agricultural business plan

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How to Start a Farm: Plan Your Operation

Think about your operation from the ground up and start planning for your business.  A good farm business plan is your roadmap to start-up, profitability, and growth, and provides the foundation for your conversation with USDA about how our programs can complement your operation. 

Keep reading about planning your business below, get an overview of the beginning farmer's journey , or jump to a different section of the farmer's journey.

On This Page

Why you need a farm business plan.

A comprehensive business plan is an important first step for any size business, no matter how simple or complex. You should create a strong business plan because it:

• Will help you get organized . It will help you to remember all of the details and make sure you are taking all of the necessary steps.
• Will act as your guide . It will help you to think carefully about why you want to farm or ranch and what you want to achieve in the future. Over time, you can look back at your business plan and determine whether you are achieving your goals.
• Is required to get a loan . In order to get an FSA loan, a guarantee on a loan made by a commercial lender, or a land contract, you need to create a detailed business plan . Lenders look closely at business plans to determine if you can afford to repay the loan.

How USDA Can Help

Whether you need a good get-started guide, have a plan that you would like to verify, or have a plan you’re looking to update for your next growth phase, USDA can help connect you to resources to help your decisions.

Your state's beginning farmer and rancher coordinator  can connect you to local resources in your community to help you establish a successful business plan. Reach out to your state's coordinator for one-on-one technical assistance and guidance. They can also connect you with organizations that specifically serve beginning farmers and ranchers.

It is important to know that no single solution fits everyone, and you should research, seek guidance, and make the best decision for your operation according to your own individual priorities.

Build a Farm Business Plan

There are many different styles of business plans. Some are written documents; others may be a set of worksheets that you complete. No matter what format you choose, several key aspects of your operation are important to consider.

Use the guidelines below to draft your business plan. Answering these kinds of questions in detail will help you create and develop your final business plan. Once you have a business plan for your operation, prepare for your visit to a USDA service center. During your visit, we can help you with the necessary steps to register your business and get access to key USDA programs.

Business History

Are you starting a new farm or ranch, or are you already in business? If you are already in business:

• What products do you produce?
• What is the size of your operation?
• What agricultural production and financial management training or experience do you, your family members, or your business partners have?
• How long have you been in business?

Mission, Vision, and Goals

This is your business. Defining your mission, vision and goals is crucial to the success of your business. These questions will help provide a basis for developing other aspects of your business plan.

• What values are important to you and the operation as a whole?
• What short- and long-term goals do you have for your operation?
• How do you plan to start, expand, or change your operation?
• What plans do you have to make your operation efficient or more profitable ?
• What type of farm or ranch model (conventional, sustainable, organic, or alternative agricultural practices) do you plan to use?

Organization and Management

Starting your own business is no small feat. You will need to determine how your business will be structured and organized, and who will manage (or help manage) your business. You will need to be able to convey this to others who are involved as well.

• What is the legal structure of your business? Will it be a sole proprietorship, partnership, corporation, trust, limited liability company, or other type of entity?
• What help will you need in operating and managing your farm or ranch?
• What other resources, such as a mentor or community-based organization , do you plan to use?

Marketing is a valuable tool for businesses. It can help your businesses increase brand awareness, engagement and sales. It is important to narrow down your target audience and think about what you are providing that others cannot.

• What are you going to produce ?
• Who is your target consumer ?
• Is there demand for what you are planning to produce?
• What is the cost of production?
• How much will you sell it for and when do you expect to see profit ?
• How will you get your product to consumers ? What are the transportation costs and requirements?
• How will you market your products?
• Do you know the relevant federal, state, and local food safety regulations? What licensing do you need for your operation?

Today there are many types of land, tools, and resources to choose from. You will need to think about what you currently have and what you will need to obtain to achieve your goals.

• What resources do you have or will you need for your business?
• Do you already have access to farmland ? If not, do you plan to lease, rent, or purchase land?
• What equipment do you need?
• Is the equipment and real estate that you own or rent adequate to conduct your operation? If not, how do you plan to address those needs?
• Will you be implementing any conservation practices to sustain your operation?
• What types of workers will you need to operate the farm?
• What additional resources do you need?

Now that you have an idea of what you are going to provide and what you will need to run your operation you will need to consider the finances of your operation.

• How will you finance the business?
• What are your current assets (property or investments you own) and liabilities (debts, loans, or payments you owe)?
• Will the income you generate be sufficient to pay your operating expenses, living expenses, and loan payments?
• What other sources of income are available to supplement your business income?
• What business expenses will you incur?
• What family living expenses do you pay?
• What are some potential risks or challenges you foresee for your operation? How will you manage those risks?
• How will you measure the success of your business?

Farm Business Plan Worksheets

The Farm Business Plan Balance Sheet can help gather information for the financial and operational aspects of your plan.

Form FSA-2037 is a template that gathers information on your assets and liabilities like farm equipment, vehicles and existing loans.

• FSA-2037 - Farm Business Plan - Balance Sheet
• FSA-2037 Instructions

Planning for Conservation and Risk Management

Another key tool is a conservation plan, which determines how you want to improve the health of your land. A conservation plan can help you lay out your plan to address resource needs, costs and schedules.

USDA’s Natural Resources Conservation Service (NRCS) staff are available at your local USDA Service Center to help you develop a conservation plan for your land based on your goals. NRCS staff can also help you explore conservation programs and initiatives, such as the Environmental Quality Incentives Program (EQIP) .

Conservation in Agriculture

Crop insurance, whole farm revenue protection and other resources can help you prepare for unforeseen challenges like natural disasters.

Disaster Recovery

Special Considerations

Special considerations for businesses.

There are different types of farm businesses each with their own unique considerations. Determine what applies to your operation.

• Organic Farming  has unique considerations. Learn about organic agriculture , organic certification , and the  Organic Certification Cost Share Program  to see if an organic business is an option for you. NRCS also has resources for organic producers and offers assistance to develop a conservation plan.
• Urban Farming  has special opportunities and restrictions. Learn how USDA can help farmers in urban spaces .
• Value-Added Products . The Agricultural Marketing Resource Center (AgMRC) is a national virtual resource center for value-added agricultural groups.
• Cooperative.  If you are interested in starting a cooperative, USDA’s Rural Development Agency (RD) has helpful resources to help you begin . State-based  Cooperative Development Centers , partially funded by RD, provide technical assistance and education on starting a cooperative.

Special Considerations for Individuals

Historically Underserved Farmers and Ranchers: We offer help for the unique concerns of producers who meet the USDA definition of "historically underserved,"  which includes farmers who are:

• socially disadvantaged
• limited resource
• military veterans

Women: Learn about specific incentives, priorities, and set asides for  women in agriculture within USDA programs.

Heirs' Property Landowners: If you inherited land without a clear title or documented legal ownership, learn how USDA can help Heirs’ Property Landowners gain access to a variety of programs and services

Business Planning

Creating a good business plan takes time and effort. The following are some key resources for planning your business.

• Farm Answers from the University of Minnesota features a library of how-to resources and guidance, a directory of beginning farmer training programs, and other sources of information in agriculture. The library includes business planning guides such as a Guide to Developing a Business Plan for Farms and Rural Businesses and an Example Business Plan .
• The Small Business Administration (SBA) offers information about starting, managing, and transitioning a business.

SCORE is a nonprofit organization with a network of volunteers who have experience in running and managing businesses. The Score Mentorship Program partners with USDA to provide:

• Free, local support and resources, including business planning help, financial guidance, growth strategies.
• Mentorship through one-on-one business coaching -- in-person, online, and by phone.
• Training from subject matter experts with agribusiness experience.
• Online resources and step-by-step outlines for business strategies.
• Learn more about the program through the Score FAQ .

Training Opportunities

Attend field days, workshops, courses, or formal education programs to build necessary skills to ensure you can successfully produce your selected farm products and/or services. Many local and regional agricultural organizations, including USDA and Cooperative Extension, offer training to beginning farmers.

• Cooperative Extension  offices address common issues faced by agricultural producers, and conduct workshops and educational events for the agricultural community.
• extension.org  is an online community for the Cooperative Extension program where you can find publications and ask experts for advice.

Now that you have a basic plan for your farm operation, prepare for your visit to a USDA service center.

2. Visit Your USDA Service Center

How to Start a Farm with USDA

Get an  overview of the beginning farmer's journey  or jump to a specific page below.

Find Your Local Service Center

USDA Service Centers are locations where you can connect with Farm Service Agency, Natural Resources Conservation Service, or Rural Development employees for your business needs. Enter your state and county below to find your local service center and agency offices. If this locator does not work in your browser, please visit offices.usda.gov.

Learn more about our Urban Service Centers . Visit the Risk Management Agency website to find a regional or compliance office  or to find an insurance agent near you.

Farm Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Farm Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Farm Business Plan

You’ve come to the right place to create your farm business plan.

We have helped over 5,000 entrepreneurs and business owners create business plans and many have used them to start or grow their farms.

Below are links to each section of a small farm business plan template. It can be used to create a vegetable farm business plan, fruit farm business plan, agriculture farm business plans or many other types of rural businesses.

Sample Business Plan For Farms & Agricultural Businesses

• Executive Summary – The Executive Summary is the most important part of your business plan. It is a brief description of your farm, its products and services, potential market opportunity, and competitive advantage.
• Company Overview – Also called the Company Analysis, here, you will provide a detailed description of your agriculture business history, its products and other services, and business structure.
• Industry Analysis – In the Industry Analysis, you will provide an in-depth analysis of the industry in which your farm operates including industry trends, market size and growth, and government regulations.
• Customer Analysis – In the Customer Analysis, you will identify your target market and provide insights into their purchasing habits. You will also create customer segments and discuss your marketing strategy for reaching them.
• Competitive Analysis – In the Competitive Analysis, you will identify your direct competition and provide insights into their strengths and weaknesses. You will also discuss your competitive advantage and how you plan to stay ahead of the competition.
• Marketing Plan – The Marketing Plan includes a discussion of your marketing strategy and tactics along with your pricing strategy. You will also provide a budget for your marketing activities including attending farmers’ markets or advertising a farm stand.
• Operations Plan – In the Operations Plan, you will discuss your farm’s day-to-day operations. You will also provide your business goals that you plan to achieve and a budget for your operating expenses.
• Management Team – In this section, you will provide a brief overview of the farm owners and farm management team, their experience in the agricultural industry, and the organizational chart.
• Financial Plan – In this section, you will provide three-year financial statements for your farm. This will include your income statements, projected balance sheets, and cash flow statements.

