this business, we have carried out massive research to help us know what our customers need. With this, we will be able to give our customers exactly what they want.

We will also make sure that our customers get the best services whenever they come to purchase our goods. We intend to have a personal relationship with all our customers. This, we will achieve with the use of CRM software.

George Grey rice retail store is not in the rice retail business for fun. We are in this business to make a lot of profit.

We know that to make a lot of profit, we need to be able to please our customers. As a result of this, we will provide our customers with the best price from the most trusted rice production firms that are in the world.

The products that we will offer our clients include long-grain rice, short-grain rice, and medium grain rice.

All these will be available both in non-organic as well as organic form.

Vision Statement Our vision at George Grey rice retail store is to dominate the rice retail store industry. We have the vision to become one of the most sought after as well as successful rice retail stores in Los-Angeles California and the United States.

At George Grey rice retail store, our mission is to set-up a standard rice retail store business that will be able to meet the ever-increasing needs of our numerous potential customers. We intend to ensure that properly bagged rice and will be obtainable to our prospective customers for a price that they will easily afford.

We are also looking to grow from just having a single rice retail store in Los Angeles, California to having a chain of rice retail stores scattered across the United States.

We are looking to just set up a store that will be considered average. Our intention at George Grey rice retail store is to set up a business that will be a standard for other rice retail store business that will be set up after we get established. We know that becoming a force to reckon with in this business will not happen overnight. We are very intentional.

As a result of this, we will employ the services of only those that we are certain can function at the level we want to operate. We will ensure that our staff are qualified to work in rice retail stores and are also very customer-friendly.

Market Analysis Market Trend

The rice retail store industry is not new. However, it is constantly changing. At the moment, this industry is moving very rapidly from a manually powered industry to a technology-driven industry.

As a result of the advantages that technology has made available, home delivery, as well as online ordering, are now a major part of the rice retail store business.

We are new in the industry and we intend to get a foothold fast. To achieve this, we will carry out the following;

• Give discounts to our first set of customers as well as our regular customers
• We intend to have a strong online presence
• We will also place our handbills in public places

Our Target Market

Virtually everyone feeds on rice. This makes the market for the rice retail store business a very large one. We are not the only rice retail store in Los Angeles, California. Therefore, we do not intend to offer everyone our services.

After carrying out our research, we have come up with a target market that we know will suit our business. Those in our target market include;

• Restaurants

Financial Plan Source of Startup Capital

To get our rice retail store business started on the level that we intend, we will need $100,000. As it stands, we do not have all the money we need. We have been able to come up with 60% of the amount that is needed to set-up this business. The remaining amount will be gotten as a loan from the bank.

We are not ignorant of the high-level competition that exists in the rice retail store business. To stand out, we have chosen a location that will constantly keep us because of our customers. We are also looking to get the best rice brands from top rice packaging firms.

This is a rice retail store business plan sample. This business is owned by George Grey and will be located in downtown Los Angeles, California.

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How to Write a Rice Retail Store Business Plan [Sample Template]

Are you about starting a rice retail store? If YES, here is a complete sample rice retail store business plan template & feasibility report you can use for FREE . Okay, so we have considered all the requirements for starting a rice retail store. We also took it further by analyzing and drafting a sample rice retail store marketing plan template backed up by actionable guerrilla marketing ideas for rice retail stores. So let’s proceed to the business planning section.

Why Start a Rice Retail Store?

There are businesses that someone with little schooling and no serious business background and training can start. One of such businesses is to open a rice retailing store. The major things you need to have in place to make success from this type of business is a good location, easy access to wholesale supply of quality rice and good customer service and accountability skills.

The truth is that if your rice shop is located in an area with good human and vehicular traffic, and you have quality and well – packaged rice in different sizes from different brands, you may not have to struggle to get people to visit your shop and make purchase.

So, if you have decided to open a rice retail store in your neighborhood, then you should ensure that you carry out feasibility studies and also market survey. This will enable you properly locate the business and then hit the ground running. Below is a sample rice retail store business plan template that can help you to successfully write your own with little or no hassle.

A Sample Rice Retail Store Business Plan Template

1. industry overview.

As the name of the business implies, rice retailing stores basically retail processed and bagged rice. Rice retail stores primarily purchase rice from wholesalers and retail them directly to end consumers – customers.

The Rice Retail Stores industry, just like most businesses in the retailing industry, depends on strong consumer spending to spur the demand for industry products. Over the last half a decade, the economy has begun recovering from recessionary declines with both the Consumer Confidence Index and disposable income increasing.

Going forward, as the economy of the united states continues to recover and consumers are expected to loosen their discretionary budgets, the industry is anticipated to experience growth.

The Rice Retail Stores industry is indeed a major sector of the economy of the United States of America and they generate several billion dollars annually from loads of rice retail stores scattered all around the United States of America.

The industry is responsible for the employment of well thousands of people. It is important to state that there is no rice retail store in the United States of America that has a lion share of the available market. New entrant into the industry can favorably compete for the available market.

It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from the general retail industry of which the rice retail stores industry also contributes.  This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S.

In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing / rice retailing stores industry negatively which may result in the closure of some rice retail stores.

Over and above, the rice retail store industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can choose to start on a small scale in a street corner or you can choose to start on a large scale with several outlets in key cities through the United States of America and Canada.

2. Executive Summary

Mercy Lurton Rice Store®, LLC is a standard and registered rice retail store business that will be located in one of the busiest streets in Charleston – West Virginia. We have been able to lease a facility that is big enough to fit into the design of the kind of standard rice retail store that we intend launching and the facility is located in a corner piece property directly opposite the largest residential estate in Charleston – West Virginia.

Mercy Lurton Rice Store®, LLC will retail short-grain rice, medium-grain rice and long-grain rice (both in organic and non – organic form) et al from different brands from the United States and abroad. We are set to services a wide range of clientele in and around Charleston – West Virginia.

We are aware that there are several large and small chains of rice retail store outlets all around Charleston – West Virginia, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors. We have an online – service option for our customers, and our outlet is well secured with various payments of options.

Mercy Lurton Rice Store®, LLC will ensure that all our customers are given first class treatment whenever they visit our rice retail store. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to.

We will ensure that we get our customers involved in the selection of brands that will be on available in our store and also when making some business decisions.

Mercy Lurton Rice Store®, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our customers.

Mercy Lurton Rice Store®, LLC is a family business that is owned by Mercy Lurton and her immediate family members. Mercy Lurton has a B.Sc. in Business Administration, with well over 5 years of experience in the retailing stores industry, working for some of the leading brand in the United States. Although the business is launching out with just one outlet in Charleston – West Virginia, but there is a plan to open other outlets all around major cities in the United States and Canada.

3. Our Products and Services

Mercy Lurton Rice Store®, LLC is in the rice retail stores industry to service a wide range of clients and of course to make profits, which is why we will ensure we go all the way to make available a wide range of well packaged rice from top rice production brands in the United States and other countries of the world.

