business plan of rice

Rice Farming Business Plan [Sample Template]

By: Author Tony Martins Ajaero

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

In the United States of America and of course in most parts of the world, rice is one of the stable foods that is consumed by every household. This goes to show that there are loads of business opportunities that revolve around rice and one of such opportunities is commercial rice farming business.

One good thing about this business is that if you can combine rice farming and rice processing, then your market will not be limited to just the united states of America but the rest of the world.

Although there are some states in the US that naturally support the cultivation of rice, but with latest technological advancement in the agriculture industry, you can successfully cultivate rice in most parts of the United States and not only around coastal regions.

A Sample Rice Farming Business Plan Template

1. industry overview.

Rice farming cum processing is an important sector of the economy of the United States. Amongst the US row crop farms, rice farms are the most capital-intensive, and have the highest national land rental rate average. In the United States, all rice acreage requires irrigation.

For instance, between 2000 and 2009 approximately 3.1 million acres in the US were under rice production, while an increase is expected in the next decade to approximately 3.3 million acres. It is on record that California rice is grown on approximately 500,000 acres, with the annual crop valued at approximately $780 million.

The commercial rice farming industry contributes half a billion dollars every year to the economy of the state of California. It is the base for highly skilled, living wage jobs in California and, through exports, all across various countries of the world.

Commercial rice farming is indeed one of many businesses that an entrepreneur who is interested in going into commercial farming can major in.

As a matter of fact, there are several commercial rice farms cum rice production companies scattered all around South American and costal states in the United States of America. This is so because rice easily grow and thrive pretty well in water – logged areas.

Establishments in the commercial rice farming industry primarily grow rice, which is then sold to millers for processing. The product is generally then sold to retailers, wholesalers, food processors and food-service establishments to reach the final consumer.

Statistics has it that farming (most especially commercial farming) of which rice farming is a part of employs more than 24 million American workers (which is roughly17 percent of the total workforce in the United States). For example, in 2006, the average American commercial farmer grew enough food for about 144 other people and also in 1940, the average farmer grew food for about 19 other people (which was close to enough food).

Records has it that in 2007, just 187,816 of the 2.2 million farms in the United States of America accounted for 63% of sales of agricultural products, marking a trend toward the concentration in agricultural production. Agricultural efficiency has increased over the past century from 27.5 acres/worker in 1890 to 740 acres/worker in 1990.

The performance of the Commercial Rice Framing industry depends to a larger extent on favorable farming conditions, with industry revenue fluctuating in line with production. It is a known fact that rice is a water-intensive crop and decreasing annual rainfall over the past five years negatively affected the cultivation cum harvest of rice hence decline in revenue generation for the industry.

In addition, reduced irrigated water allocations for commercial rice farmers, due to other agricultural industries, have caused production to decline following strong performances in the early stages of the last half – a – decade. Lastly, with the recent advancement in technology, farmers can now comfortably grow crops such as rice in regions where such crops can hardly survive and in places where there are low rainfalls – many thanks to the irrigation.

2. Executive Summary

Darren Pitcher® Commercial Rice Farms, LLC is a world class and registered commercial rice farm that will be based in the outskirt of Tallahassee, Florida – United States. We have done our detailed market research and feasibility studies and we were able to secure a well – situated and suitable farm land to start our commercial rice farming business.

Our commercial rice farming business is a going to be standard commercial rice farm hence will be involved in both commercial rice cultivation and processing and packaging of rice. We will be involved in both organic commercial rice farming and non – organic commercial rice farming.

We have put plans in place that will help us launch a standard and world – class rice processing and packaging plant within the first three years of officially running Darren Pitcher® Commercial Rice Farms, LLC. We will process and package rice and ensure that they flood the market both in the United States and in other countries of the world.

We want to compete with the best in the industry which is why aside from the fact that we’ve secured the required farming land and most of the farming equipment and machines, we have also hired some key employees who are currently undergoing training so as to be able to fit into the ideal picture of the 21 st century commercial rice farming and rice processing and packaging workforce that we want to build.

We are in the commercial rice farming business because we want to leverage on the vast opportunities available in the commercial farming industry, to contribute our quota in growing the U.S. economy, in national food production, raw materials production for industries, to export agriculture produce from the United States to other countries and over and above to make profit.

Darren Pitcher® Commercial Rice Farms, LLC is well positioned to become one of the leading commercial rice farms in the United States of America, which is why we have been able to source for the best hands and farm machineries to run the farm with.

We have put process and strategies in place that will help us employ best practices when it comes to commercial rice farming and rice processing and packaging as required by the regulating bodies in the United States of America.

Darren Pitcher® Commercial Rice Farms, LLC is a family business that is owned by Mr. Darren Pitcher and his immediate family members. The farm will be fully and single handedly financed by Darren Pitcher and his immediate family members.

Before starting Darren Pitcher® Commercial Rice Farms, LLC, Darren Pitcher has worked with some of the leading commercial farms and food processing plants in the United States of America; he has a degree (B.Sc.) in Agriculture Science from the University of California.

3. Our Products and Services

Darren Pitcher® Commercial Rice Farms, LLC is a world class commercial farm that is committed to cultivating both organic and non – organic rice for the United States’ market and the global market (processed and packaged rice). We are in business to produce food and raw materials for people and industries in commercial quantities.

We will also ensure that we operate a standard rice processing and packaging plant as part of our complimentary business.

We are in this line of business to make profits, and we will ensure that we do all that is allowed by the law of the United States of America to achieve our business goals and objectives. These are the areas we will concentrate on in our commercial rice farming business. If need arises we will definitely cultivate related crops;

• Cultivation of short-grain rice, medium-grain rice and long-grain rice (organic and non – organic)
• Standard rice processing plant (rice production and packaging)

4. Our Mission and Vision Statement

• Our Vision is to become one of the leading commercial rice farms and rice processing and packing brand not just in the United States of America but also on the global stage.
• Darren Pitcher® Commercial Rice Farms, LLC is a world class commercial rice farms that is in business to cultivate rice in commercial quantities both organic and non – organic and process and package rice for both the United States market and the international market.
• We want our well – packaged rice to flood every nooks and crannies of the United States and other countries of the world.

Our Business Structure

Darren Pitcher® Commercial Rice Farms, LLC is a commercial rice farm that intend starting small in Tallahassee – Florida, but hope to grow big in order to compete favorably with leading commercial rice farms in the commercial farming industry both in the United States and on a global stage.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own which is why we are committed to only hiring the best hands in and around Florida.

At Darren Pitcher® Commercial Rice Farms, LLC, we will ensure that we hire people that are qualified, hardworking, dedicated, customer centric and are ready to work to help us build a prosperous business that will benefit all the 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 five years or more as agreed by the management of the farm. In view of the above, Darren Pitcher® Commercial Rice Farms, LLC have decided to hire qualified and competent hands to occupy the following positions;

• Chief Operating Officer

General Farm Manager

Administrator / Accountant

Rice Cultivation Manager / Supervisor

• Rice Processing and Packaging Manager
• Sales and Marketing Executive
• Field Employees
• Front Desk Officer

5. Job Roles and Responsibilities

Chief Operating Officer:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Responsible for the planning, management and coordinating all farm activities across the various sections on behalf of the organization
• Supervise other section managers (rice cultivation manager and rice production manager)
• Ensures compliance during project executions
• Providing advice on the management of farming activities across all section
• Responsible for carrying out risk assessment
• Uses IT systems and software to keep track of people and progress of the growth of rice
• Responsible for overseeing the accounting, costing and sale of farm produce after harvest
• Represents the organization’s interest at various stakeholders’ meetings
• Ensures that farming goals desired result are achieved, the most efficient resources (manpower, equipment, tools and chemicals et al) are utilized and different interests involved are satisfied.
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Handles all financial transactions for the company
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Oversees the smooth running of the daily farming activities across the various farming sections.
• Responsible for financial forecasting and risks analysis.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Serves as internal auditor for the company
• Responsible for managing the rice cultivation section of the commercial rice farm
• Supervises other workers within the department
• Works closely with the General Manager to achieve the organizations’ goals and objectives

Rice Production Manager / Supervisor

• Responsible for managing the rice processing and packaging(rice production) section of the commercial rice farm

Sales and Marketing Officer

• 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 relevant projects.
• Writes winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company

Field Workers / Contract Staff

• Responsible for preparing farm lands for rice cultivations
• Responsible for watering the rice crop
• Handles weeding or fertilizer and/or pest control application
• Handles farm implements and machines as instructed by the section manager / supervisor
• Assists in harvesting of rice
• Carries out task in line with the stated job description
• Assists in transport working tools and equipment from the farm and back to the designated store room
• Handles any other duties as assigned by the line manager

Client Service Executive / Front Desk Officer

• Welcomes guests and clients to the farm by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Receives parcels / documents for Darren Pitcher® Commercial Rice Farms, LLC
• Distributes mails in JB Michaels Commercial Farms, LCC

6. SWOT Analysis

Darren Pitcher® Commercial Rice Farms, LLC do not intend to launch out with trial and error hence the need to conduct a proper SWOT analysis.

We know that if we get it right from the onset, we would have succeeded in creating the foundation that will help us build a standard commercial rice farm that will favorably compete with leading commercial rice farms in the United States of America and in the rest part of the world.

As a world – class commercial rice farms and rice processing and packaging company, we look forward to maximizing our strength and opportunities and also to work around our weaknesses and threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Darren Pitcher® Commercial Rice Farms, LLC;

Our strength as a commercial rice farm is the fact that we have healthy relationships with loads of major players (agriculture merchants who deal in rice) in the commercial farms industry; both suppliers and buyers within and outside of the United States.

We have some of the latest commercial rice farming machines, tools and rice processing equipment that will help us cultivate rice in commercial quantities with less stress. Aside from our relationship (network) and equipment, we can confidently boast that we have some the most experienced hands in Tallahassee – Florida in our payroll.

Our weakness could be that we are a new commercial rice farms in the United States, and perhaps the fact that we decided to diversify our farming activities could count against us initial. We are aware of this and from our projection will overcome this weakness with time and turn it to a major advantage for the business.

• Opportunities:

The opportunities that are available to us cannot be quantified; we know that there are loads of individuals who consume both organic and non – organic rice in different forms both in the United States of America and other parts of the world. We will ensure that we maximize the opportunities available to commercial rice farmers.

Some of the threats and challenges that we are likely going to face when we start our own commercial rice farm are global economic downturn that can impact negatively on household spending, bad weather cum natural disasters (draughts, epidemics), unfavorable government policies and the arrival of a competitor (a commercial farm that cultivates same crop) as our farms within same location.

There is hardly anything we can do as regards this threats and challenges other than to be optimistic that things will continue to work for your good.

7. MARKET ANALYSIS

• Market Trends

One of the common trends in the commercial rice farming line of business is that most players in the industry are no longer concentrating only on non – organic rice farming. They are now finding it easier to run both organic rice cultivation and non – organic rice cultivation. It is fact that despite that organic food are expensive, the sale for organic food is on the increase and it is indeed profitable.

In spite of the fact that commercial rice farming has been in existence since time immemorial, which does not in any way make the industry to be over saturated; commercial rice farmers are exploring new technology to continue to improve the cultivation processes and also rice processing and packaging processes; mechanized farming has indeed increased the tons of food produced by farmers.

The fact that there is always a ready market for rice makes the business highly thriving and profitable. Lastly, it is a common trend to find standard commercial rice farmers run a rice processing and packaging plant alongside their farm. It is a means of maximizing profits in the business.

With this, it is easier for them to expand the scope of their market beyond the United States of America to other countries of the world.

8. Our Target Market

It is a known fact that the target market of those who are the end consumer of rice in any form and also those who benefits from the business value chain of commercial rice farming industry is all encompassing; it is far – reaching.

