Farming is a business that takes research and commitment

| Aug 11, 2017 | Business Law

You are at a point in your life where you are ready to start something new. You’ve given your future a lot of thought. You have considered your passions. You know what makes you happy. At the top of your list is starting your own business. Not just any business, though. You want to start a farm. Humans have always relied on the art of farming. The agricultural industry is important and pertinent to our existence. The process of growing and raising nutrients that will nurture our bodies seems gratifying.

Farming is hard work. Owning a business is also hard work. In order to be successful, you will want to start off on the right foot.

A successful farm takes time, dedication and a lot of commitment.

These steps can help you as you start your new farming business:

  • Do your research and find your niche. If you are new to farming, you will want to get some true hands-on experience. You will want to learn about different equipment, processes, climates and conditions. You will want to pick a product that works best for your location. Know what thrives in your area and research how those crops are cared for.
  • Make a business plan. Like with any business, you will want to create a well-thought-out plan. Think about the market you are getting into. Understand the supply and demand in the current market. Clearly detail how the farm will operate, what your goals are, all financial analysis you’ve gathered and up-front costs. You will want to think ahead to any marketing strategies and if you will employ people to work on your farm. Know if any permits are required and how to apply for them.
  • Find your location. When it comes to farming, location is key. You know this from your research. The wrong location could be devastating for your business. You will want to look at options and decide if you plan to buy land or lease it. You will want to consider the proximity to markets that sell your product. Transporting your goods could be high-cost. Water access and soil quality are huge factors. You will obviously want your product to grow. Find a spot that has the right conditions.
  • Get finances in order. You may have saved up for this venture and plan to self-finance your farm. You may need to look into obtaining a loan for your new business. Either way, you will want to look at all options. Consider start-up costs and also what it will take to keep the farm running until you are able to turn profit. You can use your business plan to help with this decision.
  • Get adequate education. As previously mentioned, you will want to get hands-on education. Also keep in mind that the learning process never really ends. You will definitely learn things as you go. You should always be looking at the current markets. Talk to other farmers, use online resources and subscribe to farming literature.