We will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business. Our product offerings are listed below;

• Retailing short-grain rice, medium-grain rice and long-grain rice (both in organic and non – organic form) from different rice production brands

4. Our Mission and Vision Statement

• Our vision is to become one of the leading brands in the rice retail stores industry in West Virginia and to establish a one stop rice retail store in Charleston – West Virginia and in other key cities in the United States of America and Canada.
• Our mission is to establish a world – class rice retail store business that will make available a wide range of well – bagged rice from top rice production brands at affordable prices to the residence of Charleston – West Virginia and other key cities in the United States of America and Canada where we intend opening of chains of rice retail stores and franchise.

Our Business Structure

Mercy Lurton Rice Store®, LLC do not intend to start a rice retail store business like the usual mom and pop business around the street corner; our intention of starting a rice retail store business is to build a standard and one stop rice retail store outlet in Charleston – West Virginia.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (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 ten years or more.

In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Store Manager
• Human Resources and Admin Manager

Merchandize Manager

Sales and Marketing Manager

Information Technologist

• Accountants / Cashiers
• Sales Agents / Customer Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• 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
• Reports to the board

Admin and HR Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• 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 arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.

Store Manager:

• Responsible for managing the daily activities in the store
• Ensures that proper records of bags of rice are kept and warehouse does not run out of products
• Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
• Interfaces with third – party suppliers (vendors)
• Controls rice distribution and supply inventory
• Supervises the workforce in the rice sales floor.
• Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Helps to ensure consistent quality of well processed rice from different manufacturers are purchased and retailed in good price that will ensure we make good profit
• Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Ensures that the organization operates within stipulated budget.
• Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer purchases
• Identifies, prioritizes, and reaches 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 development projects.
• 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
• Represent the company in strategic meetings
• Helps to increase sales and growth for the company
• Manages the organization website
• Handles ecommerce aspect of the business
• Responsible for installing and maintenance of computer software and hardware for the organization
• Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
• Manages the organization’s CCTV
• Handles any other technological and IT related duties.

Accountant / Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

Client Service Executive

• Ensures that all contacts with customers (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries (answer customer queries regarding the store and the merchandise)
• Finds out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits.
• makes suggestions and encourage purchase of products
• Provides information about merchandise and delivery options
• Bags or packages purchases made
• Responsible for cleaning all the store facility at all times
• Ensures that toiletries and supplies don’t run out of stock
• Cleans both the interior and exterior of the store facility
• Handles any other duty as assigned by the store manager.

6. SWOT Analysis

Our intention to start just one outlet of our rice retail store in Charleston – West Virginia is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other rice retail outlets all over major towns in West Virginia and key cities in the United States and Canada.

We are quite aware that there are several rice retail stores all over Charleston 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.

Mercy Lurton Rice Store®, LLC employed the services of an expert HR and Business Analyst with bias in retailing 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. This is the summary of the SWOT analysis that was conducted for Mercy Lurton Rice Store®, LLC;

Our location, the business model we will be operating on (physical store and online store), varieties of payment options, wide range of well processed and well – bagged rice from different rice production companies from within the United States and other parts of the world and our excellent customer service culture will definitely count as a strong strength for Mercy Lurton Rice Store®, LLC.

So also our management team members are people who have what it takes to grow a business from start – up to profitability with a record time.

A major weakness that may count against us is the fact that we are a new rice retail outlet and we don’t have the financial capacity to engage in the kind of publicity that we intend giving the business.

• Opportunities:

The fact that we are going to be operating our rice retail store in one of the busiest streets in Charleston – West Virginia provides us with unlimited opportunities to sell our rice to a large number of individuals and businesses (hotels and restaurants).

We have been able to conduct thorough feasibility studies and market survey and we know what our potential customers will be looking for when they visit our rice store outlets; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new rice retail outlet in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.

7. MARKET ANALYSIS

• Market Trends

If you are conversant with the Rice Retail Stores Industry, you will quite agree that the changes in disposable income, consumer sentiment, and ever changing eating habits are major growth drivers for sales in this industry.

No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth for the Rice Retail Stores industry. So also, the rising demand for organic rice, as a result of increasing disposable income and consumer sentiment, will result in revenue growth.

Rice retail store business has been in existence for as long as human started trading goods, but one thing is certain, the rice retail store industry is still evolving. The introduction of technology and subsequently homed delivery options, online grocery cum rice retail store has indeed helped in reshaping the industry.

It is now a common phenomenon for rice retail stores and grocery outlets to leverage on technology to effectively predict consumer demand patterns and to strategically position their store to meet their needs; in essence, the use of technology helps retailers to maximize supply chain efficiencies. No doubt data collected from customers goes a long way to help rice retail stores and grocery stores serve them better.

8. Our Target Market

Possibly it will be safe to submit that the rice retail stores industry has the widest range of customers; almost everybody on planet earth consume rice; rice is indeed one of the most popular staple food in the world.

In view of that, we have positioned our rice retail store to service the residence of Charleston – West Virginia and every other location where franchise cum outlets of our rice retail stores will be located all over key cities in the United States of America and Canada.

We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to retail well processed and bagged rice from different rice production brands to the following groups of people and corporate organizations;

• Restaurants

Our competitive advantage

A close study of the rice retail stores industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiffer competition and we are well prepared to compete favorably with other leading rice retail stores in Charleston – West Virginia and throughout the United States and Canada.

Mercy Lurton Rice Store®, LLC is launching a standard one stop rice retail store that will indeed become the preferred choice of residence of Charleston – West Virginia and every other location where our outlets will be opened.

Our rice retail store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Charleston – West Virginia. We have enough parking spaces that can accommodate well over 10 cars per time.

One thing is certain; we will ensure that we have a wide range of well – processed and well bagged rice from leading rice production companies available in our store at all times. It will be difficult for customers to visit our rice store and not see the type of rice they are looking for.

One of our business goals is to make Mercy Lurton Rice Store®, LLC a one stop rice shop for both household and businesses (hotels and restaurants et al) our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be amongst the best within our category (startups rice retail stores) 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. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Mercy Lurton Rice Store®, LLC is in business to retail a wide range of well – processed and well – bagged rice from different rice production brands to the residence of Charleston – West Virginia. We are in the rice retail stores industry to

10. Sales Forecast

One thing is certain when it comes to rice retail stores, if your store is well stocked with well processed and well bagged rice from different rice production brands and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Charleston – West Virginia and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.

We have been able to critically examine the rice retail stores industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Charleston – West Virginia.

