Agriculture and farming date beyond centuries. From evidences of early men to modern methods of cultivation, there is a sea change witnessed in the agricultural sector. This change is in the type, variety of crop, seed selection, spaces, human requirements and many other causes.
India’s tryst with agriculture is eminent as it accounts for 18 per cent of India’s GDP and employs over 50 per cent of the workforce. India is also one of the largest producers of rice, pulses, wheat, spice and cashews. Also allied products like poultry, fisheries, food grains and meat products. Also, horticultural and floricultural plantations provide more employment and opportunities.
Agriculture provides lucrative business opportunities in things like groundnut, pulses, sugarcane, tea, jute, cotton and wheat. Also agricultural exports constitute one-fifth of total exports thus making it the most important money making and promising arena.
Now, despite being one of the largest employers its contribution to GDP is not up to its capacity. Currently, there is an agricultural revolution in terms of new and innovative business ideas and opportunities.
With educated youth going back to the roots in the form of agro based products, agri-companies and startups, it has increased its prospects in all forms.
Productive sectors like fertilizer, seeds, equipment and pesticides are farming allied and are money making ventures.
We will now see few profitable business ideas in Agriculture that are low cost ang high yielding.
#1. Coconut oil Production: Coconut oil has multiple uses, is widely used and has lateral uses in a variety of products. Extraction of oil and dried kernel that is copra makes for a profitable venture. It is highly profitable and lucrative in south India where coconut plantations are mostly present. Coconut oil is used in soaps, hair oils, cosmetics etc.
#2. Spice Production: Spices are some of the most expensive agricultural products and have been instrumental for wars even. They have been used in various forms and are highly demanded by exporters. Shelf life of most spices are high and there is minimal processing needed to preserve it.
#3. Organic fertilizer Production: Vermicompost has gained importance in the wake of the organic setting that has caught the vivid imagination of people. It requires very low investments and equipment to carry on business. Decomposable organic wastes including excreta, wastes, farm residues and kitchen waste make the quality of vermicompost better.
#4. Guar Gum Business: It is naturally produced as a white substance and is a natural food thickener. It is added in puddings, ice creams and many confectionery items. It requires spitting the seeds and converting it into powder. This can be packaged and sold. It is used in textiles, paper, oil and many industries. Rajasthan is a major producing region and so the dry state can make it a profitable business.
#5. Goat Farming: It is useful and lucrative for various reasons. It is a major source for meat and are quick prolifers and this helps in making quick profits. They do require investment in the form of land/space. This is very profitable farming business one can start today. Read – Detailed business plan for profitable goat farming
#6. Fish hatching business: This is a place where artificial breeding, hatching and rearing of fish for commercial reasons takes place. Early stages of fish are cultivated here and moved on to larger systems in the wake of increasing aquaculture systems. Fish is increasingly becoming popular as a source of protein, and it could easily feed a small family with very little cost or overheads.
#7. E- Shopping portals: The rising need for online shopping places where farm produce,online products, agro products like honey are sold are increasing. The business opportunity is based on technology and requires efficient planning and on point online marketing strategy to start with. Also identifying the market force and section to deal with is vital.
#8. Florist: Events, parties and almost every occasion requires flowers. Creating innovative targets and ideas with variety of flowers in small amount of space. A garden on colorful flowers that one can invest in businesses, supply at parties and in landscaping scenes. Using precision farming techniques to save on water and is widely sold.
#9. Farm blogging: As access to the internet has increased, farmers from remote villages also gain from blogs written online. It could be weather updates, seed recommendations, reviews, crop prices, new techniques of production, organic or scientific farming. We have seen youth give up jobs to return to farming and they could use the help of blogs to derive maximum output.
#10. Potato chips Production: Potatoes are widely available in many parts of the county. Hapur in Uttar Pradesh boasts of being one of the largest markets all over. Potato chips are enjoued by all age groups equivocally. The demand for this fried item has been persistent. It comes in varieties and is even part of franchise chains like McDonalds as French fries. As an FMCG product it has made its mark globally. Producing local chips from farms does not necessitate huge investments or capital, it thus is a lucrative business option.
Apart from this activities like soil identification, goateries, jams and pickles etc. can also be classified as farm businesses. The challenge lies in continuity and generation of demand.
Starting Agriculture Based Business For Profit
Starting any kind of business needs knowledge and experience in the related field. You need effective administration skills and management tactics to deliver at the right time and place in the right quantity and desired quality.
Setting your goals before you start your business is very important at the beginning of your venture. Identifying your target consumers, finding their needs, planning accordingly, organizing, implementing and being accountable for your decisions is what makes one a better business person.
Farmers in India are never short on experimenting and constant innovation. Adequate government support to start ups in farm sector, provision of water can enhance the business climate around agro- businesses.
Farming is unique as it allows a perfect interaction between nature, technology, humans and markets. It is important to keep in mind the uncertainty with weather patterns, fluctuating market prices, insurance schemes and terms of trade when planting a certain crop. Doing an allied business with traditional farm income will help a farmer gain his stand in the market with greater opportunities.
Need For Improvement
There is need for improved agriculture business management and provision of incentives to farmers and those in the agricultural sector.
Thus a proper financial plan with market research and analysis, soil analysis, seed checking and finally deciding the kind of farm business that best suits the investments you can gather, time you can spend and the focus on it will decide the future course of your agriculture business.