Brief Overview of Bee Keeping Business in Nigeria

Honey which is produced by honey bees is very beneficial in a number of ways as it serves both nutritional and medicinal purposes which makes it highly sought after in Nigeria and the other parts of the world. It is the part of the farming businesses that is steadily gaining recognition as because of absence of fear of spoilage.

Honey is the only food that cannot spoil. Although it can change in terms of aroma and colour which have a tendency to darken and as well become very thick and cloudy (crystallization) after some months of storage yet can still maintain its usual colour and unique consistency after it is has been heated under low temperature.

Honey farm business requires a lot of skills and knowledge unlike most agricultural practices, which will fastly stimulate its creations and fetch you more money and bring you more cash. So after you must have made up your mind to venture into honey bee farming, it is advisable you work on a honey farm maybe as an employee first or go for more training courses as it will all help you to gather more knowledge and experience to understand what it entails to venture into such practice.

Honey has numerous medical advantages which makes it profoundly pursued among Nigerians. Some health benefits of honey include being a natural cough syrup, minimises gastrointestinal disorders such as ulcers, and helps in healing burns and wounds as well as the prevention of cancers and heart diseases among others. The best part of honey farming is that you benefit both economically as well as health wise though the usage of your products.

Potentials of Bee Keeping Business in Nigeria

Honey has made itself as the very best alternative to synthesized sugar because of this it is priced high in the international market with a high demand on the product. There exists a big export market for honey on the global scene; with the European Union representing roughly 20-25 percent of the world's consumption. Bee farming is a lucrative endeavor, which you can venture into with just less than one hundred and fifty thousand naira, without extra costs afterwards. Why is this so? Well! They do not need everyday care and you would certainly not require labor until harvest and processing period.

Second, it gives provision to lots of products aside from the honey you use in several ways. Various other products you obtain from are wax (for use in furniture polish, candles and crayons) pollen (used for food, cosmetics, preparation of medicine and hand pollination), propolis (used for fixing of the honeycombs), venom (where medicines are obtained from), royal jelly (which is nourishment for queen bees), and so on.

Steps to Starting Bee Farming in Nigeria

Beginning a honey bee farming business in Nigeria is less expensive compared to many other businesses due to the low costs associated with the production of honey. While a huge part of the costs will go into the building of lasting boxes where they will build their hive, buying safety gears for stings is also crucial cost & requirement for farmers.

1. Training It is vital to get extensive training on farming before anything since this is the first and most essential aspect of the business because farming is really technical and high risk, therefore, it needs a great deal of training before you venture into it.
2. Select an Appropriate Location Honey strive when they are around fruit trees where they can easily get nectar, so when selecting your location, select a place close to fruit trees.
3. Caring For the Bee This is a very crucial aspect of the farming as it determines your produce and productivity. As a complex procedure, it is best to stay with the training you acquired at first and consistently provide their food, water, and medicine.
4. Marketing Sales are the lifeline of every business, therefore, it is vital that you know ways to locate customers for the honey your farm produces.

Overview of The Template

The Template gives concrete financial plan and projections for setting up a Bee Farming buisness. Real business insights are included in this financial template to attract investors, grants and loans to make the business concern a reality.

The excel template is easy to use and modify. Current Real life prices were used in drafting this template by our team of seasoned accountants and financial analysts. The template is suitable for small and emerging businesses who see themselves giants in the various industries in 5 years time.

Features

1. Comprehensive Income Statement (Trading, Profit & Loss Account)
2. Statement of Financial Position (Balance Sheet)
3. Cashflow Statements

Use Scenarios

This excel template is most suitable for the following:

1. Promoters of existing and New Start-up Businesses that need funding in form of grants,loans,partnerships etc. from governement agencies and venture capitalists.
2. Business and Financial Analysts working on viability and feasibility of a Bee Farming business in Nigeria.
3. Business Administration and Entrepreneurship students who need a comprehensive financial plan for a Business Plan.
4. Investors and Venture Capitalist who need financial analysis of the Bee Farming business for informed decision making.
5. Entrepreneurs who need expansion ideas for their businesses.