Business Planning
and Economics of
Sheep Farm
Establishment and
Cost of Production
in Nova Scotia
Prepared by: Christina Jones, Economist, Nova Scotia Department of Agriculture
Although care has been taken in preparing the information contained in this document,
the Nova Scotia Department of Agriculture does not and cannot guarantee the accuracy
thereof. Anyone using this information is doing so at his/her own risk, thereby releasing
both the Department and the Province of Nova Scotia from accepting any and all
responsibilities and/or liabilities for any person or persons who may suffer loss or
damage by its use.
Introduction
The sheep industry is well established in Nova Scotia. Nova Scotia sheep producers have
been leaders in importation of breeding stock and marketing for many years. With the
increase in demand for lamb nationally and the availability of suitable land in Nova
Scotia, there is a real opportunity for the expansion of the province’s sheep industry. To
be successful in the sheep industry it is imperative that sound business decisions are made
from the initial planning through to the marketing and selling of the lamb, wool or milk
produced. Like any farm operation, there is a significant investment of capital required
for the establishment of a sheep farm, either as a stand-alone operation or as an
opportunity to diversify an existing farm. It is essential for financial success that the flock
be operated as a business enterprise, paying great attention to detail in both production
and financial management.
The Nova Scotia Industry
The early settlers in Nova Scotia recognized the opportunity to raise sheep in this
province. These sheep were the first domesticated livestock in Canada. Currently, there
are approximately 350 sheep producers in the province, with approximately 14,700 ewes
and rams. The sheep numbers have been stable for the last 10 years, showing a slight
increase in recent years.
There are relatively few large flocks; only a couple of producers have over 400 ewes and
10 producers have 200 to 300 ewes. The average flock size is estimated to be between 45
and 50 ewes. The majority of the producers choose to lamb in late winter or spring, with
only a couple producers choosing accelerated lambing. The lambs are primarily marketed
to processors in Nova Scotia, with the three largest processors marketing approximately
80% of the lambs produced. There is considerable interest in value-added wool
production and processing for the craft market. Also, there is interest in dairy sheep
where the milk will be processed into cheese and yogurt.
Objectives
The purpose of this report is to provide individuals interested in establishing a sheep farm
a guide to the development of a plan and an understanding of the costs associated with
the establishment and operation of a commercial sheep farm. The report reflects the
management practices of producers in Nova ...
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Cambodian rice was awarded Best Rice of the Year in 2012 and 2013 at the Rice Trader World Rice Conference. There is high potential for surplus paddy to be processed into quality milled rice for export which would increase the value of harvests to farmers and to contribute to the government’s target: to increase rice exports to 1 million tons by 2015.
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___________________________________________________
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Solid
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Health History
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IV furosemide (Lasix)
Enalapril (Vasotec)
Metoprolol (Lopressor)
IV morphine sulphate (Morphine)
Inhaled short-acting bronchodilator (ProAir HFA)
Inhaled corticosteroid (Flovent HFA)
Oxygen delivered at 2L/ NC
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Business Planning and Economics of Sheep Farm Establishm.docx
1. Business Planning
and Economics of
Sheep Farm
Establishment and
Cost of Production
in Nova Scotia
Prepared by: Christina Jones, Economist, Nova Scotia
Department of Agriculture
Although care has been taken in preparing the information
contained in this document,
the Nova Scotia Department of Agriculture does not and cannot
guarantee the accuracy
thereof. Anyone using this information is doing so at his/her
own risk, thereby releasing
both the Department and the Province of Nova Scotia from
accepting any and all
responsibilities and/or liabilities for any person or persons who
may suffer loss or
damage by its use.
Introduction
The sheep industry is well established in Nova Scotia. Nova
Scotia sheep producers have
been leaders in importation of breeding stock and marketing for
many years. With the
increase in demand for lamb nationally and the availability of
suitable land in Nova
2. Scotia, there is a real opportunity for the expansion of the
province’s sheep industry. To
be successful in the sheep industry it is imperative that sound
business decisions are made
from the initial planning through to the marketing and selling of
the lamb, wool or milk
produced. Like any farm operation, there is a significant
investment of capital required
for the establishment of a sheep farm, either as a stand-alone
operation or as an
opportunity to diversify an existing farm. It is essential for
financial success that the flock
be operated as a business enterprise, paying great attention to
detail in both production
and financial management.
