From Homeowner To Farmhand—Running A Small Farm For Big Bucks

8 February 2017
 Categories: Business, Blog


Maybe you've always a lot of unused acreage right next to your home, or perhaps you just purchased the rolling stretch of land adjacent to your property. While many landowners believe that their real estate is most valuable when it is parceled off and sold to developers, farming on a small scale can secure a dependable income for your family for many generations. Whether you are just learning how to grow and harvest plants for the first time or have an interest in livestock and dairy products, your farming hobby can turn into your main career.

Why Locally Sourced Food Is Better

Even if the land that your home sits on isn't big enough to commercially produce tons of fresh produce, you can still do very well for yourself as a locally sourced farmer. Find a niche and then make sure that the restaurants, farmers markets, grocers and even your neighbors know what fruits, vegetables, meats, dairy products or other naturally sourced foods you are selling. When you get to the point that locals are specifically looking for your farm-fresh foods, you will know that it is time to start getting serious about your business and looking into protecting your assets with liability and farm insurance.

The Business Side Of Farming

After you delight in the fact that your local community is beginning to consider your farm as their preferred source for honey, goat's milk, fresh-laid eggs, or whatever it is that your farm is particularly well known for, you will need to start treating your farming hobby as a professionally run business. At minimum, you will need farm insurance, a business license, and, likely, a small business loan to get your homestead farm up and running. Don't forget about marketing costs and expected expenditures, and absolutely hire a bookkeeping service so that you are able to maintain impeccable financial records.

Growing Your Homestead Farm

Not long after you start to get the hang of being a full-time homestead farmer, you are going to have to make a very important choice. If you believe in your farm-based business and you have been making enough money to pay the bills and then some, producing food products all year around is what is going to be necessary to help grow your business. Upping the amount of cover your business has under your farm insurance policy is going to be one of the first definitive actions you should make. You will not want to run the risk of having to go into debt to keep your new homestead running.