To understand this post you have to read the ‘Going Pro‘ post. In the previous post I mentioned that I would discuss what it has cost me so far. Below is a tabular representation…. The size of the farm is 1.23 hectares.
|Farm Expenses||Cost (₦)||Cost ($)|
|Land Clearing||₦ 112,000||$700|
|Land Preparation (Contractor 1)||₦ 45,000||$281|
|Transport cost||₦ 20,000||$125|
|Land Preparation (Contractor 2)||₦ 50,000||$313|
I’m also working on registering my business. The first step of the process is checking for a business name availability. The process is fairly quick, you get a confirmation approximately 2 days after you submit your form. Quite frankly I think this step should be completed online. If your business name is approved, you complete a business name registration and pay for a Business Certificate. If everything goes smoothly the process can be completed within 2 to 3 weeks. You can choose to use the services of a lawyer, but I completed this process on my own. There are still a few more hurdles to cross though and this will more than likely require the services of a lawyer.
|Business Registration||Cost (₦)||Cost ($)|
|Name Reservation Form (500 per form)||₦ 1,500||$9|
|Business Name Registration Form||₦ 250||$2|
|Business Certificate||₦ 10,000||$63|
- Every contractor has to be closely monitored.
- You have to monitor the small amounts that often go unaccounted for. They tend to add up.
- Statement of works should be drawn up and funds released on completion of each stage. No sentiments attached because once the funds has been transferred, it’s highly unlikely to come back…you have been warned 🙂
Thanks for stopping by 🙂