Almost every household consumes rice. In essence, a commercial rice farmer that also run a rice processing and packaging plant should be able to sell his or her farm produce to as many people as possible including hotels, restaurants and dormitories et al.

We will ensure that we position our business to attract consumers of rice not just in the United States of America alone but also other parts of the world which is why we will be exporting our rice produce either in raw form or processed form to other countries of the world.

Our competitive advantage

The truth is that, it is easier to find entrepreneur flocking towards an industry that is known to generate consistent income which is why there are more commercial farmers in the United States of America and of course in most parts of the world.

For example, Statistics has it that there were 2.2 million farms in the United States of America, covering an area of 922 million acres. These goes to show that there are appreciable numbers of farmers in the United States of America but that does not mean that there is stiffer competition in the industry.

As a matter of fact, entrepreneurs are encouraged by the government to embrace commercial farming. This is so because part of the success of any nation is her ability to cultivate her own food and also export foods to other nations of the world.

Darren Pitcher® Commercial Rice Farms, LLC is fully aware that there are competitions when it comes to selling commercial farm produce including rice all over the globe, which is why we decided to carry out thorough research so as to know how to take advantage of the available market in the United States and in other parts of the world.

We have done our homework and we have been able to highlight some factors that will give us competitive advantage in the marketplace; some of the factors are effective and reliable rice farming processes that can help us sell our rice at competitive prices, good network and excellent relationship management.

Another competitive advantage that we are bringing to the industry is the fact that we have designed our business in such a way that we will operate an all – round standard commercial rice farms that will be involved in the production of rice i.e. rice processing plant. With this, we will be able to take advantage of all the available opportunities within the industry.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups commercial rice farms) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Darren Pitcher® Commercial Rice Farms, LLC is in the commercial rice farming business for the purpose of maximizing profits hence we have decided to explore all the available opportunities within the industry to achieve our corporate goals and objectives.

In essence we are not going to rely only on the sale of our rice to generate income for the business. Below are the sources we intend exploring to generate income for Darren Pitcher® Commercial Rice Farms, LLC;

10. Sales Forecast

We conducted a thorough market survey and feasibility studies and we were able to discover that the sales generated by a commercial farm depends on the size of the farm, the nature of the commercial farm (whether cattle rearing, poultry farming, fish farming and crops cultivation et al).

We have perfected or sales and marketing strategies and we are set to hit the ground running and we are quite optimistic that we will meet or even surpass our set sales target of generating enough income / profits from the year of operations and build the business from survival to sustainability.

We have been able to critically examine the agriculture industry cum commercial rice farm line business 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 workable assumptions as well with respect to the nature of commercial rice farm that we run.

We will be running a standard rice processing plant with a capacity to export well – branded and packaged rice to other countries of the world. Below are the projections that we were able to come up with for the first three years of running Darren Pitcher® Commercial Rice Farms, LLC;

• First Fiscal Year-: $350,000
• Second Fiscal Year-: $600,000
• 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 that can impact negatively on household spending, bad weather cum natural disasters (draughts, epidemics), and unfavorable government policies. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We are quite aware that in order to expand our market scope, we should go beyond just rice cultivation to rice processing and packaging. In view of that, we decided to set up a standard rice processing plant to help us maximize profits.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We want to build a standard and world – class commercial rice farms and rice processing and packaging company that will leverage on word of mouth advertisement from satisfied clients (both individuals and rice merchants).

Over and above, we have perfected our sale and marketing strategies first by networking with agriculture merchants and businesses that rely on the supply of rice as part of their menu. In summary, Darren Pitcher® Commercial Rice Farms, LLC will adopt the following strategies in marketing our commercial rice farm produce;

• Introduce our business by sending introductory letters alongside our brochure to stake holders in the agriculture industry, rice merchants, hotels and restaurants and rice processing plants et al.
• Advertise our business in agriculture and food related magazines and websites
• List our commercial rice farms on yellow pages’ ads
• Attend related agriculture and food expos, seminars, and business fairs et al
• Leverage on the internet to promote our business
• Engage in direct marketing
• Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Any business that wants to grow beyond the corner of the street or the city they are operating from must be ready and willing to utilize every available means (both conventional and non – conventional means) to advertise and promote the business. We intend growing our business which is why we have perfected plans to build our brand via every available means.

We know that it is important to create strategies that will help us boost our brand awareness and to create a corporate identity for our commercial rice farm business. Below are the platforms you can leverage on to boost our commercial rice farm brand and to promote and advertise our business;

• Place adverts on both print (newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our product
• Install our Bill Boards on strategic locations all around Tallahassee – Florida
• Engage in road show from time to time in targeted neighborhoods
• Distribute our fliers and handbills in target areas
• Contact hotels, restaurants, agriculture produce merchants and residence in our target areas by calling them up and informing them of Darren Pitcher® Commercial Rice Farms, LLC and the farm produce we sell
• List our commercial rice farms in local directories / yellow pages
• Advertise our commercial rice farms in our official website and employ strategies that will help us pull traffic to the site.
• Ensure that all our staff members wear our branded shirts and all our vehicles and trucks are well branded with our company logo et al.

12. Our Pricing Strategy

Some of the factors that will help you sell your rice at the right price that will guarantee that you make profits is dependent on your strategy while some of the factors are beyond your control.

For example, if the climatic condition is unfavorable and if there are natural disaster in the location where you have your commercial rice farm, then it will directly affect the harvest of plantain and also the prices of your farm produce.

Over and above, if you want to get the right pricing for your farm produce, then you should ensure that you choose a good location for your commercial farm, choose a good breed / seeds that will guarantee bountiful harvest, cut the cost of running your farm to the barest minimum and of course try as much as possible to attract buyers to your farm as against taking your farm produce to the market to source for buyers.

With this, you would have successfully eliminate the cost of transporting your harvest to the market and other logistics. We are quite aware that one of the easiest means of penetrating the market and acquiring loads of customers for rice is to sell them at competitive prices hence we will do all we can to ensure that the price of our rice are going to be what other commercial rice farmers would look towards beating.

One thing is certain, the nature of commercial farming makes it possible for farmers to place prices for their farm produce based on their discretion without following the benchmark in the industry. The truth is that it is one of the means of avoiding running into loss. The easier you sell off your harvested rice the better for your business.

• Payment Options

The payment policy adopted by Darren Pitcher® Commercial Rice Farms, 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 Darren Pitcher® Commercial Rice Farms, LLC will make available to her clients;

• Payment via bank transfer
• Payment with cash
• 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 and processed rice (well – branded and packaged rice).

13. Startup Expenditure (Budget)

When it comes to calculating the cost of starting a commercial rice farm with rice processing plant, there are some key factors that should serve as a guide. Factor such as the capacity of rice processing plant you want to own and the size of the commercial rice farm.

Besides, in setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to start a world – class commercial farm, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your farm is conducive enough for workers to be creative and productive.

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 commercial rice farm; it might differ in other countries due to the value of their money. Below are some of the basic areas we will spend our start – up capital in setting up our commercial rice farm;

• The Total Fee for incorporating the Business in United States of America – $750.
• The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400
• The amount needed to acquire / lease a farm land – $50,000
• The amount required for preparing the farm land – $70,000
• The cost for acquiring the required working tools and equipment / machines / fencing et al– $10,000
• The amount required for purchase of the first set of rice seedlings et al – $50,000
• The amount required to set up a standard rice processing plant within the farm facility – $100,000
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
• The Cost of launching an official website – $600
• The amount required for payment of workers for a period of 3 months – $100,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,000

Going by the report from detailed research and feasibility studies conducted, we will need an average of $500,000 to start a standard commercial rice farming with rice processing plant business in the United States of America. These are some of the equipment that we would need to fully launch our commercial plantain farm,

• Soil cultivator
• Harrow (e.g. Spike harrow, Drag harrow, Disk harrow)
• Stone / Rock / Debris removal implement (e.g. Destoner, Rock windrower / rock rake, Stone picker / picker)
• Broadcast seeder (alternatively: broadcast spreader, fertilizer spreader, or Air seeder)
• Plastic mulch layer
• Transplanter
• Sprinkler system irrigation
• Wheel Barrow

Basically, the nature of commercial rice farms does not require an office space; most people that run commercial farms operate directly from their farms. But we have decided to open a small liaison office; a place where administrative jobs will be carried out on behalf of the business.

Generating Funds / Startup Capital for Darren Pitcher ® Commercial Rice Farms, LLC

No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality. Finance is a very important factor when it comes to starting a business such as commercial rice farming and rice processing and packaging plant business.

No doubt raising startup capital for a business might not come cheap, but it is a task that an entrepreneur must go through. Darren Pitcher® Commercial Rice Farms, LLC is a family business that will be owned and managed by Darren Pitcher and his immediate family members.

They are the sole financial of the firm, but may likely welcome other partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources. These are the areas where we intend sourcing for fund for Humphrey GT & Family Farms Ltd;

• Generate part of the start – up capital from personal savings and sale of his stocks
• Generate part of the start – up capital from friends and other extended family members
• Generate a larger chunk of the startup capital from the bank (loan facility).

N.B: We have been able to generate about $100,000 ( Personal savings $80,000 and soft loan from family members $20,000 ) and we are at the final stages of obtaining a loan facility of $400,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the 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 Darren Pitcher® Commercial Rice Farms, 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 sell our farm produce ( processed and well – packaged organic and non – organic rice ) 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.

Darren Pitcher® Commercial Rice Farms, 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 organization’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more as determined by the management of the organization. We know that if 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 Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Leasing of farm land in Tallahassee – Florida: Completed
• Conducting Feasibility Studies: Completed
• Start – up Capital Generation: Completed
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Building /construction of cages and fence et al: In Progress
• Purchase of the needed working tools, machines and equipment: Completed
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Farm land Treatment, Health and Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry ( agriculture farm produce merchants, fertilizer suppliers and transporter / haulage companies et al ): Completed

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How to write a business plan for a rice farm?

Creating a business plan for a rice farm is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating a rice farm business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for a rice farm?

• What information is needed to create a business plan for a rice farm?
• What goes in the financial forecast for a rice farm?
• What goes in the written part of a rice farm business plan?
• What tool can I use to write my rice farm business plan?

Being clear on the scope and goals of the document will make it easier to understand its structure and content. So before diving into the actual content of the plan, let's have a quick look at the main reasons why you would want to write a rice farm business plan in the first place.

To have a clear roadmap to grow the business

Small businesses rarely experience a constant and predictable environment. Economic cycles go up and down, while the business landscape is mutating constantly with new regulations, technologies, competitors, and consumer behaviours emerging when we least expect it.

In this dynamic context, it's essential to have a clear roadmap for your rice farm. Otherwise, you are navigating in the dark which is dangerous given that - as a business owner - your capital is at risk.

That's why crafting a well-thought-out business plan is crucial to ensure the long-term success and sustainability of your venture.

To create an effective business plan, you'll need to take a step-by-step approach. First, you'll have to assess your current position (if you're already in business), and then identify where you'd like your rice farm to be in the next three to five years.

Once you have a clear destination for your rice farm, you'll focus on three key areas:

• Resources: you'll determine the human, equipment, and capital resources needed to reach your goals successfully.
• Speed: you'll establish the optimal pace at which your business needs to grow if it is to meet its objectives within the desired timeframe.
• Risks: you'll identify and address potential risks you might encounter along the way.

By going through this process regularly, you'll be able to make informed decisions about resource allocation, paving the way for the long-term success of your business.

To anticipate future cash flows

Regularly comparing your actual financial performance to the projections in the financial forecast of your rice farm's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.

This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.

Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.

Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.

To secure financing

A detailed business plan becomes a crucial tool when seeking financing from banks or investors for your rice farm.

