Soy is one of the most profitable and highly demanded plant proteins. This is due to its versatility and multiple benefits to the users. With all these business prospects and profitability predictions, starting a soy business can be a great option.
Regardless of the size, you are assured of the increased market and global demand for having an international soy-based business serving global needs for soy products in different regions. Your business can have a significant purpose globally, helping in events such as fighting global hunger, booting nutrition, and helping fight illnesses such as obesity.
Making Money From The Business
1. The Revenue Model
When starting a soy business, you do not have to worry about how to make sales. Once the products are ready, you can apply different business models based on your size and location. For example, suppose you are a local business with limited operation making different products such as tofu. In that case, you can sell your products through stores by listing them on their shelves, using them as a distribution channel.
The second option is to create your shop and distribution channel. This will involve listing the products in your stores; however, on such occasions, you need multiple products to increase the income generated from the space. The other alternative is to consider online businesses. This can be ideal when you have a large operation or customers in different regions but cannot expand now.
2. Marketing strategy
This should be the second step after you set up the services or create a new business idea. Currently, marketing soy products is cheaper since you do not have to spend on traditional approaches. However, these channels, such as local television and radio stations, can help you reach the local population quickly,
The best approach is to establish a social media communication strategy that will help you target different people. The target market may include lactose intolerant individuals, those striving to lose weight, those championing sustainable eating standards, and those with certain illnesses such as diabetes; hence they require a decline in cholesterol consumption. As the business grows, target marketing will be ideal; you can also advise customers to help you advertise through word of mouth.
Product list/ Potential Business
Once you venture into soy-related businesses, you have multiple options to set up multiple businesses. The possible businesses to set up will mainly depend on the type of soy products you can make, what the market needs, and what you deem profitable when you sell to the market.
You can create a soy milk processing business, including the creation of related products such as soy yogurt, etc. In the US, consider soy animal feed which is necessary for animal protein manufacturing and soy sauce manufacturing. Ensure you diversify your business to produce other products. You can also become a farmer, distributor, and retailer.
Why start a soy-based business?
1. High profits
The main interest of an entrepreneur is to create a business that will require limited capital to start and have a high-profit margin. This makes soy-based businesses an ideal choice. First, there is an increased global soybean production due to increased soy cultivation for different purposes. This is an opportunity to get the beans cheaply.
Once you process the final products, the price will increase since finished products such as soy milk are expensive and in high demand by people in need of plant-based and lactose-free milk. Soy products also rank as some of the most sustainable products; hence they are limited, eventually fetching higher costs.
2. High Demand
One of the global trends in our times is the shift to sustainable consumption; this revolves around strategies such as consuming plant-based products instead of animal-based products, which tend to have a higher carbon footprint. This means that you will easily get the right places to sell your products, including ample space on supermarket shelves.
The demand for soy-related products is also high currently; hence you can easily get the right and desired market for all your products. Due to the nutrition benefits, you are likely to have a higher demand from different regions in need of different products. Despite most of these products already existing, the demand is yet to or may not be fulfilled soon, hence ample time to catch the desired market share.
3. Versatility
The golden rule of business is to increase a system’s output and promote diversification from any production process. One of the products that allow you to achieve that is soy. You can refine it into different products, and there are no waste materials. For instance, once you extract the milk, you can use the remaining fiber and product as part of animal feed and sell it to farmers. This is double profitability, and the machinery used in production will run full time to process all the needed goods hence no incurring idle machinery costs. With the same machine, you can process different products simultaneously to increase your output.
Conclusion
Once you have the capital needed to start a soy-related business, you should not worry about what to sell or offer; you have an endless list of products to consider. The businesses are highly profitable due to high demand, diversification prospects, changes in consumer behavior, and the low cost of setting up the business.
