Michigan State University Extension recently introduced the beginning farmer DEMaND series, “Developing and Educating Managers and New Decision-makers,” to aid new decision-makers in understanding and successfully managing their farm operation.

Each year, inspired individuals enter the world of farming with passion, creativity and drive. There are, however, several challenges beginning farmers face at the start of their careers.

Common examples include finding land, financing, marketing assistance and knowledge on production. These can become roadblocks that reduce profitability. They may even restrict a farm’s ability to grow.

Navigating these challenges requires understanding of the financial and business aspects of farming. Often, production is the primary focus of managing a farm. But financial or business decisions can mean the difference between success or setback.

Being familiar with the loan process is as important as producing enough to repay the loan. Farm practices leading to more production can carry costs that lower profitability. Understanding costs is often the basis for knowing if a market price is good or bad.

For newer decision-makers, knowing how to manage these roadblocks often becomes a challenge of its own. Whether you’re transitioning from a member of the farm’s labor force into a new role or taking on new responsibilities, the beginning farmer DEMaND series is designed to guide.

MSU Extension educators have developed several bulletins on multiple topics important to beginning farmers, including information on the lending process, goal setting and cost of production.

They’ve also produced a series of articles to complement the bulletins, and you can see all of the bulletins and articles by visiting the DEMaND series website. New bulletins and articles are continually being added. Check back regularly for more information.

If you want the new information delivered straight to your email, sign up for the “Farm Management & Ag Policy” digest. If you have questions or would like to see a specific topic covered in the series, contact a farm business management expert in your area.

LaPorte is an MSU Extension educator.

Source: MSU Extension, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.