Passion doesn't pay invoices.
The difference between a viable food business and an expensive hobby often comes down to one thing: financial literacy.
You don't need to be an accountant, but you absolutely need to understand the financial fundamentals that determine whether your product can actually make money.
Having a good product can help you get into the food industry, but having a profit is necessary to stay in the food industry.
This module will help you discover if you have a viable food business on your hands or just an expensive hobby. It will teach you the basics of pricing your product and the basic financial statements you should understand to run a successful business.
After successful completion of this module, you will know:
This module was developed in partnership with Dr. Rodney Holcomb. Dr. Holcomb is a Professor of Agricultural Economics at Oklahoma State University, as well as Assistant Director & McLaughlin Family Endowed Chair in Oklahoma State University’s Food & Agricultural Products Center.
You will have access to the module(s) for one year from the registration date.
.png?width=45&height=45&name=price%20(2).png){kind=small}
Dr. Rodney Holcomb, Professor of Agricultural Economics at Oklahoma State University, as well as Assistant Director & McLaughlin Family Endowed Chair in Oklahoma State University’s Food & Agricultural Products Center.
Dr. Rodney Holcomb is a Professor in the Department of Agricultural Economics and the Charles B. Browning Endowed Professor of Food Studies with the Food & Agricultural Products Center (FAPC) at Oklahoma State University. He has been on the faculty at Oklahoma State University since March 1997. His research interests lie in the areas of value-added manufacturing economics and market evaluations. His goals are to identify economically feasible activities and business structures for adding value to regional agricultural commodities, along with determining the impacts of these activities on local and state economies. From 2020 through 2022, he served as director of the Oklahoma SBDC Data Center, overseeing the collection of market and industry data for small businesses planning their growth in Oklahoma. He is an appointed board member for Oklahoma AgCredit and chairs the audit committee for that association. He is also the instructor of two Agribusiness Management courses, in which students develop business/marketing plans for Oklahoma companies as their class projects.
The primary technical services he provides are food business trainings, industry analyses, market evaluations, and venture feasibility assessments. His programs have received awards from commodity organizations, professional associations, industry groups, the Oklahoma Cooperative Extension Service, Oklahoma State University, and the Oklahoma Governor's office. He has also received the USDA Plow Honor Award for Exceptional Service, the highest award given by the U.S. Secretary of Agriculture.
