List of Soybean Processing Business ideas to earn huge profits
Introduction
In this blog, we are intended to elucidate the 6 most profitable soybean processing business ideas to the capitalists.
Soybean is an important oilseed in India. Besides, soybean is the second-largest acreage crop in the United States, next to corn. There are many value-added products we can obtain from this oilseed. Any individual can soybean processing business with low investment.
Soybean is rapidly emerging as the most significant oilseed crop in India. Due to its huge potential as food, fuel, feed, fodder, and industrial production; Soybean is prevalent as “golden bean” or “miracle bean”.
Currently, the USA is the world’s largest Soybean producer with about 89 million tons produced annually. Soybean is a major source of vegetable oil, protein, and feed for animals. This oilseed stands to be India’s one of the fastest-growing crops and a noteworthy foreign exchange earner.
However, the value-added items gain more profit than the oil seeds. Broadly, we can distinguish different soybean items into non-fermented and fermented soybean items. Generally, these soybean processing units don’t need major licensing and guidelines.
However, you will get the FSSAI license for these items. Therefore, starting a soybean processing unit is an attractive business opportunity for new entrepreneurs.
Below is the list of licenses required before starting the Soybean making business in India: Registration of the firm, GST registration, Trade license, Pollution certificate, MSME/SSI registration, EPI and ESI registrations, Trademark, FSSAI registration, IEC code, FPO act.
License, registration, and permissions required to start Soybean Processing Business
Business Entity: The first registration for any business is to register it as a business entity by knowing about the form of the organization. It could be as a sole proprietorship or a partnership or a limited liability partnership or a one-person company. This will help in availing a few benefits to the business and must, therefore, be selected carefully before registering the business at the Registrar’s office.
FSSAI registration: A Soybean product is classified as the processing of food or food products and thus as per the definition requires an FSSAI registration. Food Safety and Standards Authority of India (FSSAI) is meant for protecting and promoting public health by regulation and supervision of food safety hence FSSAI is a mandatory registration/license for the business. The FSSAI registration process is entirely online and quite easy to follow, once the documents are ready.
Shop Act or Trade License: A Soybean product business for example in Maharashtra, India requires applying for a Shop Act License from the local municipal authority to run the business. This license helps manage the working conditions along with working hours, leaves, wages, holidays, etc. of the employees and supports the business to run smoothly.
Udyog Aadhaar Registration: A Soybean product is categorized as a small business and hence it must be registered under Udyog Aadhaar which is a registration and recognition for MSMEs- micro, small, and medium enterprises.
GST Registration: Every business, including the Soybean, should associate with taxes at some point and for monitoring a single uniform taxation structure, the business should get a common GST number which stands for Goods and Service Tax.
BIS certification: Apart from these registrations the business should get BIS certification as well as tax liabilities.
No Objection Certificate from State Pollution Control Board: A Soybean doesn’t cause any pollution so no clearance is needed, however, it is recommended to check it with the State Pollution Control Board of the locality where the business is established.
List of best Soybean Processing Business Ideas
Soya Chunk
Textured soya chunks or soya nuggets are the most famous consumer food items. The item is also famous as soybean meat. You can even obtain soybean nuggets from soy flour. During the step, the protein in the flour undergoes structural alterations and forms a fiber-like network.
The manufacturing process is simple. And the business does not require more investment or high-end infrastructure and machinery. Even, you can begin a soya chunk manufacturing business at home.
Soy Milk
Soy milk is rich in protein, low in fat and carbohydrate, and has no cholesterol. Besides, this is an excellent food for children, babies, elderly people, pregnant and lactating women. That is why the requirement for this healthy food is growing day by day.
You can begin the soy milk production business with medium capital investment. Also, flavored soy milk has a huge demand. Apart from only milk production, you can also get paneer, tofu, etc. using soy milk.
Soy Sauce
Soy sauce is a fermented soybean item. Soy sauce is famous as a taste enhancer. It has a typical bitter-sour and sweet taste if checked for its flavor. The Indian populations use soy sauce in various Chinese, Thai, and even Indian cooking.
The soy sauce manufacturing process is simple. Besides, you can start a business with medium finances. Some of the major needed raw materials are soy flour, Soybean Processing Business Ideas salt, baking soda, vinegar, preservatives, etc.
Soybean Oil
Soybean oil production is one of the most moneymaking soybean processing business in a country like India. This oil holds a vital position in the cooking oil segment in India. Generally, solvent-extracted soybean oil is an industrial item. Because this crude oil should be further sent to refining to obtain refined soybean oil.
You can initiate the soybean oil extraction unit in the form of medium and large scale units. It is recommended to start the production unit by taking the required capital as a bank loan. Also, this business needs permission from the PCB-Pollution Control Board.
Soy Flour
Soybeans are high in proteins. And soy flour is the simplest product of soy protein. With increasing awareness associated with health, there is a distinct change towards soy products that comprise the flour as well. Its benefit as a supplement in wheat flour is growing significantly in many households.
The manufacturing process of soy flour is simple. However, you may begin the soy flour processing unit along with the soybean oil processing unit too. The major and essential raw material here is superior class soybeans.
Tofu
Tofu is a special type of bean curd. You can prepare tofu from soy milk. Tofu is having a low-calorie count and relatively rich in protein. You can begin tofu manufacturing with soy milk processing. Otherwise, you can only start a unit exclusively for tofu production.
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The above-mentioned soybean processing business ideas are financially money-spinning projects. However, location plays a significant role in this business. You must establish the unit close to soybean growing lands. Because you should have the easy availability of soybean that is the major raw material for the soybean processing unit.
Investment required to start a Soybean Processing Business Ideas
If you are choosing any small-scale business in Soybean production then you must pay for raw materials specifically Soybean and other things such as packaging material and other things. If you are inaugurating a small-scale business then employees’ remuneration is also essential. The capital for small scale Soybean production business is Rs. 1 lakh. Additionally, on a large-scale basis, the equipment can be around 2.30 lakh rupees. The cost of raw material could be about Rs. 10,000. Therefore, the entire cost could be estimated to 1-1.5 lakh rupees.
In case if you miss this: How To Make Money from Ebook Business.
Profits in Soybean Processing Business
You can earn good profits in Soybean products business. You can make 35 to 40% of profits in Soybean Oil making business, after deducting the total expenses from the capital amount. Then the leftover amount will be your profit, so you need to minimize the expenses incurred accordingly. You can also plan for used machines so that it will reduce your fixed capital investment.
How to sell your Soybean Products business
You can sell your Soybean products in local markets or you can even sell in the online stores. You can also register in B2B websites and B2C websites in online markets to promote Soybean products.
You can also sell your products in supermarkets, small stores in shopping malls, etc. Advertise about your product through social media to get a huge number of clients in this way you can increase and promote your business. There are very limited Soybean products manufacturers in India, but the demand for encouraging the new product is also high because of its medicinal properties. So, you need not worry about the market. You can sell your product based on the Soybean products wholesale price in India.