Latheethen Feeds, Inc. currently offers our customers products and supplies (Feed, Wormer, Treats, Beading, etc.) for the following animals:
Latheethen Feeds will continue to offer all of the above great products, while evaluating the desire and need by our customers for the following items.
Latheethen Feeds, Inc. will continue to offer the existing services, but we will also be expanding our services to include the following as customers demonstrate an interest in supporting the addition of such services.
Latheethen Feeds is the only custom feed manufacturer in the Midland, Michigan area and surrounding 50 mile radius. In the past, our market has been individual end users. Recent market analysis suggests that our custom feeds could be marketed to other direct feed stores outside of this 50 mile radius.
In reviewing our existing customer base, and recognize the broad range of local organizations such as 4-H and Future Farmers of America (FFA) and area farms and ranches, we have seen the possibilities for potential market growth. Latheethen’s has never had a direct sales force, advertised, or approached the specialized market they dominate with any zest for growth.
More than sixteen years in this business with success in the creation of formulas of high quality, cost-contained custom feed, mixed with the energy of youth and enthusiasm to grow this family business is greatly reinforced by the simple market analysis outlined below.
Latheethen Feeds, Inc. will focus on the following markets:
Market Analysis | |||||||
2004 | 2005 | 2006 | 2007 | 2008 | |||
Potential Customers | Growth | CAGR | |||||
4-H Enrollments | 5% | 9,846 | 10,338 | 10,855 | 11,398 | 11,968 | 5.00% |
Cattle Farms | 2% | 1,450 | 1,479 | 1,508 | 1,538 | 1,570 | 2.00% |
Horse Owners | 5% | 2,750 | 2,887 | 3,032 | 3,183 | 3,343 | 5.00% |
Hunters | 8% | 20,434 | 22,068 | 23,834 | 25,740 | 27,800 | 8.00% |
Other Livestock Farms | 3% | 649 | 668 | 23,833 | 25,741 | 731 | 3.00% |
Total | 6.63% | 35,129 | 37,440 | 63,062 | 67,600 | 45,411 | 6.63% |
Strategically targeting all the 4-H enrollments close to our business helps serve the needs and requirements of our local customers, and ties in logically with our marketing plan (see below) and our style of feed store. The youth of the 4-H are our future. These customers have regimented schedules, and find value in exceptional service, low prices and high quality feed. This first tier of our market segment is also the primary focus of our marketing plan, which has a deep commitment to focusing on the support of the 4-H kids and their community.
Our THIRD-TIER group, Horse Owners, will find that Latheethen’s special blend of oats and grains, all mixed in with our high quality minerals, results in premium feed at an affordable cost. All of these things are essential factors in a customer’s feed-buying decision. Our specialty horse feeds are made for both the average horse and for the equine racer, both of which are numerous in our area. We need to market the right avenues to gain industry share in this rapidly expanding market.
Our FOURTH-TIER, Hunters, is simply the largest in number of individual purchasers. Hunters are mostly seasonal customers, from the months of September through December we will see our numbers skyrocket when compared to the other eight months of the year. For projection purposes, we figured on having a low 30% of the total available market (69,232). This total potential market includes hunters from six of our surrounding counties (within a 50 mile radius). The actual number of hunters that stop by on their way to their cabins or blinds is substantially higher than forecasted.
Our FIFTH-TIER, Other Livestock Farms, represents a market that has an abundant number of feed users. Our custom feed mill allows us to manufacture any type of animal feed we desire, which help us acquire the available customers in this tier. From sheep and goat feed to rabbit and turkey feed, we make it all. Again, when we make our high quality feed, we make it with the highest quality products and sell it at wholesale prices. This market is basically up for grabs, as there are currently no competitors within a 125 mile radius that can supply these customers with such a high quality feed at the lowest costs possible.
We acquired our data for our market analysis from the Department of Natural Resources, the 4-H Council, and from USDA National Agricultural Statistics Service.
All of our projections are based on actual, real-life numbers (number of people/farms/etc.). We forecasted conservatively to show the actual amount of business we can easily obtain through a few advertisements and direct marketing.
Currently, Latheethen Feeds, Inc. is involved in the manufacture and retail sale of custom feed and related products. Latheethen Feeds straddles two industries – manufacturers of feed, and retailers of feed and farm supplies. Latheethen’s 16 years of success in the custom feed industry is the strong foundation for the success and continued growth.
There are over 7,000 farm product raw materials businesses in the United States, according to the 2002 U.S. Census Economic report. According to the same source, farm supplies and raw materials wholesalers currently sell over $62,000,000 of goods per year. Of these, only 843 of these were selling poultry and livestock feeds mixed on location. With total sales of $8,141,368, businesses like ours sold an average of $9,658 in goods each, per year. This reflects the fact that most of the custom-feed mixers in the United States are very small operations; many of them are farmers who mix their own feed for their own livestock, and sell the extra to neighbors. Latheethen Feeds started out this way, but expanded its product line with snacks for people, and wild and exotic animal feed. By becoming a full-service custom-feed store, and developing a reputation for great service and high quality feed, we have far surpassed the industry average for revenue.
Our products are purchased from wholesale suppliers and re-sold to retail consumers. Our custom feed is a huge competitor with other retail products. The raw goods and time to manufacture cost at least 80% less than similar feeds. With more focus on the overall quality of our feeds, the cost savings to our customers will become more of a word of mouth advertising from end user to end user. Direct referrals are always the best source of committed customer and sustained reliable growth.
There really is no competitor within a 50 mile radius of Latheethen Feeds for custom feed for the wide variety of animals we provide for. Our tasks are to encourage our customers to make referrals, to implement direct marketing to groups such as the 4H and FFA, and to go out to the various ranches and livestock farms and introduce our company and our line of custom feeds.
At this point, we are a great-kept secret, when comparing our customer base to the existing market research potential.
Within the feed and farm supply industry, businesses compete on price, quality, customer service, and delivery. Customer service can include things like ability to produce a range of quantities, and custom-feed options. Customers must also trust the supplier for regular, reliable service and consistent quality, since sudden changes in feed can really disrupt their animals’ digestion and health.
Our existing customers have pretty routine buying patterns. The same customers come at the same time of the week or every other week. Their deliveries are scheduled for the same time, with the same volumes each time. When asking our customers why they use our products, they always have the same answer: “your custom feed is so good for my animal and it is priced just right.”
Most of our customers have been doing business with us for several years. Solid customer relationships, a friendly atmosphere and being available to provide quality products at a good price all add to a successful bottom line.
We strongly believe that by offering delivery services, we will gain a substantial number of new customers, both through the advantages of the new service, and with the new advertising (signs on our truck). We will gain the recognition of new customers through our focused marketing plan.
Latheethen Feeds, Inc. will be entering into direct sales for the first time. Starting in October and November, we will approach members of our target markets within 10 square miles both via phone and with direct visits. Where possible, we will ask existing customers to provide us with an introduction or to mention us to their neighbors and friends before we approach them. This will both lend credibility and pre-qualify potential customers as genuinely in need of our services, based on others’ knowledge of them.
We will tell them about our current products and services, and then ask them clearly what we need to do to earn their business. We will listen to their desires and individual goals. We will then mirror back to them what they have said, to be sure we understand their needs. Finally, we will create an individualized sales proposal with their specific needs (products, volumes, frequency, price, other services) included.
We will present the proposal as a written agreement ready for signature by both parties to begin doing business.
Follow up calls will go to each customer within 24 hours of each delivery to ensure satisfaction. If for any reason there is an issue, it will be handled immediately by one of the owners directly with the customer.
Latheethen’s has previously been successful do to repeat customers. As the business switches hands we will also focus on keeping the existing customers happy and successfully introducing our new products and services. We will always focus on our repeat customers. The loyalty and respect we get from those customers will all play a big role in growing the business and taking it to the next level.
The sales forecast for Latheethen Feeds, Inc. includes all varieties of feed, as well as non-feed supplies and future forecasts for boarding stable revenue.
Adding the boarding stable will utilize vacant land and make it work for the company. The addition of the boarding stable will add to our company’s feed sales, and to the specialized services we offer. Boarding Stable costs include laundering of horse blankets, feed used by horses during their stay, and wear and tear on grooming instruments.
The annual growth rates fluctuate and are defined as:
The reasoning behind the initial dramatic increase in sales is due to accurate reporting and tracking, and growth of sales (generated through direct sales and advertising). For 2007, 2008 and 2009 we are forecasting significantly increases in our sales as we open the boarding stable. We anticipate that it will take three years to book out all of our stalls.
In 2009, we are forecasting a modest increase of 12.84%, based on the growth of feed sales and stable services alone. We are also planning on bringing back the rodeos and livestock shows that the previous owners have held in past years. This year could prove to be the year to bring back some of the good old days to the new Latheethen Feeds location.
Sales Forecast | |||||
FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | |
Sales | |||||
Equine Feed | $38,040 | $39,942 | $41,939 | $44,036 | $46,238 |
Deer Feed | $12,000 | $12,960 | $13,997 | $15,117 | $16,326 |
Livestock Feed | $93,346 | $102,680 | $112,948 | $124,243 | $136,668 |
Misc. Products & Supplies | $6,000 | $7,000 | $8,000 | $9,000 | $10,000 |
Boarding Stable | $0 | $0 | $42,000 | $63,000 | $84,000 |
Total Sales | $149,386 | $162,582 | $218,884 | $255,396 | $293,232 |
Direct Cost of Sales | FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 |
Corn, Oats, Molasses, Other Ingredients | $40,400 | $42,258 | $44,202 | $46,236 | $48,362 |
Misc. Products & Supplies | $3,000 | $3,500 | $4,000 | $4,500 | $5,000 |
Boarding Stable | $0 | $0 | $8,400 | $12,600 | $16,800 |
Bags, Ties, Pallets, Labels | $1,440 | $1,506 | $1,575 | $1,648 | $1,724 |
Subtotal Direct Cost of Sales | $44,840 | $47,264 | $58,177 | $64,984 | $71,886 |
Emphasize customer service We will differentiate ourselves with CUSTOMER SERVICE! We will establish our business as a clear and viable alternative for our target market, from the scores of competitors known for “do-it yourself,” “no we don’t offer that product,” and “no delivery available.”
