How To Get Ahead in Rabbit Farming
How Profitable is rabbit farming in Ghana?
As I stated in my first post about the profitability of the rabbit farming with regards to production advantage and feeding cost. since they feed on grass and are very quick to produce new ones.
As matter of fact, we have to see farming as a business and so everything we do regarding a farm should be approached from the business perspectives and get in with business ethics.
Reducing your cost of production and selling at a great prices with lower cost of marketing and advertising cost.That’s is how we can measure and ascertain real profit in any farming business.
Before starting a new business, big corporations spend huge amounts of money on research and consultant to come up with ideas and strategies to win in the market and become successful.
One of the main things they aimed to know is their SWOT which is Strength, Weakness, Opportunities, and Threats.
Under the business perspective, SWOT analysis is key to determine the comparative advantage and the opportunities available for the kind of business you wanted to engage in.
SWOT analysis is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
Also, I stated earlier in my opening about creating a market if there is no ready market for rabbit meat consumption in your locality.
It is equally important for you to do some personal gathering of data and some research into how your prospective clients behave in terms of their buying decisions, know what influences their buying decision, is it the price or their level of income? or time of the seasons? or religious affliction and culture. Etc
Working With Data
Data helps you and makes it easier for you to strategically market and sell your rabbit to the people you target and the channels to market to them.
As the majority of Ghanaians are not accustomed to eating rabbit meat which is all set to change given the intensive education on rabbits palatability and taste that is currently underway.
Based on my personal observation and research conducted proves that many people are yearning to having a taste of the rabbit meat. This proves to me that more cash can be made than that a few farmers are currently making.
The Top Ways to Succeed in Rabbit Farming
1.Register Your Farm as a business
Registering your rabbit farm business.In my opinion is the step first towards thinking big.
This is the smart move or choice for new entrepreneurs for a variety of reasons: Lenders and investors will ask to see your business registration along with other application requirements before approving your loan.
Obviously it can enable you to open a business bank account that can be beneficial to your business along the way.
Registering a business in Ghana is not expensive. Avoid third party transactions and do it yourself. It will not cost you a dime. Get your Tin Number and registrations are less than $20 for Ghanaians.
2. Do your research or feasibility studies
As business personal making decisions based on data and research is more vital to the success of your business than working out based on hear say and guess work.
Making a business plan is one step to help you focus on all the things you need to start and keep the focus on your objective, mission, and vision.
Your marketing plan and financial projections are all included in the business plan.
Apart from the research, its important to understand the business of rabbit, how rabbit behaves, breeds of rabbits that mature quickly and reach maturity at 3 months and those that do it at 6 months, breeds for meat and fur, dual-purpose breeds, etc, consumers of the rabbit by various religious segment, is it allowed or forbidden.
I can tell you for fact that almost every religion in Ghana accepts rabbits meat as clean for consumption.
3.Keep accurate records
Bookkeeping involves the recording on a daily basis, of a company’s financial transactions,its includes payments, purchases of assets, total number of rabbits, feed consume per day weeks, months and yearly basis, performance of breeding stock.
Keeping accurate records is very vital when it comes to breeding livestock as you must know to be able to prepare a litter box for a rabbit that is about to give birth and also know when to do the breeding.
4.Capital and working capital management
Capital is a key part of running a business. In the livestock farming business, your asset including the land, cages, pens, manure, and the herds must be diligently protected and well managed.Keep monies for future unexpected expenses
You have to make sure feed wastage is reduced to minimum.
4.Quality Feed production.
Rabbits enjoy eating dry grass (Hay) and green grass that can be found in the locality. They also enjoy vegetables like cabbage,maize, banana and cassava peels.
For higher returns on investment cutting down the cost of production while ensuring your rabbit food meet their nutritional requirement will pay off.
Best practices like giving them grass and hay at 50% ratio and 50% commercial feed pellet. Clean water should be given as part of their diet.
For this reason, it is very important to study their exact daily consumption of compounded feed in order to avoid wasting the feed.
5. Network with other farmers or join farmer cooperative societies.
When you network with other rabbit farmers doing what you are doing. Its easier to obtain assistance, advice and get updates about happenings in your industry,
Joining the rabbit farmers association, also gives an edge over market trends, helps make a decision about when prices are up and prices drop. When there are government finance, grants loans, and other NGO support.
