Reexamine your property goals Do you want to

Reexamine your property goals Do you want to make a buck? Can you make a buck? Business plans Marketing methods Keys to success Resources 3/16/2018 2

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Look at the map you made in Module 1, Lesson 1 You’ve added, revamped and changed the plans for your property Now comes the time to ask, “Can I make a buck at this? ” 3/16/2018 4

New gravel road for access

Why do you want to sell a product? Do you have the skills and resources to grow, raise, manage and market a product on your property? Why do you want to do this? Is it going to be FUN? 3/16/2018 7

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Mission statement Goals (short-term and long-term) Marketing plan Production and operating plans Financial plan Staffing and labor plans Management plan Contingency plan 3/16/2018 16

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70 to 80 percent of new businesses fail in the first year Failure is often attributed to a lack of adequate planning 3/16/2018 22

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Ethnic vegetables Kid goats for religious holidays Heirloom vegetables or fruits Pesticide-free fruit Free-range chicken eggs Duck or turkey eggs 3/16/2018 27

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Web-based ordering Mail ordering Catalogs Cooperative partnerships Cooperative marketing Etc… 3/16/2018 39

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Production and operating plans Financial plan Staffing and labor plans Management plan Contingency plan 3/16/2018 51

To complete a production and operating plan, you need to collect information about: The cost to grow or produce your product The average yield for your area The going rate, or average sales price 3/16/2018 52

How much do you want to make? (A gazillion dollars? ) How much will it cost to produce? What can you sell it for? What do you need to sell it for? (What’s the net profit? ) 3/16/2018 53

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Cash and carry Credit/debit cards Checks Running a tab (financing) Barter 3/16/2018 57

How do you figure a profit? Markup or gross margin? What is the difference? What will the market allow? 3/16/2018 58

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Balance sheet – What you own versus what you owe Income statement – A snapshot of your income Cash flow statement (really important!) – Income and expenses for a specific time period 3/16/2018 62

Personal funds Debt financing Equity financing Traditional lenders 3/16/2018 63

Small, farm-friendly banks Small Business Administration Rural economic development agencies Grant sources 3/16/2018 64

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Understand your product Understand your resources Understand your market Understand your customers 3/16/2018 73

Create and use a business plan, and adjust it as needed Be flexible and open to new opportunities Check out free resources available to you Network! 3/16/2018 74

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