Customer service is paramount in our business and our business plan. The management team will accomplish this goal by training employees and by providing encouragement.
The new management team of Latheethen Feeds, Inc. believes that an employee who is happy at work will enjoy working. It is always easier to please customers with staff that cares, a facility that is clean and equipment that is kept in proper working order.
Latheethen Feeds, Inc. will also work toward establishing community involvement programs that will demonstrate how the business can contribute to a better quality of community life. Community project groups such as the 4-H Council, the FFA, Schools, churches, and other groups will be welcomed for tours of the facilities and will be shown how the facility can be used to help raise funds for their needs.
Build a relationship-oriented business Build long-term relationships with customers, not single-visit deals. Become their “feed dealer of choice.” Teach them the value of the relationship.
Focus on target markets We need to focus our offerings on specific population groups as the key market segment we should own. We definitely want to be able to sell to smart, quality conscious customers.
Latheethen Feeds, Inc. has one of the most sought-after competitive edges in the industry. We have our own individual feed mill that can produce any animal feed requested. All we need is a few ingredients and some time to make our specialty custom feeds.
Our custom mill was built and wired with a 3-phase electrical system (industrial strength) and the best equipment on the market today. Other feed stores dream of having access to their own mill; this is where you make most of your money. Instead of having to be the middle man and purchase a large inventory of generic feeds, we custom-blend and produce our own feed to keep the costs down. When we can produce and market feed that costs us nearly 80% less than it costs to purchase a generic feed, we can keep our shelf prices lower than our competitors.
Let’s face it, lower prices + higher quality feed = money in the bank.
From the very first day Latheethen’s was open for business in 1989, the owners never advertised. They let the word get around (word-of-mouth advertising). This has obviously worked in their favor, as they are operating a profitable business, as is reflected in net profit increases annually.
In the future we, the new owners of Latheethen’s, will market our products to new customers in various strategic ways. This will aid in bringing in more customers…and will also aid in spreading the word that we are expanding our business. Most of the existing customers come from within a 30 mile radius of the store. Through delivery, we can offer our products and services to anyone willing to pay for it.
Our next competitive edge is that we will be running our delivery truck on a daily basis (once we implement delivery and obtain the necessary business). Most of our other competitors do not deliver or only deliver within a short distance from their location. Again, we will serve our customers with a higher quality feed, high level of professional service, and be willing to take it to their door.
Our strongest competitive edge is that we are family owned and operated and that our knowledge of the feed industry runs deep. With the resources available, the energy we can contribute at our young age, the raw talent for business and deep understanding of customer service, the potential to grow this already exciting business is tremendous.
Latheethen Feeds, Inc. will implement the following Marketing Strategies upon the business transfer in the following order:
Through marketing our products in these ways, we project that Latheethen’s will almost double its business within the first 2 years of new ownership.
The following detailed milestone table shown identifies the primary tracking points for our initial company takeover, for our growth and our development process. We have included budgets for each subject and the name of which company came in with the lowest bid price.
Milestones | |||||
Milestone | Start Date | End Date | Budget | Manager | Department |
Business Title Transfer | 10/4/2004 | 10/31/2004 | $0 | Chris | Department |
Implement POS System | 11/1/2004 | 11/30/2004 | $6,000 | Dennis | Department |
Print Product Catalogs | 11/1/2004 | 11/30/2004 | $250 | Dennis | Department |
Buy Delivery Truck | 11/1/2004 | 12/1/2004 | $15,000 | Dennis | Department |
Begin Delivery Service | 12/1/2004 | 12/5/2004 | $0 | Dennis | Department |
Advertise in Newspapers | 11/1/2004 | 12/31/2004 | $1,000 | Dennis | Department |
Affiliate with related website | 11/1/2004 | 12/31/2004 | $400 | Dennis | Department |
Contact 200 potential customers | 11/15/2004 | 1/1/2005 | $0 | Dennis & Kay | Department |
Build Web Site | 11/1/2004 | 1/15/2005 | $1,500 | Dennis | Department |
Get 50 new contracts | 1/1/2005 | 3/1/2005 | $0 | Dennis & Kay | Department |
Track hunter snack preferences | 11/1/2004 | 3/1/2005 | $0 | Dennis | Department |
Average livestock feed sales of $7775/month | 11/1/2004 | 10/31/2005 | $0 | Dennis | Department |
Renovate Boarding Stable | 3/1/2006 | 10/1/2006 | $100,000 | Dennis | Department |
Landscaping, fencing, etc. | 10/1/2006 | 7/1/2007 | $25,000 | Dennis | Department |
Totals | $149,150 |
Latheethen Feeds, Inc.’s website will enable us to offer customers current information on special sales, promos, new product releases, events, and public service announcements. We also plan on utilizing the Web to sell and market our products and services. An e-store will also be implemented into our web design, allowing customers to place orders for the feed they need right on our website. We will be able to accept and process check and credit card orders immediately online. Our customers will still have the options of paying by cash, check or money order as well.
Our website will be promoted through the use of sponsor listings and affiliate memberships [confidential and proprietary information removed]. Our site will be registered with all of the major search engines. We will also share links with our distributors and manufacturers.
Latheethen Feeds, Inc.’s website will be initially developed with few internal technical resources. IPowerWeb will host the site and provide the technical back end. MX-Productions will produce the graphics, logos, artwork, and flash media as they will be developing our website from scratch. Our site will be maintained by one of the owners.
Latheethen Feeds, Inc. is presently made up of three employees. The two current owners and one mill operator put in approximately 75 hours a week. As the new business ownership takes effect and various marketing plans are implemented, the product volume will increase. There is sufficient room in the production mill to expand and produce more feed daily. It is planned that the two new owners will oversee the production and day to day business practices.
We will also be contracting a new outside CPA to handle the corporate book keeping and business accounts (listed in the Profit and Loss table). We value and understand how important proper accounting and reporting of all sales activities are to the successful growth of a company. It is through development of this accuracy that true business growth will be verified and available for the continued security of this well-established family business.
Latheethen Feeds, Inc. is currently run and operated by one person in the mill and one person in the store. In time, as we implement our marketing plan, we will need to hire in an additional person to assist in the mill, and possibly another person to assist Kay in the store. We also could possibly need to hire a delivery person in the year 2005. When the business expands with new customers and larger feed orders, Dennis will need to be on site to assist Kay with inspecting the orders prior to delivery to ensure quality and accuracy of all orders. As growth evolves other family members may be of age to assist in the processes or employees may need to be placed.
As we expand we will hire independent contractors. We believe this way would best suite a company our size. Instead of spending the amount of money required by law to actually hire an employee, we feel we would all benefit more from setting up our personnel in this aspect.
Personnel Plan | |||||
FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | |
Dennis | $12,000 | $18,000 | $20,000 | $25,000 | $25,000 |
Kay | $12,000 | $15,000 | $15,000 | $15,000 | $15,000 |
Extra Mill Operator | $7,000 | $12,000 | $18,000 | $18,000 | $24,000 |
Extra Store Help | $0 | $0 | $10,000 | $15,000 | $18,000 |
Total People | 3 | 3 | 4 | 4 | 4 |
Total Payroll | $31,000 | $45,000 | $63,000 | $73,000 | $82,000 |
The financial plan is to borrow $15,000 now as a short-term loan from Citizens Bank, at an interest rate of 7%, to buy a delivery truck suitable to our needs. We will repay this loan within two years from the cash flow of the business. This truck will allow us to expand our services to include delivery, giving us a further edge over the local competition and enabling us to further expand into our target market, while increasing recognition of our name and services.
The second phase of the plan is to borrow $135,000 in long-term loans from the bank in early 2006, to fund the renovation of the existing property’s barn and outbuilding into a structurally-sound, attractive, and livable horse boarding stable, and to install fencing and landscaping suitable to that purpose. This renovation will be completed within 7 months, although final landscaping and fencing is not expected to be finished until early 2007. We will repay this loan over 10 years. We will secure this loan with our equity in the value of the existing property. The boarding stable will open up a new revenue stream for the business, and attract new steady customers.
With aggressive target marketing and the sales strategies outlined above, we will increase sales over 3% in the first year. We expect a bigger increase in year two, with the extensive renovation generating some free publicity and with existing customers making referrals, but the largest expansion is planned for 2008, when we can first realize a full year’s revenue from the boarding stable.
From the very start, the new owners of Latheethen’s will start building the business and taking it to the highest level. The new owners have bright futures ahead of themselves, as does Latheethen Feeds, Inc. The once small, unknown feed store will be transformed into the area’s premier livestock feed store and equine boarding facility. The new Latheethen Feeds will be capable of hosting large scale rodeos and other livestock shows by the end of 2009.
This business plan was developed for Latheethen Feeds, Inc. assuming the following:
General Assumptions | |||||
FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | |
Plan Month | 1 | 2 | 3 | 4 | 5 |
Current Interest Rate | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |
Long-term Interest Rate | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |
Tax Rate | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% |
Other | 0 | 0 | 0 | 0 | 0 |
Break-even is based on fixed costs of approximately $5,900 including loan repayment, insurance, maintenance and labor. Additionally, controllables such as service labor, payroll taxes, property taxes, advertising and legal/professional fees are included.
The following chart shows that we need to produce approximately $8,500 from sales per month to break-even (according to the assumptions). That is less than what the previous owners have accomplished in previous years. We strongly believe we will succeed and provide handsome returns for our company and its owners.
Margins are harder to assume. Our FY 2005 gross margin is forecasted at 69.98%. In the following years our gross margin will continue to grow beyond our starting point because of the continued growth in total product sales and the release of our new equine boarding stable. The products manufactured in the mill cost about $3.50 for 50 pounds of feed on average. The lowest sale (market) price on those products is $5.50 with the highest coming in at $10.75. The majority of our gross profit on feed products is made directly as a result of having the luxury of our own custom mill.
