Starting an agricultural business? Queensland is rife with opportunity for entrepreneurs. As such, running an agricultural enterprise also entails risk. It would be a great idea to set up a safety net to ensure that your products stay marketable and that your business is sustainable in the long term.
Here are some ways to reduce risk when running your enterprise.
1. Build Relationships at the Grassroots Level
This may sound like it’s coming out of left field, but some of the risk falls outside of your Townsville agribusiness lawyer. Building rapport with your neighbours, family members, and other stakeholders allows you to hit two birds with one stone.
On the one hand, you can protect yourself from any legal troubles while helping address any concerns the community may have about your enterprise. Secondly, rapport will help you maintain a healthy level of morale among your employees.
2. Prioritise Biosecurity
The Department of Agriculture and Fisheries strictly enforces regulations on the reporting of potential and current biosecurity issues, such as pests. As such, it’s important to follow these regulations to prevent the spread of infestations and diseases. The use of pesticides and other potentially hazardous contaminants is also regulated.
This is not just out of compliance — it will also ensure that your crop yields remain consistent and your livestock stays healthy all year long.
3. Diversify and Expand
Try not to pigeonhole your farm into one supplier or contractor. While leverage may be a challenge when starting out, you could always take every opportunity you can to seek arrangements. This will allow you to negotiate a better price for services.
At the same time, investing in off-farm assets will allow you to build a diverse investment portfolio, through which you can build a reliable fallback in case of financial setbacks.