Investing and lending to small businesses are very risky activities given how fragile they are. Therefore, financiers have to take extra precautions before putting their capital at risk.

At a minimum, financiers will want to ensure that you have a clear roadmap and a solid understanding of your future cash flows (like we just explained above). But they will also want to ensure that your business plan fits the risk/reward profile they seek.

This will off-course vary from bank to bank and investor to investor, but as a rule of thumb. Banks will want to see a conservative financial management style (low risk), and they will use the information in your business plan to assess your borrowing capacity — the level of debt they think your business can comfortably handle — and your ability to repay the loan. This evaluation will determine whether they'll provide credit to your rice farm and the terms of the agreement.

Whereas investors will carefully analyze your business plan to gauge the potential return on their investment. Their focus lies on evidence indicating your rice farm's potential for high growth, profitability, and consistent cash flow generation over time.

Now that you recognize the importance of creating a business plan for your rice farm, let's explore what information is required to create a compelling plan.

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Information needed to create a business plan for a rice farm

Drafting a rice farm business plan requires research so that you can project sales, investments and cost accurately in your financial forecast, and convince the reader that there is a viable commercial opportunity to be seized.

Below, we'll focus on three critical pieces of information you should gather before starting to write your plan.

Carrying out market research for a rice farm

As you consider writing your business plan for a rice farm, conducting market research becomes a vital step to ensure accurate and realistic financial projections.

Market research provides valuable insights into your target customer base, competitors, pricing strategies, and other key factors that can significantly impact the commercial success of your business.

Through this research, you may uncover trends that could influence your rice farm.

You may discover that consumers are increasingly interested in organic and locally-sourced products, which could suggest an opportunity to promote your rice farm as a provider of sustainable, locally-sourced food. Additionally, research might reveal that there is a growing demand for specialty varieties of rice, which could open up a new market for your farm to explore.

Such market trends play a significant role in forecasting revenue, as they offer valuable data about potential customers' spending habits and preferences.

By incorporating these findings into your financial projections, you can present investors with more accurate information, helping them make informed decisions about investing in your rice farm.

Developing the marketing plan for a rice farm

Before delving into your rice farm business plan, it's imperative to budget for sales and marketing expenses.

To achieve this, a comprehensive sales and marketing plan is essential. This plan should provide an accurate projection of the necessary actions to acquire and retain customers.

Additionally, it will outline the required workforce to carry out these initiatives and the corresponding budget for promotions, advertising, and other marketing endeavours.

By budgeting accordingly, you can ensure that the right resources are allocated to these vital activities, aligning them with the sales and growth objectives outlined in your business plan.

The staffing and equipment needs of a rice farm

Whether you are at the beginning stages of your rice farm or expanding its horizons, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is vital to ensure your business's success.

To achieve this, both the recruitment and investment plans must align coherently with the projected timing and level of growth in your forecast. It is essential to secure appropriate funding for these plans.

A rice farm might incur staffing costs such as salaries for farmhands, agricultural laborers, and farm managers. Equipment costs could include the purchase or lease of farm machinery, irrigation systems, and other necessary tools for planting, harvesting, and processing the rice.

To create a financial forecast that accurately represents your business's outlook, remember to factor in other day-to-day operating expenses.

Now that you have all the necessary information, it's time to dive in and start creating your business plan and developing the financial forecast for your rice farm.

What goes into your rice farm's financial forecast?

The objective of the financial forecast of your rice farm's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a rice farm are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a rice farm shows how much revenue and profits your business is expected to generate in the future.

Ideally, your rice farm's P&L statement should show:

• Healthy growth - above inflation level
• Improving or stable profit margins
• Positive net profit

Expectations will vary based on the stage of your business. A startup will be expected to grow faster than an established rice farm. And similarly, an established company should showcase a higher level of profitability than a new venture.

The projected balance sheet of your rice farm

The balance sheet for a rice farm is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

• Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
• Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your rice farm's liquidity and solvency:

• Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
• Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your rice farm's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The projected cash flow statement

A cash flow forecast for a rice farm shows how much cash the business is projected to generate or consume.

The cash flow statement is divided into 3 main areas:

• The operating cash flow shows how much cash is generated or consumed by the operations (running the business)
• The investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.)
• The financing cash flow shows how much cash is raised or distributed to investors and lenders

Looking at the cash flow forecast helps you to ensure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

It is also a best practice to include a monthly cash flow statement in the appendices of your rice farm business plan so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan - also called a sources and uses table - is an important tool when starting a rice farm.

It shows where the money needed to set up the business will come from (sources) and how it will be allocated (uses).

Having this table helps understand what costs are involved in setting up the rice farm, how the risks are distributed between the shareholders and the lenders, and what will be the starting cash position (which needs to be sufficient to sustain operations until the business breaks even).

Now that the financial forecast of a rice farm business plan is understood, let's focus on what goes into the written part of the plan.

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The written part of a rice farm business plan

The written part of the business plan is where you will explain what your business does and how it operates, what your target market is, whom you compete against, and what strategy you will put in place to seize the commercial opportunity you've identified.

Having this context is key for the reader to form a view on whether or not they believe that your plan is achievable and the numbers in your forecast realistic.

The written part of a rice farm business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

In your rice farm's business plan, the first section is the executive summary — a captivating overview of your plan that aims to pique the reader's interest and leave them eager to learn more about your business.

When crafting the executive summary, start with an introduction to your business, including its name, concept, location, how long it has been running, and what sets it apart. Briefly mention the products and services you plan to offer and your target customer profile.

Following that, provide an overview of the addressable market for your rice farm, current trends, and potential growth opportunities.

Next, include a summary of key financial figures like projected revenues, profits, and cash flows.

Finally, in the "ask" section, detail any funding requirements you may have.

2. The presentation of the company

The second section in your rice farm's business plan should focus on the structure and ownership, location, and management team of the company.

The structure and ownership part provides an overview of the legal structure of the business, who the owners are and how much each has invested and owns. If you are seeking financing it is important that the reader gets a clear picture of which legal entity is receiving the funds, and who controls the business.

The location part should give an overview of the premises from which the company is operating, and why that location is of particular interest (catchment area, accessibility, amenities nearby, etc.).

When describing the location of your rice farm, you may emphasize its potential for profitability by highlighting its proximity to major markets and transportation hubs. You could point out that the farm is located in an area with a long history of successful rice production and a supportive business climate. You might also mention that the region has a favorable climate for growing rice, with access to ample fresh water. Finally, you could emphasize that the farm is in a region with a growing population, providing a large potential customer base.

Finally, you should introduce the management team. Explain each member's role, background, and experience.

It is also important to emphasize any past successes that the members of the management team have achieved, and how long they've been working together, as this will help potential lenders or investors understand why they should trust in their leadership.

3. The products and services section

The products and services section of your rice farm business plan should include a detailed description of what your company sells to its customers. 

For example, your rice farm might offer customers a variety of organic rice products such as jasmine, basmati, and brown rice. It might also offer custom milling services to ensure that customers can purchase the grain in the form they prefer. Additionally, the farm may offer educational resources such as educational tours of the farm and classes on growing and harvesting rice. These services and products provide customers with access to the freshest and healthiest rice, as well as knowledge and understanding about the rice industry.

The reader will want to understand what makes your rice farm unique from other businesses in this competitive market.

When drafting this section, you should be precise about the categories of products or services you sell, the clients you are targeting and the channels that you are targeting them through. 

4. The market analysis

When outlining your market analysis in the rice farm business plan, it's essential to include comprehensive details about customers' demographics and segmentation, target market, competition, barriers to entry, and relevant regulations.

The primary aim of this section is to give the reader an understanding of the market size and appeal while demonstrating your expertise in the industry.

To begin, delve into the demographics and segmentation subsection, providing an overview of the addressable market for your rice farm, key marketplace trends, and introducing various customer segments and their preferences in terms of purchasing habits and budgets.

Next, shift your focus to the target market subsection, where you can zoom in on the specific customer segments your rice farm targets. Explain how your products and services are tailored to meet the unique needs of these customers.

For example, your target market might include people who are looking for organic, locally grown rice. They may be interested in supporting local farmers and purchasing products that are sustainable and free from pesticides and other chemicals. Additionally, they may be willing to pay a premium for higher quality rice that is not mass produced.

In the competition subsection, introduce your main competitors and explain what sets your rice farm apart from them.

Finally, round off your market analysis by providing an overview of the main regulations that apply to your rice farm.

5. The strategy section

When crafting the strategy section of your business plan for your rice farm, it's important to cover several key aspects, including your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, clearly explain what sets your company apart from competitors. This is particularly critical if you're a startup, as you'll be trying to establish your presence in the marketplace among entrenched players.

The pricing strategy subsection should demonstrate how you aim to maintain profitability while offering competitive prices to your customers.

For the sales & marketing plan, outline how you plan to reach and acquire new customers, as well as retain existing ones through loyalty programs or special offers.

In the milestones subsection, detail what your company has achieved thus far and outline your primary objectives for the coming years by including specific dates for expected progress. This ensures everyone involved has clear expectations.

Lastly, in the risks and mitigants subsection, list the main risks that could potentially impact the execution of your plan. Explain the measures you've taken to minimize these risks. This is vital for investors or lenders to feel confident in supporting your venture - try to proactively address any objection they might have.

Your rice farm faces a variety of risks that could impact your ability to grow and produce a successful crop. For example, you may face the risk of weather-related issues, such as an unexpected frost, drought, or heavy rain that could damage or destroy your crop. Additionally, your farm could be vulnerable to pests and diseases that could threaten the health of your plants and your yield. It is important to be aware of these potential risks and have a plan to address them in order to ensure the success of your farm.

6. The operations section

The operations of your rice farm must be presented in detail in your business plan.

Begin by addressing your staff, specifying the main roles and your recruitment plan to support the anticipated growth. Outline the qualifications and experience needed for each role and discuss your recruitment strategies, which may involve using job boards, referrals, or headhunters.

Next, clearly state your rice farm's operating hours, allowing the reader to gauge the adequacy of your staffing levels. Additionally, mention any considerations for varying opening times during peak seasons and your approach to handling customer queries outside regular operating hours.

The key assets and intellectual property (IP) required to run your business should also be highlighted. If you rely on licenses, trademarks, physical structures like equipment or property, or lease agreements, ensure they are well-documented in this section.

You may have some key assets and IP that could include the land itself and the machinery used to tend the farm. The land could be considered the most valuable asset, as the quality of the soil and the amount of water available could be key factors in the success of the farm. The machinery may also be an important asset, as it could help to increase production and efficiency.

Finally, provide a comprehensive list of suppliers you intend to collaborate with, along with a breakdown of their services and main commercial terms, such as price, payment terms, break clauses and contract duration. Investors often seek insight into the reasons behind your supplier choices, which may include a preference for higher-quality products or established relationships from past ventures.

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we talked about earlier in this guide.

Now that you have a clear idea of the content of a rice farm business plan, let's look at some of the tools you can use to create yours.

What tool should I use to write my rice farm's business plan?

In this section, we will be reviewing the two main solutions for creating a rice farm business plan:

• Using specialized online business plan software,
• Outsourcing the plan to the business plan writer.

Using an online business plan software for your rice farm's business plan

Using online business planning software is the most efficient and modern way to create a rice farm business plan.

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

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Hiring a business plan writer to write your rice farm's business plan

Outsourcing your rice farm business plan to a business plan writer can also be a viable option.

Business plan writers are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring business plan writers is expensive as you are paying for the software used by the consultant, plus their time, and their profit margin of course.

From experience, you need to budget at least £1.5k ($2.0k) excluding tax for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders or investors).

You also need to be careful when seeking investment. Investors want their money to be used to grow the business, not spent on consulting fees. Therefore, the amount you spend on business plan writing services (and other consulting services such as legal services) needs to be negligible relative to the amount raised.

