Starting any business requires a lot of planning and forethought, but starting an agricultural business is a unique challenge. Western Packaging is very familiar with the agricultural business, and we think these steps for how to start your own farming business are very helpful. Knowledge is potential power, and we want to make sure that you go into your agricultural processing business informed and confident.
Create Your Business Plan
It is one thing to have a vision in your head and another to have it down on paper. It is another thing to actually start and move forward. Putting a clear and concise course of action down on paper will help you to stay organized, and help share your ideas with others in a way they can touch, see, and feel.
Once you have your business plan completed, such as building the foundation for how to start agricultural business opportunities, others will be able to review and support your ideas. You can work on spreadsheets, budgets, and other financial documents after your business’s foundation is complete.
Find A Support System
Surround yourself with like-minded individuals. Not just those who own farms but a variety of people who can give you sound advice on different aspects of the agriculture industry. The USDA is an organization you will want to meet with and discuss things, including your business plan, the purchase of land, and how to reach your goals.
Between the USDA and other farming industry organizations, they will guide and direct you to funding, grants, and other helpful resources for agricultural startups. Make sure that you visit the USDA website and search for all the required information you need to bring before you meet with them. Be prepared, schedule an appointment, and bring an advisor if you wish to help you with some of the things you think are unfamiliar or intimidating.
Continue Your Education
You should never stop learning. Until the day you leave this earth, continuing your education should be a priority. Whether it is visiting your local bookstore or extending your college education, you should keep finding ways to learn more. Agricultural practices continue to change, and approaches to farming are always fluctuating, it is in your best interest to stay on top of these things.
Many organizations have programs and classes for new farmers. Take advantage of anything free and use these opportunities as a way to network, get started, and build connections.
Structure Your Business
When you start your own business, you will have to determine how you want to set up your agriculture business. There are a variety of ways you can do this: partnerships, sole proprietorship, limited liability corporations, s corporations, and standard corporations. Once you do this, you can register your business name with your state department.
After that is complete, you can get an EIN number through the IRS and register for state and local taxes. You will want to make sure that you have a list of all the permits and licenses you will need to operate your agriculture business. If you plan on hiring employees, make sure you understand your responsibilities as an employer.
Do Your Financing Research
No matter the amount of money you need to finance your venture, you need to do your research. Talk with other farmers about their lenders and interview farming organizations like the USDA to find lenders that work with the unique needs of the agricultural industry. Research online and call highly-rated banks.
Call Us Today
Western Packaging has all of your packaging needs and more. We can help to make sure that your agriculture goods are packed in a way that is visually appealing and safe throughout their haul. We also carry other accessories and supplies to help you with your needs, including learning how to start an agricultural business. Give us a call today.
Sorry, the comment form is closed at this time.