The Nova Scotia Industry
The early settlers in Nova Scotia recognized the opportunity to
raise sheep in this
province. These sheep were the first domesticated livestock in
Canada. Currently, there
are approximately 350 sheep producers in the province, with
approximately 14,700 ewes
and rams. The sheep numbers have been stable for the last 10
years, showing a slight
increase in recent years.
There are relatively few large flocks; only a couple of producers
have over 400 ewes and
10 producers have 200 to 300 ewes. The average flock size is
estimated to be between 45
and 50 ewes. The majority of the producers choose to lamb in
3. late winter or spring, with
only a couple producers choosing accelerated lambing. The
lambs are primarily marketed
to processors in Nova Scotia, with the three largest processors
marketing approximately
80% of the lambs produced. There is considerable interest in
value-added wool
production and processing for the craft market. Also, there is
interest in dairy sheep
where the milk will be processed into cheese and yogurt.
Objectives
The purpose of this report is to provide individuals interested in
establishing a sheep farm
a guide to the development of a plan and an understanding of
the costs associated with
the establishment and operation of a commercial sheep farm.
The report reflects the
management practices of producers in Nova Scotia at the
present time and the current
economic conditions that can influence the establishment and
operating costs. The costs
in this document represent an average scenario for producers
who spring lamb; expenses
will vary depending on the producer and their management
decisions.
Methods and Procedures
The information presented in this report was gathered through
economic reports and tools
from other sheep producing regions in Canada and the United
States, online and printed
4. resources, and discussions with Nova Scotia producers,
specialists and agribusinesses.
Overview of Sheep Farm Establishment
In the sheep farm business, returns are a function of costs
(capital and operating) and
revenue, which is a function of producer’s management skills,
flock productivity and
market price.
The costs associated with establishing and operating a sheep
farm will vary from
operation to operation due to the significant differences in
management practices.
Management practices include decisions such as what time of
the year to lamb, type of
fencing, how to protect the flock against predators, and forage
and grain to feed the flock.
A new sheep farmer or someone considering entry into sheep
production must carefully
consider the advantages and disadvantages of each management
practice because these
decisions will have a considerable impact on the profitability of
the sheep operation.
Sheep producers in Nova Scotia have experienced relatively
stable pricing for their
lambs. This is due in part to a well established marketing
5. system that has developed over
the past 30 years. Based on market and production trends and
an increasing demand for
lamb, it is anticipated that the market will remain stable in the
foreseeable future.
Management Practices – Lambing Systems
The success of a sheep farm is directly related to the
management of the flock and the
operation itself. A key component of the management of the
flock is the lambing system
that is chosen. A lambing system that has been poorly selected
or managed can result in
limitations to the long term financial viability of the operation.
Three common lambing systems:
Spring Lambing takes place in April/May and is a once a year
system. Lambing
in the spring allows the producer to synchronize the production
cycle with the
forage production cycle to maximize the utilization of pasture
and stored forage
and reduce feed costs, labour costs and overhead costs.
Winter Lambing takes place between December and March and
is also a once a
year system. Lambing in the winter allows the producer to take
advantage of the
potential for high value market opportunities.
Accelerated Lambing takes place on an 8 month cycle, with the
ewes lambing
6. three times in two years, or 1.5 times per ewe per year.
Lambing more than once
a year allows the producer to increase revenue by reducing
fixed costs per
lambing, increasing over-all production, and marketing year
round.
Table 1 lists the advantages and disadvantages of each lambing
system. There is no best
lambing system or way to raise sheep; producers need to select
the lambing system that
best suits their goals/objectives, farm resources, and marketing
opportunities.
Table 1: Advantages and Disadvantage of Lambing Systems
Advantages
Disadvantages
Spring Lambing - Lower feed costs
- Lower housing costs
- Lower capital investments
- Reduced labour requirement
- Lambing in warm weather
- Greater market competition
- Increase in de-worming costs
7. - Increase in predation risk
Winter Lambing
- Increase in marketing
opportunities
- More control of nutritional
intake
- Decreased exposure to
parasites
- Decrease in predation
- Higher feed costs
- Higher capital investment
(e.g. barn requirement)
- Increase in housing costs
(e.g. electricity)
- Increase in health problems
- Increase in labour
requirements
Accelerated Lambing
- More lamb marketed per ewe
- Opportunity to market year
round and target high value
markets
- Reduce risk of hitting low
value markets
- More efficient utilization of
8. capital resources
- Management is more
intensive
- Higher feed cost/ewe/year
- Possibility of higher culling
rate
Breeds of Sheep
There are over 49 recognized breeds of sheep in Canada and
over 1000 breeds in the
world. In Nova Scotia, the most common breeds raised are:
Suffolk, Dorset, North
Country Cheviot, and Rideau ARCOTT. Matching the breed of
sheep to the lambing
system is vital to ensure the success and profitability of the
operation. For example,
North Country Cheviot ewes are best suited to extensive spring
lambing, whereas for
accelerated lambing programs, Dorsets or Rideau ARCOTTs
would be a better choice.
