Managing your business

Managing your business

To be successful in each activity on your farm:

  • Keep good records to help you manage it well and so you can see where the money is coming from and going to. You must not mix funds for business and personal uses. Open a Business and Savings accounts at the bank to help keep money safe for when it is needed and you must make sure you pay back your loans on time. Stick to your money plans.
  • Join a farmers group to work with other farmers for better knowledge and fairer prices.
  • Identify the business which gives more money. For example, if crisp and chip makers are buying at good prices, then you need to be growing potatoes.
  • Get a KEBS certificate to sell to supermarkets and big buyers.
  • Contract grow: find a buyer before planting and arrange for them to buy you produce when you harvest. Find out how much the buyers want to buy. This will tell you the prices to package in.
  • Invest your profits back into the business to ensure that it grows. Don’t use business money for yourself. The business should pay you a salary. Use that for yourself.
  • From the profits you get, start another business, such as a chicken farm. This gives you security if one of your other business has issues or fails.
Diversifying business