Creating a business takes much thought and consideration. Farming is no different. In this week’s Coshocton Tribune, Marissa Mullett, of the Ohio State University Extension at Coschocton County, explained the importance of risk management in farming, most importantly diversification.

Farms start with a specialty, such as dairy or beef and gain respect and nobility for those quality products. It is important to recognize the need for specialty to gain this respect. Once the company is recognizable and successful, diversification is the next step.

In situations like the current dairy struggle, those who offer other crops or services will come out better than those strictly selling dairy. Some examples are adding wind turbines to your land or corn farms growing soybeans.

Mullett pointed out that having diverse products saves you in seasons where maybe profits or premiums drop. The backup services or crops may help the farm or vineyard to cover losses. The possibilities are endless.

Many see starting any business at this point a risk, but as Mullett explained with the right plans businesses can find success.

It’s no secret that the dairy industry is struggling and some see other areas of agriculture being hit as well. However, if you follow advice like this your business can find success during the economic recession.

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