What is agribusiness?
Agribusiness is defined as the business or industry of farming or agriculture. Many agribusinesses also buy or sell their products directly to farmers, and others provide services that keep farmers in business. A few examples of specific agribusinesses are making and selling homemade jams and juices, growing and selling herbs and flowers, mushroom farming, producing livestock feed for farms, and leasing out agriculture equipment.
Why develop an agribusiness?
According to the Indiana Economic Development Corporation, Indiana agriculture contributes roughly $31.2 billion to the Hoosier GDP annually, with approximately 107,500 Hoosier jobs supported by agricultural production, processing and related activities. With more than 14.7 million acres of farmland, Indiana is a leading producer of corn, soybeans, hogs, poultry, popcorn, and tomato products.
How is an agribusiness developed?
For help in starting or managing an agribusiness, research degrees and programs offered through places such as academic institutions, agribusiness organizations, and youth agricultural organizations. As starting an agribusiness is essentially similar to starting any business, consult with small business development and economic development organizations. For financial assistance, research grants and loans available through the United States Department of Agriculture (USDA) and the Indiana State Department of Agriculture (ISDA). Attending agribusiness conferences may also be an effective way to learn about the many facets of the industry and to network with those involved in it on a daily basis.