Extension offers resources, information and networking opportunities for farmers interested in exploring and assessing new business ideas or revenue streams to their operations. Resources help farmers assess feasibility and critical success factors of new or additional enterprises including value-added production, and marketing and business strategies.
Renewed interest in revenue stream diversification aims to reduce the income variability of the farm business. Diversification typically reduces large year-to-year variations in income and may ensure adequate cash flow for meeting production costs, debt obligations, and family living needs. However, acquiring knowledge about an alternative business, expertise on new production or marketing practices, or information on equipment may be costly. Expanding into new areas or experimenting with new enterprises will increase capital investment requirements.
Are you just getting started with your business plan? Access the video series Getting Started with your Food or Farm Business for essential strategies when developing a business plan. Sign-up for special access and reminders.
The strength of Wisconsin’s agricultural economy is its diversity…something that doesn’t just happen by chance. It is a product of the relentless drive of researchers and farmers to innovate, explore, and experiment. Listen to The Cutting Edge Podcast for a glimpse into the exciting new research and development bringing new crops and diversity to Wisconsin.
Strategic thinking is the intuitive, visual, and creative process you use to make decisions about your farm business. Strategic thinking is all about thinking ahead, predicting what your competition is going to do, and then taking risks to succeed. You’re thinking big, you’re thinking deep, and you’re thinking across time. You want to envision all […]
Key elements of a successful business partnership include open and honest communication, setting clear expectations, and defining quality standards emphasizing the importance of independence, flexibility, and documentation to ensure a successful partnership.
Effective recruiting plans should be a critical part of your business model as you seek out key talent to help your business grow.
Understanding the formula for success can provide a road map to achieving our purpose which brings us peace of mind and that desired sense of contentedness.
Take the next step by connecting with a licensing and permitting organization such as: Additional Resources
The season of New Year’s resolutions is upon us. This time of year, we start reflecting on what we have accomplished and what we would like to achieve in the year ahead. Before jumping right into those new resolutions, take some time to remind yourself of your big-picture or long-term vision for yourself and your farm business, set strategic goals to align with your vision, develop an attainable plan of action, and identify who is responsible for each part of the plan.
In this video, Andy Larson, farm financial consultant with the Food Finance Institute and also the Wisconsin Small Business Development Centers, talks about financing options for a rural food or farm business. We’re going to spend most of our time talking about traditional banks and traditional lending, but also bring up a number of options that are more non-traditional, if you don’t want to use a bank or you can’t.
n this video, Andy Larson, farm financial consultant with the Food Finance Institute and also the Wisconsin Small Business Development Centers, talks about financing options for a rural food or farm business. We’re going to spend most of our time talking about traditional banks and traditional lending, but also bring up a number of options that are more non-traditional, if you don’t want to use a bank or you can’t.
Getting Started in Your Food or Farm Business video series highlights the key components of food and farm entrepreneurship and introduces you to the tools, skills, and resources you need to successfully start your own food or farm business.
In this video,Katie Wantoch, Extension Farm Management Outreach Specialist, talks about considerations when filing an income tax return for the food or farm business.
Take the next step by checking out the Farmers’ Guide to Business Structures Guide UW Center for Cooperatives Farm Commons Starting a Business – WI Department of Revenue Wisconsin One Stop Business Registration Portal Starting and Running a Business – Legal Food Hub Start Your Business – Small Business Development Center IRS – Nonprofit Resources […]
In this video, Katie Wantoch, Extension Farm Management Outreach Specialist, talks about the importance of financial statements and how they impact the future of the business.
In this video, Katie Wantoch, Extension Farm Management Outreach Specialist, talks about the importance of recordkeeping and introduces the farm business financial model.
This guide was developed jointly by UW-Madison Extension, USDA agencies, and DATCP to provide producers just getting started in agriculture with a well-rounded resource. Set up as a road map, it walks beginning farmers through a variety of resources available to support them through their journey of starting an agriculture operation, farm, or food business.
Some takeaways for today’s presentation include accessing land where do you begin, navigating lease agreements, negotiation for success, and resources to get you connected?
Setting a price for a new food product in the marketplace is no easy task. In this video, we’re going to help you think about all the different facets that you need to consider to do it right.
Market characteristics is who typically makes the decision to purchase your product, this may or may not be the person who has ultimately consumed the food product that you have. As an example, a product may be appealing to young kids, but they’re not the ones purchasing the product, so you want to reach their parents.
Take the next step by exploring the Edible-Alpha® Learning Center Getting Expert Advice When Starting a Farm Business Extension Food Business Development Creating a Value-Added Business Model That Works
The takeaways of this video are: What is a business model? How can you use the business model canvas to flesh out your business idea? And how do you explain the value that you bring?
