Farm and Business Management (FBM) is a practice that involves coordinating all aspects your agricultural operation to maximize your income and profit potential. In this process, a variety of skills are used, including planning management, economics and marketing.

Key practices in the management of a farm or business include

Marketing – the sale of goods or services to consumers. Financing – loans that finance your operations. Risk management – making sure your operation is protected from disasters.

Financial – creating go to my site pro-forma and actual enterprise budgets to help forecast income and expenses; calculating ratios; setting financial goals.

The first step to achieving your objectives is to create a plan. This will help to identify the weaknesses in your business by thinking through the different functions.

Next, you’ll want to determine if you have zoning regulations or if you are allowed to produce certain products on your land. Check with your county or township to see if they have any restrictions.

You will also require adequate public facilities such as parking, signage and customer service. These will be necessary to accommodate customers and guests to your farm/ranch. They should also be maintained in compliance of zoning, environmental laws and food safety laws.

In the end, your business needs to be self-sustaining. It also needs to be a source of income. It is important to have enough income off-farm to cover all living expenses as well as save for future business.