The other drawback is that you usually don't own the business plan itself: you just get the output, while the actual document is saved in the consultant's business plan software - which makes it difficult to maintain the document up to date without hiring the consultant on a retainer.

For these reasons, outsourcing the rice farm business plan to a business plan writer should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their business plan using online software.

Why not create your rice farm's business plan using Word or Excel?

I must advise against using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write your rice farm business plan. Let me explain why.

Firstly, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is highly technical and requires a strong grasp of accounting principles and financial modelling skills. It is, therefore, unlikely that anyone will fully trust your numbers unless you have both a degree in finance and accounting and significant financial modelling experience, like us at The Business Plan Shop.

Secondly, relying on spreadsheets is inefficient. While it may have been the only option in the past, technology has advanced significantly, and software can now perform these tasks much faster and with greater accuracy. With the rise of AI, software can even help us detect mistakes in forecasts and analyze the numbers for better decision-making.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Moreover, software makes it easier to compare actuals versus forecasts and maintain up-to-date forecasts to keep visibility on future cash flows, as we discussed earlier in this guide. This task is cumbersome when using spreadsheets.

Now, let's talk about the written part of your rice farm business plan. While it may be less error-prone, using software can bring tremendous gains in productivity. Word processors, for example, lack instructions and examples for each part of your business plan. They also won't automatically update your numbers when changes occur in your forecast, and they don't handle formatting for you.

Overall, while Word or Excel may seem viable for some entrepreneurs to create a business plan, it's by far becoming an antiquated way of doing things.

• Having an up-to-date business plan is key to maintaining visibility on your future cash flows.
• A business plan has 2 parts: a financial forecast highlighting the expected growth, profitability and cash generation of the business; and a written part which provides the context needed to interpret and assess the quality of the forecast.
• Using business plan software is the modern way of writing and maintaining business plans.

We hope that this guide helped you to better understand how to write the business plan for a rice farm. If you still have questions, do not hesitate to contact us.

Also on The Business Plan Shop

• How to write a 5 years business plan
• Business plan myths

Know someone who owns or wants to start a rice farm? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Home » Sample Business Plans » Wholesale & Retail

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 for Rice Farming business in 9 Steps: Checklist

By henry sheykin, resources on rice growing.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Are you thinking of starting a rice farming business? You're not alone. The rice farming industry has been on a steady growth trajectory over the years, with global production amounting to over 490 million metric tons in 2020 alone.

However, starting a rice farming business requires careful planning, and a well-structured business plan is essential to its success. Here are 9 critical steps to include in your business plan to ensure your rice farming business thrives in the highly competitive market.

• Conduct market research
• Analyze competition
• Identify ideal location
• Determine funding sources
• Create a team
• Obtain necessary licenses and permits
• Establish suppliers and distributors
• Determine pricing strategy
• Calculate expenses and profits

With these nine critical steps, you're well on your way to writing a comprehensive business plan that takes into account every aspect of your rice farming business, from market research to pricing strategy. Take the time to research your industry, analyze the competition, and create a team that's dedicated to your success for optimal results. Good luck!

Conduct Market Research

Before starting a rice farming business, conducting market research is a crucial step to understand the market demand, consumer preferences and behavior, and competitors' landscape. This step will help you identify the gaps in the market and how you can differentiate your business from the competitors.

To start, it is necessary to gather demographic and psychographic data of the target market. The demographic data includes age, gender, income, education, and location. The psychographic data includes consumers' preferences, behavior, and lifestyle. Once you have gathered the data, you can segment the market and create buyer personas to understand the target audience.

Tips for conducting Market Research

• Conduct primary and secondary research to gather data from a variety of sources.
• Use email surveys, focus groups, and interviews to gather feedback from potential customers and industry experts.
• Attend trade shows, events, or conferences related to the agriculture business to network with industry professionals and learn about the latest trends and developments in the field.
• Use online tools such as Google Trends, SEMRush, or Ahrefs to monitor search engine and social media trends related to rice farming business.

Once you have completed the market research, analyze the data, and create a report that includes the market size, growth potential, and target audience. Based on this analysis, you can tailor your business plan, branding, and marketing strategy to attract potential customers and investors.

Conducting market research is an ongoing process, and it is recommended to update the data periodically to stay updated with the latest market trends.

Analyze Competition

Once you have conducted your market research and identified the potential demand for your rice farming business, it is essential to analyze the competition in your chosen location. This step will help you understand the current rice market and give you insights into what you need to do to differentiate your business from competitors.

Research competitors: Start by identifying the existing rice farms in your chosen location. Research each company's size, target market, pricing, and distribution channels. Identify their strengths and weaknesses, and how you can leverage this knowledge to gain a competitive advantage.

• Use Google and social media to find competitors in your area.
• Visit farmer's markets and speak to local suppliers to identify potential competitors.

Identify market gaps: Look for gaps in the market where competitors are not meeting customer needs or where there is a lack of supply. This gap could be in product quality, price, or distribution channels.

• Speak to potential customers and identify their unmet needs.
• Visit supermarkets and local retailers to identify gaps in the rice market.

Analyze pricing strategies: Understanding how competitors price their rice enables you to determine your own pricing strategy. Look for areas where you can offer competitive pricing or where you can differentiate your product based on quality.

• Research wholesale and retail prices for rice in your target market.
• Identify the pricing strategies of your competitors, such as premium, low cost, or volume-based pricing.

By analyzing your competition, you can gain insights into the rice farming industry, identify market gaps, and develop strategies to differentiate your business. This knowledge is essential for creating a successful business plan that is both competitive and sustainable.

Identify Ideal Location

One of the most critical aspects of starting a rice farming business is choosing the ideal location for your farmland. You need to consider several factors while selecting a location that is best suited for cultivating high-quality rice.

• The soil: The quality and type of soil play a vital role in cultivating rice. Look for areas with loamy soil, which is a well-balanced mix of sand, silt, and clay that retains water well and is ideal for rice farming.
• The climate: Rice farming requires warm, humid weather. So, it's essential to choose a location where rainfall is adequate, and temperatures range between 21°C to 37°C.
• The water supply: Water is essential for the growth of rice crops. So, ensure that the location has a regular and reliable water source, either through rain or irrigation systems.
• The proximity to markets: Consider the location's distance from the markets where you plan to sell your rice crops. The closer you are to the markets, the more significant your profit margins can be.
• The availability of labor: Finally, ensure that the location has an adequate supply of labor that can work on your farm. Rice farming requires a lot of manual labor, and you need to ensure that you have enough workers to maintain and harvest the crops.

Tips for selecting the ideal location:

• Consult with agriculture experts in your area to know about the most suitable locations for rice farming in your region.
• Check for the government scheme, incentives, and policies that support agriculture. Some regions may provide subsidies for cultivating certain crops, including rice.
• Consider purchasing land in rural areas at a lower cost than urban areas. Still, ensure that the location is close enough to transport facilities for ease of distribution.

By identifying the ideal location for your rice farming business and ensuring that it meets the necessary criteria for high-quality crop cultivation, you can set a sturdy foundation for your business's success.

Determine Funding Sources

One of the most critical aspects of starting a rice farming business is determining the funding sources for the initial start-up capital and ongoing operational expenses. Below are some of the key factors to consider when determining the best funding sources for your business:

• Start-Up Capital: Consider how much capital is required to purchase farmland, acquire equipment and supplies, and hire skilled labor.
• Operating Expenses: Determine how much money is needed to cover monthly expenses such as labor, equipment maintenance, seed purchase, and irrigation expenses.
• Loan Options: Look into several financing options, such as government-assisted loans, bank loans, agricultural grants and subsidies, and microfinance schemes.
• Consider borrowing from family and friends, but be sure to establish clear repayment terms and interest rates.
• Research online and ask for recommendations for reputable lenders with low-interest rates suitable for agricultural businesses.
• Consider partnering with investors who share the same vision for your business.

After analyzing the funding sources available to you, it's essential to determine an estimate of how much capital is required for initial start-up and operational costs. You must ensure that the business can sustain expenses such as seed purchase, labor, irrigation, marketing, and distribution costs if the company must make a profit.

By identifying the best funding sources and creating a comprehensive budget plan, business owners can ensure that they have a reliable financial roadmap towards achieving their goals. Do not forget to keep your books accurate and up-to-date. Quick access to financial information can help you make informed business decisions and show potential investors how well your business is doing.

Remember that reliable funding sources are essential to the success of any business, and so you should take the time to identify the most suitable for your rice farming business.

Create A Team

Creating a strong team is imperative to the success of your rice farming business. A team with the right mix of skills, experience, and cultural fit can help you achieve your goals and grow your business. You can start by determining the different roles that need to be filled and identifying the skills and attributes that each role demands.

• Put together a diverse team that brings different perspectives and experiences to the table
• Ensure that each team member understands their role and responsibilities
• Provide an open, collaborative and supportive work environment

Consider hiring individuals with experience in farming, agriculture, crop science, marketing, sales, and finance. They can provide valuable insights on crop rotation, soil analysis, yield optimization and the development of new products. Moreover, having team members with expertise in marketing and sales can help you promote your brand and reach your target audience.

• Define roles, goals, and expectations clearly
• Find ways to motivate and incentivize your team members
• Organize team-building activities to foster collaboration and morale

When hiring, consider individuals who share your passion for rice farming and the agricultural sector. Local universities, agricultural associations, and industry events are excellent places to find enthusiastic and skilled individuals who can add value to your team. Don't forget to conduct thorough background checks and provide adequate training and resources to ensure your team members are up-to-date on best practices and industry trends.

• Emphasize good communication skills from the hiring process to ensure that everyone understands their roles
• Encourage your team members to participate in industry conferences and events to build their networks and knowledge base
• Provide attractive compensation packages, job security, and benefits to retain top talent

Overall, building a strong, motivated team is essential to the success of your rice farming business. Make sure to take the time to attract the best talent, invest in their development and growth, and create an environment that fosters collaboration and creativity. With the right team, your business can achieve its goals and thrive in the competitive agricultural industry.

Obtain Necessary Licenses And Permits

Before beginning the rice farming business, you need to obtain the necessary licenses and permits required by the government and local agencies. These regulations vary from state to state and country to country , thus you need to research thoroughly on the requirements for obtaining these permits and licenses.

The most common licenses and permits required for rice farming include:

• Land Use permits from the local land regulatory authorities
• Agricultural Waste Management plans from the environmental protection agency
• Water use permits from the water resource management authorities
• Grain dealer's license from the grain regulatory authority

Tips for Obtaining the Necessary Licenses and Permits

• Do your research beforehand to know the permits and licenses required to start the business in your location.
• Contact the local authorities and agencies responsible for granting the licenses and permits to know the specific requirements.
• Ensure that you have met all the necessary regulations before applying for the permit.
• Get professional help from agricultural consultants and lawyers who are familiar with the legal requirements of the agribusiness.

It is important to note that failing to obtain the necessary licenses and permits can lead to hefty fines or even closure of your business . Therefore, ensure that you obtain all the necessary permits and licenses to avoid any legal issues that might arise in the future.

Establish Suppliers and Distributors

After identifying the ideal location for your rice farming business and determining the funding sources, the next step is to establish suppliers and distributors to ensure a smooth and reliable flow of production and sales. In this step, you will identify suppliers of seeds, fertilizers, pesticides, machinery, and other essential farming inputs. You will also set up a distribution network to get your rice to customers efficiently.