Additionally, there is essay access to funding when you join a farmers group. Micro-finance and banks lend easily to farmers in a group than individuals.
Therefore, when you are starting a rabbit farm as a young and smart entrepreneur it is advisable to join farming groups and cooperatives societies.
Another advantage in networking is when there is a disease outbreak in your region, other farmers could prompt and update you to stay alert and set precautionary measures.
6.Think smart, think Different
Buy insurance for your farm equipment, for your crop and livestock insurance serious farmer should think differently from the majority and take advantage of crop and livestock insurance.
7. Be Diligent
Be disciplined to keep to timelines; don’t defer the task of importance to another day, week, or months. It will cost you and business if you don’t keep to time frames about every aspect of your finance, medication, feeding, and overall management of duties on the farm.
8.Plan for expansion and Growth
Rabbits breeds faster and every business success and profitability relies on producing on volume or large scale.
The strategy in growing livestock farming is not selling your female rabbits as much as it is important to avoid inbreeding,
Female from your farm should be used to grow and multiply your parent stock. Do not sell all your female rabbits at a go.sell in batches and leave room for expansion.
9.Marketing or selling your by-products
The manure, fur, and the urine are all by-products that can provide you with sources of income. You can personally grow your food from these by-products instead of buying food all the time.
As a result of growing your foods, your feeding cost lowers, your family feeding cost reduced and power cost reduced when the manure is converted into energy through biogas.
10.Implement Proper Business Ethics
It should be noted that the business bank account should be separated from your personal bank account. and treat the farm as a business. Never allow the animals to be treated as a pet if your aim is not keeping rabbits as pets.
11. Direct market your rabbits
There are many ways to sell your rabbit products. Your inability and willingness to market your product mean the failure of your business.
As an entrepreneur marketing is a basic most skill to master and try your best to develop strategies to sell your farm products to realize a high profit.
Powerful and easy means of marketing is the internet and Social media
I would recommend you take advantage of social media and free classified sites such as Olx or Jiji. New farmers always search online for where to buy rabbits and there a lot of people on social media daily.
Basic understanding of social media is a relatively important skill to master, it’s cost-effective and cheaper.
Additionally, with as low as 5 dollars Facebook campaign can be launched and make a great impact on your sales volume.
Easy ways to make more Profit your rabbit farm
Rabbit farming is more interesting and lucrative if you sell the products directly to friends and the people in your neighborhood.
1.Create Awareness and Word of Mouth
Talk about your rabbit farm business to church members, your banker, arose their interest to eat rabbit meats.
creating awareness and market for your product.
At times most of these people you talk to will in the long run become permanents customers and will definitely spread your message through word of mouth.
However, you must insist they pay and also remind them that for a small business to succeed family and friends must pay.
Find a farmers market and sell directly to customers by doing so you are selling at a retail price and thus eliminating the middle man.
Likewise, You can sell directly to the kebab seller or create a stand at the roadside. Roadside stands bring customers to you at little expense.
3.Pitch your Rabbit products to foreign hotels and restaurant
Hotels, restaurants, and Chinese restaurants are all good market place for rabbits meat.
They consume a good amount of rabbits soo try sending them a simple business proposal and following up in person.
This a good way to sell directly. But most of these hotels when buying in bulk will demand a wholes sale price. Which can beneficial in the long term as you scale up with ready buyers available for your produce
Make sure anything you supply to restaurants is clean and attractive. Target hotels and restaurants in tourist locations or close to large populations and make sure to supply the quantities they demand in order to keep a long time business relationship with your clients.
The last time I heard a rabbit farmer complaining somebody has collected all his customers that should not be your story.Learn more about blue ocean strategy here
In the long run, the key to success in Agri-business is being a low-cost producer. “When you wake up each day, make it a point to lower your cost and risk”
I believe you found value in this content, any suggestions and questions you can leave in the comment section. If you thinking of starting a rabbit farm in Ghana its a great business and indeed very profitable.
just start where you are and how much you have and focus on the big future. Do stay bless.