Starting a Farm BusinessInsights and Observations

K & M Farms

Google: New Farm Start-up Guide BC

5 Traits of Successful Farmers

1. Passion

2. Marketing

3. Ingenuity, Creativity and Adaptability

4. Perseverance

5. 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 IssuesHuman Resources

◦ Don’t abuse your family and friends goodwill – hire part time to fill needs

Agri Invest – farmers pension plan

Social ResponsibilityManagement Accounting

◦ Unit cost of production

Reporting◦ WCB◦ HST/GST◦ Revenue Canada

Succession

GrowthLabour

◦ 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