Next Section: Executive Summary >

Farm Business Plan FAQs

What is a farm business plan.

A farm business plan is a plan to start and/or grow your farm business. Among other things, a good agriculture farm business plan outlines your business concept, identifies your target audience , presents your marketing plan and details your financial projections.

You can  easily complete your farm business plan using our Farm Business Plan Template here .

What Are the Main Types of Farms?

There are many types of farms. Some have commercial farms that produce crops and agricultural products for sale. Others have cooperative farms owned by people who pool their resources together and share profits among themselves. There are also vegetable farms, dairy, micro, organic, poultry, subsistence, or urban farms.

What Are the Main Sources of Revenues and Expenses for a Farm?

The primary source of revenue for a farm is the sale of its farmed goods such as rice, corn, milk, beef, chicken, depending on the kind of farm a business is.

Some key expenses for a farm are labor expenses, production costs like irrigation, fertilizer, water, and machinery maintenance.

How Do You Get Funding for Your Agriculture Business?

Farm business plans often receive funding from bank loans. Financing is also typically available from grants offered by local and state governments. Personal savings, credit card financing and angel investors are other funding options. This is true for starting any agricultural business.

What are the Steps To Start a Farm Business?

Starting a farming business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

• Develop An Agricultural Business Plan - The first step in starting a business is to create a detailed agriculture business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  It should also include your business goals and mission statement. You can quickly complete your farm business plan using our Farm Business Plan Template here .
• Choose Your Legal Structure - It's important to select an appropriate legal entity for your farm business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your farm business is in compliance with local laws.
• Register Your Agriculture Business - Once you have chosen a legal structure, the next step is to register your farm business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 
• Identify Financing Options - It’s likely that you’ll need some capital to start your farm business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 
• Choose a Business Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 
• Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 
• Acquire Necessary Farm Equipment & Supplies - In order to start your agricultural business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 
• Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your farm business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful farm business and agribusiness planning:

• How to Start a Farm Business

Where Can I Get a Farm Business Plan PDF?

You can download our free farm business plan template PDF here . This is a good farm business plan template you can use in PDF format.

Farm Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 3,500 farmers create business plans to start and grow their farm businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a farm business plan template step-by-step so you can create your plan today.

Download our Ultimate Farm Business Plan Template here >

What is a Farm Business Plan?

A business plan provides a snapshot of your farm business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Farm

If you’re looking to start a farm business or grow your existing farm business you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your farm business in order to improve your chances of success. Your farm business plan is a living document that should be updated annually as your company grows and changes. It can be used to create a vegetable farm business plan, or a dairy farm, produce farm, fruit farm, agriculture farm and more.

Source of Funding for Farm Businesses

With regards to funding, the main sources of funding for a farm business are personal savings, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a farm business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.

Finish Your Business Plan Today!

Your business plan should include 10 sections as follows:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of farm business you are operating and the status; for example, are you a startup, do you have a farm business that you would like to grow, or are you operating a chain of farm businesses.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the farm business industry. Discuss the type of farm business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of farm business you are operating.

For example, you might operate one of the following types among others:

• Vegetable Farm : this type of farm grows a wide variety of vegetables (but not grains or soybeans) and melons in open fields and in greenhouses.
• Dairy Farm : this type of farm primarily raises cattle for milk. Typically, this type of farm does not process the milk into cheeses or butter, etc.
• Fruit Farm : this type of farm primarily grows fruits.
• Hay and Crop Farm : More than half of these types of farms grow hay, while a small number grow sugar beets. A variety of other crops, such as hops and herbs, are included in the industry. Some operators also gather agave, spices, tea and maple sap.
• Industrial Hemp Farm : this type of farm grows and harvests cannabis plants with a tetrahydrocannabinol (THC) content of less than 0.3% by weight.
• Plant & Flower Farm : this type of farm grows nursery plants, such as trees and shrubs; flowering plants, such as foliage plants, cut flowers, flower seeds and ornamentals; and short rotation woody trees, such as Christmas trees and cottonwoods.
• Vertical Farming : This type of farm involves growing crops in vertically stacked layers, often using controlled environment agriculture (CEA) technologies. This method dramatically reduces the amount of land space needed for farming and can increase crop yields.

In addition to explaining the type of farm business you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include sales goals you’ve reached, acquisition of additional acreage, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the farm business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the farm business industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards decaffeinated farm business consumption, it would be helpful to ensure your plan calls for plenty of decaffeinated options.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your farm business plan:

• How big is the farm business (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your farm business. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your farm business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: food manufacturers, grocery wholesalers, retail grocers, restaurants, individual consumers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of farm business you operate. Clearly food manufacturers would want different pricing and product options, and would respond to different marketing promotions than retail grocers.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Farm Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Farm Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other farm businesses.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes processed foods, imported goods, and growing produce themselves. You need to mention such competition to show you understand the true nature of the market.

With regards to direct competition, you want to detail the other farm businesses with which you compete. Most likely, your direct competitors will be farm businesses located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What products do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior products?
• Will you provide products that your competitors don’t offer?
• Will you make it easier or faster for customers to acquire your products?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a farm business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of farm business that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to wholesale crops, will you also offer subscriptions to individuals?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the products you offer and their prices.

Place : Place refers to the location of your farm. Document your location and mention how the location will impact your success. For example, is your farm centrally located near gourmet restaurants and specialty grocers, etc. Discuss how your location might provide a steady stream of customers. Also, if you operate or plan to operate farm stands, detail the locations where the stands will be placed.

Promotions : the final part of your farm business marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Making your farm stand extra appealing to attract passing customers
• Distributing produce samples from the farm stand or at farmers markets 
• Advertising in local papers and magazines
• Reaching out to local bloggers and websites 
• Local radio advertising
• Banner ads at local venues

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your farm business such as serving customers, delivering produce, harvesting, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or acquire more arable land.

Management Team

To demonstrate your farm business’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in farming. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in farming and/or successfully running small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 100 customers per week or 200? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your farm, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a company approached you with a massive $100,000 supplier contract, that would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for seed, equipment, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During that 180 day period, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a farm business:

• Location build-out including barn construction, land preparation, etc.
• Cost of equipment like tractors and attachments, silos, barns, etc.
• Cost of nutrients and maintaining machinery
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Your new farm’s business plan must include a detailed financial plan based on reasonable assumptions of your costs and revenues. To determine if the results you show in this plan will be attractive to investors, look at industry standard financial metrics to see how you measure up against the farming industry, or your sector of the industry, on average. These are some basic measures and ratios to study.

Value of Production

The value of production is equal to your farm’s cash receipts plus the changes in value of product inventory and accounts receivable, less your livestock purchases. This is a measure of the value of the commodities you have produced in the period.

Net Farm Income

The NFI or net farm income, represents the value of production less direct and capital costs in the time period. This is a dollar figure, and not a ratio relating the income to the investment made, so it cannot be used to compare the farm against other farms.

Gross Margin

This represents the NFI less depreciation. The gross margin shows how much money is available in the year to cover the unallocated fixed costs, and dividends to owners and unpaid operators.

Return on Farm Assets

This is a ratio that can be used to compare the farm with others. This is calculated as NFI plus interest expense less unpaid operator labor, all divided by the total assets of the farm.

Asset Turnover Ratio

This ratio is equal to the value or production over the total farm assets. Combined with the operating profit margin ratio, this shows the efficiency of the farm in generating revenues.

Operating Profit Margin Ratio

This ratio is similar to Return on Farm Assets, but divides the same numerator (NFI plus interest expense less unpaid operator labor) by the value of production figure. This shows the percentage of each revenue dollar that becomes profit. If it is low, a higher turnover can compensate, and if it is high, a lower turnover ratio is required.

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint or location lease.

Farm Business Plan Summary

Putting together a business plan for your farm business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. It can be used for a small farm business plan template or any other type of farm. You will really understand the farm business, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful farm business.

Download Our Farm Business Plan PDF

You can download our farm business plan PDF here . This is a small farm business plan example you can use in PDF format.  

Don’t you wish there was a faster, easier way to finish your Farm business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.  

Click here to see how Growthink’s professional business plan consulting services can create your business plan for you.

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• Become a Partner

How to Write a Farming Business Plan: Template and Guide

americanfarmfi

May 22, 2023

Starting and running a successful farming business requires careful planning and strategic decision-making. One essential tool that every farmer should have is a well-crafted farming business plan. A comprehensive business plan serves as a roadmap for your agricultural venture, guiding you through the various stages of development and ensuring that you stay focused on your goals. We will provide you with a step-by-step guide on how to write an effective farming business plan and start you off with a template. 

Overview of a Farming Business Plan

Before diving into the specifics, let’s take a moment to understand what a farming & agriculture business plan entails. Essentially, a farm business plan is a written document that outlines your farming objectives, strategies, and financial forecasts. It serves as a blueprint for your farm’s operations, helping you make informed decisions and communicate your vision to potential investors, lenders, or partners.

The Purpose of a Farming Business Plan

The farming business plan is going to define and communicate your farm’s mission and goals. It helps provide a clear direction for your operations, resources, and ensures that everyone involved in the business is on the same page. Additionally, a well-crafted business plan is often required when seeking financing or partnerships. Lenders and investors use it to evaluate the viability and profitability of your farming venture.  

Key Elements of a Farming Business Plan

Let’s explore the elements that make up the Farming Business Plan. 

Executive Summary

The executive summary is a brief overview of your entire plan. It should summarize your farm’s mission, goals, target market, and competitive advantage. While it appears at the beginning of your plan, it is often written last to ensure that it accurately reflects the content of the document.