• Find Reliable Suppliers: Look for credible and reputable suppliers that can provide high-quality inputs at a reasonable cost. Consider purchasing from manufacturers that supply directly to farmers rather than middlemen. You can also attend agricultural trade shows, network with other farmers, or seek referrals from the agriculture department to identify reliable suppliers.
• Set up a Distribution Network: Identifying your target markets and identifying the most efficient means of transporting the rice to the market is vital. Depending on the size of your business, you can sell through wholesalers, retailers, or directly to end customers. Also, consider setting up an online store that customers can order from and have the rice delivered to them.
• Build Relationships with Suppliers and Distributors: Creating strong relationships with your suppliers and distributors can lead to many benefits. For instance, you can ask for discounts, credit facilities, or priority access to products and services. Building trust and loyalty with your suppliers and distributors can lead to better prices, more favorable credit terms, and consistent delivery of your products.

Tips for Evaluating Your Suppliers and Distributors

• Conduct background checks to confirm that they are legitimate businesses.
• Read reviews from other customers and check their reputation online.
• Ask for references and contact them for feedback on the supplier/distributor.
• Get quotations from different suppliers and distributors to compare prices and quality.
• Look at their delivery schedule as well as returns and exchange policy.

In conclusion, establishing reliable suppliers and distributors is crucial to the success of your rice farming business. Take time to evaluate and establish strong relationships with them to ensure that you get the best quality inputs at competitive prices, and your customers get a consistent supply of high-quality rice.

Determine Pricing Strategy

Setting the right price for your rice farming products is crucial for the success of your business. The pricing strategy you choose should be based on accurate market research and analysis of your competitors’ prices. Here are the essential factors to consider when determining your pricing strategy:

• Costs: Calculate all the costs involved in rice farming, including seed costs, land acquisition costs, fertilizers, labor, and other expenses. Determine your break-even point so that you can price your products to cover all your costs and still make a profit.
• Quality: The quality of your rice will significantly affect your pricing strategy. If you have high-quality rice that is sought after in the market, you can price it higher than your competitors.
• Market demand: The demand for rice products in your target market should influence your pricing. If there is a high demand for rice products, you can increase your prices. If there is low demand, you might need to lower your prices to attract customers.
• Competitor pricing: Analyze your competitors' pricing and the value they offer. You want to price your products competitively without undercutting your profits.
• Consider the seasonality of the rice product when setting prices. Rice prices tend to fluctuate depending on the harvesting seasons.
• Offer discounts to customers who purchase large quantities to encourage bulk buying.
• Create different pricing tiers based on quality to attract a variety of customers with different budget ranges.

Setting the right pricing strategy takes careful consideration of all factors affecting your rice farming business. Keep in mind the cost of production, product quality, market demand, and competitor pricing. With a well-thought-out pricing strategy, you can ensure that your business is profitable while still remaining competitive in the market.

Calculate Expenses and Profits

After conducting market research, analyzing competition, identifying an ideal location, determining funding sources, creating a team, obtaining necessary licenses and permits, establishing suppliers and distributors, and determining the pricing strategy, it’s time to calculate expenses and profits. This step is crucial as it determines the sustainability and profitability of the rice farming business.

The expenses involved in rice farming include the cost of purchasing high-quality rice seeds, land acquisition or leasing costs, machinery and equipment costs, fertilizing and irrigation expenses, labor costs, marketing expenses, and administrative expenses.

When calculating the expenses, it’s essential to consider factors such as inflation, market fluctuations, natural disasters, and labor shortages that may increase costs. Accurate estimation of expenses is crucial in determining the budget needed to run the rice farming business.

• Keep track of your expenses using accounting software to monitor your expenditure.
• Minimize expenses by purchasing machinery and equipment in good working condition at an affordable price.

The profitability of the rice farming business depends on factors such as the demand for rice, the selling price, the yield, and the production cost. A successful rice farming business should aim at maximizing profits while minimizing the risks of losses.

To calculate the profit margins, deduct the total expenses from the total revenue. A high-profit margin indicates that the business is profitable, while a low-profit margin indicates that the business is struggling, and cost-cutting measures may be necessary.

• Monitor your profit margins regularly to identify any deviations and take corrective measures immediately.
• Identify additional sources of revenue, such as offering rice-cultivation consulting services or engaging in contract farming.

In conclusion, calculating expenses and profits is a crucial step for the sustainability and profitability of a rice farming business. Accurate estimation of expenses and regular monitoring of profit margins are essential in making informed decisions that will enhance the success of the business.

Starting a rice farming business can be a profitable venture if carefully planned and executed. Following a checklist of the nine steps, including conducting market research, analyzing competition, identifying an ideal location, determining funding sources, creating a team, obtaining necessary licenses and permits, establishing suppliers and distributors, determining pricing strategy, and calculating expenses and profits, can help ensure a successful launch. With potential for branding, export, and offering consulting services, this business offers numerous opportunities for growth and continued success.

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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 Farming: Best Business Plan With 20 Tips

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If you are wondering ‘how is rice grown’, then you are in the right place. Here we are describing more about rice farming business.

Rice farming is very common and popular throughout the world. And rice is the number one and most widely consumed staple food in the world.

Rice is consumed as staple food by a large part of the world’s human population (especially in Asia).

Rice is actually the seed of the grass species Oryza sativa (or Oryza glaberrima for African rice). Rice (a monocot) is normally grown as an annual plant.

But in the tropical areas, the rice plants can survive as a perennial and can produce a ratoon crop for up to 30 years.

Depending on the variety and soil fertility, the rice plant can grow from 3.3 feet to 5.9 feet tall or even more.

Leaves of the rice plants are 20-39 inches long and less than 1 inch broad (typically 0.79-0.98 inch). The flowers are very small and are wind pollinated.

The flowers are produced in a branched arching to pendulous inflorescence 12-20 inches long. And the edible seed is a grain (caryopsis) which is 0.20-0.47 inch long, and 0.079-0.118 inch thick.

Rice farming is well-suited to countries and regions with low labor costs and high rainfall.

Because, rice farming requires ample water and it is labor-intensive. Although, rice can be grown almost anywhere (even on mountain area or steep hill with the use of water-controlling terrace system. Rice actually grows well in Asia and certain parts of Africa.

Rice is the most popular staple food and it is used in many different ways. A major amount or portion of sugarcane and maize crops are used for purposes other than human consumption.

But rice is the most important grain with regard to human nutrition and caloric intake. Rice is providing more than one-fifth of the calories consumed worldwide by humans.

Table of Contents

How is Rice Grown

Rice farming is very easy and simple, and you can start growing rice if you are a beginner.

Rice can be grown in different types of soil and different environment, depending on the availability of water.

Here we are describing everything about rice farming from planting, caring to harvesting.

Select a Good Location

First of all, you have to select a very good location for rice farming. Rice plants are versatile, and they can be grown on a wide variety of soil types with low permeability and pH varying from 5.0 to 9.5. The rice plants require full sun, so the selected land should have access to full sun.

Depending on the availability of water, rice can be grown in many different environments. The plants can be grown in both irrigated and rainfed method, and they can also survive flooding. However, favorable rice growing environments are;

• Coastal wetland
• Deep water or floating rice
• Lowland, irrigated (rice is grown in both the wet season and the dry season)
• Lowland, rainfed (which is drought prone, favors medium depth , watrlogged, submergence and flood prone)
• Upland rice

Preparing the Soil

Rice farming is possible in a wide range of soil types. Sandy loam to loamy sand to silty loam to clay loams, silty to clayey loam soils with low permeability, free of sodicity are considered best for rice farming.

Whatever the soil type is, you have to prepare it perfectly for growing rice. You have to ensure that the soil is in it’s best physical condition for crop growth and the soil surface is level.

Land preparation for rice farming involves plowing and harrowing to ’till’ or dig-up, mix and level the soil.

Tillage helps with weed control, and also allows the seeds to be planted at the right depth. And then you have to level the surface for reducing the amount of water wasted by uneven pockets of too-deep water or exposed soil.

Semi-dry, dry and wet systems are generally followed in rice farming. The dry and semi-dry systems of rice farming depends on rains, and generally do not have supplementary irrigation facilities.

On the other hand in wet rice farming system, the rice crop is grown with assured and abundant water supply either by rain or by irrigation. We are describing about all these systems below.

Dry & Semi-Dry System

For rice farming in these system, you have to prepare the field by giving several ploughings and harrowing. While ploughing and harrowing, add lots of organic contents into it. You should add organic contents into the soil at least 2-4 weeks before sowing or planting.

In wet system, plough the field thoroughly and puddle with 3-5 cm of standing water in the field. The ideal depth of puddling is found to be around 10 cm in clay soils, clay-loamy soils. Level the land after puddling, and doing this is important to facilitate a uniform distribution of water and fertilizers.

For commercial rice farming business, you also have to apply some chemical fertilizer for generating maximum yield. Although exact amount of fertilizers can vary from place to place. On average, you will need to apply around 50 kg Nitrogen, 12 kg Phosphorus and 12 kg Potash. Conduct a soil test before applying chemical fertilizers into it. And if possible consult with an agriculture specialist in your area for having good recommendation.

Climate Requirements for Rice Farming

Rice plants can be grown in a wide variety of climatic conditions. They can also be grown under widely varying conditions of altitude, and they can be cultivated as high as 3000 meter above sea level.

Actually relatively hot and humid climatic conditions are considered good for rice farming.

Rice is best grown in areas/regions where abundant water supply, prolonged sunshine and high humid condition is available. Temperature between 16 °C and 30 °C is considered best for rice farming.

Best Time for Rice Farming

Rice can be grown at any time of the year. The seeds will germinate and the plants will grow well as long as the temperature is between 16 °C and 30 °C (although the plants can survive as high as 40 °C).

Choose a Variety

There are many varieties (actually too many varieties) or cultivars of rice available throughout the world.

Rice varieties and types are divided into different categories depending on culinary preferences, characteristics and also vary regionally.

Depending on region, there are hundreds or thousands or even more rice varieties available and new varieties are being developed continuously.

In case of regional rice varieties, there are countless rice varieties available. Each of these varieties are found in specific region. For example ‘Kalo Beruin, Khato Dosh, Lapha, Balam, Bashmoti, Bina, Chinigura, Digha, Gadai Lashkari, Katari Bhog, Miniket, Mou Beruin, Moulata, Pajam and Thakur Bhog are some Bangladeshi rice variety. Bhut Muri, Hansraj, Dubrej, Hay Shrirama, Kamini, Patna and Laxmi Bhog are some Indian rice varieties.

In case of culinary preferences, the varieties of rice are generally classified as long, medium and short grained.

The long grain rice tend to remain intact after cooking. The medium grain rice becomes more sticky and is generally used for sweet dishes.

And the short-grain rice is often used for rice pudding. And within these 3 varieties there are several cultivars available around the world.

Many different rice varieties available depending on the characteristics or color. Brown, white, red, black and purple colored rice varieties are available.

There are also many different improved or hybrid rice varieties available. These improved varieties are highly productive and yield more than the traditional varieties.

However, you have to choose a rice variety deepening on it’s availability in your area and you also have to consider your production purpose while selecting a variety.

But you should always choose the local varieties which are easily available in your area. Please contact your local govt. or private seed manufacturer for getting high yielding, disease resistant varieties.

Purchase Seeds

After selecting your desired variety, purchase seed from any of your local suppliers.

Consider purchasing good quality, high yielding and disease free seeds from any of your local govt. or private seed manufacturer.

Seeds per Acre

Exact amount of seeds depend on the rice variety and also on the method you are going to follow for rice farming.

Generally, 10-12 kg seeds will be enough for direct sowing, and 25-30 kg will be enough for transplanting method.

The rice plant is grown in two ways. They are grown either by direct seeding or by transplanting. Whichever system you use, you should treat the seeds by fungicide/insecticide before sowing.

Direct Sowing

In direct seeding system, you have to broadcast dry seed or pre-germinated seeds by hand or by using a machine. The dry seeds are manually broadcasted onto the soil surface in rainfed and deepwater ecosystems, and then incorporated either by ploughing or by harrowing while the soil is still dry.

