Contest | My Primary Source of Income:
How are you all doing today just as believe that everyone here is doing great? Here I am to share to share with you the job that I know how to do very well that earns me some income.
Basically, Agriculture remains and would always remain an important economic sector that not just provide jobs, but ensures that there is adequate food supply around the globe. No wonder it draws the attention of government at all levels where various Agriculture policies and programs are issued, even though there may not be a commensurate implementation in that regard.
Building a source of income in the Agriculture sector could be what it as the global demand for food is always on the rise. So creating an idea or carving a niche within the sector, could position you for a great opportunity.
Having seen the opportunities that exists in this sector, I decided to go into the poultry sub-sector, Broiler Farming For Meat Production.
For the past Four Years, precisely January, 2024, I have been so passionate to have carved a niche in the Agriculture sector sub-sector by engaging in broiler farming for Meat Production. I came to realize that the sector is underserved hence, giving rise in the demand of poultry broiler meat. I grabbed this opportunity by setting up a business in that niche, though on a small scale production.
To start the business prior to January 2020, I started going for training to get some knowledge and ideas to equip myself on how to manage the business. I learnt about the following in the course of the training:
- Siting/business location
- Disease control and drug administration
- Feeding and lighting procedures
- Waste management
- Marketing
All these equiped me with the needed skills to develop and manage my farming business.
Having gathered the needed knowledge and skills for the business, I started making moves on how to raise the capital for my business. But one about this whole thing is that, I hate borrowing!
Been able to have saved some amount of of money that time, I overcame the challenge by using my savings to invest in the business that I'm passionate about. I started by raising 100 birds. This journey was easy at all as a beginner in this new found business that I have passion for. Later I started gaining some ground in the business so I started making moves for expanding the business. In that move, I had to make additional 50 birds to make it a total of 150 birds. I also expanded the structure so make them have more enough space. One thing about the business is that you are bound to make some mistakes, but learning from the mistakes, I keep learning and improving.
Despite the challenges I was having and the lessons I was learning, I made another expansionary move in the addition of extra 50 birds making a total of 200 birds and later 250 birds. Coming to this level is not without challenges. Just as I said, still made some mistakes but keep improving.
Finance is an important aspect of every business as it determines its survival. It is like blood that flows in the body system.
I keep record of my income and expenses to enable me track my business performance. I do it every 2 months. To do this, I prepare the income and expenses as follows:
Expenses: This include the purchases or debt that I incure in the course of running the business.
Revenue: This is the income that I make from sales.
To ascertain my business profit or loss position per period:-
Total Sales — Total Expenses
Profit Position: = Income > expenses
Loss position: = income < expenses
Every business has challenges peculiar to it. Sometimes huge profits are made, sometimes little, and sometimes losses are incured as well. I go through all these experiences. But the only option I have is to keep moving whether up or down times.
There is a general increase in the cost of production which keep affecting the business profitablity as buyers keep reducing the purchasing quantities.
There are times when an outbreak of diseases could affect the birds and almost all of them gets infected and die. Drug failure could also contribute to the casualties suffered.
Reduction in feed quality is another challenge facing the business. This causes the slow growth on the birds because the feed now lacks sufficient nutrients to help promote a healthy growth of the birds. It now make them to stay beyond their supposed Maturity Stage.
But all the same, nothing compares with having or owning a business in your name. It is a noble and prestigious venture.
I do appreciate everyone through this post, thank you for doing so.