Below is the sales projection for Mercy Lurton Rice Store®, LLC it is based on the location of our business and other factors as it relates to rice retail stores start – ups in the United States;

• First Fiscal Year-: $120,000
• Second Fiscal Year-: $450,000
• Third Fiscal Year-: $750,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same shoe brands and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing a location for Mercy Lurton Rice Store®, LLC, we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Charleston – West Virginia. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

• Open our rice store in a grand style with a party for all
• Introduce our rice store by sending introductory letters alongside our brochure to hotels, restaurants, households and key stake holders in Charleston – West Virginia
• Ensure that we have a wide range of rice from different brands at all times.
• Make use of attractive hand bills to create awareness and also to give direction to our rice store
• Position our signage / flexi banners at strategic places around Charleston – West Virginia
• Position our greeters to welcome and direct potential customers
• Create a loyalty plan that will enable us reward our regular customers
• Engage on road shows within our neighborhood to create awareness for our rice store.
• List our business and products on yellow pages’ ads (local directories)
• Leverage on the internet to promote our business
• Engage in direct marketing and sales
• Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our rice store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our rice store.

Mercy Lurton Rice Store®, LLC has a long term plan of opening outlets in various locations all around West Virginia and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Charleston before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Mercy Lurton Rice Store®, LLC;

• Place adverts on community based newspapers, radio stations and TV stations.
• Encourage the use of word of mouth publicity from our loyal customers
• Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business.
• Ensure that our we position our banners and billboards in strategic positions all around Charleston – West Virginia
• Distribute our fliers and handbills in target areas in and around our neighborhood
• Contact corporate hotels, restaurants, households, landlord associations and schools by calling them up and informing them of Mercy Lurton Rice Store®, LLC and the products we sell
• Advertise our rice store business in our official website and employ strategies that will help us pull traffic to the site
• Brand all our official cars and trucks and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that give leverage to rice stores, it is normal for consumers to go to places (rice retail outlets) where they can get well – processed and well – bagged rice at cheaper price.

We know we don’t have the capacity to compete with other bigger and well – established rice retail store, but we will ensure that the prices of all the brands of rice that are available in our rice store are competitive with what is obtainable amongst rice retail stores within our level and in our location.

• Payment Options

The payment policy adopted by Mercy Lurton Rice Store®, LLC 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 Mercy Lurton Rice Store®, LLC will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards / Point of Sale Machines (POS Machines)
• Payment via online bank transfer
• Payment via check
• 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 produces purchase 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 transfer for our rice.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, 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 facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting a rice retail store business; it might differ in other countries due to the value of their money. These are the key areas where we will spend our start – up capital;

• The Total Fee for Registering the Business in the Unites States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
• Marketing promotion expenses for the grand opening of Mercy Lufton Rice Store®, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for hiring Business Consultant – $2,500.
• The cost for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
• The cost for the payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
• The cost for store remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
• The cost for Start-up inventory (stocking with a wide range of well – processed and well – bagged rice from different rice production brands) – $50,000
• The cost for counter area equipment – $9,500
• The cost for store equipment (cash register, security, ventilation, signage) – $13,750
• The cost of purchase and installation of CCTVs: $10,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
• The cost of launching a Website: $600
• The cost for our opening party: $7,000
• Miscellaneous: $10,000

We would need an estimate of $250,000 to successfully set up our rice retail store in Charleston – West Virginia. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funds / Startup Capital for Mercy Lurton Rice Store®, LLC

Mercy Lurton Rice Store®, LLC is a private registered business that is solely owned and financed by Mercy Lurton and her immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $50,000 ( Personal savings $40,000 and soft loan from family members $10,000 ) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the 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 close shop.

One of our major goals of starting Mercy Lurton Rice Store®, LLC is to build a business that will survive off its own cash flow without the need for 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 retail our wide range of well – processed and well – packaged rice from different rice production brands 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.

Mercy Lurton Rice Store®, LLC 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 company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

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 six years or more. We know that if that 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 Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the store: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress
• Compilation of our list of rice brand that will be available in our store: Completed
• Establishing business relationship with wholesale rice suppliers: In Progress

More on Wholesale & Retail

How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

Build your dream business with the help of a high-paying job—browse open jobs on The Muse »

What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

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Restaurant Business Plan Template: Grow Your Business the Right Way

By Homebase Team

Planning the best way forward for your new restaurant can be a daunting task. Whether you’re living the dream of opening your own restaurant or reworking your existing concept, a restaurant business plan template takes a ton of stress out of writing a business plan.

In this article, we walk you through how to create a restaurant business plan so you’re not stranded in a quagmire of confusing priorities and too many ideas. Even better, we’ve created a free restaurant business plan template to form the operational foundation as you put one together! As you follow through our guide, feel free to download, customize, and reference our template to help you put your restaurant on the path to success.

To start, let’s go through all the ways a written business plan helps shape your restaurant, and why it boosts your business’s chance of success.

What is a restaurant business plan?

A restaurant business plan is a written document that lays out an overview of a restaurant, its objectives, and its plans for achieving its goals.

A business plan is a necessary tool for restaurants of all kinds and sizes. It can be a handful of pages long or much more detailed. A well-written restaurant business plan not only helps you organize your ideas, it’s also a key part of getting investor funding .

Why you need a business plan. 

Creatively, opening a new restaurant can be incredibly exciting. But it’s also super complicated. From licenses to equipment to building a team, each phase needs a lot of attention to detail.

Before you jump in, it’s important to shape your plan of attack, organizing your business ideas into a clear, concise narrative that an outsider could easily understand. A business plan is an essential part of this, as it  helps you:

Set short- and long-term goals.

A restaurant business plan not only shows how your business will operate in its early stages—it also shows what steps it’ll need to follow as time goes by. Setting both your short and long-term goals at the outset makes you more likely to achieve them. Short-term goals may include meeting current staffing needs, while long-term goals may include five-year growth forecasts and the steps involved to get there.

Understand your resource needs.

Going through the exercise of writing a restaurant business plan is as important as having the finished document in front of you. As you organize your thoughts, your resource needs—from the amount of capital you need to raise all the way down to the equipment you need to find—will take shape. 

Reduce potential risks.

Sadly, some 60% of restaurants fail within the first year of opening. One of the main reasons? A failure to plan. Your business plan will help you plan for most challenges at your restaurant before they come up, keeping you on the right side of that number.

Some of the risks your restaurant faces might include:

• Crowded market.  One key component of your business plan is conducting market research. How will you ensure your restaurant stands out?
• Supply chain issues.  Especially if your eye is toward growth, you need to know how to affordably, reliably, and sustainably keep your restaurant stocked—long-term. Why not track supply strategies as part of your business plan?
• Health and safety.  Are you compliant with health regulations? How will you know? Your business plan is one great place to outline compliance protocols, keeping you and your team informed.

Develop a marketing strategy.

As you do your market analysis and figure out your ideal customer, the ways you’ll promote your business will get clearer. The more specific you are with your market research, the easier and more effective your marketing efforts will be.

Build your team.

Your business plan helps you see who you’ll need on your team and which roles you’ll need to fill first . For investors, your business plan is a document showcasing everyone’s collective experience, personalizing your restaurant in their eyes and packing a professional punch. This can include everyone from your head chef to your star hostess. Make it clear how you’re filling your hospitality niche!

Share your vision.

Whether you’re using your business plan to secure startup funding or need additional capital after you’ve already opened, your restaurant business plan shows an investor or lender exactly why they should get behind you. Your business plan should detail where you began (or hope to begin), where you are now, and where you intend to go—as well as how.

