Farm and business Management (FBM), is the practice where you coordinate all aspects of your farming operation to maximize income and profit. This process requires a wide range skills and knowledge including planning and management, economics analysis and marketing.
The following are key practices for the management of country farms and businesses:
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 real enterprise budgets that help forecast incomes and expenses. Calculating ratios.
Write down how you plan to achieve your objectives. This will help to identify the weaknesses in your business by thinking through the different functions.
You will then need to determine whether your land is zoned production or if there are zoning restrictions that limit what you can produce. http://www.mountaincountryfarm.com/generated-post/ Check with your township or county if there are any restrictions and how they might affect your plans.
You will also require adequate public facilities such as parking, signage and customer service. These facilities are required to accommodate visitors and customers to your farm/ranch.
Your business will ultimately need to be self sufficient and a reliable source of income. This means earning enough money to cover your daily expenses and save up for the future.