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Insuring A Business, Costing and Case Studies - Week Eight

For the eighth week of my research I thought if I'm going to un a business, especially involving animals, I'm going to need some form of insurance! 
One of the my main concerns with my business, was what if someone tripped on one of the walks over a rabbit hole, or what if one of my Alpacas spat at someone (let's pray they don't). If someone had an accident or developed something because the alpacas spat at them, what would I do. I looked specifically at the laws that may relate to my business such as Occupiers liability and Public Liability.  These both uphold specific standards that are required by law to protect visitors and if these standards are met, the majority of companies will be safe from being sued if these standards are met. I will also need insurance on the animals and farm equipment to cover any accidents, injuries or damages that happen to either. 

I also looked into researching the potential of running a volunteer system with local schools. I researched the procedure involved with operating a volunteer system and how employees can be designated roles of helping with training volunteers. This is an idea that could be brought to provide great opportunities to those who want to potentially run their own business or work in agriculture, through universities. This would be a great way of dealing with increased demand over holidays and summer. I researched the different ways I could engage volunteers, such as through partnering directly with universities and colleges, advertising in local newspapers and contacting post graduate students. 

I also researched what supplies I would need to run a farm, and ensure the alpacas are well looked after. I also found average prices for these supplies, including shelters, teeth grinders and fencing. From this costing, it was clear I could see the most expensive resources were going to be shelters and fencing, especially if I intend to have visitors, as these will have to look well put together to attract visitors. This costing allowed me to see exactly what needed to be prioritised, as products to care for the alpacas and ensure their well being, would be priority. 

Finally, I looked into the possibility of other avenues of profit. One possibility is the creating of a mainstream cleaning beauty product, that could be branded around the farm but sold to the masses. This led me to research the brand 'Mane 'n Tail', who originally started as a product strictly for show horses, to ensure they looked the part for competitions. The creators of the strictly equestrian brand realised the majority of horse owners were using the products on their own hair. This led them to rebrand the product for humans and now sell in large retailers including Boots and Superdrug. This would be a great opportunity for my own business, to develop a product that could be used on alpacas, known for their expensive fleeces and luxurious coats. I would simply need a manufacture and product designer to create this product and focus on distribution, in order to get the product out there. 






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