The 9 elements of a strong restaurant business plan.

Your restaurant business plan will be unique to your restaurant’s vision. But all good business plans hit standard points, and whoever reads yours will expect to see certain elements. As you develop and finalize your ideas, here are nine key elements your business plan should include. 

1. Executive summary

A strong restaurant business plan begins with a strong executive summary. This is a sharp, concise overview of your restaurant—and your  best opportunity to grab people’s attention.

Here’s where you communicate, in a nutshell, what kind of restaurant you want to run. Which demographic will you be targeting? Why is your business something the community wants or needs? Especially if you’re asking for financing, include a snapshot of your financial information and growth plan as well. 

Your executive summary should briefly lay out:

• Your mission statement. Why are you starting this restaurant now, in this location? 
• Your idea. What’s the concept of this restaurant?
• Your plan of execution. What are your key steps to making this concept work?
• Your potential costs. What are your expected expenses?
• Your anticipated ROI. How much do you expect your restaurant to make?

Many investors will make a split-second decision off of the executive summary alone. It might be all they’re going to read, so make every word count.

2. Company description

Now it’s time to let your creativity out and give your restaurant concept life. Give a more detailed description of your concept that lets your passion for what you’re creating come through. 

Flesh out all the other details of your proposed restaurant, including your restaurant’s:

• Style of cuisine
• Any unique selling points or differentiators that will make customers choose you—for instance, aesthetic or celebrity chef
• Service style
• Restaurant name (or at least ideas)
• Size, seating style, and capacity
• Location ideas— or the location you’ve scouted or secured
• Ambiance ideas, including décor, lighting, and music
• Operating hours
• Other service offerings, like whether you’ll offer delivery or takeout, delivery guarantees, catering, and any retail products you plan to sell
• Legal structure (e.g., sole proprietorship, LLC) 
• Existing management and their roles, including yours
• Experts or advisors you’ve brought on board

3. Market analysis

Present the research you’ve done on your target market. Make a couple of buyer personas to represent your future customers, explaining:

• Where your target customers live
• Their income levels
• Their dining-out and/or ordering-in pain points (e.g., lack of late opening hours, lack of family friendliness)
• How often they dine out or order in

Go through which other restaurants already have a customer base in your area, then explain why people will choose your restaurant over others. 

4. Sample menu

Even at the business plan stage, menu engineering is crucial. The specific menu items you’re likely to serve—the biggest thing that will set you apart—should shine through with descriptions that are short, clear, and evocative. If you have an executive chef already, this is a great area for them to add input.

Use language that will get people excited about trying your offerings. Hire a designer or use an online program to create your own mockup using the same colors, fonts, and design elements as the rest of your branding. 

5. Business structure

Dive deeper into your business structure (sole proprietorship, partnership, LLC, etc.) and organizational management. Show what your different employee positions will be (co-founders, managers, servers) to give a sense of your team’s makeup. An organizational chart can be helpful here.

Investors won’t expect you to have your entire team on board at this stage, but you should have at least a couple of people firmed up. For the roles that are already filled, including your own, summarize your collective experience and achievements. Bullet points work well, or some people choose to go into more detail with full resumes for the executive team or critical team members.

6. Restaurant design and location

Long before you sign a lease, make sure that your new offering will outshine existing ones nearby. In this section of your business plan, explain why your chosen location, or the ones you’re narrowing down, are going to be an effective space for your target market.

Consider things like:

• Neighborhood demographics
• Foot traffic
• Labor costs
• Accessibility

Hand in hand with location, your restaurant’s interior design—both in its floor plan and its ambiance—is also crucial to your business’s viability. Come up with a captivating restaurant design that communicates your theme and matches your cuisine, creating a memorable customer experience. Decide how many tables you’ll be serving, and plan out any outdoor seating.

Touch on things like:

• Team uniforms
• Flatware and glassware

7. Marketing strategy

How do you plan to market your restaurant? Your plan for grabbing customers’ attention is vital to getting diners through the door, especially at the beginning before word-of-mouth advertising has taken off.

What kind of offers will you provide? Will you have promotional events, direct mail, or a social media strategy ? Go through your planned marketing campaigns and explain how each of them will help secure your target market. 

8. Takeout and delivery options

If you’ve decided to have takeout and delivery at your restaurant—pretty important for most target markets—decide whether you’ll use your own drivers or a professional fleet like Uber Eats or DoorDash.

Show how you’ll provide the smooth digital experience your customers will expect. Decide if and how your website will come into play, bearing in mind that in 2023, 40% of consumers preferred to order directly from the restaurant website .

9. Financial projections

Your restaurant’s projected budget need to be solid, especially if you’re using your business plan to get startup funds. Without a budget, investors have no way of knowing if your business is a good investment or when it will become profitable.

One way to make sure your projections are rock solid is to hire an experienced accountant with expertise in running restaurants. Make sure you’re keeping track of market research, planned costs , and projected income. Show how investor funds will be used and whether you’ll be putting up collateral to get a loan. You’ll also score bonus points with a sales forecast for the next five years. Make sure to include a break-even analysis!

One free restaurant business plan template, coming up. 

As the team behind Homebase , we know how much there is to consider when you’re starting a new restaurant. We’re proud to be an all-in-one partner for thousands of restaurants large and small—helping make everything from staffing, to scheduling, to team communication easier for business owners.

And we know that your restaurant business plan is a high-stakes document. That’s why we created our free restaurant business plan template to make sure nothing gets overlooked.

Check out our free, downloadable template to get your ideas into shape, get started on your restaurant journey—and get investors excited to jump on board with you. 

Download your restaurant business plan template for free: Restaurant business plan + free template PDF

Stop chasing down phone numbers with our built-in team communication tool. Message teammates, share updates, and swap shifts — all from the Homebase app.

Restaurant business plan template FAQs

What is the basic planning document for a successful restaurant.

The basic planning document for successful restaurants is a restaurant business plan. A restaurant business plan lays out a restaurant’s long and short-term goals and its plans for achieving those goals. Restaurant planners use it both to finetune their ideas and to secure investor funding.

How to write a restaurant business plan.

When writing a restaurant business plan, include an executive summary, a detailed restaurant description, market analysis research, a sample menu, a breakdown of your business structure, the design and location of your restaurant, your planned takeout and delivery options, your marketing strategy, and your financial projections.

What makes a business plan template for restaurants different from a standard business plan?

A restaurant business plan template differs from a standard business plan by including things like menu engineering, interior design, kitchen operations, front-of-house management, takeout and delivery offerings, and location analysis, which are unique to the food service industry.

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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Money blog: Pubs want 'disgraceful' Co-op TV advert taken off air

Welcome to the Money blog, your place for personal finance and consumer news and tips. Leave a question for business presenter Ian King on what the election result means for your money in the box below.