Market Analysis

A thorough market analysis is crucial for understanding your target market, identifying potential customers, and evaluating your competition. This section should provide detailed information about market trends, customer demographics, and demand for your products or services. Conducting market research and gathering data from reliable sources will strengthen the credibility of your analysis.

Products and Services

In this section, describe the specific products or services your new farm will offer. Provide details about their features, benefits, and how they meet the needs of your target market. Discuss any unique selling points or competitive advantages that set your offerings apart from others in the industry.

Marketing and Sales

Outline the strategies for promoting and selling farm products. Explain how you plan to promote your farm and reach your target market. Include information about your pricing strategy, distribution channels, and any partnerships or collaborations that may enhance your marketing efforts. Developing a comprehensive marketing plan will help you attract customers and generate sales. 

Describe the operational processes and workflows involved in running the farm, including land preparation, planting, harvesting, livestock care, and post-harvest handling. Highlight the management structure, key personnel, and their roles and responsibilities.

Financial Plan

The financial plans are a critical component of your farming business plan as it demonstrates the financial viability and sustainability of your farm. It should include projected income statements, cash flow statements, and balance sheets for the next three to five years. Additionally, outline your funding requirements and any existing or potential sources of financing. 

American Farm Financing offers many financing options to fit your needs: operating loans, cash rent loans, farm mortgages, refinances, and equipment loans. See all AFF loan options .

Setting Financial Goals

Forecasting expenses is critical when starting a farming operation. List out the main buckets of expenses (inputs, machinery, labor, land, interest, and consulting services). Where possible, get pricing quotes to formalize your expenses as much as possible for what you would like to grow.

After you’ve forecasted expenses, you can set a goal for how much profit, or margin, you intend to make. Use futures sales prices to project what you can sell your crop for. The difference between your sales price and your expenses will become your profit. Ensure that this income matches your expectations and can cover any personal expenses you hope the money will be used for.

While a one-year operating plan is critical to get started, remember that farming is a long-term pursuit. Depending on how many upfront expenses you need to make, it may take multiple farming seasons to turn a significant profit. 

Conducting Market Research

Before you can develop a solid business plan for a farm, it is essential to conduct detailed market research. Conduct an analysis of the target market, including its size, growth potential, and trends. Identify the target customers, their needs, preferences, and buying behavior. This assessment will allow you to be an expert on the market and differentiate you from the rest of the competition. 

Writing a Farming Business Plan

Now that we have covered the key elements of a farming business plan, let’s dive into the process of writing one.

Creating a Timeline for Implementation

This timeline can be as specific to your needs as possible. You want to make sure that every necessary box is checked before launching your farming operation. This is a suggested timeline for implementing your plan, but coordinate as you see fit and adapt to things that may pop up:

Preparation: 1-6 Months 

• Complete all sections of the farming business plan, including market analysis, financial projections, and operational strategies.
• Seek funding options, such as loans, grants, or investors, and secure the necessary financing for your farming venture.
• Identify suitable land for your farm and negotiate the purchase or lease agreement.
• Conduct necessary soil testing and prepare the land for farming activities.
• Source and purchase farming equipment, machinery, and inputs (seeds, fertilizers, livestock, etc.) required for your chosen agricultural activities.
• Hire key personnel, such as farm managers, laborers, and administrative staff, as per your business plan’s organizational structure.
• Establish relationships with suppliers and vendors to ensure a steady supply of inputs.

Operations: 6-12 Months

• Initiate planting or livestock management based on the farming plan.
• Implement appropriate cultivation techniques, crop rotation, or livestock management practices.
• Monitor and adjust farming operations to optimize production.
• Develop marketing strategies to promote farm products to target customers.
• Implement sales channels, such as direct sales, farmers’ markets, online platforms, or partnerships with retailers or small restaurants.

Below is a helpful template from fsa.usda.gov to get you started. Download your farming business plan template here.

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12: Business Plans

What is a business plan.

A business plan is a document that helps you to organize and succinctly summarize the vision you have for your business. The plan contains the operational and financial objectives of a business, the detailed plans and budgets showing how the objectives are to be realized.

A good business plan will contain the following:

• Your business vision, mission statement, key values, and goals
• Description of the product(s) you intend to produce
• Strengths, Weaknesses, Opportunities and Threats the business may experience are described
• Production plans
• Marketing plans
• Estimated start-up costs
• Information on your legal structure and management team
• Current financial statements or projected financial statements.
• Resume or brief explanation of your background and relevant experience
• Less than 10 total pages so that people actually read it

Helpful Publications for Writing a Business Plan

General Business Resource Publications:

• Starting an Ag-Business? A Pre-Planning Guide http://publications.dyson.cornell.edu/outreach/extensionpdf/2004/Cornell_AEM_eb0408.pdf
• Business Transfer Guide: Junior Generation http://publications.dyson.cornell.edu/outreach/extensionpdf/2016/Cornell-Dyson-eb1605.pdf
• Producing a Business Plan for Value-Added Agriculture http://publications.dyson.cornell.edu/outreach/extensionpdf/2007/Cornell_AEM_eb0708.pdf
• Business Planning for the Agriculture Sector: A Guide to Business Plan Development for Start-up to Mid-size Operations http://publications.dyson.cornell.edu/outreach/extensionpdf/2010/Cornell_ pdf
• Building a Sustainable Business (Sustainable Agricultural Research Education (SARE)Publications) sare.org/publications/business.htm 280 pages of education and practical exercises to guide you through the financial, management, and interpersonal skills needed to start a successful farm business. Order hard copy for $17 or download PDF online for free.

Cornell Cooperative Extension Publications for Specific Commodities:

• Landscape Business Planning Guide http://publications.dyson.cornell.edu/outreach/extensionpdf/2003/Cornell_AEM_eb0313.pdf
• Writing a Business Plan: A Guide for Small Premium Wineries http://publications.dyson.cornell.edu/outreach/extensionpdf/2002/Cornell_AEM_eb0206.pdf
• Writing a Business Plan: An Example for a Small Premium Winery https://ageconsearch.umn.edu/bitstream/122203/2/Cornell_AEM_eb0207.pdf

Getting Help Writing a Business Plan

Small Business Trends

How to create a farm business plan.

It’s something you nurture, revise, and expand as circumstances dictate and as your farm business matures. Feeling pressure to perfect your business plan from the outset could be paralyzing. Instead, we suggest you view this document as a foundation that can be continuously built upon.

Therefore, your farm business plan should not only anticipate these challenges but also prescribe adaptive measures to navigate through them. It’s this inherent adaptability that transforms a good farm business plan into a great one.

Writing a Farm Business Plan Template: 15+ Things Entrepreneurs Should Include

Creating a robust business plan is of paramount importance, whether you’re kickstarting a farm venture or acquiring an existing one. Our farm business plan template starts off with an executive summary.

Executive Summary

Goals and objectives, introduction, mission statement and values of your farming business plan.

This section enables you to express the core values that led you to the farming business, whether it’s an urban farming venture or a homemade product-based farm. Your mission statement should reflect these values. Sustainable practices and conservation are often key motivations that draw people to farming, so don’t be shy to share your commitment to such principles.

Industry History

Company background and history, competitor analysis, target market.

Clearly define your target market. This can include area groceries, farmers’ markets, or online customers. If you’ll be relying on online sales, ensure your website is professionally designed, keyword optimized, and easily discoverable.

Products and Services

Organization, human resources, and management plans, swot analysis, growth strategy.

A comprehensive growth strategy should outline your plans for debt reduction, savings, and business expansion. Keeping detailed farm production records is key to evaluating the effectiveness of your growth strategy.

Financial Plan

Marketing strategy, establishing a farming business entity, detailed description of farm operations, risk management strategies.

Address potential risks and challenges your farm might face, such as natural disasters, market fluctuations, or pest infestations. Discuss the strategies you plan to implement to mitigate these risks, like insurance coverage, diversification, and emergency response plans.

Sustainability and Environmental Impact

Community involvement and social responsibility, supply chain and vendor relationships, technology and innovation.

Discuss the role of technology and innovation in your farm business. This could include the use of precision agriculture, innovative irrigation systems, or the adoption of farm management software to enhance efficiency and productivity.

Training and Development Plans

Expansion and diversification, exit strategy.

Wrap up your business plan with a conclusion that reiterates your farm’s core mission and vision, and express your enthusiasm and commitment to making your farm business a success.

Frequently Asked Questions

Do I Need a Business Plan for My Farm?

One of the many advantages of constructing your business plan is the opportunity it affords to involve others. Employees, family members, even your loyal farm dog might have innovative small farm business ideas that could significantly enhance your farm’s productivity and marketability. A different perspective can often yield solutions for issues you might not have even been aware of. Therefore, encourage an open exchange of thoughts and ideas. Who knows, the next great idea could be lying right under your hay bale!

How Do I Write a Small Farm Business Plan?

Don’t sit down to write the whole thing. Chip away, one section at a time. Keep in mind that the plan doesn’t have to be the definitive last word. You can make adaptations.

How do you start a farm business plan?

How much do farm owners make a year, how much does it cost to start a small farm, what is the most profitable farming business.

Poultry farming is currently the most profitable – and common – farm business in the world. It includes chicken, turkey, quail, ducks and goose, that are being raised for meat or eggs.

Details of a Small Farm Business Plan

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Writing a farm business plan can be a tool for you to plan your farming business. It can also be a requirement of securing grants and loans for your farm business. The process of writing a farm business plan may seem overwhelming and intimidating at first, but if you break it down into its component steps, it becomes much more manageable.

What Is a Business Plan?

A business plan is a roadmap for your small farm . It is both process and product. During the writing of a farm business plan, you'll develop an overall vision and mission for your business. You will think about your short- and long-term goals. You'll define the steps needed to achieve those goals. You'll set the direction for your business to develop over the next five years.

If you're already an established business, your new business plan will show where you're going next. A good business plan should be:

Mission Statement

Your farm’s mission statement is your overarching purpose for your business:

• Why does your farm exist?
• What purpose does your farm serve?
• Where is your farm headed?

