Oswald No-Till Farm Cleghorn, IA | Greetings,
Over the years, one of the best pieces of information I learned (was also noted by Roy Smith from Nebraska) is that you have to understand yourself and how you make decisions.
Applied to marketing you need to know what causes you stress or euphoria as the market moves. You have to assume you will be wrong to some degree. You have to assume that only a handful of people in the world "know" where the market is going and you will never see or hear about those people. You have to assume that most market advisers have a first line job of finding and keeping subscribers... even when they are wrong.
So, start out and make a list of what things cause you heartburn and may lead to trips to the doctor for blood pressure, anti-ulcer, sleeping pills and other meds. Some might think that statement is funny but only because it is very true.
Some examples are questions like how a limit down day impacts your life if you had a gut feeling to sell some grain a day or two before and didn't do it. When you need cash will you borrow more money or sell grain even if down (this applies to the cost of establishing or maintaining margin accounts on trades as well as farm/living expenses).
Ask yourself if you like the "energy" of the game or if you would rather have all your decisions made, over, and behind you.
What is your risk position and "staying power"?
If you are all high cash rent, equipment is not mostly paid for, you have no storage, wife is not easy to please, banker looks at you over his glasses downward at you when you sit across the desk, you have a different set of problems than the guy with land clear, storage, paid equipment, and a happy wife who really supports "your" decisions, and the banker is begging you to keep your CD's in his bank.
Key point is that too many people build the marketing plan backwards due to the influence of someone else.
Read general information that's available from University Extension, Commodity groups, and a number of sources. Capture a high level "idea" of different fundamentals of markets if you don't already know them. Don't worry too much about the intricate strategies at first. Test the water by putting your toe in the water, not jumping in with both feet. Then adapt the techniques that seem to interface well with you.
Dirty Harry's famous statement "Man's got to know his limitations" is where you start.
Nearly everyone with a great idea of how you should build your marketing plan doesn't have to walk in your shoes so has little idea of what makes you tick or kills you from inside out.
Grow the best crop your can for the money. Start there. You have to have a crop to merchandise unless you simply want to be a trader.
Best of luck... yes, luck plays into it. |
New farmer. Worried about a good marketing plan.