9. The Model
In Nova Scotia, the most common lambing system is spring
lambing, timed to maximize
the utilization of pasture. For the purpose of this report, a
spring lambing system has
been analyzed, however, it should be noted that costs associated
with various lambing
systems and management practices will vary significantly. This
report analyzes the
establishment costs, costs of production, and break even years
on the initial investment of
a 400 ewe flock. Two scenarios will be modeled for such an
operation, the difference
between the scenarios being the number of years to build a flock
of 400 ewes.
Scenario 1
• The producer purchases 100 ewes in Year 1 and builds to 400
ewes over five
years
• The producer builds the flock by retaining the maximum
number of available ewe
lambs produced on the farm up to Year 5
10. • Establishment costs are spread over five years as the
infrastructure required to
accommodate the flock increases
• It is assumed that 50% of the lambs born each year are female
• Replacement ewes are retained from the lambs born each year
at a rate equal to
20% of the ewe flock
• Establishment costs for Year 1 are borrowed and repayment
starts in Year 2; the
establishment costs for Years 2-5 are not borrowed
Scenario 2
• The producer purchases 400 ewes in Year 1
• Establishment costs occur in full in Year 1
• It is assumed that 50% of the lambs born each year are female
• Replacement ewes are retained from the lambs born each year
at a rate equal to
20% of the ewe flock
11. • Establishment costs for Year 1 are borrowed and repayment
starts in Year 2
Establishment, Cost of Production & Operational Assumptions
• Legal, office, and general maintenance costs are not included
• All loans are borrowed at a fixed rate of 6.95% for 25 years,
based on Farm Loan
Board rates
• The cost of land is excluded from the analysis
• The land is cleared and producing forage
• The land has a barn structure in place suitable for housing
sheep
• Carrying capacity of land is assumed to be 4 ewes per acre
(100 acres for 400
ewes)
• The flock purchased in Year 1 is an operational flock,
12. consisting of various aged
ewes
• The lambing percentage is 150% in Year 1 and increases by
5% each year until
Year 7 when it reaches 180% and will remain at 180%
• Ewe lambs that were retained for replacement and/or
expansion from the previous
year only lamb at 80%
• Guardian dogs are used to protect the flock against predators;
approximately 1
guardian dog per 100 ewes
• Fencing costs are based on establishing a new 5-strand electric
fence
• All stored forage for winter feeding is purchased
• Market price is based on current economic conditions and
assumed to be an
average of the yearly market fluctuations
13. Costs and Returns of Sheep Production
Establishment Costs
Establishment costs are those costs that are associated with the
establishment of a new or
transitioning operation. Examples of establishment costs
include: ewe and ram
purchases, fencing costs, watering system, pasture
establishment, and handling
equipment.
Variable Costs
Variable costs are those costs that change directly with an
increase or decrease in flock
size. Feed and mineral, vet costs, marketing, and labour are all
examples of variable
costs.
Fixed Costs
Fixed costs or overhead costs do not change as a result of an
increase or decrease in
acreage. Examples of fixed costs include land taxes and
machinery depreciation.
14. Year 1
In Year 1, Scenario 1 purchases only 100 ewes and only incurs a
portion of its
establishment costs. Scenario 2 purchases 400 ewes and incurs
the entire establishment
costs associated with a 400 ewe flock operation. Despite the
higher cost of establishment
for Scenario 2, the cost per ewe is significantly less than for
Scenario 1 because of the
number of ewes in production.
Table 2: Year 1 Costs
YEAR 1 Scenario 1 Scenario 1 Scenario 2 Scenario 2
100 Ewes Per Ewe 400 Ewes Per Ewe
Establishment Costs $49,000 $490 $143,600 $359
Variable Costs $18,820 $188 $69,490 $174
Fixed Costs $4,000 $40 $4,000 $10
Total Costs $71,820 $718 $217,090 $543
Total Revenue $12,306 $123 $82,224 $206
Total Revenue – Total Cost -$59,514 -$595 -$134,866 -$337
15. Years 2-4
In Years 2-4, the flock in Scenario 1 is continuing to expand.