This is beyond “make money.” This mission statement is based on your values and your core identity as a small farm.

The goals in your business plan are the specific, measurable “things” you will achieve with your small farm. Short-term goals are defined as those that you will complete within one year. Long-term goals are those that take longer than one year to complete.

SMART Goals are:

• Rewarding, and have a

Background Information

In this section of your business plan, take inventory of what you have right now:

• Where are you located?
• How many acres of land are you farming?
• When did you begin farming?
• How are you currently operating?
• What general practices do you use for such things as conservation, tillage, environmental impact, and marketing?

Farm Strategy

This is where your business plan gets to looking forward. You are going to formulate your farm strategy from now into the next five years or so.

• Gather information and research markets. Make sure that your farm plan fits into the general market in terms of supply and demand. Investigate and analyze industry trends, identify competitors, and define buyers.
• SWOT Analysis. This is an analytical tool that can be used in making decisions. SWOT stands for: strengths, weaknesses, opportunities, and threats. As a business, analyze your internal strengths and weaknesses. Then look externally at what opportunities and threats exist - competitors, new markets, government regulations, economic conditions, and so forth.
• Create alternative strategies. Looking at the information you've gleaned and the analysis you just did, think through options for your farm strategy. Don't rely on price alone; economies of scale are challenging on the small farm level.
• Don't jump to one conclusion immediately. Really spend some time fleshing out the specifics of some of the strategies and looking at their advantages and disadvantages. Try to find options that combine your internal strengths with opportunities in the external environment.
• Look at all your strategies, then reread your mission statement. The ideal farm plan will fit your mission best.
• Write an implementation plan. This is where you write a plan that will make your new strategy happen.

Marketing Strategy and Plan

In the next part of your farm business plan, you develop and outline a marketing strategy for your products and services. This can build on the research you did in the previous step. For each product, include ​the price, placement, and promotion ideas. Consider how you will convey real and perceived value to your customers.

Management Summary

This part of your business plan details your farm business’ structure. Everyone who is involved in the management of the business should be listed here. External resources are listed here as well.

Financial Analysis

In this section, you will need to detail the financial aspect of your farming operation. List your current finances in detail, including all income and operating expenses. Referring to your new strategy, you will forecast what is needed for future growth and to meet the goals you have outlined in terms of capital. Include what your future operating expenses will be.

Pulling It All Together

Writing a farm business plan is a big project. Don’t let that put you off. Your plan can be as simple as it needs to be for right now. Begin with your mission statement and goals. Do your homework by analyzing markets and researching competitors and trends. Have fun brainstorming alternative strategies and let them marinate a while. Take it one step at a time.

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How to Write Agriculture Business Plan? Guide & Template

In the realm of agriculture, success doesn’t just happen overnight. It requires meticulous planning, strategic foresight, and a robust business plan. Whether you’re a seasoned farmer looking to expand your operations or an aspiring entrepreneur venturing into agribusiness for the first time, having a comprehensive agriculture business plan is essential for navigating the challenges and maximizing the opportunities in this dynamic industry.

What is an Agriculture Business Plan?

An agriculture business plan is a detailed roadmap that outlines the goals, strategies, and operational procedures of a farming or agribusiness venture. It serves as a blueprint for the entire agricultural enterprise, encompassing aspects such as production techniques, marketing strategies, financial projections, and risk management protocols.

Why do you need a business plan for Agriculture?

Strategic Direction: A well-crafted business plan provides clarity on the short-term and long-term objectives of the agricultural venture, guiding decision-making processes and ensuring alignment with overarching goals.

Resource Allocation: By delineating the financial requirements and resource allocation strategies, a business plan helps in optimizing resource utilization and minimizing wastage.

Risk Mitigation: Agriculture is inherently susceptible to various risks, including weather fluctuations, market volatility, and pest infestations. A business plan enables proactive risk assessment and the implementation of contingency measures to mitigate potential disruptions.

Attracting Investors and Financing: Lenders and investors often require a comprehensive business plan as a prerequisite for funding. A well-documented plan demonstrates credibility, feasibility, and potential return on investment, thereby enhancing the likelihood of securing financing.

Source of Funding for Agriculture Business

Securing adequate funding is crucial for launching and sustaining an agriculture business. Here are some potential sources of financing:

Agricultural Loans Offered by banks, credit unions, and government agencies for farm expansion, equipment purchase, and working capital. Grants and Subsidies Government grants and subsidies are available for various agricultural projects, particularly those focused on sustainability, innovation, and rural development. Venture Capital Venture capital firms may invest in agriculture startups with high growth potential, especially those leveraging technology for efficiency and scalability. Crowdfunding Platforms like Kickstarter and Indiegogo allow agricultural entrepreneurs to raise funds by soliciting contributions from a large number of individuals. Agricultural Investors Individuals or organizations with a vested interest in agriculture may provide equity or debt financing to promising ventures in exchange for a stake in the business.

How to Write an Agriculture Business Plan?

Crafting a comprehensive agriculture business plan involves the following steps:

Executive Summary: Provide a concise overview of the business concept, market opportunity, competitive advantage, and financial projections.

Business Description: Detail the nature of the agricultural enterprise, including the type of farming or agribusiness, target market, product offerings, and unique selling propositions.

Market Analysis: Conduct a thorough analysis of the agricultural market, encompassing factors such as industry trends, consumer preferences, competitive landscape, and potential challenges.

Marketing and Sales Strategy: Outline the strategies for promoting and selling agricultural products, including branding, distribution channels, pricing strategies, and customer acquisition tactics.

Operations Plan: Describe the operational processes involved in agricultural production, including land acquisition, cultivation techniques, harvesting procedures, and quality control measures.

Financial Projections: Present detailed financial forecasts, including income statements, cash flow projections, and balance sheets, based on realistic assumptions and market research.

Risk Management Plan: Identify potential risks and uncertainties associated with agricultural operations and outline strategies for mitigating these risks, such as insurance coverage, diversification, and contingency planning.

Implementation Timeline: Develop a timeline for the execution of key milestones and activities, delineating responsibilities and deadlines to ensure timely progress.

Monitoring and Evaluation: Establish metrics and benchmarks for monitoring the performance of the agricultural venture and evaluate the effectiveness of strategies and tactics.

Advantages of Starting an Agriculture Business

Diverse Revenue Streams: Agriculture offers various revenue streams, including crop cultivation, livestock rearing, agro-processing, and value-added products, providing opportunities for diversification and income stability.

Environmental Sustainability: Sustainable farming practices not only contribute to environmental conservation but also enhance the resilience of agricultural operations against climate change and resource depletion.

Community Development: Agriculture plays a pivotal role in rural development by creating employment opportunities, stimulating economic growth, and fostering social cohesion within rural communities.

Food Security: By producing nutritious and affordable food, agriculture contributes to food security at the local, national, and global levels, ensuring access to sufficient and safe food for all.

In conclusion, an agriculture business plan serves as a vital tool for success in the agricultural sector, enabling farmers and agribusiness entrepreneurs to navigate challenges, capitalize on opportunities, and achieve their business objectives. By meticulously planning and strategizing every aspect of the agricultural venture, stakeholders can enhance operational efficiency, mitigate risks, attract investment, and ultimately cultivate a thriving and sustainable agricultural enterprise.

Agriculture Business Plan FAQs

How do you write an AG business plan?

An AG business plan should detail your products/services, market analysis, operations plan, management team, and financial projections.

What is the most profitable agriculture business?

Most profitable agriculture businesses tend to be greenhouse operations, nurseries, hydroponic farms, and niche organic farms.

How do I start a small agricultural business?

To start a small ag business, assess your skills and resources, choose a specialty with local demand, acquire land/equipment, and develop the MVP to validate your idea.

Is agriculture farming profitable?

Yes, agriculture farming can be highly profitable with the right climate, economies of scale, efficient operations, branding, and distribution.

Do small farms make money?

Small farms can be profitable by focusing on high value specialty crops, agritourism, or direct to consumer sales channels like farmers markets.

What’s the most profitable crop to grow?

Most profitable crops are generally berries, tree nuts, grapes, nursery plants, and organic vegetables, but profitability depends heavily on local growing conditions and markets.

Written by Ivan Smith

Hello, I'm Ivan Smith, a graduate with a Bachelor of Business Administration in Marketing. Currently, I'm actively engaged in practicing business plan writing.

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Farming Business Plan

Agriculture is the one industry that consistently does well, irrespective matter the economic conditions of the world. So, for a stable income and career farming business is a great option.

Are you looking to start writing a business plan for your farming business? Creating a business plan is essential to starting, growing, and securing funding for your business. We have prepared a farming business plan template for you to help in start writing yours.

Free Business Plan Template

Download our Free Farming Business Plan Template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write a Farming Business Plan?

Writing a farming business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section of the business plan intended to provide an overview of the whole business plan. Generally, it is written after the entire business plan is ready. Here are some components to add to your summary:

• Start with a brief introduction: Start your executive summary by introducing your idea behind starting a farming business and explaining what it does. Give a brief overview of the idea that how will your farming business will be different.
• Market opportunity: Describe the target market in brief, and explain the demographics, geographic location, and psychographic attributes of your customer. Explain how your agriculture business meets its needs. Clearly describe the market that your business will serve.
• Mention your services: Describe in detail the products and crops your agriculture farm produces. Also, incorporate all the details about the tools and equipment you will use keeping quality in mind.
• Management team: Name all the key members of your management team with their duties, responsibilities, and qualifications.
• Financial highlights: Provide a summary of your financial projections for the company’s initial years of operation. Include any capital or investment requirements, startup costs, projected revenues, and profits.
• Call to action: After giving a brief about your business plan, end your summary with a call to action, for example; inviting potential investors or readers to the next meeting if they are interested in your business.

Ensure you keep your executive summary concise and clear, use simple language, and avoid jargon.

