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New Entrants to Farming: Business Planning, Budgeting & Farm Insurance – Event Summary

17 January 2018

As a new entrant it is hugely important that you are able to convey your business ambitions to an audience, be that your family, external investers or even Scottish Government. Equally important is the ability to make judgement calls based on a sound financial understanding.

New entrants more so than succession farmers can often make large financial investments to kickstart their business, for that reason it is important that their assets are safe and protected from theft and damage.

Some key, take home messages from the meeting included;.

  • The ability to articulate your business plan in a clear, concise manner is just as important as providing finances.
  • A partial budget can be a quick, effective way of giving you an idea of the business merits behind an idea.
  • Think carefully about the insurance cover that you really need, cover for everything may be unnecessary but what is covered should be clearly defined and understood.

Also covered in the meeting was the NFUS and Police Scotland imitative for rural crime reduction.

Related Downloads
Business Planning and Budgeting Presentation
It can be a daunting thought writing a business plan, this presentation helps guide you through some of the sections required.
Business planning and financial management
The use of business planning in United Kingdom agriculture has grown rapidly in the past decade. The number of farmers developing and using business plans has grown for a number of reasons.
Laying the foundations for business success
As a new entrant new to managing a business you will need to develop new skills. Your past experience might involve working in a family farming business or working for an employer. But now you are in sole charge, making your own decisions and being responsible for financial success of the enterprise. This requires the learning of new skills and the knowledge of where to look for advice.
Partial Budget Template
A simple template to help you produce a partial budget.

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