Written by: Bethany Funkhouser
Edited by: Charley Maxwell
Last, but certainly not least, in this blog series about business plans, we have the financials. We have covered what business plans are and their importance, what the beginning consists of, and your product and marketing. If you missed those blog series, feel free to go back and catch up on other parts of the business plan.
USDA has some great questions to ask yourself when planning out the finances part of your business plan:
- ”How will you finance the business?
- What are your current assets (property or investments you own) and liabilities (debts, loans, or payments you owe)?
- Will the income you generate be sufficient to pay your operating expenses, living expenses, and loan payments?
- What other sources of income are available to supplement your business income?
- What business expenses will you incur?
- What family living expenses do you pay?
- What are some potential risks or challenges you foresee for your operation? How will you manage those risks?
- How will you measure the success of your business?” (USDA)
When diving deeper into questions, consider financial documents such as your balance sheet, which has all your assets and liabilities. Your income statement and statements of cash flow. These financial documents can help paint the picture of your agribusiness’ financial standpoint. When showing these various parts of your finances, it’s important to understand the information you are adding to your business plan. Countless workshops dive deeper into farm finances to help you better understand what you are looking at. Consider consulting trusted resources to take a deeper dive into integrating your farm finances into your business plan.
If you are applying for a loan or a grant, don’t forget to include a section in your business plan on the requested funding. You want a section that shows how the money is being spent. Break down your targeted funding amount into key items or resources.
After you have all the information in your financial section and your funding requests, it’s time to wrap up your business plan. Some people choose to add an appendix if they have any additional large documents they want to highlight. This could be an option for your financial section if you want to provide more details.
As you create your business plan, take your time to ensure the details you add are accurate. Consider taking time after each section to check for errors. This can help catch mistakes before having to review the business plan as a whole. If you are creating a business plan and need more assistance beyond the references and blog posts, feel free to reach out to the Clemson Extension Agribusiness team for assistance. To find an agent, visit: https://www.clemson.edu/extension/agribusiness/team.html.
Agribusiness Center for Research & Entrepreneurship (ACRE), et al. Business Plan Development Guide, 2025, acre-sc.com/wp-content/uploads/2025/10/ACREBusinessPlanGuide2025_digital.pdf.
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