But the seeds are generally pre-germinated prior to broadcasting in the irrigated areas. This is very easy method and requires less labor.

Transplanting

Transplanting is the most popular rice planting method across Asia. In this system, the seedlings are grown in a prepared seedbed and then transplanted to the main wet field. This system requires less seed and it is an effective method for controlling weeds.

Transplanting method require more labor, although today there are some machines available for planting the transplants which will reduce the use of labor.

Taking additional care is a must for rice farming. Rice is not a plant and then harvest crop, and the plants require lots of care.

Here we are describing more about the caring process for growing rice.

Fertilizing

Applying additional fertilizers is needed for maximum yield. Don’t apply all these chemical fertilizers into the soil at once while preparing the soil. Apply all the organic fertilizers and half of the chemical fertilizers during preparing the soil. And then apply remaining half chemical fertilizers twice with 30 days interval.

Cultivated rice is extremely sensitive to water shortages. Maintaining a flooded condition in the field is good for ensuring sufficient water during the growth period (do this especially for lowland rice farming).

In rainfed rice farming conditions, you don’t have to think much about it and nature will do the rest. But in case of dry or semi-dry conditions, you have to water the field regularly. Remember, you must have to keep the field flooded for up to 2 weeks after transplanting.

Controlling Weeds

Controlling weeds is very important for rice farming. Weeds consume nutrients from the soil, so you have to remove them from the field. Manual weeding or chemical weeding both are used for commercial rice farming business. Consult with your local agriculture specialist for having good recommendation.

Pests and Diseases

Rice plants are susceptible to some pests and diseases, just like many other commercial crops.

The rice plant has a wide array of ‘enemies’ in the field including rodents, harmful insects, viruses and diseases.

Understanding the interactions among pests, natural enemies, host plants, other organisms, and the environment allows farmers to determine what if any pest management may be necessary.

It’s always good to keep good contact with an agriculture specialist in your area for controlling all these pests, diseases or other problems.

Depending on the variety, the rice plants reach maturity at around 105 to 150 days after crop establishment.

You can start harvesting the crop when the moisture content into the grain reduce to 20%-25%.

Rice harvesting activities include cutting, stacking, handling, threshing, cleaning and hauling.

You can do all the harvesting activities either by hand or by using a machine. And remember, good harvesting methods help to maximize grain yield and minimize grain damage and deterioration.

Manual Harvesting

Manual harvesting is very common across Asia , and it involves cutting the rice crop with simple hand tools like sickles and knives. Manual harvesting is good and actually very effective when a crop has lodged or fallen over. But manual harvesting is labor intensive and sometimes costly.

Mechanical Harvesting

Mechanical harvesting is easy and is less labor intensive. Mechanical harvesting is done using reapers or combine harvesters. Mechanical harvesting is not common or popular in most areas mainly due to the availability and cost of the machinery.

Total yield can vary depending on various factors such as chosen variety, soil type, cultivation method, farm management practices etc.

On average, with modern improved varieties, you can expect about 1500 to 2000 kg per acre.

Rice Nutrition

Rice is the most important grain with regard to human nutrition and caloric intake (providing more than one-fifth of the calories consumed by humans worldwide).

It is the staple food of over half the world’s population. According to Wikipedia , cooked, unenriched, white, long-grained rice is composed of 3% protein, 28% carbohydrates, 68% water and negligible amount of fat’.

And in 100 gram cooked rice serving, it provides 130 calories and contains no micronutrients in significant amounts (with all less than 10% of the Daily Value).

Cooked, white, short-grained rice also provides 130 calories and contains moderate amounts of B vitamins, iron, and manganese (10–17% DV) per 100 gram amount.

Health Benefits of Rice

Rice is the staple food of over half of the world’s population. Most of the people eat rice without knowing or caring about it’s health benefits. However, some notable health benefits of rice are;

• It is a good source of energy and it’s cholesterol free.
• Rice is a moderate source of some vitamins and minerals.
• Rice bran oil is considered healthy, and it supports cardiovascular health.
• Consuming rice is good for preventing skin problems and also helps in preventing chronic constipation.
• Rice is said to help in cancer prevention, and also helps in blood pressure management.

Hope you have enjoyed this guide. Rice is the most economically important crop around the world. And commercial rice farming business is very profitable if you can do everything perfectly. Good luck!

Best Rice Farming Tips

Rice farming is a challenging and complex process that requires a lot of knowledge and experience to get it right. Here we will share with you some of the best rice farming tips to help you grow healthy and productive rice crops.

Choose the Right Variety of Rice

The first step to a successful rice harvest is choosing the right variety of rice. There are many different types of rice, each with its own characteristics and requirements.

Some varieties of rice are better suited to certain growing conditions than others, so it’s important to do your research and choose the right type of rice for your climate and soil type.

Prepare the Soil

Before planting rice, it’s important to prepare the soil. Rice thrives in well-drained soil with a pH between 6 and 7.5. You should also ensure that the soil is free of weeds and other debris that could impede the growth of your rice crop.

Plant at the Right Time

Rice should be planted at the right time to ensure optimal growth and yield. In general, rice should be planted during the rainy season when there is plenty of water available. This is typically between May and July in most parts of the world.

Use High-Quality Seeds

The quality of your rice crop will depend largely on the quality of your seeds. You should always use high-quality seeds that are disease-free and have a high germination rate. This will ensure that your rice plants grow strong and healthy.

Ensure Proper Spacing

Rice plants need plenty of space to grow and develop properly. You should plant your rice seeds at least 15 centimeters apart to ensure adequate spacing between plants.

Provide Adequate Water

Rice plants require a lot of water to grow properly. You should ensure that your rice fields are well-irrigated throughout the growing season to prevent water stress and ensure optimal growth.

Control Weeds

Weeds can be a major problem in rice fields, as they compete with rice plants for nutrients and water. You should control weeds by using herbicides or manual weeding to prevent them from taking over your rice crop.

Apply Fertilizer

Rice plants require a lot of nutrients to grow properly. You should apply fertilizer to your rice fields to ensure that your crops have all the nutrients they need to grow strong and healthy.

Control Pests and Diseases

Pests and diseases can be a major problem in rice farming, as they can quickly destroy your crops if left unchecked. You should monitor your rice fields regularly for signs of pests and diseases and take action quickly to prevent them from spreading.

Monitor Soil Moisture

Rice plants require consistent soil moisture to grow properly. You should monitor soil moisture levels regularly and adjust your irrigation as needed to ensure optimal moisture levels for your crops.

Use Organic Farming Practices

Organic farming practices can help you grow healthier and more sustainable rice crops. You should use organic fertilizers and pesticides, avoid synthetic chemicals, and promote biodiversity in your rice fields to create a healthy and balanced ecosystem.

Rotate Crops

Crop rotation can help prevent soil depletion and improve soil fertility. You should rotate your rice crops with other crops such as legumes, vegetables, or cereals to promote healthy soil and prevent soil-borne diseases.

Practice Conservation Tillage

Conservation tillage is a farming technique that involves leaving crop residue on the soil surface rather than tilling it under. This can help prevent soil erosion improve soil structure, and promote soil health.

You should practice conservation tillage in your rice fields to promote soil conservation and reduce your environmental impact.

Use Integrated Pest Management

Integrated pest management is a holistic approach to pest control that involves using a combination of techniques to control pests, such as biological control, crop rotation, and cultural practices.

You should use integrated pest management techniques in your rice fields to reduce your reliance on synthetic pesticides and promote a healthy and balanced ecosystem.

Monitor Nutrient Levels

Rice plants require a balanced supply of nutrients to grow properly. You should monitor nutrient levels in your rice fields regularly and adjust your fertilizer application as needed to ensure optimal nutrient levels for your crops.

Harvest at the Right Time

Rice should be harvested at the right time to ensure optimal yield and quality. In general, rice should be harvested when the grains have matured and turned brown. This is typically between 120 and 150 days after planting.

Dry and Store Properly

After harvesting, rice should be dried and stored properly to prevent spoilage and maintain quality. You should dry your rice to a moisture content of around 14% and store it in a cool, dry place to prevent spoilage and ensure optimal quality.

Plan for Crop Rotation

Crop rotation is an important aspect of rice farming that can help promote healthy soil and prevent soil-borne diseases. You should plan for crop rotation in your rice fields to promote healthy soil and ensure optimal crop growth.

Use Good Post-Harvest Practices

Good post-harvest practices can help maintain the quality of your rice crop and prevent spoilage. You should use good post-harvest practices such as proper drying, cleaning, and storage to ensure optimal quality and prevent spoilage.

Learn from Experience

Rice farming is a complex and challenging process that requires a lot of knowledge and experience. You should learn from your experiences and continuously improve your rice farming practices to ensure optimal yield and quality.

Seek Expert Advice

If you are new to rice farming or need help with a specific aspect of rice farming, you should seek expert advice from agricultural extension workers, agronomists, or other experts in the field. Expert advice can help you make informed decisions and improve your rice farming practices.

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Starting a Profitable Rice Retailing Business: Your Ultimate Guide 

Disclosure: Small Business Philippines strives to provide relevant and accurate information in all its articles. However, some information in our articles may differ or might be outdated from what you can see or read directly from the establishments’ or businesses’ websites. Please get in touch with us directly for any discrepancies.

Starting your rice retailing business at the right time is crucial for success. Factors such as market demand, competition, and the availability of capital should be taken into account. This section will guide you in identifying the optimal time to launch your business.

Market Research

Business plan and financing, supplier and inventory management, store setup and equipment, pricing and promotion, customer service and engagement, examples and tips for a successful rice retailing business, key takeaways.

Choosing the right location for your rice retailing business is essential. Factors like proximity to target customers, accessibility, competition, and infrastructure should be considered. This section will provide insights on selecting the best location to maximize your business’s potential.

Step-by-Step Guide to Launching Your Rice Retailing Business

Conduct thorough market research to identify your target customers, understand their preferences, and analyze the competition. This step will help you develop effective strategies to attract and retain customers.

Create a comprehensive business plan that outlines your objectives, marketing strategies, operational processes, and financial projections. Determine the capital required and explore various financing options available to fund your rice retailing business.

Legal Requirements and Permits

Familiarize yourself with the legal requirements and permits necessary to operate a rice retailing business in the Philippines. This step will ensure compliance with regulations and avoid potential penalties.

Establish relationships with reliable rice suppliers and negotiate favorable terms. Develop an inventory management system to ensure adequate stock levels, minimize wastage, and maintain product freshness.

Design an appealing and functional store layout that enhances the shopping experience for your customers. Acquire the necessary equipment, such as weighing scales, storage containers, and display shelves, to facilitate smooth operations.

Determine competitive and profitable pricing strategies while considering factors such as market trends , production costs, and customer expectations. Implement effective marketing and promotional activities to generate awareness and drive sales.

Deliver exceptional customer service to build loyalty and attract repeat business. Implement customer engagement strategies like loyalty programs, feedback mechanisms, and personalized experiences to enhance customer satisfaction.

Example 1: The Story of Juan’s Rice Mart Explore the inspiring journey of Juan’s Rice Mart, a successful rice retailing business that started small but grew exponentially through strategic planning , exceptional customer service, and innovative marketing techniques.

Example 2: Leveraging Technology for Business Growth Discover how rice retailers are leveraging technology solutions such as online platforms, mobile apps, and social media marketing to expand their reach, attract new customers, and streamline operations.

Tips for Success:

• Build strong relationships with your customers and suppliers.
• Monitor market trends and adjust your offerings accordingly.
• Focus on product quality and consistently deliver fresh rice.
• Embrace digital marketing strategies to reach a wider audience.
• Continuously improve your operational processes for efficiency.
• Starting a rice retailing business in the Philippines can be a profitable venture due to the high demand for rice.
• Conduct thorough market research, develop a solid business plan, and secure the necessary permits and licenses.
• Choose a strategic location, establish reliable supplier relationships, and provide excellent customer service.
• Leverage technology and stay updated on industry trends to stay competitive.