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2. Business Overview

Depending on what details of your business are important, you’ll need different elements in your business overview. Still, there are some foundational elements like business name, legal structure, location, history, and mission statement that every business overview should include:

• The name of your farming business and the type of business you are running or will run: organic farming, agricultural farming, dairy farming, commercial farming, or something else.
• Company structure of your farming business whether it is a proprietorship, LLC, partnership firm, or some other.
• Location of your farm and the reason why you selected that place.
• Mission statement: Add a mission statement that sums up your farming business’s objectives and core principles. This statement needs to be memorable, clear, and brief.
• Business history: Include an outline of the farming business history and how it came to be in its current position. If you can, add some personality and intriguing details, especially if you got any achievements or recognitions till now for your incredible services.
• Future goals: It’s crucial to convey your aspirations and your vision. Include the vision of where you see your agriculture in the near future.

This section should provide an in-depth understanding of your farming business. Also, the business overview section should be engaging and precise.

3. Market Analysis

Market analysis provides a clear understanding of the market in which your farming business will run along with the target market, competitors, and growth opportunities. Your market analysis should contain the following essential components:

• Target market: Identify your target market and define your ideal customer. Know more about your customers and which products they prefer: meat, crops, vegetables, or some other products.
• Market size and growth potential: Provide an overview of the agriculture industry. It will include market size, trends, growth potential, and regulatory considerations.
• Competitive analysis: Identify and analyze all other agricultural farms nearby, including direct and indirect competitors. Evaluate their strengths and weaknesses, and explain how your farm can offer qualitative products.
• Market trends: Analyze current and emerging trends in your industry, such as changes in technology, fertilizers, or customer preference. Explain how your farming business will cope with all the trends.
• Regulatory environment: Describe any regulations or licensing requirements that affect the agricultural farm, such as safety codes, or hiring any agricultural engineer or food safety employee.

Some additional tips for writing the market analysis section of your business plan:

• Use a variety of sources to gather data, including industry reports, market research studies, and surveys.
• Be specific and provide detailed information wherever possible.
• Include charts and graphs to help illustrate your key points.
• Keep your target audience in mind while writing the business plan

4. Products And Services

The product and services section of an agriculture business plan should describe the specific services and products that will be offered to customers. To write this section should include the following:

• List the products you will produce or sell, such as crops, fruits, flowers, livestock, or value-added products like cheese or jams.
• Describe each product: Explain the features of your products, such as their quality, variety, and uniqueness. Also, discuss how your products will be packaged and marketed.
• Emphasize safety and quality: In all descriptions of services and products, emphasize the importance of safety and quality. Explain how your farming business will ensure that all services and products are delivered with the highest standards of safety and efficacy.

Overall, the product and services section of a business plan should be detailed, informative, and customer-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Operations Plan

When writing the operations plan section, it’s important to consider the various aspects of your business operations. Here are the components to include in an operations plan:

• Operational process: Explain the steps taken to produce your crops or raise your livestock. This can involve planting, fertilizing, watering, harvesting, looking after animals, and other activities.
• Technologies: Make a list of the tools and equipment you’ll need to run your farm, including tractors, harvesters, greenhouses, barns, and processing machinery. Describe your plans for purchasing and maintaining your farming business.

By including these key elements in your operations plan section, you can create a comprehensive plan that outlines how you will run your farming business.

6. Management Team

The management team section provides an overview of the individuals responsible for running the farming business. This section should provide a detailed description of the experience and qualifications of each manager, as well as their responsibilities and roles.

• Key managers: Describe the key members of your management team, their roles, and their responsibilities. It should include the owners, senior management, and any other farm manager, soil and plant scientist, agricultural salesperson, or someone else.
• Organizational structure: Describe the organizational structure of the management team, including reporting lines and how decisions will be made.
• Compensation plan: Describe your compensation plan for the management team and staff, including salaries, bonuses, and other benefits.
• Board of advisors: If you have a board of advisors for your business, then mention them along with their roles and experience.

Describe your company’s key personnel and highlight why your business has the fittest team.

7. Financial Plan

When writing the financial plan section of a business plan, it’s important to provide a comprehensive overview of your financial projections for the first few years of your business.

• Profit & loss statement: Create a projected profit & loss statement that describes the expected revenue, cost of products sold, and operational costs. Your farm’s anticipated net profit or loss should be computed and included.
• Cash flow statement: Estimate your cash inflows and outflows for the first few years of operation. It should include cash receipts from clients, payments to vendors, loan payments, and any other cash inflows and outflows.
• Balance sheet: Prepare a projected balance sheet, which shows the business’s assets, liabilities, and equity.
• Break-even point: Determine the point at which your farming business will break even, or generate enough revenue to cover its operating costs. This will help you understand how much revenue you need to generate to make a profit.
• Financing needs: Estimate how much financing you will need to start and operate your farming business. It should include both short-term and long-term financing needs, such as loans or investment capital.

Remember to be realistic with your financial projections, and to provide supporting evidence for all of your estimates.

8. Appendix

When writing the appendix section, you should include any additional information that supports the main content of your plan. This may include financial statements, market research data, legal documents, and other relevant information.

• Include a table of contents for the appendix section to make it easy for readers to find specific information.
• Include financial statements such as income statements, balance sheets, and cash flow statements. These should be up-to-date and show your financial projections for at least the first three years of your business.
• Provide market research data, such as statistics on the size of the agriculture industry, consumer demographics, and trends in the industry.
• Include any legal documents such as permits, licenses, and contracts.
• Provide any additional documentation related to your business plans, such as marketing materials, product brochures, and operational procedures.
• Use clear headings and labels for each section of the appendix so that readers can easily find the information they need.

Remember, the appendix section of your farming business should only include relevant and important information that supports the main content of your plan.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This farming business plan sample will provide an idea for writing a successful farming business plan, including all the essential components of your business.

After this, if you are still confused about how to write an investment-ready agriculture business plan to impress your audience, then download our farming business plan pdf .

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Frequently asked questions, why do you need a farming business plan.

A business plan is an essential tool for anyone looking to start or run a successful farming business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your farming business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your farming business.

How to get funding for your farming business?

There are several ways to get funding for your agriculture business, but one of the most efficient and speedy funding options is self-funding. Other options for funding are!

• Bank loan – You may apply for a loan in government or private banks.
• Small Business Administration (SBA) loan – SBA loans and schemes are available at affordable interest rates, so check the eligibility criteria before applying for it.
• Crowdfunding – The process of supporting a project or business by getting many people to invest in your farming business, usually online.
• Angel investors – Getting funds from angel investors is one of the most sought options for startups.
• Venture capital – Venture capitalists will invest in your business in exchange for a percentage of shares, so this funding option is also viable.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your farming business?

There are many business plan writers available, but no one knows your business and idea better than you, so we recommend you write your farming business plan and outline your vision as you have in your mind.

What is the easiest way to write your agriculture business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any farming business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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Below are examples of different farm business plans and a loan application:

Oregon Flower Farm Business Plan Example

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Peach Farm Business Plan Sample

USDA FSA Sample Microloan Application

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Agriculture Farm Business Plan

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Botanical Bounty

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, opportunity.

The health and vitamin industry is growing at a very quick pace. Customers want to have natural and plant alternatives to medication. They are starting to believe the body is a temple. They don’t want to pollute with chemicals. The industry needs botanical plants that are ready to process as well as give to nurseries for the “do it yourselfers”.

Botanical Bounty is working hard to become a leading producer of botanical plants for the natural supplement industry as well as plant nurseries.

Botanical Bounty has three distinct customers: supplement companies, processors of botanicals for supplement companies, and nurseries that resell the plants.

The first two customers purchase the plants for use in their products which they ultimately sell to the end consumer.

The market for natural supplements is quite exciting. Surveys show that over 158 million consumers (over 55% of U.S. population) use dietary supplements. An estimated 115.3 million consumers buy vitamins and minerals for themselves, and 55.8 million purchase them for other members of their family, including children. Consumer surveys consistently find that nearly half of all Americans now use herbs – a statistic that is particularly remarkable when we realize that today’s herbal products industry is just over a quarter century old.`

Competition

Competition takes two forms, farms similar in size and production capacity to Botanical Bounty and megafarms. The similarly sized farms range in size from 5-30 acres. The number of different herbs grown varies from a handful to upwards of 50. The choice of plants grown is based on owner preference as well as location and the ability of the local growing conditions to support the different plants.

It is Botanical Bounty’s mission to become the leading provider of botanical perennials to the health/vitamin industry. This will be accomplished by providing quality plants at fair prices while exceeding customer’s expectations.

Expectations

To finance our growth and full-time production, we need to purchase $35,000 worth of new equipment as long-term assets taking that total up to $53,800. To that end, we are seeking a $100,000 10-year loan. Sales forecasts conservatively indicate that $190,000 revenue will be generated in year two, rising to over 400,000 by year 4.

Financial Highlights by Year

Financing needed.

We need to have a $100,000 10 year loan. We will use our $35,000 of cash from our current operations.

Problem & Solution

Problem worth solving.

There is a growing trend towards plant cures to common diseases or health issues.Consumers care about getting a natural supplement to make them feel better and take care of their body. Because of this the natural market has grown exponentially in the last few years. The market needs high quality botanicals to keep up  with demand. 

Our Solution

Botanical Bounty has identified three keys that will be instrumental in their success. The first is the implementation of strict financial controls. By having the proper controls, production efficiency will be maximized. The second key will be the never ending pursuit for the industry’s highest concentration levels of botanical ingredients in each plant. The third key is the recognition and implementation of the philosophy that 100% customer satisfaction is required to ensure a profitable business. Profits are a by product of satisfying customers, not the other way around.

Target Market

Market size & segments.

Botanical Bounty has identified three different target market segments: 

Supplement Companies This customer group manufactures botanical supplements for their own label products. The companies purchase the plants and extract the active ingredients and transform them into sellable products for their own brand. There are a handful of large companies that operate in this market space. Ten years ago there were many different ones but through consolidation the industry has grown in size but decreased in the number of different players.

Processors These customers purchase the the plants, extract the botanicals and either sell the concentrated botanicals to the end producers or they themselves produce the supplement and sell the final product to other companies for their private label products. In essence they are the subcontractor for the supplement companies. These companies therefore are one layer within the manufacturing system and do not sell to the end consumer. They act as a supplier/processor for the retail brands.

