Do you possess some acres of land ready to harvest? Why don’t you start soybean farming? In recent times, soybean is considered as one of the popular crops because of its high protein contents. It provides human body with protein, carbohydrate, healthy fats, minerals and fiber also. Both adults and children can be benefited by it. Soybeans are also favored by vegans as its high protein value can be compared with any other animal-protein. Soybeans are also used to produce a variety of foods including soy milk, soy sauce, tofu, oil and can even be used in animal feeds. The fact that soybeans are highly in demand and used all over the world also makes it a lucrative product to farm with. Starting your own soybean farming business requires an initial investment, but if you pursue the proper steps, you can create a profitable business that will provide you with a constant income.
Practice Makes You Perfect
A good way to start out with a soybean farming business is to practice in your own backyard. You won’t be able to farm soybeans commercially in your backyard, simply due to the fact that you need a large piece of land in order to produce enough soybeans for your business to be profitable. The farming of soybeans takes some practice. There are a variety of factors that can affect both the quality and quantity of your harvest, this is why it is important to start small, master the art of farming soybeans and then turn up your game to a large-scale commercial business.
Soybeans should never be planted in shaded areas. The plant requires sunny weather to grow. You also need to identify the perfect time to plant. The plant takes around 100 days to fully mature, so schedule out your planting and harvest times so that the soybeans do not receive too much rainfall during its growth period. If there is too much rainfall on your crop while it is growing, then the quality and quantity can be affected in a negative way.
Start Your Own Soybean Farming Business
After getting some much needed practice for soybean farming, it is time to consider your options and to take action. If you have at least an acre of land, you could avoid a huge investment on acquiring land. Otherwise, you will need to find a suitable land and need to take lease for growing soybeans. Thereafter, you should prepare the land for sowing seeds, harvest beans and then send them off to a mill. As mentioned earlier, this opportunity will require an investment, so you will also need to prepare a business plan if you intend on applying for a business loan at your local bank. I have tried to jot down all the steps that you need to take in order to start your soybean farming business.
Step 1: The Business Plan
Farming is a real and legitimate business. This also means that you need to prepare a proper business plan, especially if you need to apply for a business loan. The business requires moderate initial investment, so if you do not have a savings account with a large amount of money in it, then you will most likely need to apply for a loan at your local bank. The procedure can be quite complex, so it is important to set up a professional business plan that can go with your loan application.
In your business plan, you should mention a couple of important elements. You need to include your business objectives and projected expenses – what the loan will be used for – and also a financial forecast. This will help the bank determine the profitability of your business and increase the chances of your loan being approved. If you are not sure how to compile a proper business plan, then reach out to a professional business planner for assistance.
Step 2: An Acre of Land
If you want a profitable soybean farming business, then you will need at least an acre of land. This is the minimum requirement for commercial soybean farming and provides and adequate amount of space to produce a large quantity of soybeans. The land needs also be fertile – if not, and then you need to compost the land first before you start planting.
Step 3: Choose the Right Kind of Soybean Seeds
You must have enough information about soybean seeds as it is the prime factor on which your yield of soybean greatly depends. There are mainly three types of soybeans and each type also has a unique purpose. If you simply sow and grow your soybeans, then you will most likely not be able to gain the level of success as you could’ve. in the event where you know about the different kinds of soybeans, their uses and which are most profitable.
- Green soybeans / Green seeded soybeans – these soybeans are for consumption. Black soybeans – these are used for drying.
- Yellow soybeans – these are harvested for getting processed foods such as soy milk.
You can choose to specialize in a single type of soybean depending on your target market. Make sure to perform initial research to determine the market value and need for each type of soybean in your local or national area (depending on how far you want to take your business).
Step 4: Getting Started
By now you should have a business plan, as well as the finances and land. You also know about the different kinds of soybeans and you know which ones you want to focus on. These are the fundamentals of your business. It is now time to get started. You should take note of the following tips before you start sowing your seeds:
- It is important to choose an ideal season for soybean plantation. It would be great if you sow seeds after monsoon and harvest at dry season. Actually humid weather brought by continuous rainfall severely affects the quality of the harvested seeds.
- Land preparation is the next important issue that you should take care. After removing vegetation, you need to prepare the seedbed manually or using tractor.
- You should ensure the soil where your seeds will be sowed are exposed to sunshine and not shaded during daytime.
- Fertilizer needs to be added to the soil before planting the seeds.
- Always ensure you use a weed killer. Weeds within your soybeans plantation can have a negative impact on the quality and quantity of your harvested seeds.
- Fertilizer needs to be added to the soil while the plants are growing. It helps to grow the plants faster and also add to the quality of the seeds.
After sowing your seeds, the plants will take approximately 100 days to fully mature. Then you can harvest the crop. It is harvested in pod form and then dipped into boiling water, wherever the beans are taken out of the shell. This process is required for green and yellow soybeans.
In order to process black soybeans, you need to hang the pods upside down and only take out the bean when the pod has completely dried out.
Step 5: Gaining Clients
After harvesting and processing the seeds, you have your very first batch of soybeans ready to go. Now what? You now need to find clients that you can sell these beans to. This type of business usually targets manufacturing companies that use the beans during the processing of other foods such as tofu and soya milk. You need to target these types of companies in your local area – tell them about your soybean farming business, send them a pricelist and get them on board.
There are multiple ways in which you can promote your business to potential clients. First of all, you can publish an advert in local agriculture newsletters and magazines. You can also find an assistant who can gather contact information of local companies that might find your business useful. You can then use a cold-calling strategy to contact these potential clients.
Starting a soybean farming business can be very lucrative, but the business comes with its own set of advantages and disadvantages. The major disadvantage is the large amount of initial capital that is required. This investment can be obtained from a local bank. Considering the pros and cons, when done right, this business can be profitable and provide a stable income.