INSURANCE AGENCY NETWORK Blog
Are you more of a country person? Would you rather work from home and out in the open country? City life is not for you, and you are the type who likes to get down and dirty. If nature and agriculture is ingrained in you, then you may want to start farming. There are many options for farming if you are looking into getting into this industry. There are also many considerations you need to think about. Here are the 3 big steps you will need to take when starting your own farm.
Determine what kind of farm you want to do
A typical question when planning for a farm is “how much will it cost?” Well, the answer really is, it depends. There is no specific number because it will greatly depend on the type of farm you will create. What are the crops you want to grow? Do you already have land or a facility for the farm? Does it match the crops you will grow? How big of a farm will you build? What are your financial goals? These are the questions you will need to answer before you are able to do anything.
Check the demand for your product
How did you decide on the crops you will grow? Is it because you are a specialist on these crops? Does it fit your facility or land? Is there a demand for it? Figuring out how big of a farm you will need will also depend on the demand for your product. For many larger investments, they already have an agreement with supermarkets or stores that they will supply for. They know how much crops they need to supply and build according to it.
This may be difficult for smaller farms. Large stores or groceries will not enter in an agreement with start ups as it is risky for them. It is best to start with a small customer base first. Then attract and grow your base as you go along. If you are a first timer, you may want to start small as well to limit your risk. This also enables you to grow into your experience as you go along.
Work on the financials
The last step for your planning is figuring out how to fund it. Do you have the money already? Are you borrowing from family or friends? Do you have an investor? Are you getting a loan? After determining how much you will need by planning all aspects of your farm, it is time to secure your funds.
Starting your own business will always carry risk. You can limit those risks by having the right coverage to protect you. Since you usually live in the farms as well, coverage is unique as it combines personal and commercial protection. At Insurance Services of the West, LLC, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (425) 681-0996 or Click Here to request a free quote.