Other Nurseries/Garden Centers This customer group purchases the plants which they in turn sell at retail to the individual end consumer. The typical consumer is a health conscious individual who is interested in either extracting the botanical from the plant immediately or growing the plant in their own garden for future use.

Current Alternatives

As mentioned previously, competition takes two forms, farms similar in size and production capacity to Botanical Bounty and megafarms. The similarly sized farms range in size from 5-30 acres. The number of different herbs grown varies from a handful to upwards of 50. The choice of plants grown is based on owner preference as well as location and the ability of the local growing conditions to support the different plants.

On the other end of spectrum is the megafarm. These farms have a similar range of species cultivated, however they differ greatly in production capacity. These farms are huge, typically not less than 100 acres, peaking at 300 acres. These growers however are few number.

The buying patterns of the different customers are typically based on these variables:

• Availability
• Ability to deliver consistently on long-term contracts
• Significant % of active ingredients
• Consistency

Our Advantages

Botanical Bounty has a dual competitive edge:

Healthy Plants The healthier the plant, the faster it will grow, the more botanicals that can be extracted from it. This means an increase in production efficiency due to a larger percentage of plants that are sellable. Other characteristics of healthy plants which are important on the production side is: lower pest counts, more established root structures, and high biomass.

High Concentration of Active Botanicals This is beneficial to the purchaser because they are buying the plants precisely for the active botanicals. High concentration levels are valuable to Botanical Bounty because they increase the amount of botanicals produced per plant or per acre, increasing the production capacity of a given amount of land, thereby increasing their return on investment and increasing the attractiveness of Botanical Bounty’s plants relative to the competition.

Keys to Success

Our keys to success are: 

• Strict financial controls.
• The never ending pursuit of the highest concentration of botanicals in every plant.
• Ensuring that all customer’s needs are met and they are satisfied with the purchased products.

Marketing & Sales

Marketing plan.

Botanical Bounty’s sales strategy efforts will focus on identifying qualified leads and turning them into paying customers. The main sales effort that Botanical Bounty will undertake is the reinforcement of the fact that Botanical Bounty’s plants have the industry’s highest percentage of botanicals. This will be quite appealing to the buyers as this is exactly what they want, more botanicals per plant. In addition to selling the buyers on Botanical Bounty’s competitive edge of potent plants, there will be an emphasis on Botanical Bounty’s ability to perform on long-term contracts.

Botanical Bounty recognizes that the transactions should not be thought of as individual sales, but as long-term relationships. This is a reasonable assumption based on the fact that the customers are in the business of utilizing botanicals, that they will continually have the need for the botanicals, and that it is far less expensive to establish a relationship with one vendor than to continually have to find new vendors that can meet their needs.

Locations & Facilities

Botanical Bounty is a 10 acre farm that concentrates on the growing of botanical medicinals. Botanical Bounty has chosen five plant species that have significant market demand as well being well suited for growth in the Willamette River Valley. Botanical Bounty will feature: Echinacea – an immune system booster; Ginseng – a source of energy; St John’s Wort – for mild depression; Skullcap- for inflammation; and Ginger – a stomach soother.

Milestones & Metrics

Milestones table.

Key Metrics

Our key metrics are: 

• Sales, cost of sales, expenses, profits, and cash.
• Production cost of goods. We need to keep them low.
• Keep current on our competitors botanical concentration and prices.
• Measure the number of emails and phone calls.
• Measure the Facebook Page views and Twitter re-tweets. 
• Measure website searches and inquiries. 

Ownership & Structure

Botanical Bounty is an Oregon L.L.C. owned by David and Susan Nealon. The L.L.C. business formation has been chosen as a strategic way to shield the Nealons from personal liability.

Company History

Botanical Bounty has been in operation for two years. Initially it was started as a hobby where Susan could use her plant biology skills while covering some of the costs. The Nealon’s were able to achieve this lifestyle due to a windfall that David received as a result of exercised stock options. After the second year, the Nealon’s decided that although they had the money to live on for many years, it would be irresponsible to needlessly spend it so they got serious about the business and made a concerted effort to become profitable.

Botanical Bounty has chosen the Willamette River Valley as an ideal place to grow perennials. Botanical Bounty has 10 acres of land which they use for production. During several of the winter months, production is moved into their green house for propagation. Botanical Bounty employs a drip irrigation system for all of the plants.

Management Team

Botanical Bounty will be lead by the husband and wife team of David and Sue Nealon. David brings a wealth of business and project management skills to the company. While working at Yahoo!, David was responsible for the successful launch and market lead capture of Yahoo!s driving directions section. Utilizing these skills, David will be responsible for the business operations of the farm. Sue, with a background of plant biology will be the driving force of the operation, growing the highest active ingredient content plants in the country. Additionally, because of her wealth of knowledge, she will be the leader of the sales department.

Personnel Table

Financial Plan investor-ready personnel plan .">

Key assumptions.

Our key assumptions 

• Our market and customer base are growing and with them the opportunities for sales.   
• The area has wealthy households that can afford to spend money on non essential vitamins.   
• Our customers appreciate our dedication to high quality products and price controls.   
• We will be able to get the 100,000 dollar loan at 8 percent based on our past success and being able to put our property up as collateral. We are a safe investment. If unplanned expenses pop up we have people interested in investing.

Revenue by Month

Expenses by month, net profit (or loss) by year, use of funds.

We will be using the loan to purchase machines and to expand our farm and our personnel to grow the highest quality botanicals and process them so they can be turned into vitamins or other products that give the  customer a natural cure. 

Sources of Funds

We are leveraging our business to get an $100,000 10-year loan. We will also be using the cash on hand from our current business. 

Projected Profit & Loss

Projected Balance Sheet

Projected Cash Flow Statement

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• Agriculture

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Agricultural business plan

An agricultural business is an enterprise that engages in producing, processing, and marketing agricultural products. Agricultural businesses can be small, family-owned operations or large, multi-national corporations. Farmers may sell their products directly to consumers or through intermediaries such as wholesalers or retailers. There are many different types of agricultural businesses, including livestock farms, dairy farms, crop farms, and horticultural businesses.

Each type of agricultural business has its unique challenges and opportunities. Livestock farms raise and care for animals used for meat, milk, eggs, or other products. Dairy farms produce milk and other dairy products. Crop farms grow fruits, vegetables, grains, and other crops. Horticultural businesses grow plants for sale as ornamentals or use in landscaping.

Agricultural businesses must carefully plan their operations to be successful. They must consider factors such as the type of product they will produce, the market for their product, the cost of inputs (land, labor, capital), and the price they will receive. A well-executed business plan can help an agricultural business to thrive and become profitable.

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There are many reasons to start an agricultural business. Agricultural businesses can be very profitable, provide a valuable service to the community, and offer an excellent lifestyle for the owners and employees. An agricultural business can be profitable because of a strong demand for food and other agricultural products. In addition, the world population is growing, and more people are moving into cities with less access to fresh food.

This creates a large market for agricultural businesses that can provide safe, healthy, and affordable food. Starting an agricultural business can also provide a valuable service to the community. Agricultural businesses can help meet the needs of local communities by providing fresh produce, meat, dairy, and other products. They can also create jobs and support the local economy.

Finally, owning an agricultural business can offer an excellent lifestyle for the owners and employees. Agricultural businesses are often located in beautiful rural areas, where the pace of life is slower and more relaxed. The work can be challenging and rewarding, and a sense of pride comes from producing food for others to enjoy.

An agricultural business can be a very profitable venture. There are many benefits to starting and owning a farming business. Some of the benefits include:

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• Agricultural businesses provide a much-needed service to society. They produce food and other necessary items that we need to survive. Without agriculture, the world would be a very different place.
• Agricultural businesses are typically very stable. They are not as prone to the economy’s ups and downs as other businesses. This stability can provide security for families and employees alike.
• Agricultural businesses offer an excellent opportunity to be your boss. You can be in control of your destiny and make all of the decisions regarding your business. This can be a very empowering feeling.
• Agricultural businesses often have a positive impact on their local communities. They provide jobs and economic stability to rural areas that might otherwise struggle financially. Additionally, they usually give back to the community through charitable donations and other forms of giving.
• Agricultural businesses offer a unique lifestyle that can be very rewarding. An agricultural business may be the perfect fit if you love working outdoors and being around animals and crops. However, this type of business is only for some people, so make sure it is something you are genuinely interested in before committing.

If you’re thinking of starting an agricultural business, there are a few things you need to know. First, you need to understand the business you want to create. What kind of products or services will you offer? What is your target market? Who are your competitors? Once you understand the business you want to start, you must develop a business plan.

This plan will help you map out the steps, process you need for getting your business up and running, and it will also help you secure funding from investors or lenders. Next, you need to choose a location for your agricultural business. For example, if you’re starting a small farm, you’ll need to find land suitable for farming. Once you’ve found a location, you’ll need to get the necessary permits and licenses from the government.

Once you have your location and all the required licenses and permits, you can start buying equipment and hiring staff. For example, starting a small farm requires tractors, planting equipment, irrigation systems, etc. You’ll also need employees to help with the farm’s day-to-day operations.

As your agricultural business grows, you’ll need to focus on marketing and sales. You’ll need to find ways to reach your target market and convince them to buy your products or services. You may also want to consider expanding your operations by opening additional locations or offering new products.

Several agricultural businesses can be pretty profitable. One option is to start a small farm and sell products directly to consumers at farmer’s markets or through a Community Supported Agriculture (CSA) program. Another option is to raise livestock for meat, eggs, or dairy products.

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Other possibilities include starting an organic gardening business, operating a nursery selling plants and trees, or running a landscape design business specializing in creating gardens and outdoor spaces for homes and businesses. There are also opportunities for value-added agriculture businesses such as making and selling jams, jellies, or other food products made from fruits and vegetables grown on the farm.

There are a few key things to start an agricultural business. First, you need to choose the correct location. You want to pick a spot with good soil and a lot of sunlight. You also want to make sure there is enough water for your crops. Next, you need to choose what crops you want to grow. Then, it would be best to research which crops are in demand and which will fetch a good price.

