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In developing countries, particularly Africa, food processing is one of the grilling business opportunities through they can produce their foods locally, still, they spend several millions of dollars on the importation of food products annually.
In many developing countries, only a few entrepreneurs can afford the cost of starting a soybean processing plant due to the high poverty rates. There are only a few soybean processing factories and their merged production capacity doesn’t meet the increasing demand for soybean milk, tofu, yogurt, and other products.
However, with the required startup capital and adequate information, you can start a soybean processing company in any country where there is a huge demand for soybean products. This huge demand coupled with low competition and high entry barriers is the factors that indicate the profitability of this business.
Have you been looking to start your own business? Does the idea of starting a soybean processing plant sound like a great one to you? And do you have the required startup capital? Then read on to learn the basics of soybean processing as well as how to start your own soybean processing company.
What is soya bean?
The soybean or soya bean is a species of legume native to East Asia, widely grown around the world for its edible bean, which has numerous uses. Soya bean is a significant, cheap source of protein and the raw material for many prepackaged food products. The plant produces significantly more protein per acre than most other uses of land.
What are soybean products?
Generally, Soybean is processed to produce several food products like soymilk, soy yogurt, tofu, soybean oil, soy flour, soy sauce, fermented bean paste, textured vegetable protein, natto, tempeh, and others that are in huge demand. Regarding these products, soymilk, tofu, soybean oil are the most popular and most sought-after. Here are the steps involved in setting up a soybean processing company:
Ways to Start a Soybean Farming Business
Like every other business, Writing a business plan is the first step towards setting up a successful soybean processing company. Failure to write a business plan before diving, the business may end up leaving the market shortly after launch due to certain challenges. But, a business plan prepares your mind for these challenges and helps your business succeed in the long run.
Your soybean oil processing business plan will include your business mission statement, business overview, products, and services, required startup and operations costs, management summary, market analysis and competition, marketing strategies, and so on.
Writing a business plan involves a lot of research and hard work. But this input is worth it, consider how vital the business plan is to your business. A business plan will come in handy should you need to obtain additional funding from third parties, such as investors and lenders aside from serving as a guide on how to set your business up successfully and grow it afterward.
a. Obtain Necessary Licenses and permits
In practically all countries of the world, starting a business requires obtaining some licenses and permits. These licensing requirements vary by region and country. You need to contact the appropriate local agencies to find out the licensing requirements for new businesses in your state or country. You will also need to register the name of your business. This confers credibility and confirms the government’s recognition of your business.
b. Find a good location
The success of your soybean processing plan hinges largely on the location you choose. The best location for your plant is one with an abundant supply of water, electric power, and other utilities that you need for effective operations. Your locations should also be as close as possible to your sources of raw materials–especially soybean.
c. Purchase and install necessary pieces of equipment
The use of equipment such as mixers, boilers, filters, grinders, and machines that combine these parts into one unit is required in soybean processing. To save you a huge maintenance cost, in the long run, do ensure that your pieces of equipment are of high quality and well installed, as improper installation can affect their function.
d. Find suppliers for raw material
Since soya bean is the lifeline of the soybean processing business, you need to have a strong relationship with a handful of soybean farmers and distributors to ensure a constant supply of soybeans to your plant.
e. Hire employees and start operations
Both skilled and unskilled workers will be of need at your soybean processing plant. Ensure that all employees are well trained on the proper use of machines and pieces of equipment, as improper handling can cause low production capacity.
How To Download Soybeans farming Business plan Template PDF and Doc (With financial analysis)
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P.S: We can also tailor the soybeans farming Business plan to your name, business size, capital requirements, and more to fit your direct needs. Call or message +234 701 754 2853 for inquiries.
