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Many people dream of starting a sustainable family farm, but what are the keys to having a successful farm business?
In this episode, I share my 11 business rules for starting and running a successful farm business. 11 may seem like an arbitrary number, but I think you'll find these to be compelling rules for starting and running a family farm business.
I dive into all aspects of the business side of starting and running a farm business, covering:
competitive differentiation and farm business strategy
farm go-to-market approaches
debt and farming
bridging the gap between what the land needs and what the market needs
understanding the impact a farm business has on family relationships
balancing profit with passion
understanding the critical difference between profit margins and cash flow
when to start marketing your farm business
Plus, in rule #10, which I'm sure will be the most controversial of the 11 rules, I give a piece of advice you rarely hear elsewhere. But I think it's critical to your success, if you truly want to have a profitable farm business.