Farm Business | Animal Breeders | Animal Services
Running a Successful Farm Business
Every Business has Two Parts
As with all businesses, farm businesses involve two parts. First, is the skill or service that the business offers such as breeding animals or selling animal products such as eggs. Second, is the business side of the business that involves marketing, planning, financial statements, cash flow, and risk management.
Running a business is not easy. It is not enough to be the best at your skill or service, you must be able to get new customers and keep existing customers through an effective marketing plan. Without sales, there is no business.
Marketing Your Farm Business
Your farm business depends on attracting and keeping customers, yet many new businesses fail at this very basic concept. Failure to constantly promote your business through effective marketing techniques will result in the failure of your business.
There are many ways to market without expensive advertising and you should be aware of these methods.
As the main employee of your business, you must pay yourself a living wage. If your business income does not allow you to do this, you don't have a business and you should go to work for someone else so you can meet your personal financial obligations.
Most people have personal financial obligations in addition to business financial obligations. You cannot ignore your personal financial obligations in favor of your business obligations. Each should be kept separate so you can budget for both and see the results of your business.
Because of the need to support themselves, many entrepreneurs start on a part time basis, holding down a full time job while building a new business as a side hustle. Once the side business produces enough income to have the potential to support them, they then move into the business full time.
Have a Plan
The purpose of these pages is to help you be a successful business person, not to teach you equine professional skills. You should have those skills before going into business.
First, you will need a business plan. The SBA provides a very useful tool for building a business plan. The process of building a business plan is hard work, but having your business fail is even harder work. Start with a sound plan and you will have a much better chance of succeeding.
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