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.
Entrepreneurship supports the overall higher GDP for cities and counties, and it’s an opportunity to support underserved and marginalized populations to get out of poverty and reduce their dependence on welfare. Entrepreneurs tend to also be able to provide a lot of innovative products as well as services. Often they will fill niches that may not exist in the community, such as ethnic grocery stores.
The first step in determining the feasibility of a business idea is objectively defining what success looks like, preferably using measurable numbers. Unsurprisingly, time and money tend to be most people’s biggest constraint.
Take the next step by Establishing Your Values and Purpose – Strategic Thinking for the Farm Business Getting Expert Advice When Starting a Farm Business Set Your Farm Strategy with Daily Habits What is Strategic Thinking? Extension Food Business Development
For business owners, managers and employees, days are full of endless decisions and actions that affect the health, success and future of ourselves and our businesses. These choices can start to feel like they’re piling up, which creates pressure, stress and a feeling of foreboding that can negatively impact how we make (or put off making) decisions.
Business strategies are practical actions that communicate how a business plans to reach its goals. Thinking strategically about the farm business as a whole helps determine emerging themes, issues, patterns, and opportunities. Learn how to complete a SWOT Analysis for your farm.
Many commodity farms face a fork in the road at some point. The status of their physical infrastructure, labor availability, size, age, or other factors create a time where they must decide to invest in economies of scale or use their resources they have in a more value-added way. Those who invest in economies of scale are […]
Host Katie Wantoch and Jerry Clark, Associate Professor and Agriculture Agent with Extension in Chippewa County, discuss the purchase of an ag bagger between a farmer and his neighbor, operating agreements, and managing forage quality.
Business values influence the farm’s goals and priorities. It is important to be able to recognize differences in the values of owners, stakeholders, managers, and other key personnel and have a process through which each is willing to compromise if necessary, to arrive at mutually acceptable goals and decisions.
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, anticipating what your competition is going to do, and then taking risks to succeed.
If you are enticed by the potential of a value-added enterprise, then three potential steps to start with tomorrow after breakfast. One, find the stick and hit yourself over the head until you are ready to do your homework. Two, take time to learn more about value-added agriculture enterprises. Three, don’t go it alone. In every state there are people and organizations that stand ready to assist.
Host Katie Wantoch and Ben Jenkins, Agriculture Extension educator in Green Lake County, discuss a farmer and his son who are considering buying a new chopper and how to cash flow this purchase.
There comes a time in the process of starting a farm business when you’ll likely benefit from some expert advice. UW-Madison Extension provides tips for where to find advisors who can serve as a sounding board for your ideas.
Writing out a complete business plan is a time-consuming feat. Before you spend your time and energy writing a multi-page narrative, explore your ideas with a simple tool – the Lean Canvas. Adapted for use by startups, this simple one-page matrix can be a valuable tool to help farm entrepreneurs test a business idea in the context of nine key areas.
Do you count yourself among those who dream of being a farmer? Do you have some property and want to do something productive with it, maybe even make money off it? Are you seeking land and working on developing a viable plan for a future farm business? UW-Madison Extension provides tips fir generating viable ideas for a farm-based business
The CSA Innovation Network and UW-Madison Division of Extension share a report detailing farmer ratings of the most popular eCommerce platforms used by farmers for selling their products.
While a majority of farm products are marketed through a system involving several middlemen, direct marketing maintains the farmer’s connection to the customer, allowing them to develop a unique relationship, tailor their product offerings, and keep money closer to the farm and local community.
A lender’s primary interest is in whether you’re likely to fulfill the requirements of a credit agreement. When a creditor lends you money, he or she does it with the expectation of earning a profit, which is unlikely to happen if there’s a good possibility that you’ll default on the loan. The lender will be […]
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.