Not only will we serve a much higher number of customers monthly than required by this break-even chart, we believe that we are going to possibly double the amount projected in our cash flow charts in this business plan, because we are going to be the only facility of its kind within a 150 mile radius. As advertising and direct sales follow suit from outside areas, our delivery service will prove to be valuable to our company and our customers.
Break-even Analysis | |
Monthly Revenue Break-even | $7,929 |
Assumptions: | |
Average Percent Variable Cost | 30% |
Estimated Monthly Fixed Cost | $5,549 |
Outlined below and in the following table and chart, are some of the intrinsic facets of the projected profit and loss for Latheethen Feeds, Inc.
Cost of sales reflects our cost to manufacture the feed and purchase all other non-manufactured products. Gross margin will continue to rise at a steady pace throughout the years forecasted.
Payroll expenses currently includes income for the two owners. As forecasted, additional employees will be brought aboard as required to keep up with the growing pace of Latheethen Feeds, Inc. Further details are available in our Personnel table (above).
Advertising and marketing expenses (news ads, magazine ads, etc.) are projected to increase as net profits increase and positive results are accomplished as a direct result of the same marketing and advertising. All direct sales and marketing is performed by Dennis. Commissions are not paid to him as a result of a gained customer as he is one of the two major owners of the corporation.
Depreciation forecasted includes normal wear and mechanical tune-ups on trucks, tractors and all equipment in the mill.
Fuel costs are projected to grow as the amount of sales made that require delivery increase. This projected expense includes fuel for the trucks, tractors, etc.
Utilities are projected to increase year to year. The current market prices for utilities will change as the years past. We have prepared for an annual $100 increase.
Insurance: Latheethen’s was quoted an insurance premium of $1,200/monthly, which includes liability, property, theft, fire, and personal insurance. The equipment (Mill machines, vehicles, and tractors) is also included in the monthly premium amount.
Payroll taxes include social security, unemployment and workers compensation, etc. Feed dealers permit and state sales tax license is projected to be paid in one annual installment in the month of January. Latheethen’s anticipates paying sales taxes monthly, and income tax quarterly, as required by law.
All website expenses are listed below, from initial development, to hosting, to account management for our e-commerce transactions.
Boarding Stable: The expensed portion of the barn renovations in year two is shown as an operating expense. The remainder ($125,000) is shown as purchase of new long-term assets in the Cash Flow table, representing the increased value of the property after renovation.
Pro Forma Profit and Loss | |||||
FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | |
Sales | $149,386 | $162,582 | $218,884 | $255,396 | $293,232 |
Direct Cost of Sales | $44,840 | $47,264 | $58,177 | $64,984 | $71,886 |
Other Costs of Goods | $0 | $0 | $0 | $0 | $0 |
Total Cost of Sales | $44,840 | $47,264 | $58,177 | $64,984 | $71,886 |
Gross Margin | $104,546 | $115,318 | $160,707 | $190,412 | $221,346 |
Gross Margin % | 69.98% | 70.93% | 73.42% | 74.56% | 75.48% |
Expenses | |||||
Payroll | $31,000 | $45,000 | $63,000 | $73,000 | $82,000 |
Advertising & Marketing | $1,110 | $1,500 | $1,800 | $2,100 | $2,400 |
Depreciation | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
Fuel | $7,185 | $7,490 | $7,822 | $9,000 | $9,600 |
Maintenance of Delivery Truck | $3,000 | $3,500 | $3,500 | $3,500 | $3,600 |
Utilities | $3,072 | $3,400 | $3,600 | $3,600 | $3,600 |
Insurance | $14,400 | $14,400 | $15,400 | $15,400 | $15,400 |
Payroll Taxes | $0 | $0 | $0 | $0 | $0 |
Postage | $180 | $180 | $190 | $190 | $210 |
Bank Charges | $240 | $240 | $240 | $240 | $240 |
Stable Renovation Expenses | $0 | $10,000 | $0 | $0 | $0 |
Accounting & Legal | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 |
Feed Dealers Permit | $15 | $15 | $15 | $15 | $15 |
Website Development | $1,500 | $0 | $300 | $0 | $200 |
Website hosting | $300 | $300 | $300 | $300 | $300 |
Online Payment Account Mgmt | $360 | $360 | $380 | $380 | $400 |
Sales Tax License | $25 | $25 | $25 | $25 | $25 |
Total Operating Expenses | $66,587 | $90,610 | $100,772 | $111,950 | $122,190 |
Profit Before Interest and Taxes | $37,959 | $24,708 | $59,935 | $78,462 | $99,156 |
EBITDA | $40,959 | $27,708 | $62,935 | $81,462 | $102,156 |
Interest Expense | $729 | $4,457 | $8,033 | $7,088 | $6,143 |
Taxes Incurred | $11,169 | $6,076 | $15,571 | $21,412 | $27,904 |
Net Profit | $26,061 | $14,176 | $36,332 | $49,962 | $65,109 |
Net Profit/Sales | 17.45% | 8.72% | 16.60% | 19.56% | 22.20% |
The cash flow projection for Latheethen Feeds, Inc. shows that provisions for ongoing expenses are adequate to meet the needs of the company, as the business generates sufficient cash flow to support operations and future expansions.
Cash flow projections are critical to our success. The monthly cash flow is shown in the illustration, with one bar representing the cash flow per month and the other representing the monthly balance. The annual cash flow figures are included here and in our Cash Flow table. Detailed monthly numbers are included in the Appendix.
Cash Flow shows the purchase of long-term assets as follows:
The table also shows the new loans required, and the projected repayment schedules.
Pro Forma Cash Flow | |||||
FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | |
Cash Received | |||||
Cash from Operations | |||||
Cash Sales | $149,386 | $162,582 | $218,884 | $255,396 | $293,232 |
Subtotal Cash from Operations | $149,386 | $162,582 | $218,884 | $255,396 | $293,232 |
Additional Cash Received | |||||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $15,000 | $0 | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $135,000 | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 | $0 | $0 |
Subtotal Cash Received | $164,386 | $297,582 | $218,884 | $255,396 | $293,232 |
Expenditures | FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 |
Expenditures from Operations | |||||
Cash Spending | $31,000 | $45,000 | $63,000 | $73,000 | $82,000 |
Bill Payments | $75,770 | $103,070 | $116,585 | $129,680 | $143,333 |
Subtotal Spent on Operations | $106,770 | $148,070 | $179,585 | $202,680 | $225,333 |
Additional Cash Spent | |||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $9,167 | $5,833 | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $0 | $13,500 | $13,500 | $13,500 | $13,500 |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 |
Purchase Long-term Assets | $15,000 | $125,000 | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 | $20,000 | $20,000 |
Subtotal Cash Spent | $130,937 | $292,403 | $193,085 | $236,180 | $258,833 |
Net Cash Flow | $33,449 | $5,179 | $25,799 | $19,216 | $34,399 |
Cash Balance | $33,976 | $39,155 | $64,953 | $84,169 | $118,569 |
The Balance Sheet shows healthy growth of net worth, and strong financial position. The monthly estimates are included in the Appendix. The balance sheet for Latheethen Feeds, Inc. is quite solid. We do not project any trouble meeting our debt obligations. Our management is strong enough and more than capable of keeping the business on track for total repayment of any obligations (loans).
Our major capital asset (the property and affixed buildings) is valued at about $170,000. Our current assets include all the mill equipment ($71,463) and the tractor ($4,000). These items will be purchased upon funding of the requested loan, for the amount of $100,000.
We (the new owners) will also be paying off some old personal debt that will allow us to lower our monthly personal expenses. This will enable us to work hard at growing the business and not have to worry about taking money out of the company for personal reasons. The payroll amounts forecasted will be more than sufficient to cover our personal income needs.
We will have a solid starting balance in the company account. This will allow us to start the business takeover with a security nest and will allow us to grow our cash balance at a more steady pace.
Our projected balance sheet is presented in the table below.
Pro Forma Balance Sheet | |||||
FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | |
Assets | |||||
Current Assets | |||||
Cash | $33,976 | $39,155 | $64,953 | $84,169 | $118,569 |
Inventory | $5,970 | $6,293 | $7,746 | $9,038 | $10,377 |
Other Current Assets | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 |
Total Current Assets | $115,409 | $120,910 | $148,162 | $168,670 | $204,408 |
Long-term Assets | |||||
Long-term Assets | $185,000 | $310,000 | $310,000 | $310,000 | $310,000 |
Accumulated Depreciation | $42,089 | $45,089 | $48,089 | $51,089 | $54,089 |
Total Long-term Assets | $142,911 | $264,911 | $261,911 | $258,911 | $255,911 |
Total Assets | $258,320 | $385,821 | $410,073 | $427,581 | $460,319 |
Liabilities and Capital | FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 |
Current Liabilities | |||||
Accounts Payable | $10,620 | $8,279 | $9,699 | $10,745 | $11,874 |
Current Borrowing | $5,833 | $0 | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 | $0 | $0 |
Subtotal Current Liabilities | $16,453 | $8,279 | $9,699 | $10,745 | $11,874 |
Long-term Liabilities | $0 | $121,500 | $108,000 | $94,500 | $81,000 |
Total Liabilities | $16,453 | $129,779 | $117,699 | $105,245 | $92,874 |
Paid-in Capital | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Retained Earnings | $214,805 | $240,866 | $255,042 | $271,374 | $301,336 |
Earnings | $26,061 | $14,176 | $36,332 | $49,962 | $65,109 |
Total Capital | $241,866 | $256,042 | $292,374 | $322,336 | $367,446 |
Total Liabilities and Capital | $258,320 | $385,821 | $410,073 | $427,581 | $460,319 |
Net Worth | $241,866 | $256,042 | $292,374 | $322,336 | $367,446 |
Latheethen Feeds, Inc.’s projected business ratios are provided in the table below. The final column, Industry Profile, shows significant ratios for the Feed Store Industry, as determined by the Standard Industry Classification (SIC) Index code 5999-0803.
