Do you want to start a castor farm and need to write a plan? If YES, here is a sample castor farming business plan template & FREE feasibility report.

It is no news that castor bean popularity can be said to be associated with the healthy benefits that comes with using castor oil. Little wonder that the market for castor oil have continued to be on the increase. Castor oil can be used as an irritant / simulative laxative. Castor oil is a natural emollient and a few drops may also be used to remedy dry skin, as a massage oil, and may benefit hair as a treatment

Castor bean farming is known to be a profitable business and over the years, it has evolved from small scale to a global industry in most countries where it’s carried out. Another good news is that you can’t get it wrong. This is so because castor oil is used all over the globe for different purposes.

No doubt, starting a castor bean farming business comes with its own fair share of challenges, but that does not rule out the fact that it is indeed a profitable business venture. An aspiring entrepreneur can either choose to start a castor bean farm on a small scale or on a large scale depending on their financial status.

A Sample Castor Bean Farming Business Plan Template

Industry Overview

Castor bean or castor oil plant which is known as Ricinus communis is a species of perennial flowering plant in the spurge family, Euphorbiaceae. Its seed is the castor bean, which, despite its name, is not a true bean. Castor is indigenous to the southeastern Mediterranean Basin, Eastern Africa, and India, but is widespread throughout tropical regions (and widely grown elsewhere as an ornamental plant).

Castor seed is the source of castor oil, which has a wide variety of uses. The seeds contain between 40 percent and 60 percent oil that is rich in triglycerides, mainly ricinolein. The seed also contains ricin, a water-soluble toxin, which is also present in lower concentrations throughout the plant.

Farmers in the castor bean farming industry primarily grow castor bean / castor oil tree for industries that make use of castor seeds for the production of food and preservatives, medicine (laxative) naturopathy castor oil, bio-based polyol in the polyurethane industry (coatings), precursor to industrial chemicals, lubrication oil, as feedstock in the production of biodiesel and skin and hair care (cosmetic oil).

The Castor Bean / Castor Oil Plant industry displays a low level of concentration. The industry is highly fragmented; no single castor bean (castor oil plant) farmer / farm holds a lion share of the available market share in the industry., it is not enough to allow the company to dominate the industry.

Castor bean (castor oil plant) farmers are typically niche farmers, operating on small farm land with no more than a few hundred trees. A number of small castor bean (castor oil plant) farmers usually supply low quantities of harvested castor beans to wholesalers that sell the collective quantity of castor beans to manufacturing plants that are into castor oil extractions and processing.

Global castor seed production is around two million tons per year. Leading producing areas are India (with over three-quarters of the global yield), China and Mozambique, and it is widely grown as a crop in Ethiopia. There are several active breeding programs.

Going forward, the Castor Bean / Castor Oil Plant industry is projected to show stronger signs of growth, especially as larger industry players continue to acquire smaller castor bean (castor oil plant) farms while boosting their overall scale of production.

As a matter of fact, with the recent advancement in technology, farmers can now comfortably grow crops such as castor bean s(castor oil plants) in a country where such crops can hardly survive.

Lastly, with commercial castor bean (castor oil plant) farming business, it will pay you not to only cultivate castor bean (castor oil plant) and sell them to production companies who need castor bean (castor oil plant) as raw materials.

You can as well start a complimentary business such as castor oil extraction and processing plant; producing and packaging castor oil et al. The bottom line is that if you have enough farming land (space) and you are interested in maximizing commercial castor bean (castor oil plant) farming, you are sure going to make huge profits from the business.

Executive Summary

Jake Tyson® Castor Bean Farms, Inc. is a world class and registered commercial castor bean (castor oil plant) farm that will be based in the outskirt of Pawtucket, Rhode Island – 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 castor bean (castor oil plant) farm.

Our commercial castor bean (castor oil plant) farm is a going to be standard commercial castor bean (castor oil plant) farm hence will be involved in both commercial castor bean (castor oil plant) farm cultivation and castor oil extraction, processing and packaging.

We have put plans in place that will help us launch a standard and world – class castor oil processing plant within the first three years of officially running Jake Tyson® Castor Bean Farms, Inc. We will process and package castor oil 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 21st century commercial castor bean (castor oil plant) farm and castor oil production plant workforce that we want to build.

We are in the castor bean (castor oil plant) farm 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.

Jake Tyson® Castor Bean Farms, Inc. is well positioned to become one of the leading castor beans (castor oil plant) 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 castor bean (castor oil plant) farm processes and castor oil processing and packaging as required by the regulating bodies in the United States of America.

Jake Tyson® Castor Bean Farms, Inc. is a family business that is owned by Mr. Jake Tyson and his immediate family members. The farm cum business will be fully and single handedly financed by Jake Tyson and his immediate family members.

