Agribusiness Management
Department of Agriculture and the Nova Scotia Farm Loan Board
Preparing an Agri-Business Plan
NOVA SCOTIA
building stronger futures
FARM LOAN BOARD
TABLE OF CONTENTS
THE BUSINESS OVERVIEW MARKETING PLAN HUMAN RESOURCES PLAN PRODUCTION PLAN FINANCIAL PLAN GLOSSARY OF BUSINESS FINANCE TERMS 1 9 15 20 23 31
Preparing an Agri-Business Plan
Planning for Profit
The Business Overview
Introduction
Why do you need a business plan?
A business plan allows you to create a business operation on paper and manipulate and evaluate scenarios without the risk of investing a lot of time and money. Dry run planning reduces the possibility of the venture failing, by identifying your proposals, strengths and weaknesses, and developing a plan of action to cope with them. Financial institutions, business partners, and investors will all require that you have a proper business plan to prove your ideas are viable and that you have adequate knowledge of your chosen area of business. Whether you are starting a new business, buying an existing one, or expanding your present operation, a business plan will help you prepare for the unexpected and help set the goals for your future business success. There is no replacement for a well thought out business plan. Be realistic in your projections, honest in your evaluations, and thorough in your research.
Why do you want to operate an agri-business?
An overwhelming fondness for plants, animals and nature is not a sufficient reason to want to own and operate an agri-business.
In business, your primary goal is to make your company a profit so it will be able to survive and prosper.
Department of Agriculture
Nova Scotia Farm Loan Board
Page
1
Getting started in an agri-business will require the following:
General knowledge of the agriculture industry. Recognition of your business opportunity or advantage. A market for your product and a thorough understanding of that market. Technical knowledge of
Preparing an Agri-Business Plan
NOVA SCOTIA
building stronger futures
FARM LOAN BOARD
TABLE OF CONTENTS
THE BUSINESS OVERVIEW MARKETING PLAN HUMAN RESOURCES PLAN PRODUCTION PLAN FINANCIAL PLAN GLOSSARY OF BUSINESS FINANCE TERMS 1 9 15 20 23 31
Preparing an Agri-Business Plan
Planning for Profit
The Business Overview
Introduction
Why do you need a business plan?
A business plan allows you to create a business operation on paper and manipulate and evaluate scenarios without the risk of investing a lot of time and money. Dry run planning reduces the possibility of the venture failing, by identifying your proposals, strengths and weaknesses, and developing a plan of action to cope with them. Financial institutions, business partners, and investors will all require that you have a proper business plan to prove your ideas are viable and that you have adequate knowledge of your chosen area of business. Whether you are starting a new business, buying an existing one, or expanding your present operation, a business plan will help you prepare for the unexpected and help set the goals for your future business success. There is no replacement for a well thought out business plan. Be realistic in your projections, honest in your evaluations, and thorough in your research.
Why do you want to operate an agri-business?
An overwhelming fondness for plants, animals and nature is not a sufficient reason to want to own and operate an agri-business.
In business, your primary goal is to make your company a profit so it will be able to survive and prosper.
Department of Agriculture
Nova Scotia Farm Loan Board
Page
1
Getting started in an agri-business will require the following:
General knowledge of the agriculture industry. Recognition of your business opportunity or advantage. A market for your product and a thorough understanding of that market. Technical knowledge of