Much like most other industries, the farming industry took a big hit during the global recession.
Small family farms that do not generate much revenue make up a small part of the industry. But, they also account for most of the industry's production.
In the future, agriculture as a whole is expected to grow. Increasingly productive machinery and scientific advances will help to enhance production.
Large commercial outlets will continue to expand, making it more difficult for smaller establishments to compete.
As the agriculture industry has a fairly promising future, it may be a great industry to enter.
Before jumping right in, consider carefully about how you would like to work in this industry. There are many different niches, which differ widely in the type of work performed.
If you like working with animals, you could raise dairy or beef cattle. Are you more interested in raising organic fruits and vegetables? Would you rather focus on traditional crops like corn, wheat, or soybeans?
Next, you'll have to consider what additional skills you can bring to the table. You'll need to be able to fix machinery often. You'll also need to have strong business skills to ensure a solid cash flow.
Maybe it would be better to work a little on the side while keeping your day job. For most people, the agricultural lifestyle is a big change. Many organic operations accept interns and volunteers.
The wisest idea, from a business perspective, may be to begin with the end in mind. Identify a market with strong current and future prospects. Learn how to create a profitable business model targeting that market.
Selling and marketing food products includes many legal aspects. Be sure to stay in touch with your local government agency regarding these regulations. Know what licenses and permits you may need.
Attaining adequate financing can also be a significant challenge. Depending on what type of farm you intend running, costs can be small or substantial. Perhaps consider purchasing a farm business for sale instead.
Grants for marketing and planning are often available in many jurisdictions.
If you are looking at buying a farm business, now is a great time to buy. However, if you don't do all the adequate research, you may have to consider selling a farm business.