Financial feasibility evaluation of BSF maggot cultivation at Bumi Farm, Cipaku Village, Bogor City
Main Article Content
Abstract
The problem of food waste management, which continues to increase and dominate the composition of waste, necessitates circular economy-based solutions that not only solve the problem of waste accumulation but also provide economic benefits. One such solution is the cultivation of Black Soldier Fly (BSF) maggots, as maggots can reduce food waste by 90%. One of the businesses that cultivates BSF maggots is Bumi Farm, but since its establishment in 2020, no financial feasibility evaluation has been conducted. Therefore, this study aims to evaluate the financial feasibility of BSF maggot cultivation at Bumi Farm using NPV, IRR, PP, and Net B/C. The results of this study indicate that the BSF maggot cultivation business at Bumi Farm shows the following values NPV with a Bi Rate of 5.75% is IDR 152,700,000, which is considered feasible because the NPV value is > 0; IRR value of 36.71% is considered feasible because the IRR value is > Bi Rate; The Payback Period of 2 years and 10 months is feasible because the PP value is < Economic Life, and the Net B/C of 2.32 is feasible because the Net B/C value is > 1. The results of the analysis show that all financial feasibility indicators are met, so that the BSF Maggot Cultivation business at Bumi Farm is feasible to run because it meets all financial feasibility indicators
Downloads
Download data is not yet available.
Article Details
How to Cite
Riswanti, D. M. . and Gumilang, A. S. P. . (2026) “Financial feasibility evaluation of BSF maggot cultivation at Bumi Farm, Cipaku Village, Bogor City ”, Jurnal Mantik, 9(4), pp. 1324-1333. doi: 10.35335/mantik.v9i4.6997.
References
Arfah, Y., & Zurlaini, A. (2023). Buku Ajar Akuntasi Biaya (1st ed.). PT Inovasi Pratama Internasional. https://ipinternasional.com/wp-content/uploads/2024/07/AKUNTANSI-BIAYA-.pdf
Bank SBI Indonesia. (2024). Interest Rate. https://www.sbiindo.com/rate_charges/menu/suku-bunga
Ermawati, N., & Hidayanti, A. N. (2019). Business Feasibility Studies. In CV. Manhaji (Issue March). https://eprints.uniska-bjm.ac.id/16719/1/Dwi Wahyu A - buku SKB.pdf
Exzan, R. N., Alhidayat, S. A., Najamuddin, A., & Ardani, B. (2024). Financial Analysis of Tenggiri Fish Pempek Business at Umkm Dapur S’Best Palangka Raya City Central Kalimantan. Journal of Tropical Fisheries, 19(1), 07–14. https://doi.org/10.36873/jtf.v19i1.12873
Fisu, A. A., Didiharyono, D., & Bakhtiar, B. (2020). Economic & Financial Feasibility Analysis of Tarakan Fishery Industrial Estate Masterplan. IOP Conference Series: Earth and Environmental Science, 469(1). https://doi.org/10.1088/1755-1315/469/1/012002
Gandhy, A., Gursida, H., Sunarta, K., Marota, R., & Zaini, O. K. (2024). Maggot Cultivation Business Development Strategy at the Siliwangi Unit Waste Bank. Jurnal Ilmiah Manajemen Kesatuan, 12(5), 1471–1482. https://doi.org/10.37641/jimkes.v12i5.2785
Gandhy, A., Koen, E. S., & Gumilang, A. S. P. (2025). Financial Feasibility Analysis of Black Soldier Fly (Hermetia illucens) Cultivation Business in Bogor, West Java. Proceeding International Seminar of Science and Technology, 4. https://doi.org/https://doi.org/10.33830/isst.v4i1.5240
Gandhy, A., Qodriah, W., & Wilistanti, M. G. (2025). Financial Kenyan Lembang Analysis Chickpea of Cayenne Pepper and at Intercropping Gapoktan Wargi Panggupay , Suntenjaya Village ,. The 4th International Seminar of Science and Technology ISST 2024 Vol 4 (2025) 012, 4.