Ratio Analysis | ||||||
FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | Industry Profile | |
Sales Growth | 3.37% | 8.83% | 34.63% | 16.68% | 14.81% | 3.97% |
Percent of Total Assets | ||||||
Inventory | 2.31% | 1.63% | 1.89% | 2.11% | 2.25% | 38.92% |
Other Current Assets | 29.21% | 19.56% | 18.40% | 17.65% | 16.39% | 24.26% |
Total Current Assets | 44.68% | 31.34% | 36.13% | 39.45% | 44.41% | 79.54% |
Long-term Assets | 55.32% | 68.66% | 63.87% | 60.55% | 55.59% | 20.46% |
Total Assets | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Current Liabilities | 6.37% | 2.15% | 2.37% | 2.51% | 2.58% | 43.26% |
Long-term Liabilities | 0.00% | 31.49% | 26.34% | 22.10% | 17.60% | 14.36% |
Total Liabilities | 6.37% | 33.64% | 28.70% | 24.61% | 20.18% | 57.62% |
Net Worth | 93.63% | 66.36% | 71.30% | 75.39% | 79.82% | 42.38% |
Percent of Sales | ||||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 69.98% | 70.93% | 73.42% | 74.56% | 75.48% | 33.23% |
Selling, General & Administrative Expenses | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 20.52% |
Advertising Expenses | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.10% |
Profit Before Interest and Taxes | 25.41% | 15.20% | 27.38% | 30.72% | 33.81% | 1.04% |
Main Ratios | ||||||
Current | 7.01 | 14.60 | 15.28 | 15.70 | 17.22 | 1.67 |
Quick | 6.65 | 13.84 | 14.48 | 14.86 | 16.34 | 0.65 |
Total Debt to Total Assets | 6.37% | 33.64% | 28.70% | 24.61% | 20.18% | 2.45% |
Pre-tax Return on Net Worth | 15.39% | 7.91% | 17.75% | 22.14% | 25.31% | 62.21% |
Pre-tax Return on Assets | 14.41% | 5.25% | 12.66% | 16.69% | 20.21% | 6.49% |
Additional Ratios | FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | |
Net Profit Margin | 17.45% | 8.72% | 16.60% | 19.56% | 22.20% | n.a |
Return on Equity | 10.78% | 5.54% | 12.43% | 15.50% | 17.72% | n.a |
Activity Ratios | ||||||
Inventory Turnover | 11.97 | 7.71 | 8.29 | 7.74 | 7.41 | n.a |
Accounts Payable Turnover | 8.13 | 12.17 | 12.17 | 12.17 | 12.17 | n.a |
Payment Days | 27 | 34 | 28 | 29 | 29 | n.a |
Total Asset Turnover | 0.58 | 0.42 | 0.53 | 0.60 | 0.64 | n.a |
Debt Ratios | ||||||
Debt to Net Worth | 0.07 | 0.51 | 0.40 | 0.33 | 0.25 | n.a |
Current Liab. to Liab. | 1.00 | 0.06 | 0.08 | 0.10 | 0.13 | n.a |
Liquidity Ratios | ||||||
Net Working Capital | $98,955 | $112,631 | $138,463 | $157,925 | $192,535 | n.a |
Interest Coverage | 52.05 | 5.54 | 7.46 | 11.07 | 16.14 | n.a |
Additional Ratios | ||||||
Assets to Sales | 1.73 | 2.37 | 1.87 | 1.67 | 1.57 | n.a |
Current Debt/Total Assets | 6% | 2% | 2% | 3% | 3% | n.a |
Acid Test | 6.65 | 13.84 | 14.48 | 14.86 | 16.34 | n.a |
Sales/Net Worth | 0.62 | 0.63 | 0.75 | 0.79 | 0.80 | n.a |
Dividend Payout | 0.00 | 0.00 | 0.00 | 0.40 | 0.31 | n.a |
Latheethen Feeds, Inc. is expected to grow at a steady pace. In conversations with other feed owners, this topic is already a common theme. Many feed stores are beginning to experience record breaking growth rates. This is an exciting time to purchase an already established and successful store in this market. As we expand our customer base, offer more products and bring the dreamed of equine boarding stable to life, we will be positioning Latheethen Feeds, Inc. amongst the elite dealers in the state of Michigan.
We will continuously review our business plan as we implement changes. By doing so we will ensure accuracy and stability. Our goal is to take over this great business, protect it, nurture it, and provide for it. Doing these things will enable us to grow and expand the business in a professional atmosphere.
Long-term | ||||||||||
FY 2005 | FY 2006 | FY 2007 | FY 2008 | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | |
Sales | $149,386 | $162,582 | $218,884 | $255,396 | $293,232 | $0 | $0 | $0 | $0 | $0 |
Cost of Sales | $44,840 | $47,264 | $58,177 | $64,984 | $71,886 | $0 | $0 | $0 | $0 | $0 |
Gross Margin | $104,546 | $115,318 | $160,707 | $190,412 | $221,346 | $0 | $0 | $0 | $0 | $0 |
Gross Margin % | 69.98% | 70.93% | 73.42% | 74.56% | 75.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Operating Expenses | $66,587 | $90,610 | $100,772 | $111,950 | $122,190 | $0 | $0 | $0 | $0 | $0 |
Operating Income | $37,959 | $24,708 | $59,935 | $78,462 | $99,156 | $0 | $0 | $0 | $0 | $0 |
Net Income | $26,061 | $14,176 | $36,332 | $49,962 | $65,109 | $0 | $0 | $0 | $0 | $0 |
Current Assets | $115,409 | $120,910 | $148,162 | $168,670 | $204,408 | $0 | $0 | $0 | $0 | $0 |
Long-term Assets | $142,911 | $264,911 | $261,911 | $258,911 | $255,911 | $0 | $0 | $0 | $0 | $0 |
Current Liabilities | $16,453 | $8,279 | $9,699 | $10,745 | $11,874 | $0 | $0 | $0 | $0 | $0 |
Long-term Liabilities | $0 | $121,500 | $108,000 | $94,500 | $81,000 | $0 | $0 | $0 | $0 | $0 |
Equity | $241,866 | $256,042 | $292,374 | $322,336 | $367,446 | $0 | $0 | $0 | $0 | $0 |
Sales Forecast | |||||||||||||
Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | ||
Sales | |||||||||||||
Equine Feed | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | |
Deer Feed | $2,800 | $2,800 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $2,800 | $2,800 | |
Livestock Feed | $7,200 | $8,900 | $6,400 | $6,300 | $6,600 | $7,200 | $8,654 | $8,200 | $7,900 | $8,600 | $9,300 | $8,092 | |
Misc. Products & Supplies | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | |
Boarding Stable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Sales | $13,670 | $15,370 | $10,170 | $10,070 | $10,370 | $10,970 | $12,424 | $11,970 | $11,670 | $12,370 | $15,770 | $14,562 | |
Direct Cost of Sales | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | |
Corn, Oats, Molasses, Other Ingredients | $5,600 | $2,800 | $2,800 | $2,800 | $2,800 | $2,800 | $2,800 | $2,800 | $2,800 | $2,800 | $4,000 | $5,600 | |
Misc. Products & Supplies | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | |
Boarding Stable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Bags, Ties, Pallets, Labels | $120 | $120 | $120 | $120 | $120 | $120 | $120 | $120 | $120 | $120 | $120 | $120 | |
Subtotal Direct Cost of Sales | $5,970 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $4,370 | $5,970 |
Personnel Plan | |||||||||||||
Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | ||
Dennis | 0% | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Kay | 0% | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Extra Mill Operator | 0% | $0 | $0 | $0 | $0 | $0 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Extra Store Help | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total People | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |
Total Payroll | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
General Assumptions | |||||||||||||
Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | ||
Plan Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
Current Interest Rate | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | |
Long-term Interest Rate | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | |
Tax Rate | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pro Forma Profit and Loss | |||||||||||||
Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | ||
Sales | $13,670 | $15,370 | $10,170 | $10,070 | $10,370 | $10,970 | $12,424 | $11,970 | $11,670 | $12,370 | $15,770 | $14,562 | |
Direct Cost of Sales | $5,970 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $4,370 | $5,970 | |
Other Costs of Goods | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Cost of Sales | $5,970 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $4,370 | $5,970 | |
Gross Margin | $7,700 | $12,200 | $7,000 | $6,900 | $7,200 | $7,800 | $9,254 | $8,800 | $8,500 | $9,200 | $11,400 | $8,592 | |
Gross Margin % | 56.33% | 79.38% | 68.83% | 68.52% | 69.43% | 71.10% | 74.48% | 73.52% | 72.84% | 74.37% | 72.29% | 59.00% | |
Expenses | |||||||||||||
Payroll | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | |
Advertising & Marketing | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $10 | |
Depreciation | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | |
Fuel | $629 | $672 | $542 | $539 | $547 | $562 | $598 | $587 | $579 | $597 | $682 | $652 | |
Maintenance of Delivery Truck | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | |
Utilities | $256 | $256 | $256 | $256 | $256 | $256 | $256 | $256 | $256 | $256 | $256 | $256 | |
Insurance | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | |
Payroll Taxes | 15% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Postage | $15 | $15 | $15 | $15 | $15 | $15 | $15 | $15 | $15 | $15 | $15 | $15 | |
Bank Charges | $20 | $20 | $20 | $20 | $20 | $20 | $20 | $20 | $20 | $20 | $20 | $20 | |
Stable Renovation Expenses | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Accounting & Legal | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | |
Feed Dealers Permit | $0 | $0 | $15 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Website Development | $500 | $500 | $500 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Website hosting | $25 | $25 | $25 | $25 | $25 | $25 | $25 | $25 | $25 | $25 | $25 | $25 | |
Online Payment Account Mgmt | 15% | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 |
Sales Tax License | $0 | $0 | $25 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Operating Expenses | $5,375 | $5,418 | $5,328 | $4,785 | $4,793 | $5,808 | $5,844 | $5,833 | $5,825 | $5,843 | $5,928 | $5,808 | |
Profit Before Interest and Taxes | $2,325 | $6,782 | $1,672 | $2,115 | $2,407 | $1,992 | $3,410 | $2,967 | $2,675 | $3,357 | $5,472 | $2,784 | |
EBITDA | $2,575 | $7,032 | $1,922 | $2,365 | $2,657 | $2,242 | $3,660 | $3,217 | $2,925 | $3,607 | $5,722 | $3,034 | |
Interest Expense | $88 | $83 | $78 | $73 | $68 | $63 | $58 | $53 | $49 | $44 | $39 | $34 | |
