Farm and business management is the practice of coordinating your agricultural operation so that you can maximize your profit potential and generate income. A broad set of skills and knowledge is used in this process including planning, management, economic analysis and marketing.
The following are the key practices to implement for managing your farm and business:
Marketing – the sale of goods or services to consumers. Financing – loans that finance your operations. Risk management – making sure your operation is protected from disasters.
Financial – creating pro forma and actual enterprise budgets in order to forecast income and expenses, calculating ratios, and setting financial goals.
Write down how you plan to achieve your objectives. This will enable you to identify your weaknesses and think through all the functions that are involved in your company.
You will then need to determine whether your land is zoned production or if there are zoning restrictions that limit what you can produce. Check with your county or township to see if they have any restrictions.
Your business will also need adequate public facilities, such as parking areas, signage, and customer assistance. These facilities are required to accommodate visitors and customers to your farm/ranch. http://www.mountaincountryfarm.com/generated-post-3/
Your business will ultimately need to be self sufficient and a reliable source of income. This means having enough off-farm income to cover living expenses and saving for the future of your business.