Gandhy, A., & Sutanto, D. (2017). Financial And Sensitivity Analysis Of Broiler Farming Pt. Bogor Eco Farming, Bogor District. Jurnal OPTIMA, 1(1), 1–14. http://scioteca.caf.com/bitstream/handle/123456789/1091/RED2017-Eng-8ene.pdf?sequence=12&isAllowed=y%0Ahttp://dx.doi.org/10.1016/j.regsciurbeco.2008.06.005%0Ahttps://www.researchgate.net/publication/305320484_SISTEM_PEMBETUNGAN_TERPUSAT_STRATEGI_MELESTARI
Gumilang, A. S. P., Gandhy, A., & Prasetyo, B. D. (2024). Digital Marketing Develompemt Strategy To Increase the Number of Turist. JIMKES: Jurnal Ilmiah Manajemen Kesatuan, 12(6), 2165–2176. https://doi.org/10.30863/didaktika.v18i1.5673
Gumilang, A. S. P., Wilistanti, M. G., Yuristianti, R. A., & Patra, E. (2025). Community Empowerment of KWT Rajawali for Economic and Food Security Enhancement through Aquaponic and Green Water Systems. Jurnal Abdimas Kartika Wijayakusuma, 6(3), 1403–1413.
Gumilang, A. S., & Patra, E. (2024). Analysis Of Cost Of Goods Sold For Household Scale Yellow Spiced Catfish Processing Businesses In Kwt Rajawali. In S. S. Azahra (Ed.), The Fifth International Research Conference on Management and Business (5th IRCMB). Management Study Program Faculty of Economics Universitas Negeri Jakarta & Indonesian.
Hardini, S. Y. P. K., & Gandhy, A. (2021). Catfish Cultivation Using Black Soldier Fly Maggot Supplementary Feed. In L. L. Marburoroh (Ed.), Angewandte Chemie International Edition, 6(11), 951–952. (1st ed.). Ahlimedia Press.
Kailuhu, S. M., Timisela, N. R., & ... (2023). Sago Product Diversification, Sales Volume And Business Feasibility Of Sawa Bioindustry. International Journal of Economics, Business and Innovation Reaserch, 02(01), 283–302. https://www.e-journal.citakonsultindo.or.id/index.php/IJEBIR/article/view/119%0Ahttps://www.e-journal.citakonsultindo.or.id/index.php/IJEBIR/article/download/119/89
Lestari, L., & Wahyudin, W. (2022). Business Feasibility Analysis of Multifunctional Chair Product Design and Development. Performa: Media Ilmiah Teknik Industri, 21(1), 86. https://doi.org/10.20961/performa.21.1.58401
Ngatno. (2021). Monograph Book - Analysis of Corporate Financial Performance. www.penerbitalinea.com
Nopianingsih, L., Palinggi, Y., & Johansyah, J. (2022). Analysis of Business Feasibility Studies Viewed from the Financial Aspects of PT Belayan International Coal in Muara Badak during the Covid-19 Pandemic. Jurnal Ekonomi & Manajemen Indonesia, 22(1), 1–15. https://doi.org/10.53640/jemi.v22i1.989
Prasetyo, B. D., & Gumilang, A. S. P. (2025). Business Development Formulation Using Business Model Canvas On B-Magg Environmentally Friendly Fish Pellets. Proceedings of the 6th Asia Pacific Conference on Industrial Engineering and Operations Management, 1(1), 755–764. https://doi.org/10.46254/AP06.20250175
Prihartini, E., Hendrarin, H., & Indah, P. N. (2022). Financial Analysis of Business Feasibility and Maggot Black Souldier Fly Cultivation Development Strategy. Journal of Economics, Finance And Management Studies, 05(01), 15–23. https://doi.org/10.47191/jefms/v5-i1-03
Raman, S. S., Stringer, L. C., Bruce, N. C., & Chong, C. S. (2022). Opportunities, Challenges and Solutions for Black Soldier Fly Larvae-based Animal Feed Production. Journal of Cleaner Production, 373, 1–18. https://doi.org/10.1016/j.jclepro.2022.133802
Sekretariat Daerah Kabupaten Bogor. (2025). Kolaborasi Pemerintah Kabupaten dan Kota Bogor dalam Mengatasi Permasalahan TPA Galuga. https://setda.bogorkab.go.id/index.php/berita/seputar-opd/kolaborasi-pemerintah-kabupaten-dan-kota-bogor-dalam-mengatasi-permasalahan-tpa-galuga
Setiawan, R. (2023). Feasibility and Development Strategy of Maggot Cultivation Business at Farm Republic Larva. Neraca: Jurnal Ekonomi, Manajemen Dan Akuntansi, 1(3), 196–206.
