Business Plan on "Ginseng Business Plan"
Business Plan 5 pages (1488 words) Sources: 1+
[EXCERPT] . . . .
Business Plan for Ginseng Root Harvesting Enterprise in West VirginiaThe business plan for a sole proprietorship describes the operations and provides a market analysis for a ginseng root cultivation and harvesting enterprise in West Virginia, a prime state for this agricultural product. The principal possesses the requisite experience and experience in ginseng cultivating and harvesting to pursue this enterprise and the market conditions appear to support additional ginseng cultivation businesses in this region in response to growing demand from the Chinese market. The principal also owns 20 acres of semi-forested land in West Virginia that is suitable for ginseng cultivation and the expenses involved are primarily limited to fuel costs and maintenance for an all-terrain vehicle used for planting and harvesting as described further in the business plan.
Description of business
The focus of the business envisioned herein is American ginseng. Ginseng has been a popular alternative health remedy for millions of Asian consumers for centuries, and many consumers in the West are increasingly recognizing the benefits of consuming this natural substance as well (Guo, 2000). The research on the efficacy of ginseng in treating humans remains limited, but the studies to date have indicated that ginseng does possess some beneficial effects, including improved sleep-rest patterns, improved appetite, and improved reaction time and abstract thinking process (McCabe, 2002).
In 1973, American ginseng (Panax quinquefolius L.) was placed on the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) Appendix II, and
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Although wild-grown ginseng will continue to be harvested by the company when it is serendipitously located, the primary focus of the enterprise envisioned herein will be active cultivation of wild-simulated ginseng in suitable locations on the 20-acre tract set aside for this purpose. At present, there are several different types and grades of ginseng that affect its market value as set forth in Table 1 below.
Table 1
Different Ginseng Types
Ginseng Type
Description
Wild Ginseng
This variety of ginseng is sown in natural fashion in suitable ginseng-growing woodlands with natural tree shading and with no disturbance of leaf litter, except to insert the seed. This method does not use pesticides and the product is organic ginseng, but the crop can be harvested selectively over an indefinite period of time with no major cessation of the total ginseng growing area.
Wild-Simulated Ginseng
Cultivated ginseng uses natural tree canopy as shade. Some maintenance is required and intensive cultivation methods may be used to maximize yields in minimal time. The general process involves removing part of the forest under-story from a certain plot, raking away leaf litter, sowing ginseng seed on the scratched surface, and raking back leaf litter. This method usually does not use pesticides and the product is organic ginseng. Prices could approach those of wild ginseng.
Woods-Grown Ginseng
Woods-grown ginseng is raised under natural tree canopy in forest lands. Some maintenance is required and intensive cultivation methods may be used to maximum yields in minimal time. Investment costs are less than field cultivated Ginseng and applications of pesticides and fertilizers are sometimes less, but the product is not organic. The market price is higher than field-grown ginseng, but not near that of wild ginseng or wild-simulated ginseng.
Field Cultivated Ginseng
Field cultivated ginsengs are plants grown under artificial shade but requiring a large investment of time, money and equipment. These cultivated fields are subject to mold and other plant diseases so commercial chemical pesticide treatment is the ordinary practice. This product is not organic.
Source: Adapted from How to grow ginseng, 2012
Market Analysis
Ginseng has a number of active ingredients and comes in three common types: (a) Korean ginseng (Panax ginseng), Chinese ginseng (Panax notoginseng), and American or Western ginseng (Panax ginseng quinquefolius) (Mccabe, 2002). Current prices for wild American ginseng root average between $250 and $500 per pound, but the price can go much higher under certain circumstances (How to grow ginseng, 2012). For example, prices for wild ginseng nearly reached $1,000 a pound in 2007 and even lesser-valued roots were double their… READ MORE
Quoted Instructions for "Ginseng Business Plan" Assignment:
“Hello, I want a business plan for growing Wild Ginseng in West Virginia, USA. Please check prices for wild ginseng/roots depending on their age as I will be selling every 3 years. Since I will be planting Wild ginseng and not other ways of planting the ginseng. My most expenses will be an ATV since I already have a land I plan to plant 20 acres of Wild Ginseng.
How to Reference "Ginseng Business Plan" Business Plan in a Bibliography
“Ginseng Business Plan.” A1-TermPaper.com, 2012, https://www.a1-termpaper.com/topics/essay/business-plan-ginseng-root/93777. Accessed 5 Oct 2024.
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