Turn Wyoming Ranches for Sale Now into Profitable Businesses Tomorrow
When aspiring entrepreneurs look into investment opportunities, they have to study the market first to deduce profit potential. Rhonda Brandt of National Agricultural Statistics Service writes in CattleNetwork.com that 2014 has been a great income-generating year so far for farmers and ranchers.
- The market value of all crops sold totaled $439 million, more than double 2007 and the largest increase of any state. Wyoming barley acres ranked 7th among all states.
- Wyoming sheep inventory ranked 4th in the nation.
- The market value of all livestock and their products totaled $1.25 billion. Goshen County beef cattle inventory ranked 1st among all Wyoming counties.
With these impressive figures, perhaps it is a good time for enterprising individuals to explore Wyoming ranches for sale and see how they can make a profit-generating investment. Here are tips to help get them started.
Establish the ideal business structure.
Buyers intending to turn any of the ranches for sale in Wyoming into a business opportunity must first decide which structure is ideal for them. If they go with sole proprietorship, for example, this means that they will be the ones solely responsible for their business operations.
If buyers decide to go for a partnership structure, this means they will share responsibilities for the ranch operations with their respective business partners. This also means they have to draw up a formal agreement on how to properly distribute profits and losses between them.
Hire the right people to help out.
Whether prospective ranch owners intend to raise crops or livestock for profit, they should know that plants and animals require a significant amount of care. Thus, they should be prepared to devote their time and energy toward ensuring their crops or livestock are well cared for. If they think they can’t handle such a huge responsibility, they can look into hiring workers to help them out, like farmers and ranch hands.
Purchase the right equipment.
Every ranch needs to be equipped with the right machinery to ensure smooth operations. For future ranch owners to avoid purchasing more tools than they need, they have to carefully consider all aspects of their business first. A cost-effective alternative is to rent or borrow equipment.
In Wyoming, it can’t be denied that ranch ownership can turn into a profitable investment. However, before that can happen, owners must first streamline the business structure and figure out how to recruit competent workers and acquire the necessary equipment. They can consult with established ranch realtors like Mirr Ranch Group to help them make sure things go according to plan.
(Source: Wyoming agriculture: Growing opportunities, cattlenetwork.com, June 9, 2014)