Ready to start your rice retailing business in 2023? Follow the step-by-step guide , implement the proven tips, and unlock the potential of this lucrative industry. Begin your journey to success today!

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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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Bigasan Business 2023: 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 June 4, 2023 09:21 PM

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.

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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BUSINESS PLAN ON RICE FARMING

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This study analyzed the profitability of paddy rice production in Chikun Local Government Area of Kaduna State, which identified the different sources of risk involved in its production and also compared the effects of the risk management practices and techniques adopted by farmers in the course of a profitable production. Data were collected from 60 randomly selected paddy rice farmers using a well structured questionnaire and analyzed using the descriptive statistics, gross margin model and multiple regression analysis to determine the socioeconomic characteristics, profitability and relationship between the risk management techniques investigated and the farmer's profit respectively. The result showed that 97% were male, 88% married and had an average household size of 10 people. It was interesting to realize that all respondents had one form of education or the other and their average farm size was 15 ha producing about 3.2 tons of paddy per ha. The average variable cost incurred per hectare was estimated to be $866.3 (N172, 400) while the total cost was $1002 (N199,400) and a revenue of $1768.84 (N352,000) was generated. This puts the gross profit at $902.51 (N179,600) and net returns at $766.83 (N152,600). Several risk classified as technical, market, financial, social and political were identified but majority of the farmers highlighted the technical risk consisting of pest/diseases among others as the major source of risk in paddy production. Practices such as use of agro-chemicals, fertilizer, improved seeds, non-farm businesses, and farm insurance were adopted to mitigate and reduce effects of some of these risks. The regression result showed that farm size, use of agro-chemicals, farm insurance and improved seeds were all positively related to the farmer's income and significant at 5% probability level and (R 2) explained 78% of the total variation in farmer's returns. The use of fertilizer was significant but negatively related to farmer's returns. This could be due to poor application techniques or excess use of it. The formation cooperative society on the other hand was positively related but not significant at 5% probability level. The absence of these risk management techniques indicated a decrease in the net returns by a constant value of (-0.923). This study however concluded that paddy rice production in the study area is a profitable enterprise and consistent government policies that would favor paddy production, market information, extension service delivery, input subsidization and credit facilities should be implemented.

Prof. Narasimha R E D D Y Donthi

Status paper on Rice is meant to bring together all kinds of information on paddy and rice, which enables a bird’s eye view of pattern, changes, transformation or stagnation. Save Our Rice Campaign (SOR Campaign) feels that this report can also facilitate discussion on innovations, initiatives and policy changes. It is hoped that a perennial status paper can help in building history, record and document current happenings in social, cultural, economic, ecological and political contexts related paddy, rice and their products and also look into the future. This Report is also intended to bring technology, costs, impacts, gender, resources and institutions into discussion. It includes opinions, perspectives and views of different stakeholders. Mapping individual, group and institutional behaviour can help in reviewing performances, role and links. Scope of this information should possibly range from micro to macro, local to global, encompassing all those factors that promote and/or threaten paddy economies and supply chains.

Daniel A Abah

The broad objective of this study was to analyse the structure and conduct of rice marketing in Benue State, Nigeria. A total of two hundred and forty questionnaires were administered to the respondents in the three geopolitical Zones of the State using a multi-stage sampling procedure. The objectives were achieved using descriptive statistics and Lorenz Curve. The study found that majority (65.4%) are small holder farmers with sales income of 200,000 Naira or less per annum. Most respondents are members of marketing associations, source information through middlemen and sell their paddy based on current prices. The results further showed that there is freedom of entry and exit into the market as well as, lack of adequate marketing information. There is inequality in the market power concentration. The Gini Coefficient for Zone A (0.53) is higher than Zone B (0.46) and Zone C (0.46). The market structure was found to be oligopsonistic. Majority of the respondents sell their paddy immediately after harvest, they rely on family or personal sources for business finance, they have attended training related to their business, they sell improved varieties of paddy and they do not collude to fix prices, nor advertise their paddy for sale. The study recommends that government should provide financial support to foster farmer-operated rice processing facilities.

European Journal of Academic Essays

Nathaniel I L E R I Omotoba , GBENGA Peter OGUNLEYE

Agriculture has for once been the main source of income in Nigeria, but during the oil boom era, agriculture was sidelined for petroleum products as the major source of income, since then, agricultural products has suffered significant setback as most of our food were imported from foreign countries, apart from the fact that many people are no more interested in agriculture, most youths now migrate to urban centres in search of white-collared jobs. This study thus looks in the impacts of agricultural produce on development using selected rice producing communities of Irepodun/Ifelodun Local Government Area of Ekiti State as case study. It employs the agricultural land use theory and the productivity concept as the basis of its theoretical underpinning. The study involves the use of descriptive research design and the primary source of data collection in a bid to collecting relevant data from producers and consumers using 200 questionnaires. The data collected were presented using the descriptive statistics. The study examines the problems confronting rice production in the study area and suggests recommendations for the remedies of the noted problems. The study will be of great help to researchers and government agencies.

mohammed ibrahim

There is the growing concern for food security in Nigeria today, with particular focus on rice being a staple food. If effective policies must be made to improve rice production, it is important to examine the phenomena underlying its consumption in the first place. Therefore, this study evaluated the socioeconomic determinants of local rice consumption in South West Nigeria, using Ekiti state as a reference point. A two stage random sampling technique was used to survey one hundred rice consumer households in two local government areas of Ekiti state. The data for the study were collected with the aid of a structured questionnaire. Descriptive statistics and regression analysis were used for data analysis. The study revealed that 51% of the respondents were between the ages of 31-40 years, 77% were married with a moderate family size of between 5-7 persons. Majority (60%) were civil servants who earned between 30-40,000 naira monthly and spent 10-20% of their income on local rice consumption. The regression analysis showed that, age, marital status, level of education and occupation have positive effects on local rice consumption. Income on the other hand have a negative effect on local rice consumption, an indication that as people’s income rise they tends to shift from local rice consumption to imported rice. It is therefore recommended that improved varieties of rice be provided for farmers coupled with improved rice milling technology and processing facilities to improve the quality of local rice in Nigeria in order to encourage consumer preference. Key words: Socio-economic determinants; Local rice; Consumption; Consumer preference.

This study analysed the performance of paddy rice marketing in Benue State, Nigeria. The population of the study was made up of rice farmers in the three (3) geopolitical Zones of the State. Multi-stage sampling procedure was used for this study. One Local Government Area was selected from each of the geopolitical Zones. A total of two hundred and forty questionnaires were administered to the respondents. The objectives were achieved using descriptive statistics and Gross Margin analysis while the hypotheses were tested using multiple regression analysis, student t-test and Pearson's Product Moment Correlation. Majority (68.1%) of the respondents have attained some formal education, (66.9%) have market experience of over ten years, (50.7%) have household size between 6 and 10, (87.3%) are less than fifty years of age, (89.3%) are male while, (65.4%) are small holder farmers with sales income of 200,000 Naira or less per annum. The study also found that Gross Margin per hectare for paddy production in the study area was 112,123.56 Naira while paddy rice marketing was 126% price efficient. The study accepts the alternate hypotheses that states that: the socioeconomic characteristics of respondents have significant effect on efficiency; rice marketing in Benue State is profitable and the null hypothesis which states that the rice market in Benue State is not integrated. The study recommends that government should rehabilitate rural feeder roads to enable easy movement of produce and provide credit to encourage increase in farm sizes while marketers should form unions to enable them benefit from economy of scale and enrol for training on entrepreneurship.

Rei Quilloy

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Annual houston student startup competition doles out over $1.5m in cash, investment prizes.

For the 24th year, the Rice Alliance for Technology and Entrepreneurship hosted its Rice Business Plan Competition, facilitating over $1.5 million in investment and cash prizes to the top teams.

The 42 startups competing this year, which were announced earlier this year and included teams from around the world, participated in the three-day event that culminated in a reception on Saturday, April 6. The companies were divided into five categories: Energy, Cleantech and Sustainability; Hard Tech; Life Sciences and Healthcare Solutions; Digital Enterprise; Consumer Products and Services.

“We award the competitors $1 million in prizes, prizes that serve as foundational capital to launch their startup,” RBPC Director Catherine Santamaria says at the awards gala. “That’s a large number of prizes, but the biggest thing our startups leave with is a feeling of generosity and community from this room. This community is always ready and willing to help our founders and support our vision for the competition by investing time, money and resources in these student innovators.”

While all participating teams received $950 for being selected, several teams walked away with thousands in funding, cash, and in-kind prizes. Here's which companies won big.

MesaQuantum, Harvard University — $335,000​

MesaQuantum is developing accurate and precise chip-scale clocks. While not named a finalist, the company secured the most amount of funding across a few prizes:

• $250,000 OWL Investment Prizes
• $60,000 nCourage Courageous Women Entrepreneur Investment Prize
• $25,000 Jacobs, Intuitive Machines and WRX Companies Rising Stars Space Technology and Commercial Aerospace Cash Prize

Protein Pints, Michigan State University — $251,000

The big winner of the night was Protein Pints, a high-protein, low-sugar, ice cream product from Michigan State University. Not only did the company win first place and the $150,000 GOOSE Capital Investment Grand Prize, as decided by the more than 350 judges, but it won a few other investment prizes, including:

• $100,000 The Indus Entrepreneurs (TiE) Texas Angels Investment Prize — Protein Pints, Michigan State University
• The Eagle Investors Prize
• $1,000 Anbarci Family Company Showcase Prize
• Mercury Elevator Pitch Competition Prize (Best in Consumer Products)
• An invitation to Entrepreneur Magazine's elevator pitch show

Osphim, RWTH Aachen University —$201,000

Osphim, a data acquisition and monitoring platform from Germany, won these prizes despite not being named a finalist:

• $200,000 Goose Capital Investment Prize
• Mercury Elevator Pitch Competition Prize (Best in Digital)

Somnair, Johns Hopkins University — $200,000

Taking second place and a $100,000 from David Anderson, Jon Finger, Anderson Family Fund, Finger Interests, Greg Novak and Tracy Druce was Somnair is a novel non-invasive neurostimulation device for the treatment of obstructive sleep apnea. The company also won:

• $100,000 Houston Angel Network Investment Prize
• Mercury Elevator Pitch Competition Prize (Best in Life Science)
• An invitation to Texas Medical Center's Accelerator Bootcamp

Icorium Engineering Company, University of Kansas — $171,000

Icorium Engineering Company — a chemical engineering startup developing technologies to make sustainable, circular economies a reality for refrigerants and other complex chemical mixtures — won fifth place and a $5,000 prize sponsored by Norton Rose Fulbright, EY, Chevron Technology Ventures and Shell Ventures, as well as:

• $100,000 OWL Investment Prizes
• $40,000 nCourage Courageous Women Entrepreneur Investment Prize
• $25,000 from Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce
• Mercury Elevator Pitch Competition Prize (Best in Energy, Sustainability)

Informuta, Tulane University — $70,000

Informuta's proprietary technology leverages DNA sequencing to predict if bacteria will respond to different antibiotics or, for the very first time, develop future resistance thus causing treatment failure. The company won fourth place and a $5,000 prize sponsored by Norton Rose Fulbright, EY, Chevron Technology Ventures and Shell Ventures.