Silviani, D. A., Arimuljarto, N., & Syafaat, F. (2024). Analisis Kelayakan Finansial Usaha Budi Daya Ikan Kolam Terpal di Desa Grantung Kabupaten Purworejo Jawa Tengah. NAMARA: Jurnal Manajemen Pratama, 1(4).
SIPSN. (2025). Jumlah Timbulan Sampah. https://sipsn.menlhk.go.id/sipsn/#parallax
Sumbodo, B. T., Mujamil, T., Ducati, D., & Ika, S. R. (2023). Business Feasibility and Development Strategy of Oyster Mushroom Farming in Pandowoharjo Village, Yogyakarta. Proceedings of the 1st International Conference of Management and Business (ICoMB 2022), 2, 21–34. https://doi.org/10.2991/978-94-6463-160-9_4
Sunardi, Prihantono, E. Y., Harmadji, D. E., Risfandini, A., & Adi, P. D. P. (2022). Business Feasibility Analysis: A Financial and Market Approach (Case Study of Perumda Aneka Usaha Segar Jombang) (R. Kelana (ed.); 1st ed.). PT. Lontar Digital Asia Bitread.id. https://eprints.unmer.ac.id/id/eprint/3111/%0Ahttps://eprints.unmer.ac.id/id/eprint/3111/1/Analisis Kelayakan Bisnis.pdf
Wardana, F. K., Qomaruddin, M., & Mas Soeroto, W. (2021). Investment Feasibility Analysis With Financial Aspect Approach And Marketing Strategy On Layer Program In Bum Bumi Makmur Village. Sebatik, 25(2), 318–325. https://doi.org/10.46984/sebatik.v25i2.1633
Wilistanti, M. G., Gandhy, A., & Syafaat, F. (2025). Financial Feasibility Analysis of Crystal Guava Cultivation in Bantarsari Village, Bogor. Jurnal Mantik, 8(6). www.iocscience.org/ejournal/index.php/mantik%0AFinancial
Yuniati, D., Suharti, S., Widiarti, A., Andadari, L., Heryati, Y., & Agustarini, R. (2021). Business feasibility of several PS-01 hybrid silkworms (Bombix mori L.) cultivation scheme. IOP Conference Series: Earth and Environmental Science, 917(1). https://doi.org/10.1088/1755-1315/917/1/012031
Bank SBI Indonesia. (2024). Interest Rate. https://www.sbiindo.com/rate_charges/menu/suku-bunga
Ermawati, N., & Hidayanti, A. N. (2019). Business Feasibility Studies. In CV. Manhaji (Issue March). https://eprints.uniska-bjm.ac.id/16719/1/Dwi Wahyu A - buku SKB.pdf
Exzan, R. N., Alhidayat, S. A., Najamuddin, A., & Ardani, B. (2024). Financial Analysis of Tenggiri Fish Pempek Business at Umkm Dapur S’Best Palangka Raya City Central Kalimantan. Journal of Tropical Fisheries, 19(1), 07–14. https://doi.org/10.36873/jtf.v19i1.12873
Fisu, A. A., Didiharyono, D., & Bakhtiar, B. (2020). Economic & Financial Feasibility Analysis of Tarakan Fishery Industrial Estate Masterplan. IOP Conference Series: Earth and Environmental Science, 469(1). https://doi.org/10.1088/1755-1315/469/1/012002
Gandhy, A., Gursida, H., Sunarta, K., Marota, R., & Zaini, O. K. (2024). Maggot Cultivation Business Development Strategy at the Siliwangi Unit Waste Bank. Jurnal Ilmiah Manajemen Kesatuan, 12(5), 1471–1482. https://doi.org/10.37641/jimkes.v12i5.2785
Gandhy, A., Koen, E. S., & Gumilang, A. S. P. (2025). Financial Feasibility Analysis of Black Soldier Fly (Hermetia illucens) Cultivation Business in Bogor, West Java. Proceeding International Seminar of Science and Technology, 4. https://doi.org/https://doi.org/10.33830/isst.v4i1.5240
Gandhy, A., Qodriah, W., & Wilistanti, M. G. (2025). Financial Kenyan Lembang Analysis Chickpea of Cayenne Pepper and at Intercropping Gapoktan Wargi Panggupay , Suntenjaya Village ,. The 4th International Seminar of Science and Technology ISST 2024 Vol 4 (2025) 012, 4.
