There’s a lot to love about life on the farm—the simplicity, the beauty of nature, the satisfaction of being able to put food on someone’s table. But when you’re the one who’s running the operation, things get a little more complicated.
It takes a lot of hard work to build a farming business from the ground up (literally). With dedication, a well-thought-out plan, and the right resources though, your dream of owning a farm isn’t too far out of reach. As you’re getting started, here are a few pieces of advice to guide you toward success!
1) Come up with a plan before you make any purchases.
Like we said, you need a strategic and well-researched plan if you’re going to make it as a farmer. Before you start looking for land or buying equipment, conduct extensive research about the local market to determine where the demand is and what you’ll need to get your foot in that door. Speaking to other local farmers is a great place to start to learn about market conditions and collect experienced advice about running a farm.
2) Track your money closely.
Don’t forget—farming is a business. It’s very important that you keep track of and manage your income, business expenses (both upfront and ongoing costs), tax regulations, and other financial information if you want to stay afloat. Keeping records like this will help you see which markets and months of the year tend to yield the most profit, allowing you to better refine your operation.
3) Be smart about buying equipment.
There’s no getting around the fact that you’ll need to make a hefty investment in farm equipment before you get started. The tricky part is to procure what you need without going overboard and putting yourself in the hole when you’re not yet turning a profit. Before you buy anything, you must first determine which pieces are essential for your operation, which can wait, and where you can compromise on quality (considering cost vs. benefit).
Are you trying to start a farming business in the great states of Oklahoma or Kansas? Smith & Co Auction & Realty can save you some headache…and some money! The sale of farmland and farm equipment is one of our specialties. All you have to do is follow our auction circuit to snag land and machinery for incredible prices.
Get in touch with us online or at 580-254-3975 today to start the search for the farmland of your dreams!