• $40,000 Pearland EDC Spirit of Entrepreneurship Cash Prize

EndoShunt Medical, Harvard University — $55,000

EndoShunt created a rapid, targeted blood flow control device to be use in emergency or trauma settings. The company won sixth place and the $5,000 prize, sponsored by Norton Rose Fulbright, EY, Chevron Technology Ventures and Shell Ventures, as well as:

• $25,000 Southwest National Pediatric Device Consortium Pediatric Device Cash Prize

Power2Polymers, RWTH Aachen University —$50,000

Tackling the challenge of forever chemicals, Power2Polymers is creating safe alternatives free of forever chemicals. The German company took third place and the $50,000 investment sponsored by Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce. The company also won the Mercury Elevator Pitch Competition Prize (Best Overall).

D.Sole, Carnegie Mellon University — $30,000

D. Sole won the wild card ticket to the finals and took seventh place. The company is advancing the development of remote patient monitoring in podiatry with foot insoles designed for the early detection and monitoring of diabetic foot complications, such as ulcers and deformities. They also won $30,000 from Finger Interests, the Anderson Family Fund at the Greater Houston Community Foundation, Greg Novak and Tracy Druce.

Other prizes:

• $25,000 New Climate Ventures Sustainable Investment Prize went to Oxylus Energy from Yale University
• $25,000 Dream Big Ventures Latino Entrepreneur Investment Prize went to Dendritic Health AI from Northwestern University
• $25,000 NOV Energy Technology Innovation Cash Prize went to LiQuidium from the University of Houston
• $25,000 Urban Capital Network Diversity Investment Prize in Partnership with South Loop Venture Investment Prize went to TouchStone from University of California, Berkeley

Trending News

Collaboration station, houston innovation leaders secure sba funding to start equitability-focused energy lab, taking home the w, rice university's student startup competition names 2024 winners, awards $100,000 in prizes, best in class, 2 houston high schools rank among america's top 100 in 2024, says u.s. news, going my way, explore the eco-friendly commuting app that's driving change at houston area employers, ready year 2, applications are open for accel, an accelerator for bipoc-led startups, on the list, uh ranked in top 100 u.s. universities for patents by national academy of inventors.

Money latest: Billie Eilish fans furious at 'outrageous' ticket prices

Billie Eilish fans are complaining about "outrageous" ticket prices for her Hit Me Hard and Soft tour. Read this and all the latest consumer and personal finance news below, plus leave a comment in the box.

Thursday 2 May 2024 19:00, UK

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• OECD warns UK shouldn't cut interest rates yet
• UK ranks bottom in G7 economic growth forecast
• 'Outrageous': Billie Eilish fans complain about ticket prices
• Aldi's market share falls as people head back to traditional supermarkets (except one)
• New ISA rules were supposed to help savers - right now they've just made everything more complicated

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• How to nab yourself a free upgrade on a flight
• You're probably washing and storing your clothes wrong. Here's what you should do instead
• Money Problem : 'Builders won't repair dodgy work - what are my rights?'
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Ask a question or make a comment

If you earn significantly more or less than your partner, how do you split payments for things like housing, food, household essentials, entertainment and holidays? 

Do you both pay equally, do you split costs according to income, or do you have another method? 

Get in touch with an outline of your situation in the  box above or:

• Email [email protected] with the subject line "Money blog"
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Pint-sized bottles of wine will be allowed on UK shelves from autumn under new post-Brexit trade rules - although doubts have been raised over their demand.

Seven changes to pre-packaged wine sizes are due to come into force on 19 September.

The move to introduce the 568ml size of wine, to sit alongside 200ml and 500ml measures already available, was announced in December and hailed by ministers as a Brexit "freedom".

Pint bottles of Champagne were sold in the UK before Britain joined the European Common Market and were on shelves until 1973.

Read more here ...

JD Sports has told head office staff they must return to the office at least four days a week .

The new amendment to the hybrid working policy will be effective from 1 July and will impact employees at the retail chain's head office in Bury, Retail Gazette reports.

However, the chain will still allow flexibly depending on individual roles.

Pubs could stay open late during the Euros this summer, according to The Sun .

Home Secretary James Cleverly hinted he was looking into extending pub opening hours for the tournament on The Sun show Never Mind The Ballots.

He said: "I will certainly look into it."

We've been bringing you news of plenty of bank switch deals offering free cash these past few months, but Virgin Money has a different kind of incentive for switchers - a 12% interest rate. 

People who switch to its M Account, M Plus Account or Club M Account will be able to get bonus interest rates of 10% gross/10.47% AER (fixed). 

This is on top of the 2% gross/2.02% AER (variable) interest rate already offered on current account balances up to £1,000 - meaning customers can get an interest rate of 12%. 

No other savings accounts offer interest rates this high, and the bonus applies for a year.

TikTok will restore millions of songs to its app after settling a royalty dispute with Universal Music Group. 

Users had been unable to make videos featuring songs from the likes of Billie Eilish and Ariana Grande due to a row over how much TikTok was paying. 

The fight had led to Universal withdrawing music from some of the world's most famous singers. 

The dispute appears to have been settled as the companies announced "improved remuneration" for artists.

More than 10,500 black cab drivers in London have launched a £250m legal case against Uber. 

They accuse the app of breaking the capital's taxi booking rules and deliberately misleading authorities to secure a licence. 

Transport for London (TfL) rules state drivers cannot take bookings directly from customers and must instead use a centralised system. 

The drivers, who are being advised by law firm Mishcon de Reya, argue they have faced unfair competition from Uber and that it knowingly broke these rules. 

Uber has denied these allegations and said the claims are unfounded.

The company has faced numerous challenges in London, including refusals from TfL to renew its licence which were later successfully appealed. 

Billie Eilish fans are complaining about "outrageous" ticket prices for her Hit Me Hard and Soft tour.

The 22-year-old singer unveiled an 81-date tour programme this week, sending fans rushing to secure tickets.

But some expressed disbelief on social media at the prices.

"I know I moan about this all the time, but look at the price of Billie Eilish tickets," one fan called Marianne wrote on X, sharing a screenshot of seated tickets priced at £398.50. 

"Something seriously needs to be done about ticket prices, it's f*****g outrageous!" 

Another complained they had paid less for Taylor Swift's Eras Tour, which was also criticised for high ticket prices.

A fan called Liv tagged Eilish, Live Nation and Ticketmaster, writing: "Are you ok? £145 for standing tickets is atrocious."

Thousands of people who receive government benefits, including Universal Credit, will be paid as early as tomorrow.

This is because there's a bank holiday coming up on 6 May which will affect benefits paid by both the Department for Work and Pensions (DWP) and HMRC (they don't pay benefits on bank holidays).

A statement on the government website reads: "If your payment date is on a weekend or a bank holiday you'll usually be paid on the working day before. This may be different for tax credits and child benefit."

Here are the 11 different government benefits that are expected to be paid early:

• Universal credit;
• State Pension;
• Pension Credit;
• Disability Living Allowance;
• Attendance Allowance;
• Carer's Allowance;
• Child Benefit;
• Income Support;
• Jobseekers Allowance;
• Personal Independence Payment;
• Tax credits (such as Working Tax Credit)

Will your benefit payment change?

No, you'll be paid the same amount you usually receive.

Benefits are usually paid straight into your bank, building society or credit account.

Goldman Sachs is removing a cap on bonuses for London-based staff, paving the way for it to resume making multimillion pound payouts to its best-performing traders and dealmakers.

Sky News can exclusively reveal the Wall Street banking giant notified its UK employees today that it had decided to abolish the existing pay ratio imposed under European Union rules and which the government recently decided to scrap.

In a video message to staff, Richard Gnodde, chief executive of Goldman Sachs International, which comprises its operations outside the US, said it had decided to bring its remuneration policy in Britain in line with its operations elsewhere in the world.

"We are a global firm and to the extent possible we adopt a consistent global approach across everything we do," Mr Gnodde said in the message, which has been relayed to Sky News.

"The bonus cap rules were an important factor preventing us from being consistent in the area of compensation."

Aldi's market share has fallen - as people seemingly head back to traditional supermarkets for their shopping.

Aldi's share of the grocery market slipped from 10.8% to 10.4% in the 12 weeks to 20 April.

NIQ data shows sales rose just 1.3% in the period - for Morrisons it was 4.4%, Tesco 5.8% and Sainsbury's 6.6%.

Asda was the laggard with sales falling 0.9%.

Ocado is the fastest growing retailer with sales up 12%.

Aldi's rival discounter, Lidl, saw sales surge 9.5%, bumping its market share up to 8.2%. Media campaigns highlighting new ranges helped, NIQ said.

A Santander online outage is affecting thousands of UK customers.

Over 2,000 reports have been made on Downdetector - indicting the issue is widespread.

Customers have been met with messages like this...

Santander wrote on X: "We are aware some customers are experiencing issues accessing online services, we apologise for any inconvenience this has caused.

"We're working hard to resolve this as soon as possible."

Following on from our previous post, and the OECD also says the UK will grow more slowly next year than any other major advanced economy.

It puts this down to stealth taxes and high interest rates squeezing the economy.

The organisation, which is based in Paris, downgraded its forecasts for GDP to 0.4% this year and 1% in 2025.

In February, the UK had been in the middle of the rankings with forecast growth of 0.7% this year and 1.2% next.

The OECD pointed to the fact "tax receipts keep rising towards historic highs" - with National Insurance cuts not offsetting the additional burden Britons are feeling due to tax thresholds not rising along with inflation due to a government freeze.

Some good news is expected for UK workers as the OECD said there will be "stronger" wage growth when inflation is factored in against pay.

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Well-milled rice prices average P56.98 per kilo at mid-April

THE national average retail price of well-milled rice at mid-April was P56.98 per kilogram (kg), according to the Philippine Statistics Authority (PSA).

Rice prices at mid-April dropped from P57.04 per kg during the April 1-5 period, which the PSA calls the first phase of the month. The second phase is April 15-17.

The highest retail price at mid-April was reported in Central Luzon, where the staple averaged P58.90 per kg during the period.

The lowest average rice price was in the Ilocos Region at P54.34 per kg.

The PSA reported that regular-milled rice averaged P51.41 per kg, against P51.38 during the fi rst phase.

The highest price for regular-milled rice was P54.23 per kg recorded in the Central Visayas, while the Western Visayas posted the lowest price at P46.69 per kg.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. has said that the retail price of rice is expected to remain elevated until midyear due to the impact of El Niño.

The PSA said that galunggong (round scad) prices averaged P196.29 per kg at retail in mid-April, against the P204.49 posted during the fi rst phase.

The average re fi ned sugar price rose to P87.48 per kg during the period, while brown sugar prices fell to P76.35 per kg.

Tomato sold at retail averaged P68.52 per kg during the period, against P72.01 reported in the fi rst phase of April. — Adrian H. Halili

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El niño rice damage tops p700k, aboitiz infracapital sets expansion of cebu estate.

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2022 rice business plan competition, 2022 rbpc finalists.

Congratulations to all the winners!

Watch the finals replay.

Watch the 2022 Mercury Elevator Pitch Competition

To kickoff the 2022 Rice Business Plan Competition, all 42 startups gave their 60-second elevator pitches. Watch each one to get a glimpse at this year's competitors. The top overall elevator pitch and the best pitch in each sector will be awarded cash prizes. 

Grow your startup. Build the future.

April 7-9, 2022.

The 2022 Rice Business Plan Competition—the world’s largest and richest student startup competition—will be hosted in Houston at the Jones Graduate School of Business. 

42 teams have been invited to compete in the 22nd Annual Competition! Learn about eligibility, competition sectors and prizes  here . We will livestream the finals—watch on Saturday, April 9 on our YouTube . 

Registration is closed for the event, but check back soon to see the winners! 

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.

• 2021 Competition - Big Ideas. Brilliant Startups.
• 2020 Competition - First Virtual Edition
• 2019 Competition - The Art of Entrepreneurship
• 2018 Competition - One Wild Ride

Join in at #RBPC22