You also want to consider your chosen location’s climate so you can pick crops that will do well there. Finally, you need to develop a business plan. This includes figuring out your costs, how much you need to sell your crop, and marketing your business. Once you have all this figured out, you can start planting and growing your business!

When choosing the most profitable crops to grow for your agricultural business, there are several factors to consider:

• The market demand for the crop. What crops are in high demand and will fetch a good price?
• The growing conditions required for the crop. Some crops are very sensitive to climate and soil type, so choosing ones that can be successfully grown in your area is important.
• The input costs associated with growing the crop.

Make sure to factor in things like seed, fertilizer, labor, and equipment costs. Some of the most profitable agricultural crops to grow to include:

• Corn/Maize : Corn is a staple crop used in various products, from food to biofuels. It is relatively easy to grow and has high market demand.
• Soybeans : Soybeans are another widely used crop that has a variety of uses, including animal feed, biodiesel, and human food. They are relatively easy to grow and have a high market demand.
• Wheat : It is a versatile grain from bread to pasta to beer brewing. It’s relatively easy to grow and has strong market demand.
• Rice/Paddy : Rice is a dietary staple for billions of people around the world. It’s easy to grow and has high market demand.
• Cotton : Cotton is a high-dollar cash crop to consider.

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There are a few factors to consider when choosing the best state for your agricultural business. The climate, soil type, and availability of water are important considerations. You will also want to consider the market for your products, transportation infrastructure, and the overall business environment.

The best states for agricultural businesses vary depending on the type of business. For example, California is well-suited for businesses that produce fruits and vegetables, while Nebraska is better suited for livestock production. Here is a more detailed look at some of the best states for different types of agricultural businesses:

• Fruits and Vegetables : California, Florida, Hawaii, Texas
• Livestock : Nebraska, Iowa, Kansas, South Dakota
• Grain : North Dakota, South Dakota, Minnesota, Illinois
• Dairy : Wisconsin, New York, Pennsylvania

If you’re considering starting a farming business, you’ll need to create a business plan. This will help you secure funding, find the right location, and hire employees. Here’s a step-by-step guide to writing a business plan for an agricultural business:

• Define your business. What type of agricultural business do you want to start? What products or services will you offer? Who is your target market?
• Write your executive summary. This is a brief overview of your business plan. Include your mission statement, company description, and goals.
• Do your market research. First, conduct a feasibility study to see if there’s a demand for your products or services in your target market. Then, research your competition and pricing options.
• Develop your marketing strategy. How will you reach your target market? What marketing channels will you use? What are your sales goals?
• Create a financial plan. Estimate your start-up costs and projected revenue for the first few years of operation. Create a budget and cash flow statement. Find sources of financing, such as loans or investors.
• Plan for management and operations. Describe how you’ll organize and run your business on a day-to-day basis. Include information on staffing, facilities, and logistics.

When starting an agricultural business, you must keep a few key things in mind to succeed. Firstly you need to have a well-thought-out business plan. This plan should include your goals and objectives for the business, as well as how you intend to achieve them. In addition to a strong business plan, you must have the financial backing necessary to get your business off the ground.

This means having access to capital through savings, loans, or investors. Another important aspect of starting a successful agricultural business is understanding the market well. You need to know your target customers and what they are looking for. Additionally, you should have a solid marketing strategy to reach these customers.

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Finally, it is also crucial that you have a strong team in place to help you run the day-to-day operations of your business. This team should be composed of individuals with expertise in various areas such as marketing, finance, and agriculture. By working together, you can increase your chances of success exponentially.

Many different agricultural businesses can be profitable, but it is vital to have a clear plan before getting started. This article has provided tips on developing a profitable agricultural business plan, including researching, knowing your costs, and having a clear marketing strategy. Following these tips gives you the best chance of success in starting your own agricultural business.

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Watch CBS News

Project 2025 would overhaul the U.S. tax system. Here's how it could impact you.

By Aimee Picchi

Edited By Anne Marie Lee

Updated on: July 12, 2024 / 1:42 PM EDT / CBS News

Project 2025, a 900-page blueprint for the next Republican president, is gaining attention for its proposals to overhaul the federal government. Among those changes: a major restructuring of the U.S. tax code. 

President Biden and Democrats have been citing Project 2025 in recent weeks as they seek to highlight what could be in store if former President Donald Trump wins at the polls in November and retakes the White House in January.  Many of the blueprint's proposals touch on economic matters that could impact millions of Americans, as well as social issues such as abortion and diversity, equity and inclusion, or DEI, topics. 

Project 2025 , overseen by the conservative Heritage Foundation, is spearheaded by two ex-Trump administration officials: project director Paul Dans, who was chief of staff at the Office of Personnel Management, and Spencer Chretien, former special assistant to Trump who is now the project's associate director.

Trump: "I know nothing about Project 2025"

For his part, Trump has distanced himself from the blueprint, writing on Truth Social early Thursday that he isn't familiar with the plan. His campaign has proposed its own goals through " Agenda 47 ," which tends to focus on social and political issues such as homelessness and immigration rather than taxes.

"I know nothing about Project 2025. I have not seen it, have no idea who is in charge of it, and, unlike our very well received Republican Platform, had nothing to do with it," Trump wrote  Thursday.

His pushback comes after Heritage Foundation President Kevin Roberts opined in a podcast interview that the U.S. is "in the process of the second American Revolution, which will remain bloodless if the left allows it to be." 

According to Project 2025's website, its goal is to have "a governing agenda and the right people in place, ready to carry this agenda out on day one of the next conservative administration."

A shift to two brackets

The tax proposals of Project 2025, if enacted, would likely affect every adult in the U.S. by tossing out the nation's long-standing system of multiple tax brackets, which is designed to help lower-income Americans pay a smaller share of their income in federal taxes compared with middle- or high-income workers. 

Currently, there are seven tax brackets — 10%, 12%, 22%, 24%, 32%, 35% and 37% — with each based on income thresholds. For instance, a married couple pays 10% in federal income tax on their first $23,200 of income, and then 12% on earnings from $23,201 to $94,300, and so on. Married couples need to earn over $487,450 this year to hit the top tax rate of 37%.

Project 2025 argues that the current tax system is too complicated and expensive for taxpayers to navigate. To remedy those problems, it proposes just two tax rates: a 15% flat tax for people earning up to about $168,000, and a 30% income tax for people earning above that, according to the document . It also proposes eliminating "most deductions, credits and exclusions," although the blueprint doesn't specify which ones would go and which would stay.

"The federal income tax system is progressive, and people who make more money pay a higher marginal tax rate than people who make less money," Brendan Duke, senior director for economic policy at the left-leaning Center for American Progress, told CBS MoneyWatch. "Conservatives look at that, and they feel that that's unfair to the wealthy to ask them to pay a greater share of their income in taxes than lower income families."

The Project 2025 proposal "is a dramatic reform of how we fund our government, where we ask the wealthy to pitch in more than lower income families," he said. "This shifts taxes from the wealthy to the middle class, full stop."

Project 2025 didn't immediately respond to a request for comment. 

In a statement, the Heritage Foundation said it will ultimately be up to the next conservative president do decide which recommendations to implement, adding "As we've been saying for more than two years now, Project 2025 does not speak for any candidate or campaign." 

Project 2025's tax rates 

Millions of low- and middle-class households would likely face significantly higher taxes under the Project 2025's proposals.

He estimated that a middle-class family with two children and an annual income of $100,000 would pay $2,600 in additional federal income tax if they faced a 15% flat tax on their income due to the loss of the 10% and 12% tax brackets. If the Child Tax Credit were also eliminated, they would pay an additional $6,600 compared with today's tax system, Duke said. 

By comparison, a married couple with two children and earnings of $5 million a year would enjoy a $325,000 tax cut, he estimated. 

"That 15% bracket is a very big deal in terms of raising taxes on middle-class families," Duke said. 

Millions of U.S. households earning less than $168,000 would likely face higher taxes with a 15% rate. Currently, the bottom half of American taxpayers, who earn less than $46,000 a year, pay an effective tax rate of 3.3%  — which reflects their income taxes after deductions, tax credits and other benefits. 

Among other tax and economic changes proposed by Project 2025: 

• Cutting the corporate tax rate to 18% from its current 21%, which was enacted in 2017's Tax Cuts and Jobs Act. Prior to the TCJA, the corporate tax rate stood at 35%.
• Reducing the capital gains tax to 15%. Currently, high-income earners pay a tax of 20% on their capital gains.
• Eliminating credits for green energy projects created by the Inflation Reduction Act.
• Considering the introduction of a U.S. consumption tax, such as a national sales tax. 
• Eliminating the Federal Reserve's mandate to maintain full employment in the labor market.

To be sure, overhauling the tax system would require lawmakers to approve changes to the tax code, which could be difficult if either the House or Senate is controlled by the opposing party. For instance, Trump was able to get his Tax Cuts and Jobs Act passed by a Republican-led Congress, even though no Democrats voted in support of the measure. 

What does Trump say about taxes?

Trump hasn't yet proposed any concrete tax plans, but analysts expect that he would seek to extend the tax cuts enacted through the TCJA if he is reelected. Currently, many of the provisions of the TCJA, including lower tax brackets, are set to expire at the end of 2025. 

One likely scenario if Trump is reelected is that Republican lawmakers would extend the TJCA's tax cuts, while seeking to fund the reduction in tax revenue by repealing some of the clean energy and climate-related provisions in the Biden administration's Inflation Reduction Act, according to an April report from Oxford Economics. Lawmakers could also seek to cut spending on social benefits to offset the tax cuts, the research firm added.

Trump has suggested a proposal to create a 10% tariff for all imports and a 60% tariff for Chinese imports that could raise enough money to eliminate the federal income tax. 

Tax experts also say the math doesn't work out because money raised from new tariffs would fall far short of replacing the more than $2 trillion in individual income taxes collected by the IRS each year. Consumers are also likely to pay more in higher costs for imported consumer goods and services with tariffs tacked onto them, experts note.

