Starting a Farm Business Insights and Observations. K & M Farms. Google: New Farm Start-up Guide BC. 5 Traits of Successful Farmers. Passion Marketing Ingenuity, Creativity and Adaptability Perseverance Continuing Education and Networking. Production, Marketing and Selling.
5 Traits of Successful Farmers • Passion • Marketing • Ingenuity, Creativity and Adaptability • Perseverance • Continuing Education and Networking
Production, Marketing and Selling • Sell before you grow! • Build your production and market together! • Produce what you can sell plus a bit more • Price • There can only be one low cost producer and it won’t be you!!!!! • Compete on your competitive advantage, and price accordingly!!!! • Don’t discount – sample or donate • Marketing & Promotion • Use them all – no one method is best and all methods complement each other. • Web page is becoming the common denominator • Your marketing should reflect the quality of your product.
Other Issues • Human Resources • Don’t abuse your family and friends goodwill – hire part time to fill needs • AgriInvest – farmers pension plan • Social Responsibility • Management Accounting • Unit cost of production • Reporting • WCB • HST/GST • Revenue Canada • Succession
Growth • Labour • Choose labour minimizing systems from the start • Hire outside labour earlier rather than later. • Look for interns, wwoofers, part time retirees. • Machinery • At the start share, barter, borrow • Be objective about your needs vs wants • When you are big enough and growing– get all the power and accessories you will need • Markets • Farm direct – CSA - Farmers Markets - Wholesale