Taking on the family farm or beginning your own farming legacy is a huge undertaking. Lean on Busey to help sort through the financials—allowing you to focus on the business.
Here are a few helpful tips:
1) Set prioritized goals so that you have a focus for the growth of your farm.
2) Keep detailed records to keep organized—and to make it easier for your lender to assess your financials.
3) Evaluate investments to justify spending. Determine how long it will take to generate profit from an investment to help you make the best purchasing decision.
4 Consider off-farm income until your operation makes enough profit to pay you full-time.
5) To rent or to buy? Assess finances and consider renting equipment as a savings option.
6) Take advantage of state and federal credit programs. Ask your farm manager about these programs and any special offers.
7) Seek guidance from someone you trust. It’s important to remember you’re not alone in this process. Ask advice of an experienced farmer, a trusted adviser or farm management expert
Contact our team of experts today to see how we can help you maximize your efforts.