Starting a new agricultural venture can prove intimidating in a landscape rife with risk, liability and uncertainty, and according to the U.S. Department of Labor Statistics, nearly 50% of new businesses fail in the first five years.
To assist in the process and help garner success for business owners, University of Maryland Extension (UME) educators have created the Farm Business Coaching: Cultivating Entrepreneurship program.
“Business coaching is a popular practice in private industry where experts guide new business owners through the process of getting started,” said Neith Little, Baltimore City agriculture agent and co-PI on the project. “Our program will help entrepreneurs identify their goals, connect resources, and make actionable steps towards starting, expanding, or just improving their businesses.”
Funded by the Extension Foundation᾿s Agriprospects Workforce Development Network, the new project expands on an existing UME coaching program that has already assisted 200 participants in understanding the steps to starting an agricultural venture. The enhanced Farm Business Coaching program will now include one-on-one coaching sessions with UME experts, as well as an eight-week workshop focused on business planning, marketing, and financial strategies with guest lectures from industry professionals.
“Through this program, we are helping farmers take actionable steps towards achieving their business goals, securing funding, and expanding their market reach,” said Shannon Dill, Extension agriculture educator and co-PI on the project.
One of the key program outcomes for agricultural entrepreneurs is a comprehensive business portfolio, which participants will be able to use as a foundation to get started. The completed portfolios will include elements like a mission and goals statement, a marketing plan, and a financial plan, tailored to their particular business ideas. These will be further analyzed by an industry financial strategist to help validate the business plan and portfolio efficacy.
“Agribusiness and food production are dominant industries in Maryland, and we are working to continue that legacy through the development of rising ag professionals and new businesses.” Little said.-
To learn more about the farm business coaching: Cultivating Entrepreneurship Program, go to:
go.umd.edu/FARMBUSINESSCOACH
by Laura Wormuth
