Farm Ranch 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 using a website and
social media. 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. One of the cheapest and easiest marketing
tools is Social Media.
Social Media
One of the best sources of marketing is social media
such as Facebook, Twitter, and Instagram. You can
establish a Facebook page in minutes and put all the
information about your business on your page. People
will find you when they search on the internet and
the pictures and information on your page will be
your advertising.
Start with Facebook and move onto Twitter and
Instagram as you grow and maybe even a website with
even more sales tools.
Business Income
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.
Side Hustle
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.
What You Should Know
About Running a Business
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(1) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates on the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s lifetime, on the death of the last surviving animal.
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(3) Property of a trust authorized by this section may be applied only to the intended use of the property, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise as part of the settlor’s estate.
Here is an easy to use form that can be used to set up a pet trust. More info...
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