Identify the components of a business plan for an agricultural enterprise.

Identification should include the following:

  • Business description
    • History and location
    • Products and services
    • Organizational structure
    • Resource inventory
      • Human
      • Land
      • Equipment
      • Capital
      • Commodities
      • Natural resources
    • Strengths, weaknesses, opportunities, and threats (SWOT) analysis
    • Mission statement
    • Objectives and goals
    • Production plan
    • Financial plan
    • Market plan
    • Legal and liability issues
      • Insurance coverages
      • Succession and estate planning
  • Sources of financing
  • Local marketing opportunities
  • Enterprise budget
    • Expenses
    • Incomes/revenues
  • Risk management

Process/Skill Questions:

  • Why is having a business plan important?
  • Why is it important to analyze marketing opportunities prior to engaging in an agricultural enterprise?

Teacher Resources: