Have you been planning on setting up a farm business, but are still wondering what your next move should be? Here’s a list of things to consider:
Before making any big decisions, the first thing you need to do is to educate yourself about the farming industry, especially if you’re new to it. Learn as much as you can and if possible, look for a mentor who can help you gain more knowledge and experience before starting the business. You can also opt to volunteer or work on a farm for better learning.
Plan and design of the farm
Next, determine what type of farm or business you’d want to establish; whether it may be a vegetable farm, small-scale farm with crop and animal raising, or even an ecotourism farm.
Writing a business plan will help you analyze the things you will need, things you’ll avoid, and aspects you’ll need to focus on. It will keep you on track before, during, and after the creation of the business. The business plan will be a comprehensive written form of the ideas you have in mind. It will contain necessary details like market, supply, demand, business’ strengths and weaknesses, operations, management structure, price points, and more.
Grants and loans
If your capital isn’t enough for the scale you intend to reach, you can start collecting from your monthly budget or you can find available grants and loans offered by institutions for a faster process. You can ask for guidance and support from established farmers, too.
Business licenses and permits
To make your business legitimate and legal, check and submit the requirements needed by the government offices for you to get the necessary permits and licenses to operate your business.
Opening a business is also about financial planning. You must first decide your business structure; if you would go for a sole proprietorship or not. Ask an accountant to learn more about this aspect. It is also important to have a system for bookkeeping and accounting from the beginning so it would be easier for you as your business gets bigger.
Lastly, one thing that many farmers always say in starting a farm or business is to make sure that you love what you’re doing. If you’ve settled these things, you’re ready to go. Good luck!