Farm and business management is the practice of coordinating your agricultural operation so that you can maximize your profit potential and generate income. This process requires a wide range skills and knowledge including planning and management, economics analysis and marketing.
Key practices in the management of a farm or business include
Marketing – selling your products or services; financing – loans to finance your operation; risk management – ensuring that your operation is safe from disasters.
Financial – creating pro-forma and actual enterprise budgets to help forecast income and expenses; calculating ratios; setting financial goals.
The first step to achieving your objectives is to create a plan. This will help you think through the various functions in your business, and identify weaknesses.
Next, you will need to determine if your land is zoned for production or if it has zoning regulations that limit the type of production you can do. You should check with your township and county to see if there are restrictions that could affect your plans.
Your business will need public facilities as well, such parking areas, signage and customer assistance. These will be required to accommodate customers and visitors to your farm/ranch and should be maintained in compliance with zoning, food safety and http://www.mountaincountryfarm.com/generated-post-4/ environmental laws.
Your business must be self-sustaining in order to generate income. This means that you need to have enough income from your business to cover your living expenses, and save for the future.