Gandhy, A., & Sutanto, D. (2017). Financial And Sensitivity Analysis Of Broiler Farming Pt. Bogor Eco Farming, Bogor District. Jurnal OPTIMA, 1(1), 1–14. http://scioteca.caf.com/bitstream/handle/123456789/1091/RED2017-Eng-8ene.pdf?sequence=12&isAllowed=y%0Ahttp://dx.doi.org/10.1016/j.regsciurbeco.2008.06.005%0Ahttps://www.researchgate.net/publication/305320484_SISTEM_PEMBETUNGAN_TERPUSAT_STRATEGI_MELESTARI
Gumilang, A. S. P., Gandhy, A., & Prasetyo, B. D. (2024). Digital Marketing Develompemt Strategy To Increase the Number of Turist. JIMKES: Jurnal Ilmiah Manajemen Kesatuan, 12(6), 2165–2176. https://doi.org/10.30863/didaktika.v18i1.5673
Gumilang, A. S. P., Wilistanti, M. G., Yuristianti, R. A., & Patra, E. (2025). Community Empowerment of KWT Rajawali for Economic and Food Security Enhancement through Aquaponic and Green Water Systems. Jurnal Abdimas Kartika Wijayakusuma, 6(3), 1403–1413.
Gumilang, A. S., & Patra, E. (2024). Analysis Of Cost Of Goods Sold For Household Scale Yellow Spiced Catfish Processing Businesses In Kwt Rajawali. In S. S. Azahra (Ed.), The Fifth International Research Conference on Management and Business (5th IRCMB). Management Study Program Faculty of Economics Universitas Negeri Jakarta & Indonesian.
Hardini, S. Y. P. K., & Gandhy, A. (2021). Catfish Cultivation Using Black Soldier Fly Maggot Supplementary Feed. In L. L. Marburoroh (Ed.), Angewandte Chemie International Edition, 6(11), 951–952. (1st ed.). Ahlimedia Press.
