Tips for Starting a Farming Business

agribusiness attorney near wichita Starting a farming business requires planning a business, procuring land, securing financing, and understanding agricultural law. For this reason, you should seek guidance from an agribusiness attorney near Wichita . Your agricultural lawyer can help you develop the vision and values for your farm while helping you carefully plan to manage risk.

Select a farm specialty

There are three categories of farming—crop, wind and animal farming. While crop farmers grow plants, like corn or trees for lumber, animal farmers raise animals for food products like milk and beef. Government grants have created the new farming specialty of wind farming, where farms utilize wind turbines to harness wind energy. Farmers should base their specialty decisions based on their locations and their levels of education.

Develop a business plan

Working with a business lawyer is a great way to develop a farm business plan, which covers startup expenses, operating expenses, and projected profitability. A farmer must develop a business plan in order to apply for farm loans and government grants. Contacting the state agricultural department can help a farmer obtain information on crops, product distribution and warehousing information. An agricultural law firm can also help a new farmer apply for federal, state and county grants.

Acquire finances

A farmer needs financing for the farm, the equipment and for living expenses. For this reason, it’s essential for a farmer to include living expenses as part of the business plan because his or her income will be delayed until the farm produces. An existing farm can obtain cash grants, including crop or dairy subsidies. A new farm can apply for loans from the United States Department of Agriculture. Monitoring and controlling finances is crucial for a farm’s survival, so it’s a good idea to work with an accountant as well as an agricultural lawyer.

Research laws

All business regulatory laws apply to farming, so it’s crucial for a farmer to become familiar with agricultural and business law. An agricultural law attorney can help a new farmer properly structure the farm as a sole proprietorship, partnership, or limited liability company.