As 2021 comes to a close, many farmers are planning for 2022. Did you grow your first garden and want to take it to the next level? Many beginning farmers lack basic business planning and management tools that can greatly improve their chances for success.
A formal business plan is necessary for getting a farm start-up loan from any commercial institution. Even if you don’t need to borrow money to start your farm business, working through a formal business plan can be a valuable way to provide structure and focus your efforts at the beginning and over the years. Any good business plan should include the following:- Your experience in your new business adventure
- Your business vision and a mission statement
- Information on your legal structure (corporation? LLC? partnership?)
- A current balance sheet
- Production plans
- Marketing plans
- Projected balance sheet (combine information from 4, 5, and 6 above)
- Start-up costs
