WITH the modern consumer becoming more and more invested in the origin of their food, agriculture has been put on centre stage and is now appealing to a much wider audience as a real possibility for a fulfilling career.
But the reality is that our industry can be a tough one to crack, especially if you don’t have a family farm to pursue your dreams.
As we all know, it’s not as simple as just going out and buying your own farm, fresh out of school or university.
Access to land, capital and quality mentorship are significant road blocks for any aspiring young farmer looking to make their living off the land.
Instead, more and more young people are coming up with innovative ways to become farmers in their own right, as they rethink the perception that farming must equal 100 per cent land ownership.
Overwhelmingly, the next generation is searching for newer ways of involving multiple individuals in their farming businesses.
Established models such as contract farming, leasing and share farming present a perfect opportunity for young people to get a taste of running their own agricultural business, offering the prospect of shared business risk and potential mentorship from the landowner.
It’s this notion of spreading the businesses risk that is of particular interest to the modern farmer, with recent research by Chapman Eastway Consultants showing that the next generation is adopting more complex models of farm ownership and control, highlighting a move towards more collective types of ownership such as companies and trusts being favoured over traditional sole proprietor models or “mum and dad” partnerships. This trend also paves the way for the modern investor, as we see more and more corporate players welcoming agricultural properties into their investment portfolios. Models such as equity partnerships see the rise of joint ventures between individuals and investors pooling their capital to maximise revenue and growth. While young farmers are unable to contribute capital at the same levels as the other investors, they are equipped with the skills to manage the day-to-day running of the farm and most importantly, their passion for agriculture, making them an invaluable part of the team.
Given the relentless challenges they face, the modern farmer is more business-savvy than ever, and the future of our new farming families is all the brighter for it.
- Megan Davies, Future Farmers Network vice chairperson.
- Megan Davies is an agribusiness analyst for NAB, analysing cotton, grains, livestock and horticulture.
