If you are looking for a business that will guarantee a rewarding profit today, it would be anything that has to do with food. And for us here in the Philippines, a rice retailing business would be an excellent one.
Almost every Filipino cannot stand a day without eating rice, not only because it is our staple food, but because meals seem to be incomplete without it. Even those who are going on a diet can hardly let go of rice, and would go for replacing white rice with brown or red.
This only goes to show that you can never go wrong when it comes to choosing this business, and if you want to know more information on how you can get it started on putting a rice business, read some tips down below.
1. Secure an NFA license. Before you can even start selling rice, you need to secure a license from NFA or the National Food Authority. The application fee is only 100 pesos and you can process it at the NFA nearest your business. You will also be required to pay for a license fee but that will depend on your capital.
2. Get your equipment and facility ready. Prior to approval, an NFA investigator will be checking on your equipment and facility, and as soon as you get approved, you will have to register your business. With the registration, you will be required to submit your business name, mayor’s permit or the business permit, BIR TIN and your application to NFA.
3. Make sure you have enough capital. The capital you will be needing for a rice business is approximately between 60,000 to 100,000 pesos for a start. You will also have to decide if this business is just going to be sole proprietorship or it is going to be a corporation. Other things that you will have to consider and decide for is the type of rice you will be selling based on your market, and location. You also have to look for the supplier for this type of rice in your area.
4. Invest on storage and equipment. Rice spoil in just a matter of a few months so you have to make sure you have the right storage and keep your area clean and sanitized all the time.
Don’t forget to have a concrete rice business plan if you want to succeed with this kind of business.