Taxes Incurred | $671 | $2,010 | $478 | $613 | $702 | $579 | $1,005 | $874 | $788 | $994 | $1,630 | $825 | |
Net Profit | $1,566 | $4,690 | $1,116 | $1,429 | $1,637 | $1,350 | $2,346 | $2,040 | $1,838 | $2,319 | $3,803 | $1,925 | |
Net Profit/Sales | 11.46% | 30.51% | 10.97% | 14.19% | 15.79% | 12.31% | 18.88% | 17.04% | 15.75% | 18.75% | 24.12% | 13.22% |
Pro Forma Cash Flow | |||||||||||||
Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $13,670 | $15,370 | $10,170 | $10,070 | $10,370 | $10,970 | $12,424 | $11,970 | $11,670 | $12,370 | $15,770 | $14,562 | |
Subtotal Cash from Operations | $13,670 | $15,370 | $10,170 | $10,070 | $10,370 | $10,970 | $12,424 | $11,970 | $11,670 | $12,370 | $15,770 | $14,562 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $15,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Received | $28,670 | $15,370 | $10,170 | $10,070 | $10,370 | $10,970 | $12,424 | $11,970 | $11,670 | $12,370 | $15,770 | $14,562 | |
Expenditures | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | |
Expenditures from Operations | |||||||||||||
Cash Spending | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | |
Bill Payments | $231 | $6,881 | $5,791 | $6,664 | $6,394 | $6,479 | $6,385 | $6,823 | $6,677 | $6,589 | $6,904 | $9,952 | |
Subtotal Spent on Operations | $2,231 | $8,881 | $7,791 | $8,664 | $8,394 | $9,479 | $9,385 | $9,823 | $9,677 | $9,589 | $9,904 | $12,952 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $833 | $833 | $833 | $833 | $833 | $833 | $833 | $834 | $834 | $834 | $834 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Long-term Assets | $15,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Spent | $17,231 | $9,714 | $8,624 | $9,497 | $9,227 | $10,312 | $10,218 | $10,656 | $10,511 | $10,423 | $10,738 | $13,786 | |
Net Cash Flow | $11,439 | $5,656 | $1,546 | $573 | $1,143 | $658 | $2,206 | $1,314 | $1,159 | $1,947 | $5,032 | $776 | |
Cash Balance | $11,966 | $17,622 | $19,168 | $19,741 | $20,884 | $21,542 | $23,748 | $25,062 | $26,221 | $28,168 | $33,200 | $33,976 |
Pro Forma Balance Sheet | |||||||||||||
Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | ||
Assets | Starting Balances | ||||||||||||
Current Assets | |||||||||||||
Cash | $527 | $11,966 | $17,622 | $19,168 | $19,741 | $20,884 | $21,542 | $23,748 | $25,062 | $26,221 | $28,168 | $33,200 | $33,976 |
Inventory | $8,904 | $5,970 | $3,300 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $4,370 | $5,970 |
Other Current Assets | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 | $75,463 |
Total Current Assets | $84,894 | $93,399 | $96,385 | $97,801 | $98,374 | $99,517 | $100,175 | $102,381 | $103,695 | $104,854 | $106,801 | $113,033 | $115,409 |
Long-term Assets | |||||||||||||
Long-term Assets | $170,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 |
Accumulated Depreciation | $39,089 | $39,339 | $39,589 | $39,839 | $40,089 | $40,339 | $40,589 | $40,839 | $41,089 | $41,339 | $41,589 | $41,839 | $42,089 |
Total Long-term Assets | $130,911 | $145,661 | $145,411 | $145,161 | $144,911 | $144,661 | $144,411 | $144,161 | $143,911 | $143,661 | $143,411 | $143,161 | $142,911 |
Total Assets | $215,805 | $239,060 | $241,796 | $242,962 | $243,285 | $244,178 | $244,586 | $246,542 | $247,606 | $248,515 | $250,212 | $256,194 | $258,320 |
Liabilities and Capital | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | |
Current Liabilities | |||||||||||||
Accounts Payable | $0 | $6,689 | $5,568 | $6,451 | $6,178 | $6,266 | $6,157 | $6,600 | $6,458 | $6,362 | $6,574 | $9,586 | $10,620 |
Current Borrowing | $0 | $15,000 | $14,167 | $13,334 | $12,501 | $11,668 | $10,835 | $10,002 | $9,169 | $8,335 | $7,501 | $6,667 | $5,833 |
Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Current Liabilities | $0 | $21,689 | $19,735 | $19,785 | $18,679 | $17,934 | $16,992 | $16,602 | $15,627 | $14,697 | $14,075 | $16,253 | $16,453 |
Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Liabilities | $0 | $21,689 | $19,735 | $19,785 | $18,679 | $17,934 | $16,992 | $16,602 | $15,627 | $14,697 | $14,075 | $16,253 | $16,453 |
Paid-in Capital | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Retained Earnings | $205,465 | $214,805 | $214,805 | $214,805 | $214,805 | $214,805 | $214,805 | $214,805 | $214,805 | $214,805 | $214,805 | $214,805 | $214,805 |
Earnings | $9,340 | $1,566 | $6,256 | $7,372 | $8,801 | $10,439 | $11,789 | $14,135 | $16,175 | $18,013 | $20,332 | $24,136 | $26,061 |
Total Capital | $215,805 | $217,371 | $222,061 | $223,177 | $224,606 | $226,244 | $227,594 | $229,940 | $231,980 | $233,818 | $236,137 | $239,941 | $241,866 |
Total Liabilities and Capital | $215,805 | $239,060 | $241,796 | $242,962 | $243,285 | $244,178 | $244,586 | $246,542 | $247,606 | $248,515 | $250,212 | $256,194 | $258,320 |
Net Worth | $215,805 | $217,371 | $222,061 | $223,177 | $224,606 | $226,244 | $227,594 | $229,940 | $231,980 | $233,818 | $236,137 | $239,941 | $241,866 |
Inventory Detail | |||||||||||||
Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | ||
Months of Inventory On-hand | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Minimum Inventory Purchase | $500 | ||||||||||||
Inventory Balance | |||||||||||||
Beginning Inventory Balance | $8,904 | $5,970 | $3,300 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $4,370 | |
Less Inventory Used as COGS | $5,970 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $4,370 | $5,970 | |
Plus Inventory Purchase | $3,036 | $500 | $3,040 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $5,570 | $7,570 | |
Ending Inventory Balance | $5,970 | $3,300 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $3,170 | $4,370 | $5,970 |
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Setting up a successful livestock farming business requires you to plan and develop a well thought out business plan. Whether you are rearing cattle for meat or dairy, ducks, goats or pigs, livestock farming can be a lucrative business idea. There are many factors that you need to consider when drafting your livestock business plan. These include the market, your finances and risks among other issues. In fact, a livestock business plan has the same components of any other business plan. The only difference is that your business plan is specifically tailored towards rearing animals.
Developing a business plan for your livestock business is critical because it will help you work out how you can achieve your goals, anticipate risks and ways to reduce them as well as determine if there is any extra support that may be required. A business plan can also help you think about how you can make any adjustments or changes to your business model if the need arises.
There are several kinds of livestock business plans that include:
Just like any other business plan, a livestock farming business should have a clear vision, long term goals and short term goals in addition to your objectives. It is important therefore to think about where you want your livestock business to be in the next 5 years or so. Your long term and short term goals will assist you in mapping out what you need to do in order to get where you want to be. In addition, it is important that your goals are time bound, specific, measurable and realistic for you to have an effective business plan.
The next thing after writing out your vision and objectives is writing a summary of your current operations if you have been in the livestock business already. If this will be a start-up you can include information about the farm, where it is located and the amount of space which is available for the project. The information about the specific animals you want to rear should also be included in this section. Such information is necessary especially if you want to present the livestock business plan to investors for funding. You can also add a bit of information about your skills and experience as well the profiles of other business partners if there are any.
This section has more detail and requires you to do a lot of research. The strategic plan talks about how you intend on achieving the goals and objectives of your livestock business plan. This section includes your operational plan, sales and marketing plan as well as your financial plan. An industry analysis is critical for you to develop an effective business strategy. You must also study the agricultural market in order to understand the market conditions in which you will operate. You must know who your major competitors are to know what you are up against. Market research is also essential to determine whether or not there are potential buyers for your product. Whether you specialise in rearing one specific animal or diversify your offerings you must know if there is a market for your produce. By studying the industry and agriculture market you can find out if your livestock business will be profitable or not. Also, you can determine earlier on whether you need to change course based on market conditions.
After drafting your business strategy the next step would be to conduct an analysis where you can describe what your competitive advantage is and where your weakness lies. Consider doing a strengths, weaknesses, opportunities and threats assessment (SWOT Analysis). That way you can assess what your strengths are and how you can leverage them. You can also determine how you can optimise on any opportunities that may be present in the market. Assessing your weaknesses and threats can also help you see areas which may need improvement. Conducting an internal business analysis will help you determine what you should focus on improving whilst an external business analysis will direct you towards opportunities that you can profit from as well as prepare you for any threats.