The establishment costs for
Scenario 1 are relatively stable throughout these years, but the
establishment cost per ewe
decreases as the ewe flock increases. Scenario 1 does not see a
positive return on the
flock until Year 4. On the other hand, Scenario 2 does not have
any establishment costs
and will see a positive return on the flock in Year 2.
Table 3: Year 2 Costs
YEAR 2 Scenario 1 Scenario 1 Scenario 2 Scenario 2
155 Ewes Per Ewe 400 Ewes Per Ewe
Establishment Costs $9,400 $61 $0 $0
Variable Costs $27,735 $179 $69,470 $174
Fixed Costs $3,400 $22 $3,400 $9
Total Costs $40,535 $262 $72,870 $182
Total Revenue $17,762 $115 $76,294 $191
16. Total Revenue – Total Cost $22,773 -$147 $3,424 $9
Table 4: Year 3 Costs
YEAR 3 Scenario 1 Scenario 1 Scenario 2 Scenario 2
232 Ewes Per Ewe 400 Ewes Per Ewe
Establishment Costs $9,900 $43 $0 $0
Variable Costs $40,178 $173 $70,378 $176
Fixed Costs $2,920 $13 $2,920 $7
Total Costs $52,998 $228 $73,298 $183
Total Revenue $23,846 $103 $78,764 $197
Total Revenue – Total Cost -$29,152 -$125 $5,466 $14
Table 5: Year 4 Costs
YEAR 4 Scenario 1 Scenario 1 Scenario 2 Scenario 2
327 Ewes Per Ewe 400 Ewes Per Ewe
Establishment Costs $9,400 $29 $0 $0
Variable Costs $56,631 $173 $71,136 $178
Fixed Costs $2,536 $8 $2,536 $6
17. Total Costs $68,567 $210 $73,672 $184
Total Revenue $45,731 $140 $81,234 $203
Total Revenue – Total Cost -$22,836 -$70 $7,562 $19
Year 5 and Beyond
Year 5 is the last year that Scenario 1 will pay establishment
costs; it is in this year that
Scenario 1 will reach 400 ewes in its operation. In Year 6 and
beyond, the total costs are
the same for both scenarios with the exception that under the
variable costs, every 5 years
a guard dog is not purchased in Scenario 1. Both scenarios
should reach a lambing
percentage of 180% in Year 7, thus total costs and total revenue
should be the same for
both scenarios, aside from the exception mentioned above.
Table 6: Year 5 Costs
YEAR 5 Scenario 1 Scenario 1 Scenario 2 Scenario 2
400 Ewes Per Ewe 400 Ewes Per Ewe
Establishment Costs $5,900 $15 $0 $0
Variable Costs $69,755 $174 $71,544 $179
Fixed Costs $2,229 $6 $2,229 $6
18. Total Costs $77,884 $195 $73,773 $184
Total Revenue $75,833 $190 $83,634 $209
Total Revenue – Total Cost -$2,051 -$5 $9,861 $25
Table 7: Year 6 Costs
YEAR 6 Scenario 1 Scenario 1 Scenario 2 Scenario 2
400 Ewes Per Ewe 400 Ewes Per Ewe
Establishment Costs $0 $0 $0 $0
Variable Costs $71,968 $180 $71,952 $180
Fixed Costs $1,983 $5 $1,983 $5
Total Costs $73,951 $185 $73,935 $185
Total Revenue $86,128 $215 $86,034 $215
Total Revenue – Total Cost $12,177 $30 $12,099 $30
Table 8: Year 7 Costs
YEAR 7 Scenario 1 Scenario 1 Scenario 2 Scenario 2
400 Ewes Per Ewe 400 Ewes Per Ewe
19. Establishment Costs $0 $0 $0 $0
Variable Costs $72,360 $181 $72,360 $181
Fixed Costs $1,786 $4 $1,786 $4
Total Costs $74,146 $185 $74,146 $185
Total Revenue $88,434 $221 $88,434 $221
Total Revenue – Total Cost $14,288 $36 $14,288 $36
Treatment of Establishment Costs
The model used in this report has the producer establishing their
sheep farm and
generating income in the first year. In both Scenarios, the
producer borrows 100% of the
establishment costs incurred in Year 1 and begins repayment in
Year 2. The
establishment costs in Year 1, along with their respective
interest charges, are
accumulated to the second year using an interest rate of 6.95%
compounded annually.
