- Starting small in farming is recommended for this will minimize your investment cost until you are certain that farming is good for you.
- Farmers usually earn their income seasonally so don’t be tempted to use all of your money all at once without planning for the rest of the year.
- Always prepare for the future by having a budget and sticking to it. Always be ready for “rainy days” by controlling your spending. You may face problems in unpredictable times so its good to be ready.
- Farm records are very important. Write down and keep accurate records of you daily farm activities. Every single detail matters. Write down how your money is generated and how you spend it. Keeping your farm receipts under your mattress and waiting to post figures every month is not a recommended record keeping system.
- You should completely avoid unnecessary debt if you want to succeed in farming. Instead of buying a new tractor and spending millions in debt, why don’t you repair the old one? By making wise farming decisions and investments as you move will pay off in time.
- Financial goals are needed in farming and you should have them. Always review them once in a while to be sure you are headed in the right direction.
- When you are new in farming its important that you eat and survive while establishing your agribusiness. If you are a family man or woman, you need have plan a living allowance for you and your family by having another source of income to balance as you invest in farming.
- Always plan ahead and be prepared when you want to apply for a loan. Do not wait until the last minute when you are desperate and vulnerable. Its also crucial that you establish a good credit history by making proper loan payments and not being late in doing so.
- When creating a financial plan for your farm, keep it in mind that some crops may take years before you realize a profit.
- When you are new to farming seek out a mentor who has been in the farming business for a long time and try to learn as much as you can. By doing this you will be able to learn from your mistakes positively.
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