Monday 8 July 2024 13:42, UK

• Publicans hit out at Co-op for 'disgraceful' TV advert
• Protesters soak tourists with water guns in Barcelona
• UK's best holiday parks named - with Pontins and Butlins named as two of worst
• What does election result mean for your pocket? Submit question for Q&A with Ian King later this afternoon

Essential reads

• Money Problem: 'I booked holiday but might not renew my current travel insurance before I go - will it still cover this holiday?'
• Savings Guide: Savers have a rare opportunity - but it might be the last hurrah
• Cheap Eats : Two Michelin-starred chef reveals his favourites in Birmingham
• Best of the Money blog - an archive

Ask a question or make a comment

Later today, business presenter Ian King will answer a selection of your questions on what Labour's emphatic election victory means for your personal finances.

Submit a question using the box at the top of this page and King will choose his favourites from 5pm.

Supermarkets have done a better job of keeping shelves stocked as the cost of living crisis recedes.

That's according to the latest annual figures from the Grocer , which show the traditional big four supermarkets (Asda, Tesco, Sainsbury's, Morrisons) have a combined availability score of 92.7%, up on last year's 91.4% return.

The biggest improvement came from Tesco. It surged from 91.1% to 94.6%, taking it from joint third place in 2023 to top spot this year.

"We want every customer to have the confidence they can get what they want at Tesco, wherever or however they choose to shop with us," said its chief commercial officer Ashwin Prasad.

"These results reflect the incredible efforts of our teams and supplier partners, working day in, day out to keep products moving, and I feel very proud of what we have achieved."

Asda saw its availability score fall from 91.4% to 90.3%, leaving it in a distant last place among the big four.

Runner-up Sainsbury's, which was crowned grocer of the year last week, saw its availability score rise to 94.1%, an improvement from last year's 92.5%.

Morrisons' availability jumped from 91.1% to 92.5%.

Protesters have fired water guns at tourists in Barcelona as part of mass demonstrations over the number of the visitors to the Spanish city.

People marched down streets and sprayed those who they believed were visiting the city with water.

Guests were also prevented from leaving their hotels when campaigners taped up exits.

Thousands of people were said to have taken part in the rally against mass tourism. 

Tension has been mounting over the rising cost of housing and rents in Spain, and the cost of goods in the shops, with many blaming the trends on increasing tourism.

The Catalan capital received more than 12 million tourists in 2023 and expects more in 2024.

Last week, Spain's government announced a crackdown on short-term and seasonal holiday lettings amid rising anger from locals who feel priced out of the housing market.

Rents rose by an average of 13% in June compared with a year earlier and by 18% in tourist cities such as Barcelona and Madrid, according to the property website Idealista.

Barcelona's mayor, Jaume Collboni, has also announced plans to phase out all short-term lets in the city by 2028.

Potters Resorts has been named the best holiday park in the UK, according to a Which? survey. 

The all-inclusive destination beat household names to the top of the table with a customer score of 87%. 

Pontins came in last place, with the popular Butlin's also placing in the bottom five. 

More than 1,700 people were asked about their experiences at holiday parks in the last two years, with each ranking their stays on 11 criteria including cleanliness, value for money and quality of facilities. 

Which? then calculated an customer score based on overall satisfaction and value for money.

Visitors awarded Potters the full five stars for the variety of free facilities on offer, the quality of facilities, and the quality of the entertainment and communication. 

It was awarded four stars for overall customer service, food and drink, value for money and quality of accommodation.

Pontins, founded in 1946, took last place with a customer score of 56%.

It scored a run of two-star ratings for customer service, quality of accommodation, cleanliness, variety of free facilities, quality of facilities and activities, food and drink and value for money.

Its highest score of three stars was for communication and the quality of entertainment.

Sky News has contacted Pontins for comment. 

You can see how the holiday parks were rated in the table below: 

Longstanding rival Butlin's also found itself in the bottom five, with a customer score of 67%. 

Guests at Butlin's rated customer service two stars, it received three stars in key categories including quality of accommodation and cleanliness, and four for the quality and variety of children's activities and entertainment.

"As the home of entertainment, it's brilliant to see that we're scoring highly when it comes to activities and entertainment," a Butlins spokesperson said.

"It is disappointing to see that some scores are lower but would like to reassure guests that we're investing in these areas to offer a better holiday experience."

Centre Parcs, the most visited holiday park, came in slightly higher at 69%. 

Survey respondents reported spending an average of £76 per person per night, making it the most expensive option not to include food or drinks in the price.

A spokesperson for Center Parcs said: "We are proud of our consistently high guest satisfaction scores and over 60% of guests will go on to make another booking with us. 

"Our guests demand a high-quality experience and each year we invest tens of millions of pounds improving our villages to ensure we meet their expectations."

By James Sillars , business news reporter

We'll kick off this morning with a deal that will probably see Britvic changing hands.

The soft drinks maker has agreed to a takeover by Danish brewer Carlsberg. 

The firm, based in Hemel Hempstead, had rejected a bid last month that valued Britvic at £3.1bn.

The agreement - subject to regulatory and shareholder approval - now values Britvic at £3.3bn through 1,315p per share and a special dividend.

Carlsberg also announced that it was to buy UK pub group Marston's out from a joint venture.

It explained that the deals were part of a strategy to create an integrated beer and soft drinks operation in the UK.

Marston's shares were up 12% while those of Britvic were 4% higher.

The FTSE 100 started the week down 0.3%.

There is plenty of focus across the Channel where France is in political turmoil.

The euro was weaker by a tenth of a cent against both the dollar and the pound after the final round of voting in the snap parliamentary election.

It saw the left-wing block claim the most seats with the far-right National Rally, which had been tipped to lead, coming third.

The result leaves a hung parliament in a country with no history of coalition government.

The country's prime minister is set to officially resign today.

The CAC 40, whose banking constituents have suffered particularly badly during the election, fell 0.6% at the open in Paris.

Iceland is searching for up to 250 new sites  for its Food Warehouse stores as part of its nationwide expansion plan.

Crawley, Brighton, Salisbury and Dundee are among the locations already named by the frozen foods specialists as places they'd like to open new stores.

First launched in 2014, Food Warehouse stores are often located in retail parks and are around three times the size of traditional Iceland shops.

Fortnum & Mason has launched a subscription service to deliver refills for tea, biscuits and jams to your front door every month.

The department store is offering three subscriptions, starting with the Tea Post which costs £100 annually and offers customers a year's supply of monthly refills of a choice of tea blends.

It also comes with a customisable initialled china mug, tin and strainer.

The Biscuit Post costs £20 a month and offers refills of the popular Toffolossus, Chocolossus or Gingerlossus biscuits, available on either three-month, six-month or 12-month subscriptions.

The third subscription, called the Teatime Dispatch, offers a selection of both tea and biscuits, as well as a choice of marmalades or jams.

It costs £25 a month, available on either three-month, six-month or 12-month subscriptions.

Cineworld is drawing up plans to axe dozens of British cinemas as part of a radical restructuring that would also include extensive rent cuts.

