When it comes to successfully setting up your agricultural business, here are three critical components you don’t want to do without.
- Don’t forget: a comprehensive business plan. Lead with a set of written business goals, which touch on three crucial areas: business, family, and personal goals. With a set of clear intentions in place, you can begin to step into action mode, testing out those intentions and, if all goes well, turning them into a reality.
- Don’t forget: a written operating plan. Include financial budgets and cash flow statements, which are necessary as you begin a relationship with a lender. It’s also necessary to implement a risk management plan, including marketing options, hedging, contracts and/or crop insurance. Back up plans are always wise just in case things don’t pan out as planned.
- Don’t forget: a trusted agricultural lender. Don’t select an ag lending company based on low interest rates alone. Sure, low interest farm loan rates are alluring, and our AgAmerica farm loans do boast competitive rates, but you also want a lender with a reputable track record of successfully supporting the agriculture industry. What’s more, you want an agricultural lender that understands the nuances of the industry and cares about its future. Here, we have the agricultural background (more than 100 years of combined industry experience!) and we hold the values of the industry. We don’t just offer ag loans; we offer supportive, communication-heavy relationships that see to long-term business success.
To see if our AgAmerica ag loan options are a fit for your new agriculture business, click here.