"A tariff is a consumption tax, and there is a throughline between [Project 2025's] tax reform and what Trump has talked about, getting rid of taxes in favor of a consumption tax," Duke noted. 

• Donald Trump

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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Agbiz encouraged by Steenhuisen’s commitment to advancing industry master plan

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Agriculture Minister John Steenhuisen

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17th July 2024

By: Marleny Arnoldi

Deputy Editor Online

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Industry body the Agricultural Business Chamber of South Africa (Agbiz) has described Agriculture Minister John Steenhuisen ’s maiden Budget Vote speech to be “valuable and focused on relentless implementation”.

In his Budget Vote on July 16, Steenhuisen said his focus would be on accelerating the implementation of the Agriculture and Agroprocessing Master Plan (AAMP), which he deemed the framework upon which the inclusive growth of the sector would be based.

In response, Agbiz chief economist Wandile Sihlobo said he was encouraged by Steenhuisen’s commitment to upholding objectives contained in the plan, adding that the strength of the master plan was its value chain deep dives on each commodity, which state the challenges and opportunities, as well as interventions, to accelerate growth.

Sihlobo pointed out how there had always been regions in South Africa at the periphery of agricultural progress, hence the need for a commodity corridor approach as set out in the AAMP.

He mentioned that there was untapped potential in the Eastern Cape, Limpopo and KwaZulu-Natal, as well as underutilised government-owned farms across the country.

Agbiz deemed it crucial, however, that the Department of Agriculture (DoA) communicated its renewed ambition on the AAMP with all stakeholders across all levels of government, as well as continued to engage with various organised agriculture sector leaders.

After that, a delivery process with timelines would be required for the department to instil confidence in the sector, as some may have doubts that the AAMP was being implemented.

Many of the interventions required by the AAMP were dependent on other government departments and Ministers; therefore, interdepartmental cooperation and alignment would be vital for the success of the plan, Sihlobo stated.

He added that the AAMP would only be successful if government collaborated with the private sector, labour and other social partners. Sihlobo said he believes Steenhuisen grasped this, in having recognised the necessity to leverage the skills, resources and knowledge already available in the private sector and the industry.

Sihlobo referenced the Minister saying access to finance had proven to be a significant constraint on the ability of new-entrant and smallholder farmers to succeeed, adding that blended finance – the provision of grants by the State and loans by private finance institutions – was the way to go for the industry.

Moreover, Sihlobo emphasised the importance of genetics research, explaining that improved crop and plant yields, as well as better animal genetics, had been at the heart of South Africa’s agricultural progress.

He hopes efforts in this regard will intensify to drive improved productivity, since the agriculture sector has more than doubled in size, value and volume, since 1994.

On the research matter, Steenhuisen said the department would prioritise innovation, and research and development to drive technological advancement and best practices within the sector.

Sihlobo commented that stakeholders in the value chain wanted to see more profound engagement with scientists in the DoA on new breeding technologies.

“Overall, we deem the Budget Vote speech to be positive for the agricultural sector. The one area the Minister could have underscored is that the success of the AAMP, particularly in empowering new-entrant farmers, also depends on the collaboration with the [newly individualised] Department of Land Reform and Rural Development.

“This department should continue releasing more than two-million hectares of State land to beneficiaries with title deeds, as the prior Minister already started doing,” Sihlobo stated.

Agbiz said the Land Reform Agency, which President Cyril Ramaphosa proposed and structured under former Minister Thoko Didiza , would be an efficient instrument for this land release, once launched.

Likewise, Sihlobo concluded that the AAMP’s objective to open up new markets for South African produce required a concerted effort between the departments of Agriculture, International Relations and Trade, Industry and Competition.

Edited by Chanel de Bruyn Creamer Media Senior Deputy Editor Online

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Secret Service faces questions after Trump assassination attempt

The Secret Service is facing questions after former US President Donald Trump was shot at during a rally in Pennsylvania.

Trump, who is now "doing well", says he was shot in the ear as he stood in front of crowds at a fairground in Butler.

One bystander was killed in the shooting and two others were critically injured, according to a Secret Service spokesman.

The Director of the Secret Service, Kimberly Cheatle, has been summoned to testify before the US House of Representatives on 22 July by the Oversight Committee - the main investigative board of the US House of Representatives.

At a news conference on Sunday, FBI special agent Kevin Rojek said it was "surprising" that the shooter, who has been named as 20-year-old Thomas Matthew Crooks, was able to open fire before the Secret Service killed him.

• LIVE: All the latest developments after assassination attempt on Trump
• WATCH: Video shows shooter on roof at Trump rally
• WATCH: Trump grimaces and ducks as several shots ring out
• ANALYSIS: Secret Service has questions to answer after this failure
• SHOOTING SUSPECT: What we know so far about Thomas Matthew Crooks

An investigation into the attempted assassination, which is already under way, involves the FBI, the Secret Service and the Department of Homeland Security.

"Americans demand answers about the assassination attempt of President Trump," the Oversight Committee said in a statement on social media.

Trump was quickly bundled off stage and into a waiting vehicle after shots were fired just a few minutes into his speech at 18:11 local time on Saturday.

Blood could be seen near the former president's ear as he raised his fist to the crowd.

In a post to his Truth Social network, Trump said a bullet pierced the "upper part" of his right ear.

"I knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin," Trump wrote.

"Much bleeding took place, so I realised then what was happening."

The FBI said it is treating the incident as an assassination attempt on Trump and it is an "active and ongoing investigation".

The suspect was shot dead at the scene by a US Secret Service sniper, said the agency's spokesperson, Anthony Guglielmi.

He added that the one bystander killed in the shooting, and the two others critically injured, were all male. Their identities have not been released.

Trump Assassination Attempt: What Happened?

Law enforcement sources told CBS News that Crooks had been armed with "an AR-style rifle" and had fired from a building a few hundred metres from the venue.

Special Agent Kevin Rojek said Crooks had not been carrying ID and that investigators used DNA to identify him.

They have yet to identify a motive for the assassination attempt, he added.

State voter records show that Crooks was a registered Republican, according to US media reports.

He is also reported to have donated $15 to a liberal campaign group in 2021.

A senior adviser to Donald Trump's campaign said there are questions about how prepared the Secret Service was.

Speaking to the BBC World Service, Stephen Moore called it a "scary day".

"Certainly Trump needs more protection - there’s a lot of inquiry now about whether the Secret Service was totally prepared," Mr Moore said.

However, Mr Guglielmi says there is an "untrue assertion" circulating that someone on Trump's security team had requested extra security "resources" and that request was "rebuffed".

"This is absolutely false. In fact, we added protective resources and technology and capabilities as part of the increased campaign travel tempo," Mr Guglielmi said.

Trump had just started addressing his supporters in Butler, Pennsylvania - a crucial swing state in November's election - when the shots started.

Multiple bangs rang out as Trump spoke about his successor, President Joe Biden, and his administration.

Several supporters holding placards and standing behind Trump ducked as the shots were heard.

Bystanders who spoke to the BBC suggested the gunshots may have come from a one-storey building to the right of the stage where Trump was speaking.

One witness - Greg - told the BBC that he had spotted a suspicious-looking person "bear crawling" on the roof of the building about five minutes after Trump took to the stage. He said he pointed the person out to police.

"He had a rifle, we could clearly see him with a rifle," he said. "We’re pointing at him, the police are down there running around on the ground – we’re like ‘hey man there’s a guy on the roof with a rifle’ and the police did not know what was going on."

Tim - who was also at the rally - told the BBC that he had heard a "barrage" of shots.

"There was a spray which we initially thought was a fire hose, and then the speaker on the right-hand side started coming down," he said.

"Something must have hit the hydraulic lines [which caused it to fall]. We saw President Trump go to the ground and everyone started dropping to the ground because it was chaos."

Warren and Debbie were at the venue and told the BBC they heard at least four gunshots.

They said they both got on the ground as Secret Service agents came through the crowd, shouting for the attendees to get down. People remained calm, they said.

"We couldn't believe it was happening," Warren said.

Debbie said a little girl beside them was crying that she didn't want to die and saying "how is this happening to us?"

"That broke my heart," Debbie said.

Republican Congressman Ronnie Jackson told the BBC that his nephew was injured in the shooting. He sustained a minor wound to his neck and was treated at the scene, Mr Jackson said in a statement.

Speaking from his home state of Delaware, President Biden deplored the attack, calling it "sick".

"There's no place in America for this kind of violence," he said. "Everybody must condemn it."

The White House later said President Biden had spoken with Trump before returning to Washington DC.

• Biden condemns 'sick' attempt on Trump's life

Trump remains locked in a tight contest with President Biden - the presumptive Democratic nominee - in a re-match of the 2020 election.

Politicians of both parties joined Mr Biden in condemning the apparent attack.

Former President Barack Obama said there "is absolutely no place for political violence in our democracy" and that he was "relieved that former President Trump wasn’t seriously hurt".

Trump's former vice-president Mike Pence said he and his wife were praying for his former ally, adding that he urged "every American to join us".

House Minority Leader Hakeem Jeffries said in a statement: “My thoughts and prayers are with former President Trump. I am thankful for the decisive law enforcement response. America is a democracy. Political violence of any kind is never acceptable.”

UK Prime Minister Sir Keir Starmer led international condemnation of the shooting, saying he was "appalled by the shocking scenes at President Trump's rally".

"Political violence in any form has no place in our societies and my thoughts are with all the victims of this attack," he said in a statement.

Trump is still set to accept his party's nomination for president at the convention in Milwaukee on Monday, his campaign managers said . Some had speculated that he had been set to reveal his running mate at the Butler rally.

Some Republicans were quick to blame President Biden over the shooting, accusing him of stoking fears about Trump's potential return to office.

Senator JD Vance, who is thought to be on the shortlist to become Trump’s vice-presidential candidate, said the rhetoric from the Biden campaign had led directly to this incident.

Mike Collins - a Republican congressman - accused the president of “inciting an assassination”.

Meanwhile James Comer, the chair of the powerful House oversight committee, said he would summon the director of the Secret Service before his panel.