Lithuania is in a great position to act as a hub for the distribution of American agricultural products to all three Baltic nations (Lithuania, Latvia, and Estonia). In 2018, Lithuania imported $2.5 billion worth of agricultural and seafood products, including $37 million from the United States. Fish and seafood goods, nuts, wines, distilled spirits, and highly processed and functional ingredients are among the American products with the most significant sales potential in Lithuania. Depending on the type of business you want to start, there are different steps to take. You can create a small business without much capital or with some. Therefore, selecting the kind of agribusiness that suits you is advised before following the steps outlined below. All agribusinesses follow the same procedure. It centers on planning, marketing, and research.
How to start a business in agriculture in Lithuania
The actions taken are as follows:
The foundation of any profitable firm is thorough market research. You must research the particular market you wish to launch your enterprise in. You can use it to develop a solid company plan.
When conducting market research, take into account the following:
- Is there a need for your product or service in this market?
- What is the market’s outlook?
- What issues are your consumers dealing with?
- What issues are your rivals dealing with?
- Which market position do you picture yourself in?
- What legal requirements must you meet to enter the market?
- Where will you provide your goods and services?
Developing your business plan
Every successful firm starts with a solid business plan. It contains information on your objectives and your goals for achieving them. Your marketing, financial, and operational initiatives are all part of it. To write an effective business strategy, think about the following factors:
- What are your marketing, financial, and operational strategies?
- What was the initial investment in your company?
- How will you set up the finances?
- Who is your ideal client?
- How many workers do you need to get on board?
You will be aware of your position in the market once the business strategy is complete. But keep in mind that writing a business strategy takes time. Your plan might need to be modified multiple times.
You’ll have a better notion of how much money you’ll need if you look at the tactics and action plan. The next stage is to talk about finances.
Organizing the money
You will make your capital arrangements in this step. If you need a loan or want to use your savings. Agriculture is the backbone of the economy. It is one of the companies that continued to grow despite the pandemic. As a result, many banks and microfinance organizations are prepared to help this enterprise. The government also has various programs to help the agricultural industry. Your local bank will be able to give you further information.
Register your company
By the kind of business you choose, you can register it as:
- Limited Liability Partnership (LLP).
- Private Limited.
- Public Limited Proprietorship Partnership.
The procedures for registering your business are as follows:
- Obtaining a certificate for a digital signature (DSC).
- Obtaining a Director ID number (DIN).
- Creating an account as a new user and integrating your business.
To handle these tasks for you, you can work with a legal business or organization. Depending on the nature of your business, these firms can also assist you in obtaining the necessary licenses, or you can visit the Registrar’s office to do so.
Purchase of the tools
You may start putting your ideas into action now that you have a company strategy and the necessary money. You can purchase or rent land as well as office space. You can invest in the tools and equipment essential for your business.
Promoting your goods and services
The marketing component is the logical next step. You have done your market research in the first phase. You can engage a marketing team that has prior experience in the same sector as well as knowledge about your company. You won’t have to bother about the marketing aspect and can instead concentrate on your company.
These are the procedures for starting a business in agriculture. It requires research, strategy, plans, and execution just like any other business. However, what makes any firm successful is the strategic implementation of strategies.