Before starting Jake Tyson® Castor Bean Farms, Inc., Jake Tyson has worked with some of the leading commercial farms and castor oil processing plants in the United States of America; he has a degree (B.Sc.) in Agriculture Science from University of Rhode Island.

Our Services Offering

Jake Tyson® Castor Bean Farms, Inc. is a world class commercial castor bean (castor oil plant) farm that is committed to cultivating castor oil / trees for both the United States’ market and the global market. We will also ensure that we operate a standard castor oil extraction, 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 castor bean (castor oil plant) farm. If need arises, we will definitely cultivate related crops;

  • Growing castor bean (castor oil plant) farm
  • Extracting, processing and packaging castor oil

Our Mission and Vision Statement

  • Our vision is to become one of the leading commercial castor beans (castor oil plant) farms and castor oil extracting, processing and packing brand not just in the United States of America but also on the global stage.
  • Jake Tyson® Castor Bean Farms, Inc. is a world class castor bean (castor oil plant) farms that is in business to cultivate castor beans (castor oil plant) in commercial quantities and processed castor oil for both the United States market and the international market.
  • We want our well – packaged castor oil to flood every nooks and crannies of the United States and other countries of the world.

Our Business Structure

Jake Tyson® Castor Bean Farms, Inc. is an castor bean (castor oil plant) farm that intend starting small in Pawtucket – Rhode Island, but hope to grow big in order to compete favorably with leading commercial castor bean (castor oil plant) farms in the commercial castor bean (castor oil plant) 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 hire the best hands in and around Rhode Island.

At Jake Tyson® Castor Bean Farms, Inc., we will ensure that we hire people that are qualified, hardworking, dedicated, customer centric and are ready to work to help us build a prosperous business that will benefit all the 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 as agreed by the management of the farm. In view of the above, Jake Tyson® Castor Bean Farms, Inc. have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Operating Officer
  • General Farm Manager
  • Administrator / Accountant
  • Castor Bean (Castor Oil Plant) Cultivation Manager / Supervisor
  • Castor Oil Extraction, Processing and Packaging Plant Manager
  • Sales and Marketing Executive
  • Field Employees
  • Front Desk Officer

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.
  • Creating, communicating, and implementing 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
  • Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization

General Farm Manager

  • Responsible for the planning, management and coordinating all farm activities across the various sections on behalf of the organization
  • Supervise other section managers (castor bean (castor oil plant) cultivation manager and castor oil extraction, processing and packaging manager)
  • Ensure compliance during project executions
  • Providing advice on the management of farming activities across all section
  • Responsible for carrying out risk assessment
  • Using IT systems and software to keep track of people and progress of the growth of crops (castor bean (castor oil plant))
  • Responsible for overseeing the accounting, costing and sale of farm produce after harvest
  • Represent the organization’s interest at various stakeholders’ meetings
  • Ensures that farming goals desired result are achieved, the most efficient resources (manpower, equipment, tools and fertilizers and manures 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
  • Defining job positions for recruitment and managing interviewing process
  • Carrying out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Oversee the smooth running of the daily farming activities across the various farming sections.

Administrator / Accountant

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Defining job positions for recruitment and managing interviewing process
  • Carrying out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Responsible for financial forecasting and risks analysis.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensuring compliance with taxation legislation
  • Handles all financial transactions for the farm
  • Serves as internal auditor for the farm

Castor Bean (Castor Oil Plant) Cultivation Manager / Supervisor

  • Responsible for managing the castor bean (castor oil plant) cultivation section of the farm
  • Supervises other workers within the department
  • Work closely with the General Manager to achieve the organizations’ goals and objectives

Castor Oil Processing and Packaging Manager / Supervisor

  • Responsible for managing the castor oil extraction, processing and packaging section of the commercial farm
  • Supervises other workers within the department
  • Work closely with the General Manager to achieve the organizations’ goals and objectives

Sales and Marketing Officer

  • Identify, prioritize, and reach out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts
  • Writing 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
  • Develop, execute and evaluate new plans for expanding increase sales
  • Document all customer contact and information
  • Represent the company in strategic meetings
  • Help increase sales and growth for the farm

Field Workers / Contract Staff

  • Responsible for preparing farm lands for castor bean (castor oil plant) cultivation
  • Responsible for watering the crop
  • Assist in the extraction, processing and packaging of castor oil
  • Weeding or fertilizer and / or pest control application
  • Handles farm implements and machines as instructed by the section manager / supervisor
  • Assist in handling the harvest of castor beans (castor oil plants)
  • Carries out task in line with the stated job description
  • Assist 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 the organization
  • Distribute mails in the organization
  • Handles any other duties as assigned by the line manager

SWOT Analysis

Jake Tyson® Castor Bean Farms, Inc. do not intend to launch out with trial and error hence the need to conduct a proper SWOT analysis.

