BUSINESS DEVELOPMENT
1. Personal assessment, identify: a. Reasons for starting your own business. b. Personal characteristics, skills, experience. c. Personal and family goals and objectives.
Here’s a checklist of issues to consider in developing your own business:
2. To develop a business plan, include: a. Statement of farm’s overall mission and goals. b. Description of the farm, its products and services. c. Overview of management and organization. d. Identification of markets and market strategies. e. Evaluation of available physical resources (for help, contact Natural Resources Conservation Service, Cooperative Extension, consulting foresters). f. Start-up cost estimates and financial projections. g. Implementation plans. h. Description of means and times for measuring progress. i. Seek assistance. Contact Small Business Administration (SBA), Small Business Development Centers (SBDC), Service Corps of Retired Executives (SCORE), etc. 3. Investigate means of acquiring needed resources: a. Purchase b. Leasing c. Family Transfer d. Borrowing funds for purchase from ... • Commercial banks. • Agricultural Credit Association (Farm Credit Service). • Small Business Administration. • Farm Service Agency lending program. • Individuals (friends/personal investors). • Next-generation farmer loan program. e. Sharing facilities with others. f. Joint ventures with others. 4. Business organization and record keeping a. Keep separate business and personal checking accounts and records. b. Keep a record of business start-up costs. c. Consider type of business organization (proprietorship, partnership, limited liability company or corporation). d. Determine recordkeeping requirements and set up an accounting system. e. Consider income tax requirements and consequences.
f. Plan for unexpected or eventual dissolution of the business. g. Develop a business relationship with an attorney and/or accountant. 5. Develop advertising and marketing plan a. Target prospective clientele. b. Establish contacts with media. c. Create an identity (logo). d. Package consistent with industry standards. e. Consider placement and use of road signs. f. Create an inviting, convenient and pleasant atmosphere for the customer. 6. Identify sources of suppliers and technical Information a. Use commodity groups and industry marketing services. b. Contact commodity-specific vendors. c. Refer to market bulletins and supply catalogs. d. Initiate relationships with local supply stores. e. Use economic development organizations. 7. Check local regulations, such as ... a. Zoning laws. b. Local permits. c. Business activity restrictions. d. Physical/structural requirements. e. Real estate tax. 8. Review state and federal regulations pertaining to: a. Business licensing and inspections. b. Business registration. c. Product inspection, weighing and grading (Department of Agriculture). d. State sales, profit and enterprise taxes (Pennsylvania Department of Revenue). e. Federal income tax (IRS, Social Security Administration). f. State and federal labor laws (Workers Compensation, Tax Withholding, Worker Protection Standards, Child Labor Laws, Americans with Disabilities Act, Employment Eligibility Certificate, etc.). g. Organic certification program. 9. Compare Insurance Rates and Coverage for: a. General liability. b. Product liability. c. Theft, physical and fire damage to property and equipment. d. Disability and life insurance. e. Workers compensation.
10. Seek advice, assistance and information from: a. Pennsylvania Farm Link. b. Penn State Cooperative Extension. c. Small Business Development Centers. d. Internal Revenue Service and State Taxing Authority. e. Small Business Administration. f. State and federal licensing and regulatory agencies. g. Pennsylvania Department of Resources and Economic Development. 11. Telephone numbers: Pennsylvania Department of Agriculture General Information — (717) 787-4737 Food Safety and Laboratory Services — Department of Conservation and Natural Resources — (717) 787-2869 Department of Labor and Industry — (717) 787-5279 State of Pennsylvania Tax Payer Info (717) 787-8201 24-hour form ordering — (717) 787-8094 United States Internal Revenue Service Federal tax forms and publications — (800) 829-3676 Federal tax inquires — (800) 829-1040 Department of Transportation — (717) 787-2838 Center for Rural Pennsylvania — (717) 787-9555
(717) 787-4315
BUSINESS DEVELOPMENT (continued)
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