The world of farming is becoming competitive everyday and with increased number of farms for sale in Abbotsford, Langley, Mission, Chilliwack and other nearby areas are attracting new and young individuals into the world of farming. But how do you know what path to embark on when starting a new farm or taking over an existing one in the neighbourhood. Let's see how to go about it.
Location of the farm: For any farm, location is of prime importance and it plays an integral role in deciding what sort of product you should grow on your farm. Different farming types are suited for different kinds of land. The general location, distance from the local markets and logistics costs- they all go hand in hand with the farming practices.
Market positioning of your product: Whenever starting a business in farming, it is important to do your homework and find out market positioning for your produce. It is an option that should be taken into careful consideration and thus the following things should be brought to attention:
- How realistic is your vision and will your farming product be sought after in the market?
- What is the current state of competition for the product?
- What will be your unique selling proposition (USP) when selling your products?
- Are you committed to provide a high quality of service to your clients?
- Will you be able to create a buzz about your product in the market?
Once you've successfully done your market positioning and have got the perfect location in mind to start your business, all you need to do is do some farm planning. Farm planning is a complex process in itself and the following points must be taken into close consideration to have a streamlined plan:
Creating a business plan: Unlike any other business you will need to have a business model ready with information regarding each and every detail of the business. Follow up the planning with a SWOT analysis to identify your strengths, get an idea of your weaknesses, create plans to exploit opportunities and handle threats in due time.
Creating a production plan: Each and every type of plantation will require different kinds of soil, and will bring with it a world of requirements like labour and more. In order to cope up with this you must create an effective production plan. This will include things such as buildings, land, process details, equipment etc. as per the local laws stated for the business. In addition to this, you will be required to do a thorough research about your land, general farming practices and local markets.
Get the required equipment: The cost of equipment and storage should be included into the business plan right from the start. Both of these things are essential to maintain a farm efficiently and will play a major role in your business success. Whatever crop you want to raise, it will come with its own set of equipment requirement. Thus always be prepared to bring in updated tools.
Financial requirements: You can avail finance from banks or lending institutions with specific deals for agriculture business. These institutions offer risk management and investment solutions for a wide range of services and products related to the trade. In many areas the lending institutions support economic growth in this sectors and also provide micro-financial services for your various agricultural needs.
Along with the aforementioned details you should always keep an open mind and take any new training opportunities that you can get your hands on. You can visit http://fraservalleyfarm.ca/ to see the list of best farmlands in your desired location today!