Farm Business Planning

This course is for families and individuals interested in developing a new farm-based enterprise. It is especially helpful for those considering nontraditional enterprises. 

Interest in alternative enterprises has increased in recent years among both farm and nonfarm families. Many farmers are looking for new ventures to generate additional income from their resources. Others are looking to nontraditional enterprises as a way to get started in commercial farming or to help support a rural lifestyle.  There are many opportunities for farming entrepreneurs in the Northeast. Nearby metropolitan areas offer vast and diverse markets for farm produce, as well as opportunities for recreation and tourism-related businesses. Many farmers have already developed profitable, innovative enterprises that capitalize on these markets. 

The purpose of this course is to provide a framework for evaluating the feasibility of a new agricultural or rural-based venture. A step-by-step process will help you assess personal, family, and business goals; inventory your resources; research local and regional markets; analyze production feasibility, profitability, and cash flow of an enterprise idea; and make final decisions. 

The topics are presented in a case study format. Each chapter includes exercises-self-tests, checklists, inventory sheets, and financial statements-that allow you to work on your own enterprise idea and build new skills at the same time. You will certainly gain an overview of the evaluation process by just going through the videos and information in the course, but you will benefit most by working through each exercise. 

Before you get started, you should understand that there are several things this course does not do for you. It does not provide technical, financial, or market information on any specific enterprise. It does not recommend or warn against any specific enterprise. It does not do your homework for you, and it does not stand alone.  If you are developing a new business or a new enterprise, you will need to seek information and assistance from many other sources. Your Cooperative Extension agent can help, as can many of the resources referenced throughout the program. 

However, if the exercises are completed in depth, you will have a solid basis for preparing the financial and planning documents needed by a lender. More importantly, you will have gained skills in goal setting, business planning, marketing, arid management that you can use over and over as your business grows in the future.