Sky News has learned the company, which until last year was listed on the London Stock Exchange, is considering closing about a quarter of its roughly-100 British multiplexes.

Cineworld also wants to renegotiate rent agreements at a further 50 sites, with the remaining 25 untouched by the restructuring.

Sources said the proposals were expected to be formally outlined to creditors including landlords in the coming weeks.

Read Mark Kleinman's full exclusive here...

Publicans have expressed their outrage at Co-op for a "disgraceful" television advert encouraging people to stay at home to watch the football rather than go to the pub.

The 10-second advert suggests people "stay in with two pizzas and four beers" purchased as part of a deal during EURO 2024 rather than go to the pub where, the advert says, it is "hard to see the screen".

In a letter to Co-op's chief executive Shirine Khoury-Haq, the Campaign for Pubs accused the supermarket of "openly and deliberately undermining pubs and publicans' livelihoods".

It added it was "disgusted, as well as deeply angry" that the advert was targeting pubs at a difficult time for the industry.

Nearly 800 pubs entered insolvency in 2023, the highest number in over a decade.

The letter read: "You and your management team must surely be aware of what a challenging time it is for pubs and publicans, yet here you are, a supposedly ethical business, openly and deliberately undermining pubs and publicans' livelihoods at this difficult time. It frankly beggars' belief.

"At the time when businesses in England should be uniting in support of the national football team, the Co-op has instead cynically and shamelessly sought to attack another important business sector to try to boost your own profits from the tournament."

The Campaign for Pubs has called on the Co-op to pull the advert and apologise for the campaign immediately.

But a Co-op spokesperson told the Money blog: "The 10-second advert is a light-hearted way of highlighting to our members and customers that, if they have made the choice to stay in to watch the football, we have a cracking pizza and beer deal they can purchase to enjoy in their homes, with the sole intention of providing great value on relevant products which customers tell us they want, especially at a time when the cost of living is high."

Every Monday we get an expert to answer your money problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...

"I have booked a holiday for 2026 and paid a small deposit. I have an expiring annual travel insurance policy which would cover the booking if I needed to cancel. Is the travel insurance still valid for the booking, if I choose not to reinsure with them?" Mrs B

Daniel Scognamiglio, partner and travel law team lead at Blake Morgan, said it's the policy in place at the time of the cancellation that is relevant...

"If one policy lapses and you then need to cancel a trip without buying other insurance, you will have no cover for the cancellation.

"There are also other factors to consider, such as the specific policy wording, when the policies were bought, and the reasons behind it.

"It is always advisable to have travel insurance as soon as possible after buying a holiday. Often it is better to have an annual policy that provides cover from the date the holiday is bought and while you are away."

Daniel says most travel policies will pay something towards the cost of the holiday if it must be cancelled for a reason that is not your fault. 

He adds: "For example, if you unexpectedly fall ill and are unable to travel. However, it is common for policies not to provide much cover in the event of cancellation. So, it is worth making sure that any cover is for more than the cost of the holiday, in case you do need to cancel.

"It's also important to remember that travel insurance will only cover unexpected events. 

"You must have been unaware of any illness (or other reason to cancel the holiday) before buying the travel insurance policy or booking the holiday."

If you knew you had an illness or were about to go through testing when booking your holiday or taking our insurance, you'd have to declare this when buying the policy, as well as any pre-existing medical conditions, Daniel says.

"If you are aware of a medical condition after buying the insurance but before travel, you must also tell your insurers," he explains.

This feature is not intended as financial advice - the aim is to give an overview of the things you should think about.  Submit your dilemma or consumer dispute via:

• The form above - you need to leave a phone number or email address so we can contact you for further details
• Email [email protected] with the subject line "Money blog"
• WhatsApp us  here

After a small break from the election results, we're back for another week of consumer news, personal finance tips and all the latest on the economy.

This is how the week in the Money blog is shaping up...

Monday: This week's Money Problem  focuses on a query about travel insurance.

Tuesday : We're continuing our eight-part  Women in Business  feature - interviewing women who are bossing their industry. And this week's  Basically...  explains everything you need to know about car finance.

Wednesday : We are back in London for this week's  Cheap Eats , where Michelin chefs reveal their favourite spots to get a meal for two for less than £40.

Thursday : Savings Champion  founder Anna Bowes will be back with her weekly insight into the savings market.

Friday : We'll have everything you need to know about the mortgage market this week with the guys from Moneyfacts.

Running every weekday, Money features a morning markets round-up from the  Sky News business team  and regular updates and analysis from our business, City and economic correspondents, editors and presenters -  Ed Conway ,  Mark Kleinman ,  Ian King ,  Paul Kelso  and  Adele Robinson .

You'll also be able to stream  Business Live with Ian King on weekdays at 11.30am and 4.30pm.

Bookmark  news.sky.com/money  and check back from 8am, and through the day, each weekday.

The Money team is Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young, Ollie Cooper and Mark Wyatt, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

The Money blog will return on Monday - meantime, why not scroll through some of our best and most popular features below...

Be the first to get Breaking News

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Rice Export Company Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Import & Export

Are you about starting a rice export company? If YES, here is a complete sample rice export business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a rice export company. We also took it further by analyzing and drafting a sample rice export marketing plan template backed up by actionable guerrilla marketing ideas for rice export companies. So let’s proceed to the business planning section.

Why Start a Rice Export Company?

The fact that rice is a staple food that is consumed in all part of the world including places where it is difficult for farmers to grow rice or perhaps processed and packaged rice makes it a thriving and profitable business that an entrepreneur cum investor who is looking towards starting a business can successfully start.

For example, in some underdeveloped countries where they lack the machinery to produced finely finished parboiled rice, they tend to appreciate it when they are imported into their countries. Little wonder parboiled rice from countries like Thailand and China are seen in almost every nooks and crannies of the world.

Although there are loads of market for companies who are into rice exportation, but it is very important to state that rice exportation business is not is not a business that requires little start – up capital. As a matter of fact, you must be willing to pool huge cash base together to be able to successfully launch a rice exporting business or any exportation business.

This is so because you are expected to rent / lease a warehouse facility, purchase bag of rice that can fill a container, pay for haulage / shipping and every other logistics that you are expected to take care of from the country of purchase to the country you are exporting the rice to

So if you have decided to start a rice export company, then you should ensure that you carry out feasibility studies and also market survey.

This will enable you properly identify countries that truly need your rice 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 launching your own business.

Below is a sample rice export company business plan template that can help you to successfully write your own with little or no hassle.

A Sample Rice Export Company Business Plan Template

1. industry overview.

Players in the rice export industry primarily export well processed and bagged rice from one country to another. The bags of rice are placed in containers or trucks and then they are shipped or transported via sea or land borders to the expected country.

Most rice farmers who are also into rice processing tend to active in the rice exporting industry. So also investors who are interested in the business usually purchase in wholesale from rice mills – rice production companies and then export to their clients overseas.