In Agriculture risks can make or break your business. There are many risks that farmers, including livestock farmers should always prepare for. These risks include production risks, price or market risks, financial risks, as well as personal risks to name a few. A risk analysis will help you prepare for events such as diseases that may negatively affect your livestock production. You should always budget for extra funds in the event that your costs increase due to emergencies, a sudden increase in operational costs or any other activity that can drain your budget. A lot of farmers do not take price risks into consideration when they draft their business plan. To avoid making losses you should plan for all kinds of scenarios when it comes to the selling price of your produce. Always have a contingency plan in the event that your produce sells below your expected average selling price in order to reduce or to avoid making losses. Other risks involved in livestock production that you must also consider include accidents with workers or health related issues that may reduce productivity at your farm.
When developing your livestock business plan or any other business plan in general do not be afraid of aiming high. Make use of the planning phase and consider various options and farming models. Also take time to break down each business plan section and think it through. Ensure that you allocate all the time you need since a lot of research needs to be done. Understand that developing a business plan is not a one time thing but an ongoing process. Make sure that you consider all your available resources and plan for extra support in case you need it. Take time to gather information from other successful livestock farmers for guidance too.
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Do you want a business plan for farming and raising livestock? Here is what you need to know as you kick start your livestock farm.
Business plans are what lies between one’s business resources and business revenues. An excellent plan transforms a business idea into possible results using an actionable roadmap.
In simple words, a business plan acts as a guide to lead your business into the goals you want to achieve. Don’t get absorbed into thinking that a good plan must be officially documented, or contain a complex strategy; you can keep it more straightforward and still get results.
Need to write a plan for your venture? Download a FREE Business Plan PDF Sample to develop a template for your own startup.
Here are some business plans for starting a livestock farm.
The most common challenge to livestock farmers is earning a high income from their farming business. This challenge is not only confounded to small-scale farmers with relatively low resources but also to large-scale farmers who have the needed funds even to hire professional business managers.
READ: HOW TO BECOME A LIVESTOCK FEED DISTRIBUTOR
In some cases, your business revenue can continuously decrease over some time that you might decide to quit your business as well. These are the times when a good plan can act as your turning point.
HOW TO WRITE A LIVESTOCK FARMING BUSINESS PLAN
Even though you can farm livestock for non-profit purposes, many business experts advocate livestock farming for business. Imagine tapping into lucrative areas like dairy farming, poultry farming, aquafarming, and rabbit farming to supplement your income.
Better still, other areas like snails farming to earn money. To large-scale farmers, it is by default that you are yearning to learn what a good plan comprises. If you are a starter, this article also covers you to ensure you reap profits from your business.
A typical business plan takes any of these forms:
How Will a Business Plan for My Livestock Farming Help Me?
If you are still puzzled upon whether to use a business plan for your livestock farming, then below are the various ways you will benefit when using a business plan:
Components of an Excellent Livestock Farming Business Plan
If you have ever found yourself jotting down points relating to what you want for your business, then you did a business plan. But, a good plan does not only entail writing down your ideas. It involves aspects that are tailored to your business. Thus, it is essential to understand your business and your market before crafting your business plan.
The first component should be a summary of your mission , business resources , and vision statement. This introductory part is known as an executive summary , and it needs to be personalized for your business. For instance, use “we” or “I” but not “you”.
Talk about:
Your plan should have a target market and the market advantage you have over your competitors. As an example, state something like, “ Our business will be located in the Lower Desert Region. Because the regions demand fresh daily milk, our workforce will be provided with quality working conditions to discharge their tasks efficiently .”
How will you get revenue? Describe your projection for your business revenue source. For instance, do you intend to generate revenue from actual sales of your livestock, or by selling livestock products?
You should also describe the sales projection of your business from past revenues. You can state the amount earned in the three previous years to understand what can be earned from your business.
Your business plan for livestock farming should also have the marketing and advertising strategies you intend to use. This strategy enables you to budget well.
It is relevant noting that even though an excellent business plan is a roadmap to achieving your goals, the plan should be unique. This is critical when using an external business plan with the sole aim of getting some external funding or lure investors.
The last thing every investor wants is a boring pitch that is repeated over and over. So, use your livestock business plan to detail as much information as possible that best describe your services.
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Written by Dave Lavinsky
Over the past 20+ years, we have helped over 3,500 farmers create business plans to start and grow their farm businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a farm business plan template step-by-step so you can create your plan today.
Download our Ultimate Farm Business Plan Template here >
A business plan provides a snapshot of your farm business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
If you’re looking to start a farm business or grow your existing farm business you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your farm business in order to improve your chances of success. Your farm business plan is a living document that should be updated annually as your company grows and changes. It can be used to create a vegetable farm business plan, or a dairy farm, produce farm, fruit farm, agriculture farm and more.
With regards to funding, the main sources of funding for a farm business are personal savings, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.
The second most common form of funding for a farm business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.
Your business plan should include 10 sections as follows:
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of farm business you are operating and the status; for example, are you a startup, do you have a farm business that you would like to grow, or are you operating a chain of farm businesses.
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the farm business industry. Discuss the type of farm business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.
In your company analysis, you will detail the type of farm business you are operating.
For example, you might operate one of the following types among others:
In addition to explaining the type of farm business you operate, the Company Analysis section of your business plan needs to provide background on the business.
Include answers to question such as:
In your industry analysis, you need to provide an overview of the farm business.
While this may seem unnecessary, it serves multiple purposes.
First, researching the farm business industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards decaffeinated farm business consumption, it would be helpful to ensure your plan calls for plenty of decaffeinated options.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your farm business plan:
The customer analysis section of your farm business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: food manufacturers, grocery wholesalers, retail grocers, restaurants, individual consumers, etc.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of farm business you operate. Clearly food manufacturers would want different pricing and product options, and would respond to different marketing promotions than retail grocers.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
Don’t you wish there was a faster, easier way to finish your business plan?
With Growthink’s Ultimate Farm Business Plan Template you can finish your plan in just 8 hours or less!
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other farm businesses.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes processed foods, imported goods, and growing produce themselves. You need to mention such competition to show you understand the true nature of the market.
With regards to direct competition, you want to detail the other farm businesses with which you compete. Most likely, your direct competitors will be farm businesses located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
Think about ways you will outperform your competition and document them in this section of your plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a farm business plan, your marketing plan should include the following:
Product : in the product section you should reiterate the type of farm business that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to wholesale crops, will you also offer subscriptions to individuals?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the products you offer and their prices.
Place : Place refers to the location of your farm. Document your location and mention how the location will impact your success. For example, is your farm centrally located near gourmet restaurants and specialty grocers, etc. Discuss how your location might provide a steady stream of customers. Also, if you operate or plan to operate farm stands, detail the locations where the stands will be placed.
Promotions : the final part of your farm business marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your farm business such as serving customers, delivering produce, harvesting, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or acquire more arable land.
To demonstrate your farm business’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in farming. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in farming and/or successfully running small businesses.
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you serve 100 customers per week or 200? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your farm, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a company approached you with a massive $100,000 supplier contract, that would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for seed, equipment, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During that 180 day period, you could run out of money.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a farm business:
Your new farm’s business plan must include a detailed financial plan based on reasonable assumptions of your costs and revenues. To determine if the results you show in this plan will be attractive to investors, look at industry standard financial metrics to see how you measure up against the farming industry, or your sector of the industry, on average. These are some basic measures and ratios to study.
Value of Production
The value of production is equal to your farm’s cash receipts plus the changes in value of product inventory and accounts receivable, less your livestock purchases. This is a measure of the value of the commodities you have produced in the period.
Net Farm Income
The NFI or net farm income, represents the value of production less direct and capital costs in the time period. This is a dollar figure, and not a ratio relating the income to the investment made, so it cannot be used to compare the farm against other farms.
Gross Margin
This represents the NFI less depreciation. The gross margin shows how much money is available in the year to cover the unallocated fixed costs, and dividends to owners and unpaid operators.
Return on Farm Assets
This is a ratio that can be used to compare the farm with others. This is calculated as NFI plus interest expense less unpaid operator labor, all divided by the total assets of the farm.
Asset Turnover Ratio
This ratio is equal to the value or production over the total farm assets. Combined with the operating profit margin ratio, this shows the efficiency of the farm in generating revenues.
Operating Profit Margin Ratio
This ratio is similar to Return on Farm Assets, but divides the same numerator (NFI plus interest expense less unpaid operator labor) by the value of production figure. This shows the percentage of each revenue dollar that becomes profit. If it is low, a higher turnover can compensate, and if it is high, a lower turnover ratio is required.
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint or location lease.
Putting together a business plan for your farm business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. It can be used for a small farm business plan template or any other type of farm. You will really understand the farm business, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful farm business.
You can download our farm business plan PDF here . This is a small farm business plan example pdf you can use in PDF format.
What is the easiest way to complete my farm business plan.
Growthink's Ultimate Farm Business Plan Template allows you to quickly and easily complete your Farm Business Plan.
You can download our farm business plan PDF template here . This is an example business plan template you can use in PDF format.
Don’t you wish there was a faster, easier way to finish your Farm business plan?
Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.
Click here to see how Growthink’s professional business plan consulting services can create your business plan for you.
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Table of contents, livestock management.
Find a good location for livestock farming business, proper feeding for livestock animals, stocking rate and grazing capacity, get your livestock equipment, water requirements for livestock farm, providing shelter for livestock, register your business, obtain a loan for livestock farm business, get a nutritionist and veterinarian, scope of livestock farming business.
Introduction to livestock farming business plan: Livestock farming is the rearing of animals for food and other human uses. The word ‘Livestock’ applies mainly to cattle or dairy cows, chickens, goats, pigs, horses, and sheep. Today, even animals such as donkeys, mules, rabbits, and insects such as bees are being raised as part of livestock farming. Basically, livestock products are the main source of animal protein for human consumption.
