Business Planning Introduction

A business plan is an extremely important tool to help business owners create strategies. A good business plan can help farmers focus on the steps they need to take for success. It can help farmers achieve short-term and long-term goals.

The business plan outlines a farm’s legal structure, which might be sole proprietorship, a partnership, a Limited Liability Company, a cooperative or a corporation. Understanding the how and why of a farm’s business structure is the first step in writing a business plan. Knowing how money works when it comes to the farm and different markets can help.

A long dirt road in rural North Dakota with a bright blue sky with a farmstead in the distance.