I. General Information
1. Course Title:
Farm Business Basics
2. Course Prefix & Number:
SCMT 1100
3. Course Credits and Contact Hours:
Credits - Variable: 1-4
4. Course Description:
Farm Business Basics will introduce or refresh farmers on the basics of creating and maintaining a business. Students will start by identifying goals and values, using them to build a business plan for their current farm or the farm they hope to attain. Students will learn the four basic business types and how to write a business plan. Students will also learn about financial statements, what they mean, and how to create them. Marketing and financial will be topics heavily covered. Students will also learn about licensing, legal and insurance matters that may affect their business. Throughout the course, students will meet and learn from Professors, Extension Agents, Lenders, Non-Profit, and Government officials in the agricultural sector. Students will leave the course with a written business plan and a balance sheet of their business, as well as a good grasp of the record keeping required to maintain that business. Students will finish the course with an in-person session where they will present their business plan to the class.
5. Placement Tests Required:
| Accuplacer (specify test): |
No placement tests required |
Score: |
|
6. Prerequisite Courses:
SCMT 1100 - Farm Business Basics
There are no prerequisites for this course.
9. Co-requisite Courses:
SCMT 1100 - Farm Business Basics
There are no corequisites for this course.
III. Course Purpose
Other - If this course is not required in a program or is not part of the MN Transfer Curriculum, it may be used for the purpose(s) listed below:
Technical Elective
IV. Learning Outcomes
1. College-Wide Outcomes
| College-Wide Outcomes/Competencies |
Students will be able to: |
| Demonstrate oral communication skills |
Provide a fundamental knowledge of how to create and manage a business. |
| Demonstrate written communication skills |
Create and write marketing and financial strategies. |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Introduce students to people, programs and resources that can help
them with their farming endeavor.
- Become familiar with how to write a business plan.
- Present a business plan in front of an audience.
- Become familiar with how to create and interpret an income statement.
- Become familiar with how to create and interpret a break-even analysis.
- Become familiar with how to create and interpret a balance sheet.
- Become familiar with how to create and interpret a cash flow statement.
- Become familiar with how to create and interpret financial ratios.
- Become familiar with how to collect and record data on farm activities.
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
- Introduce students to the instructor, each other, course content, and Farm Business Management
- Discuss how values, goals and personal history are used in business planning
- Create a vision and mission statement
- Create a Marketing strategy
- Conduct market research
- Identify a target market
- Identify sales potential
- Identify product value-bundle
- Create price strategy
- Create a Financial Strategy
- Create a break-even analysis
- Create an income statement
- Create a balance sheet
- Create a cash flow statement
- Analyze record keeping systems and methods
- Consider legal, regulatory and licensing aspects of a farm business
I. General Information
1. Course Title:
Farm Business Basics
2. Course Prefix & Number:
SCMT 1100
3. Course Credits and Contact Hours:
Credits - Variable: 1-4
4. Course Description:
Farm Business Basics will introduce or refresh farmers on the basics of creating and maintaining a business. Students will start by identifying goals and values, using them to build a business plan for their current farm or the farm they hope to attain. Students will learn the four basic business types and how to write a business plan. Students will also learn about financial statements, what they mean, and how to create them. Marketing and financial will be topics heavily covered. Students will also learn about licensing, legal and insurance matters that may affect their business. Throughout the course, students will meet and learn from Professors, Extension Agents, Lenders, Non-Profit, and Government officials in the agricultural sector. Students will leave the course with a written business plan and a balance sheet of their business, as well as a good grasp of the record keeping required to maintain that business. Students will finish the course with an in-person session where they will present their business plan to the class.
5. Placement Tests Required:
| Accuplacer (specify test): |
No placement tests required |
Score: |
|
6. Prerequisite Courses:
SCMT 1100 - Farm Business Basics
There are no prerequisites for this course.
9. Co-requisite Courses:
SCMT 1100 - Farm Business Basics
There are no corequisites for this course.
II. Transfer and Articulation
III. Course Purpose
3. Other - If this course does NOT meet criteria for #1 or #2 above, it may be used for the purpose(s) selected below:
Technical Elective
IV. Learning Outcomes
1. College-Wide Outcomes
| College-Wide Outcomes/Competencies |
Students will be able to: |
| Demonstrate oral communication skills |
Provide a fundamental knowledge of how to create and manage a business. |
| Demonstrate written communication skills |
Create and write marketing and financial strategies. |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Introduce students to people, programs and resources that can help
them with their farming endeavor.
- Become familiar with how to write a business plan.
- Present a business plan in front of an audience.
- Become familiar with how to create and interpret an income statement.
- Become familiar with how to create and interpret a break-even analysis.
- Become familiar with how to create and interpret a balance sheet.
- Become familiar with how to create and interpret a cash flow statement.
- Become familiar with how to create and interpret financial ratios.
- Become familiar with how to collect and record data on farm activities.
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
- Introduce students to the instructor, each other, course content, and Farm Business Management
- Discuss how values, goals and personal history are used in business planning
- Create a vision and mission statement
- Create a Marketing strategy
- Conduct market research
- Identify a target market
- Identify sales potential
- Identify product value-bundle
- Create price strategy
- Create a Financial Strategy
- Create a break-even analysis
- Create an income statement
- Create a balance sheet
- Create a cash flow statement
- Analyze record keeping systems and methods
- Consider legal, regulatory and licensing aspects of a farm business