The total compounded amount represents the total cost of
establishment that is to be
repaid over a period of 25 years.
20. Table 9: Establishment Costs
Treatment of Establishment Costs Scenario 1 Scenario 2
Year 1 Establishment Costs $49,000 $143,600
Compounded Interest $3,406 $9,980
Compounded Amount $52,406 $153,580
Interest Rate 6.95% 6.95%
Term 25 25
Yearly Payment $4,477 $13,119
To facilitate a straightforward approach to the economic
analysis, it is necessary to
assume constant costs and returns for each of the successive
production years. It is for
the same reason that the total compounded cost of establishment
is amortized and the
repayment of these costs is divided equally over the production
years. By assuming that
the establishment of the sheep farm increases the asset value of
the land, the producer is
able to depreciate the costs annually over a defined number of
years of production.
Table 9 above shows the amortization of the total amount
borrowed to cover the
establishment costs in Year 1 over a 25 year period, at an
interest rate of 6.95%.
21. Revenue
With the production of sheep, the revenue or return on the
investment begins in Year 1;
however, it will take several years before a producer should
expect the flock to reach its
maximum productivity and produce at a high lambing rate. On
average, the ewe flock of
a producer practicing best management practices in Nova Scotia
should reach a lambing
rate of approximately 160% to 190%, depending on the breed.
(Producers using an
accelerating lambing system should expect a lambing rate in
excess of 200%.)
It is important that the producer understand the fundamental
economics of supply and
demand and how they drive prices. Current demand in Nova
Scotia and Canada exceeds
supply; therefore the market price is strong and has remained
stable for the last few years
and should continue to stay strong. Price fluctuations do occur
as the result of seasonal
supply, winter shortage of supply, and higher market demands
during certain times of the
year, such as Easter and Ramadan.
Contribution Margin
22. The contribution margin is the difference between the revenue
generated and the
expenses used to generate the revenue. The contribution margin
must provide funds to
cover the other expenses, such as the overhead, loan payments,
and capital expenses.
The contribution margin for Scenario 1 is negative until Year 5.
This is because the
establishment costs are spread over the first five years of
operation. After Year 7, the
contribution margin remains steady at $16,074, increasing to
$16,574 every fifth year
when there is no guardian dog purchased. The contribution
margin for Scenario 2 is only
negative in Year 1 and will be constant at $16,074 in Year 7 and
beyond. (See Appendix
Chart 1 and 2 to see the break down of revenue and expenses
used to calculate the
contribution margin for each scenario.)
23. Breakeven Analysis
The breakeven period used in this report is defined as the
number of years it takes to see
a true return on the initial investment.
From Table 10 below, it can be easily seen that the requirement
for financing the
establishment of the sheep farm has a significant impact on the
number of years it takes
to breakeven. If the producer receives no financing for the
establishment costs in
Scenario 1 and Scenario 2, then the breakeven periods will be
15 years and 14 years,
respectively.
If the producer does receive financing for the establishment
costs in Scenario 1, the
breakeven period is estimated to be 22 years. For Scenario 2, if
the producer receives
financing for the total cost of establishment, then the breakeven
period is greater than 30
years. If a producer is interested in purchasing an operational
400 ewe flock, they should
have significant financial resources because if they borrow the
establishment costs in full,
it is unlikely they will see a return on their investment in their
lifetime.
In most cases, the producer will not have the cash flow to cover
the establishment costs.
The less the producer needs to borrow, the shorter the
breakeven period. This means that
24. the amount of financing required for the establishment of a
sheep farm is positively
related to the length of the breakeven period.
It should be noted that Table 10 represents estimates of
breakeven years based on a stable
price.
Table 10: Breakeven Analysis
Financing Scenario Breakeven Year
No
Scenario 1
15 years
Scenario 2
14 years
Yes Scenario 1
22 years
Scenario 2
25. >30 Years
Conclusion
From the information presented in this report, it has been shown
that there is a significant
investment of money required for the establishment of a sheep
farm in Nova Scotia. The
successful raising of quality lamb requires the producer to pay
close attention to both the
management and financial details in order to ensure a return on
the investment. If the
establishment of the sheep farm does not require external
financing, there is considerably
less pressure on the finances, and the breakeven on the
investment will occur much
sooner, as seen in Table 10. Scenario 1 and Scenario 2 do not
have a significant
difference in their breakeven period if they do not require
financing for their
establishment costs. But, there is a significant difference if
they do require financing for
their establishment costs. Therefore, Scenario 1 may be the
best option because it allows
the producer to improve their management skills over the
establishing years with less risk
than if the producer purchased a full flock in Year 1, as in
Scenario 2.