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

We are quite aware that there are several large scale, medium scale and small scale castor bean (castor oil plant) farms all over Pawtucket – Rhode Island 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.

Jake Tyson® Castor Bean Farms, Inc. employed the services of an expert HR and Business Analyst with bias in the commercial farming industry to help us conduct a thorough SWOT analysis and to help us create a business model that will help us achieve our business goals and objectives.

Here is a summary from the result of the SWOT analysis that was conducted on behalf of Jake Tyson® Castor Bean Farms, Inc.;

  • Strength:

Our strength as an castor bean (castor oil plant) farm is the fact that we have healthy relationships with loads of major players (agriculture merchants who deal in castor beans (castor oil plants) and other production companies that make use of castor oil as raw material) in the commercial farms industry; both suppliers and buyers within and outside of the United States.

We have some of the latest commercial farming machines, tools and castor oil extracting, processing equipment that will help us cultivate castor beans (castor oil plants) and castor oil 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 Pawtucket – Rhode Island in our payroll.

  • Weakness:

Our weakness could be that we are a new castor bean (castor oil plant) farm 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 production companies that rely on the supply of castor oil from castor bean (castor oil plant) farms both in the United States of America and other parts of the world.

We will ensure that we maximize the opportunities available to commercial castor bean (castor oil plant) farmers. As prices increase with increased demand, castor bean (castor oil plant) farmers will begin to experience revenue growth.

  • Threat:

Some of the threats and challenges that we are likely going to face when we start our own castor bean (castor oil plant) farm are global economic downturn that can impact negatively on household spending, bad weather cum natural disasters (draughts, epidemics and flood) – unpredictable weather patterns will continue to dampen demand growth, unfavorable government policies and the arrival of a competitor (a commercial farm that cultivates same crops) as our farms within same location.

So also, decreasing per capita castor oil consumption will hindered growth and profit margins have fluctuated greatly over the past five years.

MARKET ANALYSIS

  • Market Trends

Despite the fact that castor beans (castor oil plants) farm has been in existence since time immemorial, which does not in any way make the industry to be over saturated; castor bean (castor oil plant) farmers are exploring new technology to continue to improve the cultivation processes and also castor oil extraction and processing processes; mechanized farming has indeed increased the tons of olives produced by farmers.

The fact that there is always a ready market for castor beans (castor oil plants) and castor oil makes the business highly thriving and profitable.

Another notable trend in this line of business is that more players in the food, fragrance and cosmetics, pharmaceutical and other related production industry are beginning to increase their demand for essential oil as part of their raw materials because of the aromatic nature it adds to their product.

As a matter of fact, castor oil is gaining more ground as part of the materials used in the production of perfumes, cosmetics, soaps and other products, for flavoring food and drink, and for adding scents to incense and household cleaning products amongst others

The price of castor oil plant is typically the most reliable driver of industry performance. It is important to state the part of what affect productivity output in this industry is the fact that castor oil seed farming is vulnerable to unpredictable weather conditions, and the demand for high-quality essential oil in key foreign markets will boost exports.

Lastly, it is a common trend to find standard castor bean (castor oil plant) farmers run a castor oil processing plant business alongside their farm. It is a means of maximizing profits in the business.

Our Target Market

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

Almost every household consumes or make use of castor oil in different form. In essence a castor bean (castor oil plant) farmer should be able to sell his or her farm produce to as many people as possible including production companies that make use of castor oil as raw materials.

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

Competitive Advantage

Jake Tyson® Castor Bean Farms, Inc.  is fully aware that there are competitions when it comes to selling commercial farm produce including castor beans (castor oil plants) 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 castor beans (castor oil plants) farming processes that can help us sell our produce at competitive prices, good network and excellent relationship management.

Another competitive advantage that we are bringing to the industry is the fact that we have designed our business in such a way that we will operate an all – round standard commercial castor bean (castor oil plant) farms that will also include castor oil extraction and 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 castor bean (castor oil plant) 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.

SALES AND MARKETING STRATEGY

We are quite aware that the reason why some castor bean (castor oil plant) farms hardly make good profits is their inability to sell off their castor beans (castor oil plants) as at when due. In view of that, we decided to set up a standard castor oil processing plant to help us maximize profits.

Our sales and marketing team will be recruited base 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 castor bean (castor oil plant) farm that will leverage on word of mouth advertisement from satisfied clients (both individuals and businesses).

