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3 Things to Consider Before Starting a Farming Business

Woman planting cropsFarming as a job is not about to go obsolete. Although it is one of the oldest industries there is, modernization can never threaten its existence in any way. For as long as we need food supply to survive, there will always be a need for farmers and farming will continue to grow as a business.

If you are considering pursuing this profession, here are three factors you must first assess.

Capital

Just like in any type of business, capital is needed to jump start your farming career. A modest amount would be $1 million to cover essentials such as land development, purchase of crops and machinery, and labor costs, among others.

This amount should not discourage you, however. If you do not have it in the bank, you can always apply for an AG loan with reasonable interest rates from institutions such as Farm Mortgage Loan.

Choice of crops

The crops you must pick for your farm should depend on a variety of factors. The soil is on top of these considerations. From level of fertility to texture, the soil characteristics of your farm will determine whether a specific crop could grow in it. This is because crops have different and specific nutrient needs.

Skills set

As with any other professional, a farmer requires a certain skills set to excel in the job. This skills set should include adaptability, interpersonal skills, time management skills, organizational skills, and tech-savvy, to name a few.

All of these traits will give you the upper hand in all the steps involved in farming from purchasing crops to selling your produce.

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Farmers are some of our most invaluable workers. They are the ones who ensure that we get all the food supply that we need. To say the least, farming is a noble profession. If done right, it is also financially rewarding.

  • Posted on April 13, 2018