26. Business Planning Resources for Establishment of a Sheep
Farm
There are a number of useful resources available to individuals
wishing to establish a
sheep farm in Nova Scotia, many of which are available by
contacting one of the
following:
27. Nova Scotia Department of Agriculture, Business Development
and Economics
http://www.gov.ns.ca/agri/bde/
Nova Scotia Farm Loan Board
http://www.gov.ns.ca/agri/farmlb/
Canadian Sheep Federation
http://www.cansheep.ca/
AgraPoint
http://www.agrapoint.ca
Acknowledgements
The preparation of this information was made possible with the
cooperation and support
of Agrapoint International and several individual Nova Scotia
sheep producers. Special
thanks to Jonathan Wort of Agrapoint International for his
support and dedication to this
project.
Appendix Chart 1: Scenario 1
Flock Inventory Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Year 7 Year 8 Year 9 Year 10
Number of Ewes 100 155 232 327 400 400 400 400 400 400
Number of Rams 2 3 5 8 8 8 8 8 8 8
Total Lambs 150 215 284 419 556 625 640 640 640 640
Ewe lamb replacement @ 20% 20 31 46 65 80 80 80 80 80 80
Ewe lambs retained for expansion 55 77 96 73
32. $1,800 $1,800 $1,800 $1,800
Equipment Repairs $500 $500 $500 $500 $500 $500 $500 $500
$500 $500
Accounting Costs $900 $900 $900 $900 $900 $900 $900 $900
$900 $900
Insurance Costs $1,200 $1,200 $1,200 $1,200 $1,200 $1,200
$1,200 $1,200 $1,200 $1,200
Establishment & Variable Costs Total $213,090 $69,470
$70,378 $71,136 $71,544 $71,952 $72,360 $72,360 $72,360
$72,360
Contribution Margin -$130,866 $6,824 $8,386 $10,098 $12,090
$14,082 $16,074 $16,074 $16,074 $16,074
Fixed Costs
Taxes $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
$1,000 $1,000 $1,000
Equipment Depreciation $3,000 $2,400 $1,920 $1,536 $1,229
$983 $786 $629 $503 $403
Fixed Cost Total $4,000 $3,400 $2,920 $2,536 $2,229 $1,983
$1,786 $1,629 $1,503 $1,403
Total Cost $217,090 $72,870 $73,298 $73,672 $73,773 $73,935
$74,146 $73,989 $73,863 $73,763
Appendix Chart 3: Budget Explanation and Assumptions
Flock Inventory
Number of Ewes Number of ewes in breeding herd. Raise own
replacements.
Number of Rams Number of rams for breeding. One mature ram
per 50 ewes.
33. Total Lambs Total lambs born per year. 150% of number of
ewes in year 1. Increase by 5% each year until percentage
reaches 180%.
Ewe lamb replacement 20 percent of flock replaced each year.
15% accounts for cull ewes and 5% for death loss.
Ewe lambs retained for expansion (Total lambs x 0.50) -
(Number of ewe lamb replacements) 0.50 assumes that half the
total lambs are ewe lambs.
Lambs to Market Total number of lambs less the lamb
replacement and lamb expansion.
Revenue
Market Lambs Number of lambs to market x Market price.
Assumed to be an average of $150 per lamb for the life of the
operation.
Cull Ewes Number of ewes sold to market at an average price of
$50 per ewe. Cull rate is 15% of total number of ewes.
Cull Rams Number of rams sold to market at an average price of
$70 per ram. Cull rate is 33% of total number of rams.
Wool Average fleece weight is 5lb/ewe (or ram) and sold for
$0.60/lb. (Number of rams + number of ewes) x 5 x $0.60
Total Revenue
Establishment Costs
Ewes Cost to purchase ewes. Assume $200/ewe.
Rams Cost to purchase rams. Assume $500/ram.
Guarding Dog(s) Cost to purchase guardian dogs. Assume
$500/dog.
Fencing $3700 to build 5 strand electric fence per 20 acres.
$1000 for internal fencing. $1300 for electric fence energizer.
Corral/Working Pens $2500 to purchase handling system.
$2000 to build working pens (spread over 2 years in scenario 1).
Pasture Establishment/Improvement Assume $2200 per 20 acres.
Watering System Assume $6000 in total (spread over 4 years in
scenario 1).
