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 – 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 real enterprise budgets that help forecast incomes and expenses. Calculating ratios.
The first step is to write down a plan of how you are going to accomplish your objectives. This will help you to think through the different functions involved in your business and to identify weaknesses.
You will also need to check if the land you own is zoned for production, or if there are any zoning regulations which limit the type production you can do. Check with the township or county to determine if there is any restriction and how it might affect your plan.
You will also need to provide adequate public facilities for your business, such as parking lots, signage, and assistance to customers. These will be necessary to accommodate customers and guests to your farm/ranch. They should also be maintained in compliance of zoning, environmental laws and food safety laws.
Ultimately, your http://www.mountaincountryfarm.com/generated-post-4/ business will need to be self-sustaining and a viable source of income. This means you must have enough off-farm revenue to cover your expenses and save for your future business.