Learning Module 2 February 23 rd 2012 Presenter Mr Adam Tullos Mississippi State University Dept of Wildlife Fisheries amp Aquaculture Welcome Please notice the Email and Phone number box below ID: 475165
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Using Alternative Enterprises and Recreational Development to Bolster Farm IncomesLearning Module #2February 23rd 2012
Presenter:
Mr. Adam Tullos
Mississippi State University
Dept. of Wildlife Fisheries & AquacultureSlide2
WelcomePlease notice the Email and Phone number box below.Enter your Name and contact information
You may be selected to participate in a post webinar surveySlide3
OutlineEvaluation of Natural Resource AssetsAnalyze the NRE’s best suited for your property
Landowner considerations
Business Plan developmentSlide4
Outdoor Recreation in USAParticipants - 87.5 millionExpenditures – $122 billion (US) spentHunting - $23 billionFishing - $42 billion
Wildlife watching - $46 billionSlide5
AgritainmentFastest growing tourism marketFarm tours, U-pick operations, corn mazes, & pumpkin growingFamily entertainmentYouthChurch groups$150 million industrySlide6
Resources InventoryPhysical resources inventoryLandAcreage
Types and
present uses
Buildings
Equipment and machinery
Labor resourcesManagementSlide7
Resources IdentificationWildlife PopulationsLivestock UsesTopography
Forest Types
Field/Pasture Types
Viewscapes
Watershed Uses
Scenic StreamsSlide8
Resources PlanningUSDA cost-share assistanceInternal RoadsHighway Access
Flooding
Farming
Livestock Rotation
Timber HarvestingSlide9
Available SpaceHow will I manage my space?What types of resource professionals will I need?What is my time horizon for my making decisions?Slide10
Resources InventoryBest intentions can go wrongSlide11
Prospect FarmsExisting agriculture and livestock operationRecreational hunting & fishing OperationQuail huntingAngling
Deer hunting
Dog Kennel
Field trialsSlide12
Veazey Property320 acresPurchased as Investment propertyMajority in CRP
Making use of available structures
3 room cabin
Trails
Angling
Wildlife watchingSlide13
Ames Plantation18,000 acresWaterfowl Management AreaQuail Hunting Course
Deer Hunting
Turkey Hunting
Dove Hunting
Fisheries impoundments
Shooting sports areaAnnual Revenue of $240,000Slide14
Turning idea into a written viable plan of actionServes to convince you that your business will workServes as model for performance & road mapEducates lenders about your NRE & it’s financial feasibilityNot static – flexible over time
Role of Business PlanSlide15
Executive SummaryBrief overview of operationSynopsisMarketManagement structurePlanned operations
Financial projection
Sets tone for projectSlide16
History of your businessDescribe the type of industryOutlook & projections for your businessYour goals and strategies for achieving themMinimizing risksHow will your business succeed in this setting
Introduction & Business Description
Slide17
MissionGoal(s)Objective(s)Business Outline Slide18
Mission – develop a mission statement for the NRE An example . . . “To provide a premium hunting and outdoor experience on quality lands to a
selective range
of clientele.”
Mission Statement
Slide19
Objective – measurable, specific, and tied directly to each goal An example: Goal – To improve wildlife habitat and maximize wildlife populations & aesthetic appeal
of property.
Objective
–
To develop & implement a wildlife habitat management plan on the property
.
Goals & ObjectivesSlide20
Product or ServiceDescribe your product or service in terms that an “outsider” can understandInclude features & benefits – uniqueness
Market niche
How your offering differs from others?
Licensing & regulations
Why will customers buy your product?Slide21
Market Research & AnalysisTarget market, trends, & potentialCustomer base – profile of your targeted customerCompetitors – compare their offerings to yours
Strengths and weaknesses
Competitor’s market share
Describe your competitive advantage
Estimate your potential market shareSlide22
Marketing PlanMarketing planDescribe your productPricing – cost-plus basis or competition based
Hit key selling points
Advertising & budget
Contact information
Sales forecastsSlide23
Day to day activities location facilities improvements labor forceOperating PlanSlide24
Business structure key personnel management compensation & ownershipbook keeping and tax preparationManagement TeamSlide25
Financial PlanFinancial resourcesAvailable capital & sourcesStart-up expenses
Outstanding debt
Opportunity cost
Documentation
Projected sales
Financial statementCash flow statementBalance sheetSlide26
Executive summaryIntroduction & business descriptionResources inventoryProduct & service descriptionMarket research & analysisMarketing planOperating planManagement teamFinancial plan
Legal considerations
Business Plan - SummarySlide27
Pitfalls ConsiderationNot creating a planIncomplete market researchNot being objectiveAssumptionsBeing thoroughLack of flow
Lack of cash earlySlide28
Getting StartedDiversification of services offeredEntertainment businessWork with what you have on the landSustainability of resourcesStart Slowly!Slide29
T. Adam TullosVerona Research and Extension Center
Department of
Wildlife, Fisheries & Aquaculture
Mississippi State University
622-566-2201
adamt@ext.msstate.eduwww.naturalresources.msstate.edu
My Contact Information