34. Supplies & Equipment $300 in total. This includes
miscellaneous equipment such as: syringes, hoof trimming
shears, and deworming gun, etc
Used Tractor with Loader $15,000 to purchase used tractor.
Tractor is assumed to have a life span of ten years.
Variable Costs
Forage Forage fed in the winter for 180 days, approx. 4.5
lb/ewe per day. Value is $43.20/ewe per year.
Grain - Ewes (and Rams) Flushing 30 days at 0.5 lb/day and
lactating 30 days at 2 lb/day. Current grain price $220/tonne.
Value is $7.50/ewe/year.
Grain - Lambs Finishing lambs for 60 days at 2.5 lb/day.
Current grain price $220/tonne. Value is $15/lamb per year.
Salt & Minerals Assume $2.50/head.
Pasture Maintenance Includes fertilizer and lime. Scenario 1
cost increases as pasture increases until 100 acres is reached in
year 5.
Vet Costs for Sheep Assume $4/ewe (and ram) and $2/lamb.
Includes cost of deworming, vaccinations, and incidental
veterinary services.
Shearing Assume $3.50/head.
Replacement Ewe Lambs Assume market value of $150/lamb.
20% accounts for 15% culling rate and 5% death loss.
Replacement Rams Assume replacement cost $500/lamb and
replacement rate of 33%. Life expectancy of ram is assumed to
be three years.
Replacement Guardian Dog Replace dogs at $500/dog. Working
life span of a dog is assumed to be 5 years.
Guardian Dog(s) Operating Costs Assume $800/dog per year.
Includes food, deworming, vaccinations and spaying/neutering.
Marketing & Hauling Assume $6/lamb. Includes check-off and
trucking.
Labour Includes help with lambing (20 days @ $10/hr), wool
packing ($0.50/ewe) and manure spreading ($8.00/ewe).
Fuel & Utility Fuel is tractor diesel for chores. Utility is hydro
35. cost of barn.
Equipment Repairs Based on hours used, which is directly
related to the number of ewes.
Accounting Costs Assume $900/year based on costs of a farm of
similar size and structure.
Insurance Costs Assume $1200/year. Includes fire, farm
liability, barn contents, livestock insurance, etc.,
Establishment & Variable Costs Total
Contribution Margin
Fixed Costs
Taxes Property taxes on a 100 acre farm. Assume $1000/year.
Equipment Depreciation Assume used tractor has a life span of
ten years. Tractor depreciates in value at 20% per year.
Fixed Cost Total
Total Cost
Revenue and ExpensesRevenue &
ExpensesJanuaryFebruaryMarchAprilMayJuneJulyAugustSepte
mberOctoberNovemberDecemberREVENUE
(Sales):OPERATING EXPENSES:Total:
Forecasted Profit and LossMonthly Profit and
LossJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember
OctoberNovemberDecemberREVENUE (Sales):OPERATING
EXPENSES:Total Operating Expenses:Profit before
InterestInterest ExpenseNet Profit (Loss) - MonthlyNet Profit
(Loss) for yearNet Profit/SalesAssumptions:
Forecasted Balance SheetProjected Balance
SheetASSETS:Current Assets:Long Term Assets:Total
AssetsLIABILITIES:Current Liabilties:Long Term
Liabilities:Total LiabilitiesOwner's EquityTotal Liabilities
36. andOwner's Equity
Student ID 000000 Lastname Business Capstone Business plan
Version page 1
3A.Executive Summary
3A1. Business Identification:
3A2. Mission, Goals and Objectives:
3A3. Keys to Success:
3B.Company Summary
3B1. Industry History:
3B2. Legal Form of Ownership:
3B3. Location and Facilities:
3B4: Management Structure:
3B5. Products and Service:
3C.Market Analysis
3C1: Target Market
3C2: Industry Analysis
3C3: Competitive Analysis
3D.Market Strategy
3D1: 4Ps.
3D2: Price List-
3D3: Selling Strategy-
3D4: Sales Forecast-
3E.Implementation Strategy
3E1. Overall Strategy-
3E2. Implementation-
3E3. Control Plan-
3F.Financial Statements and Projections
3F1. Revenue and Cost Estimate-
3F2. Forecasted Profit and Loss Statement
3F3. Forecasted Balance Sheet-
3G1. Financial Projections
3G1a- Breakeven Point-
3G1b-Financial Position:
37. 3G1c-Capital/Investment Needs:
3References
A. Executive Summary
(1-2 pages) - A brief synopsis highlighting the key facts, issues,
and conclusions
A1. Business Identification: Include the business name and
location, a brief summary of the business concepts and the
purpose of the business plan.
