Estate Planning | Successful Farming

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Meaning of Estate Planing

This is simply the process of arranging for an orderly transfer of your assets to the people you want to receive them, it involves identifying who you want to give your assets to and when, either in your life ti

Successful Farming

Venturing into farming is not an easy decision to make. Any experienced farmer will tell you that pursuing farming requires learning some critical lessons to ensure you’re on the right path to agricultural and economic freedom. .While following proven steps may not always guarantee success, it takes hard work, perseverance and intelligent adaptation to new farming innovations to be a successful farmer. Starting out will not be easy.

 Guidlines for Successful Farming. 

 Develop a thoughtful plan

Successful farming operations are based on diligent planning. A plan will help you decide what type of farming you want to engage in, where and how you will do it. A well thought out plan on what goes into proper land preparation, will lead to a successfull farming. You need to explore different options and pick one that suits you best and go ahead and seek some advice from already established farmers.

Any farming plan must include proper risk management. People get sick, equipment can break down, accidents can happen and the weather is largely unpredictable. In short, anything can happen, so plan for the worst. Proper planning and diligent execution of all on-farm and off-farm activities will determine your success or otherwise on the farm.

 Get the right farming equipment

You can’t start farming without the right farming equipment. Whether you’re venturing into small scale farming, largescale farming, livestock farming or poultry farming, you need the right investments before starting out. This is where most new farmers fail. According to few construction companies, think through your major purchases, determine how best to finance them and how that investment will benefit you and your farm.

 Identify your target market

So you want to grow watermelons, start a vegetable selling business or raise cattle? Maybe you just want to target the local market as I had planned for my first vegetable farming business. But have you done your research well? How will you find sustainable customers? What will you do if they buy all your farm produce? What if they don’t buy and you have got a barn full of a harvest?

You need to figure out where you’re going to sell your products, who will buy them and how you’re going to do it. Once you’ve done that, create a backup plan, because you’ll certainly need it. Without an appropriate market to sell to, you’ll make losses. A solid marketing plan is critical before you even think of planting your first seed or buying your first cow.

Do what you love

Everyone agrees that farming is hard work. So, like me, do yourself a favor and grow something that you love. So long as you’re matching your land or farm to its suited use, you’ll be on the right path to gaining some meaningful steps forward. It may not seem true, but many of us are driven by finances and so called traditions rather than our passion when it comes to making farming decisions.

 Have reasonable goals

Yes, we all want to be ambitious, but as an Entrepreneur article on how to start farming notes, you need to have reasonable goals if you want to be successful. Remember that a farmer is a businessman first and farmer second. You may be talented, have that visionary plan or even have the finances to bankroll a new farming venture, but you need to start out small and have reasonable goals that are achievable. Find your pace and set goals that you can track. 

 Manage your cash flow

It’s very important that you track your income and expenditure. Keep all your receipts, invoices and all other relevant documents related to income and expenditure on your new farm. It makes sense to keep records so you can easily track transactions and your financial progress. This way, you can know which months have the highest income and demand for money.

Attributes of a Good Farm Plan

The main objective of farm plan is to obtain maximum returns; therefore following attributes are required to possess the farm plan

  1. Good farm plan provides a cropping scheme that includes a most profitable crop as well as some legumes to maintain fertility of soil.
  2. It offers balanced combination of crops and live-stock enterprise leading to profit maximization.
  3. The plan must be able to fulfill the farm and family requirement of the farmer.
  4. The farm plan provides a regular employment and income to farm family and bullock labour, through the development of sounds crop rotations.
  5. It is flexible enough to take advantage of any new technology or source of power.
  6. The plan when it is practically implemented should be resulted into least cost.

Get help

If you would like to learn more about the necessity of estate planning, any one of our estate planning attorneys would be happy to assist you.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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