Kailuhu, S. M., Timisela, N. R., & ... (2023). Sago Product Diversification, Sales Volume And Business Feasibility Of Sawa Bioindustry. International Journal of Economics, Business and Innovation Reaserch, 02(01), 283–302. https://www.e-journal.citakonsultindo.or.id/index.php/IJEBIR/article/view/119%0Ahttps://www.e-journal.citakonsultindo.or.id/index.php/IJEBIR/article/download/119/89
Lestari, L., & Wahyudin, W. (2022). Business Feasibility Analysis of Multifunctional Chair Product Design and Development. Performa: Media Ilmiah Teknik Industri, 21(1), 86. https://doi.org/10.20961/performa.21.1.58401
Ngatno. (2021). Monograph Book - Analysis of Corporate Financial Performance. www.penerbitalinea.com
Nopianingsih, L., Palinggi, Y., & Johansyah, J. (2022). Analysis of Business Feasibility Studies Viewed from the Financial Aspects of PT Belayan International Coal in Muara Badak during the Covid-19 Pandemic. Jurnal Ekonomi & Manajemen Indonesia, 22(1), 1–15. https://doi.org/10.53640/jemi.v22i1.989
Prasetyo, B. D., & Gumilang, A. S. P. (2025). Business Development Formulation Using Business Model Canvas On B-Magg Environmentally Friendly Fish Pellets. Proceedings of the 6th Asia Pacific Conference on Industrial Engineering and Operations Management, 1(1), 755–764. https://doi.org/10.46254/AP06.20250175
Prihartini, E., Hendrarin, H., & Indah, P. N. (2022). Financial Analysis of Business Feasibility and Maggot Black Souldier Fly Cultivation Development Strategy. Journal of Economics, Finance And Management Studies, 05(01), 15–23. https://doi.org/10.47191/jefms/v5-i1-03
Raman, S. S., Stringer, L. C., Bruce, N. C., & Chong, C. S. (2022). Opportunities, Challenges and Solutions for Black Soldier Fly Larvae-based Animal Feed Production. Journal of Cleaner Production, 373, 1–18. https://doi.org/10.1016/j.jclepro.2022.133802
Sekretariat Daerah Kabupaten Bogor. (2025). Kolaborasi Pemerintah Kabupaten dan Kota Bogor dalam Mengatasi Permasalahan TPA Galuga. https://setda.bogorkab.go.id/index.php/berita/seputar-opd/kolaborasi-pemerintah-kabupaten-dan-kota-bogor-dalam-mengatasi-permasalahan-tpa-galuga
Setiawan, R. (2023). Feasibility and Development Strategy of Maggot Cultivation Business at Farm Republic Larva. Neraca: Jurnal Ekonomi, Manajemen Dan Akuntansi, 1(3), 196–206.
Silviani, D. A., Arimuljarto, N., & Syafaat, F. (2024). Analisis Kelayakan Finansial Usaha Budi Daya Ikan Kolam Terpal di Desa Grantung Kabupaten Purworejo Jawa Tengah. NAMARA: Jurnal Manajemen Pratama, 1(4).
SIPSN. (2025). Jumlah Timbulan Sampah. https://sipsn.menlhk.go.id/sipsn/#parallax
Sumbodo, B. T., Mujamil, T., Ducati, D., & Ika, S. R. (2023). Business Feasibility and Development Strategy of Oyster Mushroom Farming in Pandowoharjo Village, Yogyakarta. Proceedings of the 1st International Conference of Management and Business (ICoMB 2022), 2, 21–34. https://doi.org/10.2991/978-94-6463-160-9_4
Sunardi, Prihantono, E. Y., Harmadji, D. E., Risfandini, A., & Adi, P. D. P. (2022). Business Feasibility Analysis: A Financial and Market Approach (Case Study of Perumda Aneka Usaha Segar Jombang) (R. Kelana (ed.); 1st ed.). PT. Lontar Digital Asia Bitread.id. https://eprints.unmer.ac.id/id/eprint/3111/%0Ahttps://eprints.unmer.ac.id/id/eprint/3111/1/Analisis Kelayakan Bisnis.pdf
Wardana, F. K., Qomaruddin, M., & Mas Soeroto, W. (2021). Investment Feasibility Analysis With Financial Aspect Approach And Marketing Strategy On Layer Program In Bum Bumi Makmur Village. Sebatik, 25(2), 318–325. https://doi.org/10.46984/sebatik.v25i2.1633
Wilistanti, M. G., Gandhy, A., & Syafaat, F. (2025). Financial Feasibility Analysis of Crystal Guava Cultivation in Bantarsari Village, Bogor. Jurnal Mantik, 8(6). www.iocscience.org/ejournal/index.php/mantik%0AFinancial
Yuniati, D., Suharti, S., Widiarti, A., Andadari, L., Heryati, Y., & Agustarini, R. (2021). Business feasibility of several PS-01 hybrid silkworms (Bombix mori L.) cultivation scheme. IOP Conference Series: Earth and Environmental Science, 917(1). https://doi.org/10.1088/1755-1315/917/1/012031
Copyright and Licensing
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.