So, you want to become a farmer? That is so great to hear. There is a dire need for new blood in the agricultural sector as current farmers are rapidly approaching retirement age. More than half of farmers in Canada are over 55, and about 80 percent are hoping to retire in the next ten years. Many do not have a proper legacy plan in place.
There is a desperate need for a new crop of farmers to step up and take on this crucial work.
But even if you are passionate about running your own farm, if you haven’t worked in the agri-business or grown up around it, you may feel a little overwhelmed about where and how to start. Some self-assessments can tell you whether or not you are well-suited. You can also talk to other farmers, attend workshops and seminars, and seek out mentorship programs and trade shows.
So what support systems are there available for new farmers like you?
There are grants, loans, programs and services available that can help you purchase a plot, seed, and equipment and help fund project and find employees.
The Ministry of Agriculture, Food and Rural Affairs does assist farmers and has an entire section of its website dedicated to the available programs.
But like any business owner, it is also a great idea to look into what type of tax breaks are available so that your money is yours to keep or reinvest into the farm. Notably, through the Farm Property Class Tax Rate Program, you may be eligible to minimize your property taxes.
Much like any other business, you need to write a business plan. It will help guide you through some of the most common pitfalls. It is also required if you require any funding from a bank or lending institute. Like any other business, you will require a human resource plan, a financial plan, and even a marketing plan. You never know what creative ways you can market your products if you do some research.
The Ministry also provides a Question and Answer section that will be greatly helpful. It explains whether you need a registration number, whether you can access grants, how to pay fair market value for your property and equipment, how to navigate bylaws, how to do a soil analysis and more.
