If you are interested in pursuing a new enterprise, experts say adding a few action items to your list will help you stay on track throughout the process.
1. Begin doing research.
It’s a good idea for producers to do some soul-searching and consider how their passion for certain kinds of work or issues might translate into a revenue source, says consultant Bret Oelke of Innovus Agra. Farmers should also research where opportunities exist, says Lynn Kime, an Extension agent with Penn State University. It’s not advantageous to start providing a service for a need that doesn’t exist.
2 Conduct a SWOT Analysis.
Identify strengths, weaknesses, opportunities and threats (SWOT). Kime recommends evaluating these categories from three angles: business, self and family.
3 Develop a business plan.
Your new venture should have a rock-solid business plan out of the gate. The new business should help your overall balance sheet, not hinder your existing farm operation.