Things You'll Need
- Cattle ranching books or magazines
- Business planning notebook
Instructions
Write down your immediate, short-term and long-term goals. Make both personal and business goals. Examples of personal goals include improving the ranch's landscape, whereas business goals include how much profit you want to make that year.
Research your goals and plans for the ranch by talking to local experts and reading books and magazines. Local community groups whose focus is on stimulating the economy often know a lot about how businesses thrive or fail in the area. Universities and colleges are also a good place to find information, particularly the agricultural or cooperative extension programs.
Reevaluate your goals and determine how you are going to meet them. Use the information gathered in your research to decide if your goals are achievable in the time frame you set. Write down the necessary steps to reach each goal.
Develop a business plan. Get help writing the business plan from online sources or local groups dedicated to assisting businesses. Make your business plan as professional as possible. Use it plan to assist you in getting any necessary loans or grants.
Start small and then build up your ranch. Only manage the size of herd you can afford at the time. Don't go into debt to run the ranch; instead, expand your herd as your profits grow. Maintain the health of the herd and the structure of the farm so they will serve you well in the future. Set aside money for unforeseen emergencies.
Specialize in one breed of cattle and learn as much about breeding as possible. Having quality cattle will get you better money in the marketplace. If you breed your cattle randomly and don't worry about the genetic quality, your herd and your income will suffer in the long run. Always set the best possible price when selling your cattle.