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Define your vision right away—it will guide your business through a 2-stage growth process of selling and structuring. After making sales and meeting your objectives, you'll need to take time out to think about how to structure your business.
Market research entails collecting detailed information about your customers, competition and market. The process involves gathering, sorting and analyzing data. You can then use this information to formulate your marketing plan and strategies.
Do you have an idea and maybe even potential customers? Where should you start? Before you make any decisions, check out our pre-startup calendar and meet with a specialized business start-up advisor. You'll have what it takes to build a solid business plan in no time!
Promotion and communication are closely related. Promotion encompasses everything you do and all the tools you use to communicate your offer and positioning in order to build a relationship that will turn potential customers into clients.
Whether you bought a franchise, have one or more partners or are self-employed, if you’re going into business with little money and few personal assets, you’ll need to decide upon a legal structure for your business: a sole proprietorship, a partnership, a corporation or a cooperative.
In farming, technical management is no longer enough. Farmers must now perform overall management and risk assessment much like for any other business. Aiming for profitability, assessing risks effectively, taking steps to strengthen the business’s financial situation, facing potential crises—strategic planning encompasses all these tasks and more.
Since farms have become bona fide SMEs—some with roughly $500,000 in sales, more than $1 million in assets and often considerable debt—farmers must now have the traits of business leaders.
Agricultural producers shifting into processing must follow a painstaking process that includes analyzing the industry, the target market and their personal abilities. Production and processing are 2 complementary but very different industries, so thorough preparation is the key to success.
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