Animal farming business or livestock farming business in India is very promising. Livestock farming can be operated from your backyard or as small scale or even on a large scale. Livestock farming represents the only way in which the natural vegetation that covers large parts of India can be converted into protein products that can be used by the human being. It provides draught power and manure to the crop enterprise and this, in turn, could provide feed and fodder.
The usefulness of livestock organs in medicines such as insulin has been understood only recently. Nevertheless, livestock farms have been benefiting us in several ways for ages – they provide us with eggs, honey, meat, and milk, etc. The skins or hides and even hair of these animals have been used to make blankets and other products.
Livestock management mainly involves managing farm animals and supervising farmworkers. Livestock management requires knowledge of animal science and animal husbandry, and also good business sense. Many livestock managers should also keep financial records for their operations. Depending on the farm size, managers may perform some physical tasks like operating and maintaining machinery, as well as personally attending to the livestock. Dairy farms, cattle ranches, swine operations, and poultry farms all need effective livestock management to be successful and profitable.
Livestock farming is merged with producing crops, though some farmers do focus on livestock farming only, to enable them to have the opportunity to major on 1 or 2 livestock animals. These animals contain sheep, chickens, cows, goats, pigs, rabbits, grass cutter and others. Livestock farming has a high demand due to its meat that has several nutritious benefits to health. It is a profitable business and can be tasking. It is domesticated animals raised in an agricultural setting to produce commodities like food, fiber, and labor. The term is used to refer solely to those raised for food and sometimes only farmed ruminants, such as cattle and goats.
Here we discussed the livestock farming business plan ;
Knowing the reason why you operate on livestock farming is important because it helps to know what you want and how you can achieve your purpose. If you are planning to venture on animals for meat and dairy products, then goat or cattle can be the best option to choose from.
Knowing your farm purpose helps you describe what you want. This is very essential in starting up livestock farming because what you select will determine the farm equipment that is required. For example, start a dairy business ; entails raising livestock for a dairy product such as milk and the Meat production business entails raising livestock for meat consumption.
Finding a location mainly depends on whether you going into the large or small livestock farm business, it will help to decide the best location for your livestock business. It is very important to know the size of the land you want to buy because the land used in the rearing of cattle is different from the one used for grass cutter or rabbit farming. So if you want to venture into extensive livestock farms, getting a location in the rural areas is better as it will cheaper and sizeable as well.
You should not miss the Pig Farming Subsidy and Loan in India .
Check if the location is simply accessible by transport too, though this may not be a major concern; make sure the road is not too bad that it won’t serve the main issue in you transporting your livestock to the markets. In choosing a good location for livestock farming , you have to consider some factors such as seasonal variances, climate, regional vegetation, local cattle markets, and topography. All these have an effect on your farm business, to ensure that you carefully select your location.
Feeding is very important in livestock farming business, so if you are into sheep, cattle, goat and grass cutting farming, it is advisable to plant grass around the area as it will help to reduce the cost that might occur on provision food and supplements.
Feeding is known to be one of the most important factors for successful livestock farming business because when they are been fed well, it will perform as supposed. Feeding your livestock animals well doesn’t mean overfeeding, but it means giving them the right food for livestock. Feeding in livestock needs a great deal of knowledge, skill, and practice to be able to feed as required. It is important to understand the different types that can be fed to livestock, and then learn how the different foods can be combined together to form balanced rations for animals.
It is important to select livestock that is well adapted to the veld and climatic conditions of an area, and to the style of farming and intensity of supervision that the farmer chooses and able to apply. Animals that are not accustomed to extreme temperatures or periods of drought will struggle to survive, resulting in high livestock farm losses or increased expenses (for example purchasing additional fodder) to keep animals healthy.
Once you have to choose suitable livestock the next aspect to consider in determining a sustainable stocking rate for the area to be used for grazing. The stocking rate is the number of hectares necessary per stocking-unit per annum or grazing season for a given area. A suitable stocking rate is determined by the grazing capacity is also known as the carrying capacity of an area. Grazing capacity refers to the number of hectares required to sustain one Large Stock Unit (LSU) over a human generation without deterioration of the vegetation or soil. One LSU is equivalent to 6 Small Stock Units (SSU), for example, 1 cow (LSU) = 6 sheep (SSUs).
You have to ensure that all the equipment and essential things for livestock farming are available. So you have to consider its watering, feeding equipment, the livestock shed, and others are available. The capability to start a profitable livestock business depends on your ability to your equipment in order. So, it is important to ensure that all the required equipment is available to run your business.
The equipment necessary for your livestock farming includes; feeding equipment, livestock trailer, water tanks, a manure spreader, a corral system, and a headgate. Good livestock handling facilities are created to protect livestock and them safe. This includes facilities that reduce the amount of bruising damage and physical injury done to the farm animal.
Livestock water requirements vary depending on the animal size, suitability to arid regions, seasonality and the climatic conditions of the area. Small livestock units, such as sheep and goats, optimally require 7 liters of water per day. Small-scale farmers have told us that their sheep manage with 5 liters per day. Water requirements increase under high protein or salt diets and during periods of high temperatures. Ewes that are lambing or producing milk for lambs need more water. Water requirements of different breeds of sheep will differ, and those less adapted to arid regions will need more water.
Under extreme heat conditions, it is particularly important to ensure that animals have easy access to clean drinking water. Provide farm animals with adequate clean water of good quality on a daily basis. If sheep can survive with less frequent access to water, it will cost in terms of their condition.
Livestock needs some form of shelter where they can rest and ruminate. The shelter is important for protection against extreme weather conditions. Most importantly, animals could need shelter from the very hot sun and cold and wet conditions. In veld that has plentiful trees and shrubs, sheep will generally be able to find a suitable shelter in all seasons, especially if they are familiar with the area. One exception here would be an extremely cold and wet event, where you would need to accommodate pregnant ewes, sick animals and lambs.
It is advisable to have a business registered, most especially if you are planning on going into commercial livestock farming. You can register your farm business with the local authorities which also helps to advertise your business to people. Registering your livestock farm business does not only protect your brands but it goes a long way in making easier for you to select the appropriate structure for your business.
Incase if you miss this: Fertilizer Business Subsody, Loan in India .
Depending on your livestock business plan and the amount of money required to start your business, you can apply for a loan. Writing down your business plan will help to know you will need to start up your farm business, including how much you will need to purchase land and other products you might need for a farming business. You can borrow from trusted people you know.
It is also good that you interact with agricultural and small business organizations that can help in directing you to places you can go for a loan other than what you will get from banks. While going loan application, it is very important to go with your business plan because it will boost your chances of getting a loan. And always remember to start little to avoid much spending.
Getting a nutritionist and a veterinarian will help you in achieving a successful livestock farming business . A good veterinarian and a nutritionist will help to keep livestock in good health. A nutritionist will help in terms of getting the right food for livestock. Also having a good relationship with these people can increase the chances of the successful livestock business. It is good to keep a relationship with your customers so that they can be able to help you during tough times. So, it is very vital in livestock farming to have a good veterinarian who can respond immediately when needed. Ensure that you work cooperatively with a veterinarian so that they can provide you with the best possible health care. Always make sure to have livestock vaccinated to prevent them from getting ill or contacting any injury.
Livestock farming business is concerned with livestock and its products by farmers, traders and of inputs required by them in the production of these animals and their products. This subject of livestock business contains product marketing as well as input marketing.
Livestock rearing is an age-old practice even before the existence of agricultural farming with seed. Traditionally nomadic farmer reared their livestock wherever the feed and water were obtainable. Now day’s modern animal husbandry activities attract usage of scientific know-how on breeding, feeding and animal health care. Modern practices can be more input-intensive. Thus the scope of livestock farming business includes both input and output trading.
These are the subject matter of livestock marketing includes marketing function, agencies or traders, channels, efficiency and costs, price spread, market integration, production surplus, government policy and research, training and market statistics. The business of livestock farming products is a complex process. It includes all the functions involved in the movement of produce from livestock farmers to consumers.
That’s all folks about livestock farming business plan and management. You might be interested in Making Chicken Manure Compost for Garden Plants .
I am so excited about the livestock farming business, I am interested in Goat, Sheep’s, Cows, Pigs and poultry farming business, how can I obtain a loan to do the business.
I am interested in livestock production farming
I need to know the good food for cattle when your doing fattening activities. I am interested with fattening and dairy activities. I need to have more knowledge on fattening and dairy management. Kindly advise though my email. Regards
I’m really interested in the livestock production business . how can I obtain a loan ?
Agrifarming is good for man being
I am interested in livestock farming .Is it a good idea if I invite a group of people to be a co op and contribute a start up funds
I want to start a live stock farming in order to provide milk, I need a proper business plan to obtain funding. Kindly advice.
It’s a good business proposal
Hi want to start livestock farming for income have already 6 goats and 2 sheeps and 20 farm chickens.Need asistants to get bigger.
I want to start livestock farming to help my community from nothing to something.
This is a good insight into farm business plan development.
Please get me the details of wholesale chicken supplier
I’m interested on livestock farming
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Gov. Kathy Hochul wants to postpone a plan to charge motorists to enter Manhattan’s business district, citing fears that it will hurt the city’s economy.
By Dana Rubinstein and Grace Ashford
Gov. Kathy Hochul is quietly maneuvering to delay a plan to toll drivers entering Manhattan’s central business district, just weeks before it is slated to go into effect, according to two people familiar with the discussions.
The first-in-the-nation congestion pricing plan , which has been decades in the making, is slated to start June 30. Drivers using E-ZPass will pay as much as $15 to enter Manhattan south of 60th Street.
But even as Ms. Hochul believes that congestion pricing is good environmental policy, she has concerns that the timing was less than ideal, according to a person familiar with her thinking. The governor feared that it might deter commuters from returning to the central business district, which has yet to fully recover from the pandemic.
Ms. Hochul’s gambit, if successful, could also help her fellow Democrats in the House who might otherwise face angry voters in an election year. But it would be a devastating blow to advocates and organizers who have worked for more than a decade to bring this change to New York City.