The Rice Export industry, just like most businesses in the retailing industry, depends on strong consumer spending to spur the demand for industry products. Over the last half a decade, the economy has begun recovering from recessionary declines with both the Consumer Confidence Index and disposable income increasing.

Going forward, as the economy of the united states and other countries of the world continues to recover and consumers are expected to loosen their discretionary budgets, the industry is anticipated to experience growth.

The Rice Export industry is indeed a major sector of the economy of the United States of America and they generate several billion dollars annually from loads of rice export companies scattered all around the United States of America. The industry is responsible for the direct employment of thousands of people.

It is important to state that there is no rice exporting company in the United States of America that has a lion share of the available market. New entrant into the industry can favorably compete for the available market even if they don’t have rice farms. They can travel all the way to Thailand seal the deals and then export rice to countries in Africa, and South America et al

It is a fact that a major chunk of the United States’ gross domestic product (GDP) comes from the general export industry of which the rice export industry also contributes.  This is why the United States of America’s economy is measured with the yardstick of how well the exporting business is fairing in the U.S. In essence, when there is an unstable economy, purchasing power drops and it impacts the export industry negatively which may result in the closure of some rice export companies.

Over and above, the rice export industry is a profitable industry and it is open for any aspiring entrepreneur who has the financial requirement to come in and establish his or her business. You don’t need to have a rice farm or even a rice processing plant / rice mill before you can become a player in this industry; your ability to know where to get well processed and well bagged rice cheap and a ready market outside of the United States to export them to is key in this line of business.

2. Executive Summary

Joel Sutton® Rice Export Company is a standard US registered Rice Export Company that will be based in Texas City – Texas. We have been able to lease a warehouse facility that is big enough to fit into the design of the kind of standard rice exporting business that we intend launching and the facility is located close to one of the busiest seaports in the United States – Port of Texas City – Texas.

Joel Sutton® Rice Export Company will be involved in exporting well – processed and well – bagged short-grain rice, medium-grain rice and long-grain rice (both in organic and non – organic form) et al from different brands from the United States to other parts of the world. We will also go into partnership with some the largest rice producers in Thailand and then export rice from there to other countries of the world.

We are aware that there are stiffer competitions when it comes to exporting rice, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors. We have a long-term plan to own our rice farm and rice processing plant / rice mill.

Joel Sutton® Rice Export Company will ensure that all our international customers are given first class treatment whenever they order rice from us. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to or how far apart they are from us. We will ensure that we get our customers involved in the selection of brands that will be on our export list and also when making some business decisions that directly affect them.

Joel Sutton® Rice Export Company will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our customers.

Joel Sutton® Rice Export Company is a family business that is owned by Joel Sutton and his immediate family members. Joel Sutton has a B.Sc. in Business Administration, with well over 5 years of experience in the shipping and export industry, working for some of the leading brand in the United States.

Although the business is launching out without a rice farm or a rice mill / rice processing plant, but we have a long term plan to own our rice farm and rice mill and also go into business partnership with major rice producing companies in Thailand.

3. Our Products and Services

Joel Sutton® Rice Export Company is in the rice export industry to service a wide range of clients all across the globe and of course to make profits, which is why we will ensure we go all the way to export a wide range of well packaged rice from top rice production brands in the United States and other countries of the world.

We will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business. Our product offerings are listed below;

• Exporting short-grain rice, medium-grain rice and long-grain rice (both in organic and non – organic form) from different rice production brands

4. Our Mission and Vision Statement

Our vision is to become one of the leading brands in the rice export industry in the United States of America exporting rice to countries in Africa and South America

Our mission is to establish a world – class rice export business that will export a wide range of well – bagged rice from top rice production brands at affordable prices to rice dealers all across countries in Africa and South Americ

Our Business Structure

Although Joel Sutton® Rice Export Company; will start out by purchasing rice from rice production companies in the United Sates and Thailand and then export them to other countries of the world, but that does not in any way stop us from owning our rice farm and rice production plant / rice mill. Our intention of starting a rice export business is to build a standard business with clients all across Africa and South America.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (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 ten years or more.

In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Warehouse Manager
• Human Resources and Admin Manager

Merchandize Manager

Sales and Marketing Manager

Information Technologist

• Accountants / Cashiers
• Sales Agents / Customer Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• 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
• Reports to the board

Admin and HR Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• 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 arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.

Warehouse Manager:

• Responsible for organizing the safe and efficient receipt, storage and dispatch of warehoused goods
• Responsible for liaising with customers, suppliers and transport companies
• In charge of planning, coordinating and monitoring the receipt, order assembly and dispatch of goods
• Responsible for using space and mechanical handling equipment efficiently and making sure quality, budgetary targets and environmental objectives are met
• In charge of coordinating the use of automated and computerized systems where necessary
• Responsible for keeping stock control systems up to date and making sure inventories are accurate;
• Responsible for producing regular reports and statistics on a daily, weekly and monthly basis
• In charge of overseeing the planned maintenance of vehicles, machinery and equipment.
• Ensures that proper records of bags of rice are kept and warehouse does not run out of products
• Ensure that the warehouse facility is in tip top shape and goods are properly arranged and easy to locate
• Interfaces with third – party suppliers (vendors)
• Control rice distribution and supply inventory
• Supervise the workforce in the warehouse floor.
• Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Help to ensure consistent quality of well processed rice from different manufacturers are purchased and exported in good price that will ensure we make good profit
• Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Ensures that the organization operates within stipulated budget.
• Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer purchases
• Identifies, prioritizes, 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 development projects.
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develop, execute and evaluate new plans for expanding increase sales
• Document all customer contact and information
• Represent the company in strategic meetings
• Help increase sales and growth for the company
• Manage the organization website
• Handles ecommerce aspect of the business
• Responsible for installing and maintenance of computer software and hardware for the organization
• Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
• Leverage on software apps to keep track of goods (container of rice) that are shipped from one destination to another
• Manages the organization’s CCTV
• Handles any other technological and IT related duties.

Accountant / Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

Client Service Executive

• Ensures that all contacts with customers (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries (answer customer queries regarding the store and the merchandise)
• Finds out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits.
• make suggestions and encourage purchase of products
• Provides information about merchandise and delivery options

6. SWOT Analysis

Our intention of starting the business basically as an exporter is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then start our commercial rice farm and rice processing plan / rice mill.

We are that it is quite demanding running a rice export business alongside a rice farm and rice processing plant, 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.

Joel Sutton® Rice Export Company employed the services of an expert HR and Business Analyst with bias in shipping and exporting start – ups 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.

This is the summary of the SWOT analysis that was conducted for Joel Sutton® Rice Export Company;

Our distribution network, the business model we will be operating on, varieties of payment options, wide range of well processed and well – bagged rice from different rice production companies from within the United States and other parts of the world and our excellent customer service culture will definitely count as a strong strength for Joel Sutton® Rice Export Company. So also our management team members are people who have what it takes to grow a business from start – up to profitability with a record time.

A major weakness that may count against us is the fact that we are a new rice export company and we don’t have the financial capacity to engage in the kind of marketing and publicity that we intend giving the business.

