Many Americans take the professional route to financial success, wanting to become prominent executives someday. Others engage in business because of its unlimited income potential. Few people engage in farming because it is dirty, unexciting and unattractive. If you are among them, think again.
There is money in farming, but few people realize it, and they are the ones who benefit from it. If you want to be among them, here are some things to remember.
Corn, soybeans, wheat, cotton, and hay remain to be the priority crops in the United States. But they are not necessarily the most profitable. As a rule, go for high value, high-yielding crops. But if you are more adventurous and risk-taking than others, venture into non-traditional, but very profitable specialty crops.
Much has changed in American agriculture. Technology has come in strongly. Modern farmers now talk of highly mechanized farming, use of GPS systems, and drones to monitor the condition of their farms. Even the use of fertilizer has changed, as farmers are now shifting to liquid fertilizer, with fertilizer tank fabrication providers servicing farms – big or small – in different parts of the country, resulting in more efficient fertilizer application.
Beyond the farm, marketing comes in. This is critical as this is where the farmer gets his rewards. While hunting for the right buyers will lead you to higher prices, it may also be wise to enter into a regular supply contract with a good buyer when you find one. This, however, shouldn’t keep you from having a fallback buyer. Keep in mind, though, that it is always more profitable to deal with the direct users, rather than with middlemen.
In many families, it is the older generation who do the actual farming, while the younger ones prefer employment in the urban areas, or trying their luck in business. Nothing wrong with these. But looking at new developments in the farm scene might bring about a change of mind.