It is not clear whether Ms. Hochul’s still-formative plan to delay congestion pricing and replace it with another revenue stream would gain the needed approval of the New York State Legislature, which passed the plan years ago.
The tolling scheme was designed to reduce traffic congestion in Manhattan and produce $1 billion a year in revenue for the Metropolitan Transportation Authority, which runs the region’s subways, buses and two of its commuter rail systems. That revenue, in turn, would fund the system’s vast capital construction needs.
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The vote for Elon Musk's hotly debated $55 billion pay package is next week.
The compensation plan, originally put into place in 2018, was struck down earlier this year by a Delaware judge who said the billionaire had undue influence over the board because of close ties to some of its members.
Tesla is now putting Musk's pay package to a shareholder vote on June 13 in an effort to reinstate it. So what will happen if it isn't approved?
Tesla board chair Robyn Denholm said in an interview on CNBC's "Squawk Box" on Thursday that there are multiple possibilities. The board has considered options such as creating a new pay plan — but she said that could end up costing shareholders more.
Denholm argued that the compensation tied to the 2018 pay package, which was worth an estimated $2.3 billion in stock-based compensation charges at the time, had already been paid out. Rejecting the plan wouldn't change that.
But if the shareholders overturn the 2018 pay plan, and Tesla were to craft a new plan with the same stock grants, they would cost around $25 billion worth of stock-based compensation today.
When asked if whether Elon Musk could ultimately sue Tesla if shareholders reject ratification, Denholm said it was "possible," but she didn't know how probable it would be.
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"Well, the good part about the legal system in the US is anybody can sue anybody," Denholm said. But Denholm said at this point, it wasn't something that Musk had brought up to the board.
The Tesla board chair said while there may be other options, they would lead to increased costs or decreased motivation from Musk.
Denholm said the CEO has worked incredibly hard over the last six years to lead the company to "transformative growth." While shareholders and customers have both benefited, Musk himself hasn't received compensation.
"Ratifying the plan is the best option," Denholm said. "Clearly, if it doesn't pass, then there are other alternatives, but none of them are as good from a shareholder perspective as actually ratifying the plan."
There's also no guarantee that the pay plan will survive even if shareholders do ratify it on June 13. The Delaware court system could rule that it's still invalid.
Denholm said if that were to happen, it would be "detrimental" to shareholders, which is another reason she said they were fighting so hard to get it ratified.
"Well that is possible," she said. "But quite frankly, if you sit back, that is actually quite detrimental from a shareholder policy perspective."
"Shareholder votes have been pretty sacrosanct from a Delaware law perspective, from a corporate America perspective, from a legal system," she said.
Advocates for and against ratifying Musk's pay package have been ramping up their arguments in recent weeks. Several investment firms urged shareholders to vote against it, most recently the CEO of the California Public Employees' Retirement System.
Meanwhile, Tesla's board and prominent shareholders like Ron Baron have been actively campaigning for its approval, arguing that it is fair and necessary to keep the CEO's focus on Tesla.
Musk does not earn a salary and his compensation relies on the company's performance with specific metrics defined in 2018.
The executive pay plan involves a 10-year grant of 12 tranches of stock options that are vested when Tesla hits specific milestones. Once the company hits each target, Musk gets stock equal to 1% of outstanding shares at the time of the grant. Tesla said it hit all 12 goalposts as of 2023.
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Business Overview. Bear Creek Farms is a new livestock farm located just outside of Austin, Texas, near Bear Creek. The company operates a 1000-acre farm that is home to hundreds of pastured cattle, pigs, and sheep. The farm will produce milk, cheese, and meat to sell to grocery stores, restaurants, and individuals located in the Austin area.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a livestock farming business: Cost of breeder chickens, lambs, farrow pigs or calves. Cost of farming equipment and vehicles. Payroll or salaries paid to staff. Business insurance.
Cattle Farm Business Plan. Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their cattle farms. We have the experience, resources, and knowledge to help you create a great business plan. In this article, you will learn some background information on why business planning ...
Open for Business. 1. Choose the Name for Your Cattle Farm. The first step to starting a cattle farm is to choose your business' name. This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable.
To get started with a new cattle farm business, you need a proactive business plan in place.Getting some insights into the tricks of the trade can be an excellent way to get a footing on where to start. You can spend some time doing thorough research about the different departments you'd need to take care of for a flourishing Cattle Farm Business.
How To Use Business Plan Template for Livestock Farmers. If you're a livestock farmer and want to create a comprehensive business plan, follow these steps using the Business Plan template in ClickUp: 1. Define your vision and mission. Start by clarifying your vision and mission for your livestock farming business.
Realization of objectives. You might realize the objectives you set out to achieve, making it necessary to change tactics if there's nothing more to achieve. Changes in cattle feed crops. You might want to shift from grass-based farming to rearing cows using field forage crops like corn for silage.
A cattle farm business plan is a detailed document that outlines the objectives, strategies, and financial projections of a cattle farming venture. It serves as a roadmap for the farm's ...
Read Also: [Pdf Sample] Poultry Farming Business Plan In Kenya Docx Infrastructure and Facilities. Discuss the infrastructure and facilities required for your livestock farming business.This includes the layout of your farm, housing structures, feeding systems, and waste management facilities. Ensure that your infrastructure is designed to provide a comfortable and healthy environment for your ...
A well-crafted business plan allows you to: Clearly define your objectives and set realistic goals for your livestock farming business. Identify potential challenges and devise strategies to overcome them. Analyze market trends, competition, and target market segments to develop effective marketing and sales strategies.
A comprehensive business plan is a crucial first step for any livestock business, regardless of size. It serves as a roadmap for start-up, profitability, and growth. Additionally, a well-developed business plan is essential for engaging with USDA programs (Farmers.gov). When developing your business plan, consider the following elements:
To draw up a roadmap. A business plan for a cattle farm helps you define your objectives and set goals for the next 3-5 years, which can be incredibly useful for achieving success in the long run. The writing process of a business plan requires careful consideration of all aspects of running your cattle farm, from financial management to sales ...
This article will outline how to start the cattle production business, and the beef cattle farming business plan - PDF, Word and Excel. Beef cattle farming is a lucrative business project that is providing income for a lot of livestock farmers. There are some important things you need to consider before you setup a beef cattle production ...
The Farm Business Plan Balance Sheet can help gather information for the financial and operational aspects of your plan. Form FSA-2037 is a template that gathers information on your assets and liabilities like farm equipment, vehicles and existing loans. FSA-2037 - Farm Business Plan - Balance Sheet. FSA-2037 Instructions.
Business Summary. Riverland is currently a small cow/ calf operation with an estimated 50 total calves and cows. The farm sells beef calves to individuals and at the cattle auction. The company is completely operated by the Doe family which entails checking, feeding, giving shots, weaning, tagging, banding, and paperwork.
Steps. Download Article. 1. Find some paper, a pencil, or a computer with Microsoft Word, One-Note or a similar text program. This will enable you to write or type down everything that comes to your mind, including the goals and aspirations you have for starting up a livestock operation.
Beef cattle do not require much maintenance, as just sheltering them is enough. 5. Decide the Purpose of Your Farm. Decide on the type of breed of cattle that you want to farm. The maintenance and budget differ for each breed, so plan accordingly. Most of the time, beginners start it with dairy products or beef.
According to the same source, farm supplies and raw materials wholesalers currently sell over $62,000,000 of goods per year. Of these, only 843 of these were selling poultry and livestock feeds mixed on location. With total sales of $8,141,368, businesses like ours sold an average of $9,658 in goods each, per year.
The strategic plan talks about how you intend on achieving the goals and objectives of your livestock business plan. This section includes your operational plan, sales and marketing plan as well as your financial plan. An industry analysis is critical for you to develop an effective business strategy. You must also study the agricultural market ...
Pig farming business plan. Dairy farming business plan. Goat farming business plan. Rabbit farming business plan. Horse breeding business plan. Calf operations business plan. The most common challenge to livestock farmers is earning a high income from their farming business. This challenge is not only confounded to small-scale farmers with ...
Farm Business Plan Template. Your business plan should include 10 sections as follows: Executive Summary. Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan. The goal of your Executive Summary is to quickly engage the ...
Scope of livestock farming business. Introduction to livestock farming business plan: Livestock farming is the rearing of animals for food and other human uses. The word 'Livestock' applies mainly to cattle or dairy cows, chickens, goats, pigs, horses, and sheep. Today, even animals such as donkeys, mules, rabbits, and insects such as bees ...
A lean business plan format is a shortened version of your more detailed business plan. It's helpful when modifying your plan for a specific audience, like investors or new hires. Also known as a one-page business plan, it includes only the most important, need-to-know information, such as: Company description; Suppliers; Key members of your team
Creative Cloud for teams provides businesses with apps, web services, and resources for all their creative projects — photography, graphic design, video editing, UX design, drawing and painting, social media, and more. Get individual app subscriptions or subscribe to the Creative Cloud All Apps plan. Learn more about the apps in Creative Cloud
Pedestrians cross a street past traffic in the Chinatown neighborhood of New York, US, on Saturday, June 17, 2023. New York City's congestion pricing plan has been "indefinitely" delayed by New ...
Walmart, America's largest private-sector employer, is starting a bonus program for its hourly employees. The company said on Wednesday that the program will be aimed at rewarding employees who ...
For business For personal and family. Do you need both a business plan and a personal plan? In some cases, a single Microsoft 365 plan will suit all your needs, but there might be instances when having both plans is the correct decision for you. For example, you may want to keep your personal files, photos, and other documents separate from ...
Gov. Kathy Hochul wants to postpone a plan to charge motorists to enter Manhattan's business district, citing fears that it will hurt the city's economy. Listen to this article · 3:48 min ...
Tesla board chair discussed what could happen if Elon Musk's pay package is rejected. Robyn Denholm said a new plan could cost an extra $25 billion worth of stock-based compensation. She said she ...