• Opportunities:

The fact that we are going to be operating our rice export company in a city that host one of the busiest seaports and rice farms in the United States provides us with unlimited opportunities to purchase rice at cheaper rate and also ship to other countries at affordable rate as well.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential customers will be looking for when they order rice from us; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new rice export company in same location where our market exists. So also, unfavorable government policies from home country and export country may also pose a threat for businesses such as ours.

7. MARKET ANALYSIS

• Market Trends

There are loads of factors that come into play in the rice export cum export industry. Government policies, trade agreement and mutual benefit are some of the key factors that encourage export and import. This is why any company in the United States that is into exporting of goods must ensure that they check the trade relationship the US has with the country they intend exporting rice to and also the country’s status on rice importation et al.

Maximizing profit in the rice export industry requires that you own your rice farm and rice processing plant / rice mill. If you are conversant with the happening in the rice export industry, you will notice a trend amongst top rice exporting companies; they are known to own their own vast rice farms and rice processing plant / rice mill.

8. Our Target Market

Possibly it will be safe to submit that the rice has the widest range of customers; almost everybody on planet earth consumes rice; rice is indeed one of the most popular staple foods in the world.

In view of that, we have positioned our rice export business to service rice dealers all across countries in Africa and South America. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us.

We are in business to export well processed and bagged rice from different rice production brands to rice distributors and wholesalers in countries across Africa and South America.

Our competitive advantage

A close study of the rice export industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.

We are aware of the stiffer competition and we are well prepared to compete favorably with other leading rice export companies throughout the United States and other part of the world. Joel Sutton® Rice Export Company is launching a standard rice export company that will indeed become the preferred choice for rice distributors and rice dealers all across countries in Africa and South America.

Our distribution network, the business model we will be operating on, varieties of payment options, wide range of well processed and well – bagged rice from different rice production companies from within the United States and other parts of the world and our excellent customer service culture will definitely serve as a competitive advantage for Joel Sutton® Rice Export Company.

So also our management team members are people who have what it takes to grow a business from start – up to profitability with a record time.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups rice export companies) 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. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Joel Sutton® Rice Export Company is in business to export a wide range of well – processed and well – bagged rice from different rice production brands to rice distributors and wholesalers all across countries in Africa and South America.

We are in the rice export industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives. Joel Sutton® Rice Export Company will generate income by exporting the following products;

• Exporting short-grain rice, medium-grain rice and long-grain rice (both in organic and non – organic form) from different rice production brands.

10. Sales Forecast

One thing is certain when it comes to rice export business, if you able to explore the markets within your target market areas; you are sure going to make huge profits.

We are well positioned to take on the available market in countries all across Africa and South America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.

We have been able to critically examine the rice export industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Texas City – Texas.

Below are the sales projection for Joel Sutton® Rice Export Company it is based on the location of our business and other factors as it relates to rice export start – ups in the United States;

• First Fiscal Year-: $350,000
• Second Fiscal Year-: $650,000
• Third Fiscal Year-: $1.2 million

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same shoe brands and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing a location for Joel Sutton® Rice Export Company, we conduct a thorough market survey and feasibility studies in order for us to position the business in a location that will enable us have access to rice production companies and easy access to seaports. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the rice export industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in countries all across Africa and south africa.

In other to continue to be in business and grow, we must continue to export well processed and well packaged rice which is why we will go all out to empower or sales and marketing team to deliver. In summary, Joel Sutton® Rice Export Company will adopt the following sales and marketing approach to win customers over;

• Introduce our rice export company by sending introductory letters alongside our brochure to rice distributors and rice wholesalers in countries all across Africa and South America
• Ensure that we have a wide range of rice from different brands at all times.
• Create a loyalty plan that will enable us reward our regular customers
• List our business and products on yellow pages’ ads (local directories)
• Leverage on the internet to promote our business
• Engage in direct marketing and sales
• Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our rice export company is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our rice store.

Joel Sutton® Rice Export Company has a long term plan of exploring markets beyond countries in Africa and South which is why we will deliberately build our brand to be well accepted in these continents before venturing out. As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand.

Here are the platforms we intend leveraging on to promote and advertise Joel Sutton® Rice Export Company;

• Place adverts on international based newspapers, radio stations and TV stations.
• Encourage the use of word of mouth publicity from our loyal customers
• Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business.
• Ensure that our we position our banners and billboards in strategic positions all around Texas City – Texas
• Contact corporate rice distributors and rice wholesalers in countries all across Africa and South America by e – mailing and calling them up and informing them of Joel Sutton® Rice Export Company and the products we export
• Advertise our rice export business in our official website and employ strategies that will help us pull traffic to the site
• Brand all our official cars and trucks and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to rice export companies, it is normal for rice distributors and rice wholesalers to deal with rice export companies they can get well – processed and well – bagged rice at cheaper price.

We know we don’t have the capacity to compete with other bigger and well – established rice export companies, but we will ensure that the prices of all the brands of rice that are available in our exporting list are competitive with what is obtainable amongst rice export companies within our level and in our location.

• Payment Options

The payment policy adopted by Joel Sutton® Rice Export Company 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 Joel Sutton® Rice Export Company will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards / Point of Sale Machines (POS Machines)
• Payment via online bank transfer
• Payment via check
• 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 produces purchase 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 transfer for our rice.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, 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 facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a rice export business; it might differ in other countries due to the value of their money.

These are the key areas where we will spend our start – up capital;

• The Total Fee for Registering the Business in the Unites States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
• Marketing promotion expenses for the grand opening of Joel Sutton® Rice Export Company in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for hiring Business Consultant – $2,500.
• The cost for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
• The cost for the payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
• The cost for warehouse remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
• The cost for start-up inventory (stocking the warehouse with a wide range of well – processed and well – bagged rice from different rice production brands) – $250,000
• The cost for counter area equipment – $9,500
• The cost for the purchase of forklift and trucks – $25,000
• The cost for store equipment (cash register, security, ventilation, signage) – $13,750
• The cost of purchase and installation of CCTVs: $10,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
• The cost of launching a Website: $600
• The cost for our opening party: $7,000
• Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our rice export company in Charleston – West Virginia. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funds / Startup Capital for Joel Sutton® Rice Export Company

Joel Sutton® Rice Export Company is a private business that is solely owned and financed by Ted Preston and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

Since they are the sole financier of the business, they have decided to adopt the following means to generate start – up capital for the business;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $250,000(Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the 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 close shop.

One of our major goals of starting Joel Sutton® Rice Export Company is to build a business that will survive off its own cash flow without the need for 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 export our wide range of well – processed and well – packaged rice from different rice production brands 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.

Joel Sutton® Rice Export Company 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 company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

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 six years or more. We know that if that 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 Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of warehouse facility and remodeling the warehouse: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress
• Compilation of our list of rice brand that will be available in our store: Completed
• Establishing business relationship with rice production companies in the United States of America and Thailand: In Progress

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