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3. 2006 National Extension Women in Agriculture Conference

What does it take to be successful in a producer owned business?

Marsha Laux

Summary

How do producers go about finding markets for their products? This age old question often defines the difference between producers that are successful and those who fail. This session will focus on business tenets and some resources that are available to assist producers. The session will cover some of the following concepts:

? Do you have a unique selling proposition? Is this market underserved? Do you have a competitive or comparative advantage? Which of these things can your product be: Better than; Cheaper than; or Different than?

? Have you isolated your specific opportunity and anchored your claims with solid, third party observations?

? Can you make a business case for your product or idea? Ask yourself if this is a: Fad market? Growth market? Is there extraordinary competition? Will you have any revenue diversity? Can you execute a good business model?

? Good marketers have a sound knowledge of their competition. What do you know about your competition?

? The marketplace is more transparent than ever before in terms of costs, pricing and even production methods.

? Don’t let the ego get in the way. Let the market tell you what it wants to do.

? Successful marketers are tenacious.

? What is your business model? How will you actually make money in this business?

? Do you have a sound knowledge of the financial dynamics of your business?

? Do you have a true understanding of your cash flow?

Details

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