Hydroponic Farming Business: Steps and Plan for Starting New Business

Hydroponic farming is becoming more and more popular.  The idea of growing plants without soil helps to save farming space and acreage and appeals to farmers who do not have a lot of farming room for their cultivations.  The idea behind hydroponic farming is that plants do not need soil; instead they are fed through water and nutrients alone.  Starting a hydroponic farming business requires knowledge of horticulture, the hydroponic methods, and the financing and licensing required in their area.

Choosing the Type of Hydroponic Business

  • The first thing you should do before starting your business is to decide exactly what kind of business you want, and how your finances and space will determine the type of business you can realistically own.
  • Your own land:  If you own your own land, and have adequate acreage to provide for the farm, then you are one step ahead.  However, if you do not have the land available, then you can do some research to find available plots and acreages for rent, lease or sale.  Whether you lease or buy the land will depend upon the financing you have available.
  • Buying an existing business:  Those who are new to the hydroponic business may best be served by purchasing a business that is already running. This way you will not have the added expense of buying equipment and tools necessary to running the farm.  You will get an idea on how the particular business works in its area so that you will know if it is right for your needs.  The existing business will also already have a clientele list that will help you in the startup process with business already coming in while you make the transition.
  • Franchise:Buying into a franchise has some extra costs, but it also has some added advantages.  With a franchise, the brand name of the farm is already known to customers.  If it has a good reputation, that will only help your business succeed.  Franchises usually work together and will help with essential marketing skills and strategies to help your franchise succeed.

Starting Your Own Hydroponic Farming Business

  • There are a lot of resources on the Internet and elsewhere about hydroponic farming and the way these farms work.  Research the different techniques and plans so that you are familiar with the processes involved.
  • Study the other hydroponic farms in your area; your competitors.  See what they are doing, or not doing, that you can use to improve your own business.  A wise business person is very aware of what their competitors are doing at every moment so that they can continue to compete with them.
  • Talk to some ‘out of the area’ hydroponic farmers to try and get some valuable startup advice.  Most likely, the farmers in your immediate area will not be so eager to discuss their business strategies with you since you will be in direct competition with them.  However, farmers that are not in your area may be more responsive to sharing ideas and their experiences that can help you plan your business.

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