Over and above, we have perfected our sale and marketing strategies first by networking with agriculture merchants and companies that rely on castor beans (castor oil plants) and castor oil as their major raw materials. In summary, Jake Tyson® Castor Bean Farms, Inc. will adopt the following strategies in marketing our castor bean (castor oil plant) farm produce;

  • Introduce our business by sending introductory letters alongside our brochure to stake holders in the agriculture industry and production companies that rely on supply of castor beans (castor oil plants) and castor oil as raw materials and castor oil processing plants et al.
  • Advertise our business in agriculture and food related magazines and websites
  • List our castor bean (castor oil plant) 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)

Sources of Income

Jake Tyson® Castor Bean Farms, Inc. is in the commercial castor beans (castor oil plants) 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 farm produce to generate income for the business. Below are the sources we intend exploring to generate income for Jake Tyson® Castor Bean Farms, Inc.;

  • Sale of castor beans (castor oil plants)
  • Sale of castor oil

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 castor bean (castor oil plant) farm market 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 castor bean (castor oil plant) farm that we run.

We will be running a standard castor oil processing plant with a capacity to export well – branded and packaged castor oil 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 Jake Tyson® Castor Bean Farms, Inc.;

  • First Fiscal Year (FY1): $250,000
  • Second Fiscal Year (FY2): $450,000
  • Third Fiscal Year (FY3): $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 that can impact negatively on household spending, bad weather cum natural disasters (draughts, epidemics or flood), and unfavorable government policies. Please note that the above projection might be lower and at the same time it might be higher.

  • Our Pricing Strategy

Some of the factors that will help you sell your castor beans (castor oil plants) and castor oil 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 castor bean (castor oil plant) farm, then it will directly affect the harvest of olives 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 our castor beans (castor oil plants) and castor oil is to sell them at competitive prices hence we will do all we can to ensure that the prices of our castor beans (castor oil plants)  are going to be what other castor bean (castor oil plant) 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 produces 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 castor beans (castor oil plants) the better for your business.

  • Payment Options

The payment policy adopted by Jake Tyson® Castor Bean Farms, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Jake Tyson® Castor Bean Farms, Inc. will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via online bank transfer
  • Payment via check
  • Payment via Point of Sale Machines (POS Machines)
  • Payment via mobile money transfer
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for the purchase of castor beans (castor oil plants) and castor oil 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.

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 castor bean (castor oil plant) farm business. Below are the platforms you can leverage on to boost our castor bean (castor oil plant) farm brand and to promote and advertise our business;

  • Place adverts on both print (newspapers and magazines) and electronic media platforms
  • Sponsor relevant community based events / programs
  • Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our business
  • Install our Bill Boards on strategic locations all around Pawtucket – Rhode Island
  • Engage in roadshow from time to time in targeted neighborhoods
  • Distribute our fliers and handbills in target areas
  • List our castor bean (castor oil plant) farms in local directories / yellow pages
  • Advertise our castor bean (castor oil plant) 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.

Financial Projections and Costing

When it comes to calculating the cost of starting a castor bean (castor oil plant) farm with castor oil processing plant, there are some key factors that should serve as a guide. Factor such as the capacity of castor oil extracting and processing plant you want to own and the size of the castor beans (castor oil plants) farm.

In view of the above, here are some of the basic areas we will spend our start – up capital in setting up our castor bean (castor oil plant) 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 – $30,000
  • The amount required for purchase of the first set of castor bean seedlings et al – $10,000
  • The amount required to set up a standard castor oil 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 four hundred and fifty thousand dollars ($450,000) to start a standard castor bean (castor oil plant) farm with castor oil extracting and processing plant business in the United States of America.

Generating Funds / Startup Capital for Jake Tyson® Castor Bean Farms, Inc.

Jake Tyson® Castor Bean Farms, Inc. is a family business that will be owned and managed by Thomas Carnegie and his immediate family members. They are the sole financier of the business, but may likely welcome other partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas where we intend sourcing for fund for Jake Tyson® Castor Bean Farms, Inc.;

  • 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 $350,000 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.

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 Jake Tyson® Castor Bean Farms, Inc. 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 (castor beans (castor oil plants) and even processed and packaged castor oil) 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.

Jake Tyson® Castor Bean Farms, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our organization’s corporate culture is designed to drive our business to greater heights and training and re – training 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 Pawtucket – Rhode Island and preparing the farm land: Completed
  • Conducting Feasibility Studies: Completed
  • Start – up Capital Generation: Completed
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • 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 (production companies that rely on supply of castor beans (castor oil plants) and castor oil as raw materials and castor oil processing plants, agriculture farm produce merchants, fertilizer suppliers and transporter / haulage companies et al): Completed

 

Solomon. O'Chucks