A2. Mission, Goals and Objectives: Explain the goals and
objectives you have outlined for your company.
A3. Keys to Success: Include what you think will be your 3
main keys to success in the new operation.B. Company
Summary
(4-6 pages) Describe the history of the origins of your business.
B1. Industry History: Describe the industry in which the
business will operate.
B2. Legal Form of Ownership: Describe the ownership and
legal establishment of the company, (i.e. specifying whether
your company is a corporation, partnership, sole proprietorship,
limited liability partnership, etc.).
B3. Location and Facilities: Describe the geographic location of
your business including where the products/services will be
produced. Identify any regulatory or legal Issues your company
needs to consider now or in the future in reference to the
location and/or facilities.
B4: Management Structure:Include the key personnel and
positions.
B5. Products and Service:Explain the primary product(s) and/or
service(s) your company produces and any unique attributes
they may have.C. Market Analysis
38. (3-5 pages)- The market analysis section of your business plan
should demonstrate that you know your customers.
C1: Target Market- Describe the current market for your
company’s product.
C2: Industry Analysis - Discuss the characteristics of this
industry such as growth trends, units sold, or employment.
C3: Competitive Analysis- Describe your company’s current
competition.
D. Market Strategy
(3-6 pages) Describe how product, price, place and promotion
related to the products/services offered by the business.
D1: 4Ps.
Discuss the pricing, product, promotion and distribution of your
product
D2: Price List-
Develop a price list for the products/services offered.
D3: Selling Strategy-
Develop a selling strategy with goals, milestones and
deliverables.
D4: Sales Forecast-
Develop a Sales forecast based on expected market
conditions.E. Implementation Strategy
(3-6 pages)-Outline how you will launch the business and
evaluate the business’s success of failures
E1. Overall Strategy-
Summarize your overall strategy for successfully launching the
business.
39. E2. Implementation-
Outline your target dates for implementation along with your
goals and objectives.
E3. Control Plan-
Develop a control plan to be used to evaluate the success of the
company in meeting milestones.F. Financial Statements and
Projections
(3-5 pages) – Develop projected financial statements for the
first year of business. You may use the Business Plan Financials
Template to prepare this section (see Appendix B) or you may
create your own template.
F1. Revenue and Cost Estimate-
This is the first part of the profit and loss statement. You will
estimate the revenue (sales) and expenses for the first 12
months of your business.
F2. Forecasted Profit and Loss Statement
(Month by month for 1st 12 months)– Here you will consider
the sales forecast, the operating expenses, and the profits. Take
the month-by-month revenue estimates of sales and expenses
from the revenue and cost estimate (F1) and include interest
expense to obtain a profit projection for your first year of
operations. It will reveal net profit (obtained from subtracting
the interest expense from the profit before interest). The profit
before interest is calculated by subtracting total expenses from
total revenue.
Salary expenses
Payroll expenses
General and administrative
Repairs and maintenance
Marketing and Advertising
Accounting and legal
40. Utilities
Insurance
Taxes (real estate, etc.)
Selling Expenses
Other expenses (specify)
Examples of expenses may include:
F3. Forecasted Balance Sheet-
This statement deals with cash and income and also with assets,
liabilities, and capital. The balance should result in the debit
and credit balances ending up equal.G1. Financial Projections
(1-2 pages)- Summarize the financial projections and the
assumption used in estimating the projections in section F.
G1a- Breakeven Point-
Include an estimate of income and expenses. It determines
whether or not your business will bring in enough money to
meet its costs.
This method is used to determine the exact point at which the
business makes neither takes a loss nor makes a profit. It is
calculated at a point where sales have grown at a greater rate
than costs and the two lines cross.
G1b-Financial Position:
Include the estimated financial position of the company at the
end of the first year and the estimated capital/investment needs.
Make sure to include any assumptions you used in estimating
this information.
G1c-Capital/Investment Needs:
Estimate the capital and investment needs for your company. Be
sure to discuss any equity contributions your company will need
along with other start up costs required. References
Doe, J. P. (2011, 10 10). www.wgu.edu. Retrieved from Student
Template in APA for Business Plan: http://www.wgu.edu
Name of Company Business Plan
41. Firstname I. Lastname
Your Title
0000 Name of St
City, State 00000
(000) 000-0000
[email protected]
October 11, 2011