7 Keys To Success in Farming Businesses in 2024

Farming is one of the biggest industries in the world. There are several countries globally that have economies anchored mainly on the agricultural sector. This is not surprising given that food is a central part of the human experience. The demand for food globally has even been surging with supply failing to keep up. In Africa alone, there are millions of people every year who are either destitute or die due to starvation.

There are many reasons to blame for this but climate change is one of them. Traditional farming methods are now becoming obsolete and more techy approaches are necessary. Anyways, in this article, we want to explore the keys to success in any farming business. If you master them, you will be able to build a profitable farming business empire. Ignore it and your farming business will likely fail.

1. Adopting An Effective Business Model

Source: The Conversation

This might sound funny especially considering that we are talking about farming businesses. Most people who run farm businesses do not do so from a business standpoint. For instance, someone who does poultry might not even know how much it costs to raise one chicken. A business is a business, never mind the industry you are in, adopt a proven business model. If you want to succeed in the farming business adopt a business model.

It is disturbing how someone doing farming might not be able to explain their revenue model. Most farming businesses operate at a loss because of this aspect. This is why it is important for you to have a farming business plan. A good resource for farming business plans is Startupbiz global. You should never start a farming business without an effective business model and farming business plan.

2. Collaboration Or Partnerships

Source: Country Junction Feeds

OK, so it is commonplace for people to look out for themselves. It is a given that it is a cutthroat world out there – people always competing for the top spot. In some ways, we can validate the concept of competition in business but that is not all there is to it. Have you ever stopped to think of the possible lucrativeness of collaboration over competition? Studies have shown that running a business from the sole standpoint of competition is seriously flawed.

In farming businesses, it is imperative that you collaborate with fellow farmers. You must strike strategic partnerships all across the board. Costs of production and even realizing sales can be optimized through collaborating and partnering with others. If you look at successful farm businesses you will see this aspect present.

3. Continual Learning

Source: IEEE Innovation at Work

Farming methods are ever-evolving especially in light of the fourth industrial revolution (4IR). Even other secondary issues related to your area of specialization are ever-changing. The greatest favour you can ever do for yourself as a farming businessperson is to never tire in acquiring knowledge.

This can be done in numerous ways from online to physical ones. There is so much information online that can equip you with cutting edge information for your farming business. You can even undergo online learning to acquire new knowledge. Physically you can attend seminars, workshops, field days and so on. Even merely visiting other farms to learn goes a long way. Continual learning is a must for one who is bent on making it big in the farming business.

4. Leveraging On Technology

Source: Medium

Technology is revolutionizing how people approach farming. From innovations such as drone technology, artificial intelligence (AI) to witty innovations such as vertical farming and hydroponics there is a lot of technology is doing in the farming industry. Leveraging technology streamlines processes making them faster and more efficient.

Due to technology farmers can now produce more on less space with little effort. It is now possible to produce all year round due to innovations in technology. Some of the technology is very pricey whilst some of it is affordable for the average farmer. We are in the digital age if you leverage on the technology you will not go wrong.

5. Value Addition

Source: Wedel’s

What separates some farmers from the rest is value addition. Lots of farmers focus on just producing and selling. They never stop to consider how more profitable value addition can be. No matter what line of farming business you are doing there is always something that can be value-added. From crop production to livestock production there is produce that you can beneficiate to earn more value. A simple example is tomato production. Most farmers struggle to sell their raw tomatoes to a point where they might even get rotten. Little do they know that there is a big and reliable market of clients needing tomato paste. Value addition is something every farming businessperson should explore.

6. Digital Marketing

Source: AgAmerica

As a farming businessperson, you obviously want to realize sales. This entails doing some marketing for the produce you have. Most farmers are so used to word of mouth or other traditional marketing methods. Well, if you want to market your products more effectively you must go the digital way. Have a website, set up social media accounts and start marketing your produce there.

People are spending more time online these days so you must ride on that wave. You do not even need sophisticated approaches. With WhatsApp, for example, you can conduct digital marketing that will help you realize sales in remarkable ways.

7. Reliable Water And Energy Supply

Source: solarXchange.in

Any farming endeavour requires two major things, amongst others. These are a reliable water source and a reliable energy supply. From livestock farming to crop production these two are indispensable. Having boreholes and auxiliary tanks is critically important. On the energy front, renewable energy such as solar and wind energy would be good. Not only will this optimize your farming activities but it will also significantly reduce farming costs in the long run. You will also be immune from the devastating effects of climate change which leads to things like erratic rainfall.

These are some of the 7 keys to being a successful farming businessperson. It is important that you know this and bear in mind that farming is a hit industry at the moment and will continue to be for eternity. With whatever space you have there is a farming business that you can start and realize profits. For instance, with just a small room you can start a lucrative mushroom farming business.