Photo by Nicholas Githiri from Pexels
Introduction
Without a shadow of a doubt, poultry farming is a very lucrative business and can greatly improve anyone’s living standards but this begs the question, “If poultry farming is this lucrative as PKOM is saying, then why every poultry farmer isn’t rich?”
What is wealth in the first place?
DK Illustrated Oxford Dictionary 1998 edition defines wealth as having abundant possessions. Since money is the principal medium of exchange in this modern era, let’s focus more on it as a possession. There have been too many instances where multimillion-dollar salary-earning athletes went bankrupt soon after they retired; A classic example of this is Mike Tyson, who was a world champion in heavyweight boxing, earned more than $300 million during his career but squandered it all on jewellery, prostitutes, mansions and cars and ended up with a $23 million debt. Nowadays though Mike Tyson has recovered and his life is back on track. I believe by now, everyone understands that making a lot of money monthly isn’t necessarily the ticket to financial freedom.
Check your habits
Ask the average person why they are struggling financially; they’ll tell you that is because they don’t earn enough money but what is more interesting is that, some people who earn way fewer amounts of money are able to invest and become financially free – A clear example of this was a video, www.youtube.com/watch?v=zRQ2g4Qlv44 explaining how a parking lot attendant who earned around a minimum wage grew his fortune to $500,000.00. So the problem is not the lack of money but rather, what people do with the little they have. As a poultry farmer, for example, don’t just assume that every day your hens will lay eggs so you can live a care-free financial life. Always make sure you have a percentage of the poultry farming earnings saved up for emergencies and also carefully monitor your expenses – I’ve already explained this on www.tinyurl.com/y9y2lnzj.
Tips to grow wealth as a poultry farmer
- Separate your personal finances from business finances: I think I have mentioned this before and I will mention it again. Make sure you set aside a monthly salary for yourself. This way, you can carefully monitor how you spend money and also save yourself from blowing through funds meant for your farm.
- Plough back at least 50% of the profits back into the farm: You wants to see your farm expand and make you more money? Then don’t spend all the profits. This is my general rule concerning how to deal with profits – invest 50% back into the business, draw 10% for yourself in addition to your salary, save 20% for emergencies and invest the remaining 20% in passive investments like treasury bills or rental properties. NB: It is always advisable to maintain more than one bank account for your business because if the bank you are saving your money at collapses, your funds are going to be locked up for a long period; do I really need to give examples for this one?
- Make sure you have a solid legal team: After to have heeded to tips 1 and 2 don’t assume your money is totally safe. As your business grows and makes your richer, you become a natural target for scammers and lawsuits. At this point, before you sign any contract or enter any deal, make sure the terms and conditions are evaluated by a good lawyer so that you can save yourself from any potential legal disasters.
Conclusion
Poultry farming, if done correctly, can make you a lot of money but make sure you are responsible with how you spend and invest your money to build generational wealth. I wish you good luck on your poultry farming journey.
Pkom 