Whether you’re inheriting your farm from your parents, purchasing a pre-existing farm or starting completely from scratch, as a young farmer we have some fantastic advice to see you make a great start to your agriculture career.
Despite launching yourself into a farming and agricultural role, you’re going to find that a lot of your day is spent running farm management. Working the books, making predictions, analysing the fields and more. This will be just as important as irrigating your crops properly.
Use these 3 tips to learn from the mistakes previous farmers have made, to ensure you run a successful farm for years to come.
Run Your Farm as a Business
It’s no secret that many farmers can fall into considerable debt. For some, it’s just for the long months between harvests, for others it becomes an inescapable pit. Our first piece of advice for young farmers just getting started is to try and stay clear from debt. That’s not always an easy thing to do, especially if you’ve inherited a debt laden business from the previous farmer, but it will really alleviate a lot of farm management stress in the future and see your farm be prosperous and profitable.
One great way to help eliminate debt is to invest in farm tech that’s really going to provide you with an income, like a grain storage system that allows you to more evenly spread when you sell your grain for profit. Without farming debts to worry about you can focus on growing your farm, trying new crops and technologies and even working out a retirement plan or taking a well needed holiday!
Embracing technology is much easier to do when you’re young; just try to keep that momentum going as the years go past! Staying up to date with technology will also help you stay up to date with the market and your profit margins. It’s new technology, methods and science that’s going to show you the way to increased yields and profits – how this will affect the market, we can’t say for sure. We don’t know what the future holds but if we can learn anything from the past, it’s that technology has been the driving force of agriculture.
Speaking of future predictions; there are some that you should be paying attention to. Take your advice from market experts, don’t get caught up in your farm bubble, trying to out compete your neighbours. This really can be applied to every aspect of your farm – go about making decisions in a precise, informed way rather than going on word of mouth or hunch.
If you want to run a truly successful farm you need to pay attention to market experts, the economy and the technology that’s available to really stay on top of things. Don’t you want to be ready for the next market surge or crash?
In the end, what makes your farm truly successful is about more than just profits. If you don’t enjoy your farming experience, if you spend each day stressed about money or straining your marriage, it’s not going to be a fulfilling life. So, make note of those 3 tips and use them wisely to aid with the running of your farm. When you’re coming to retirement in 50 years’ time, you’ll be glad you paid attention!