Farm and business Management (FBM), is the practice where you coordinate all aspects of your farming operation to maximize income and profit. In this process, a variety of skills are used, including planning management, economics and marketing.
Key practices in the management of a farm or business include
Marketing – the sale of your products or services to consumers; financing – loans to finance your operations; risk management – ensuring your operation is secure from http://www.mountaincountryfarm.com/generated-post-3/ disasters.
Financial – creating pro-forma budgets and actual enterprise plans to help forecast revenue and expenses; calculating financial ratios; setting goals.
The first step to achieving your objectives is to create a plan. This will enable you to identify your weaknesses and think through all the functions that are involved in your company.
You will then need to determine whether your land is zoned production or if there are zoning restrictions that limit what you can produce. Check with your county or township to see if they have any restrictions.
You will also require adequate public facilities such as parking, signage and customer service. These will be required to accommodate customers and visitors to your farm/ranch and should be maintained in compliance with zoning, food safety and environmental laws.
In the end, your business needs to be self-sustaining. It also needs to be a source of income. This means that you need to have enough income from your business to cover your living expenses, and save for the future.