Thursday, May 28, 2015

Increase Worm Farming Profits

Make More Money With Your Worm Farm Business

This series of posts covers the biggest reason for failure in the worm farming business.
Next up:  #7 Not Delegating.
  1. Not paying attention to your worms
  2. Over selling your worms
  3. Under selling (not expanding your market)
  4. Expanding too fast
  5. Poor customer service
  6. Poor marketing
  7. Not delegating
Reasons for business failures are the same for most any kind of business.  The worm growing business is no exception.  Most entrepreneurs commit the same mistake, especially at start-up: Trying to do everything yourself.

You try to do it all because (a.) you can't afford to hire help and (b.) you don't trust anybody else to do it right.

As with most start-up businesses, in the beginning you usually have more time than money.  It's practical to do most everything yourself - if you have the expertise - to save money.  You save money on labor until you get some cash flow going.

Making More Money

You do  reach a point, however, when you start making some money.  Your worm business is growing so you build more beds.Then you have more worms to take care of and you have more customers to serve, yada yada yada.

At this point, you can ask yourself  "Is the profit I'm making now enough? Or do I want to take it to the next level?"  You need to weigh the pro's and con's of increasing your business.  Being a one-man show has it's advantages:  It's infinitely simpler when you are the only employee. And you can make a good living running your worm farm by yourself or with family members.

But, making more money often means expanding.  One option at first is to contract someone to help out with the extra work.  No complicated bookkeeping to keep up with, only a 1099 at the end of the year.  When you go big-time, you can hire employees and a bookkeeper.  At first, this option works great. Canvas the neighborhood for teens or retiree's who are looking for part-time work.  They'll be your most economical labor source.  The youngsters are energetic and the elders are conscientious.

Another aspect of delegating is to recognize when you don't have the expertise for different aspects of your business.  If you don't know which end of a hammer to use, you should hire someone with carpenter skills to build any worm beds and shelters you may need.  Or, find containers that can serve as worm beds and use existing sheds and structures to protect them.  What I saying is, don't try to learn carpentry if you don't have the skill-set.

Don't try to be a web-master if you can't even send an email.  Hire the local geek or a professional to put up your website.  Focusing on what you do best or have a knack for  will save you time and money in the long run.

Finally, don't be one of those people who simply must do everything themselves because nobody can do it as good or cares as much as you do.  Let go and allow someone else to help you if they are willing helps your business grow quicker and your profits grow faster.

A Word Of Caution

The only caution I have is that when it comes to your worms - their feeding, watering and bedding - you must make sure the person you are training understands what to do and when to do it.  Worms are living creatures and can be killed if these fundamentals are not done properly.  Take the time to explain your procedures and make sure your help understands before turning over any of the day to day care of your precious worms.  I don't recommend leaving the worm care to anyone lightly.  But as far as other chores, selling, bookkeeping, website management, shipping, order taking, etc. - turn some of this over to someone else so that you have more time to market and grow your worms for a more profitable worm farm business.

Get Your Worm Farm Business Started Right

How to increase your worm farm profits by solving these problems.

If you haven't started your worm farm business yet or you want to improve your business and start making more money,  check out my Worm Farm Manual download or hard-copy.

I wrote it so others won't have to learn the hard way like I did.  It probably has answers to problems you may be struggling with.  Like feeding worms, breeding worms, and selling worms.

Click here to order your copy today!

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