You have mastered your primary source of micro-farm or ranch income. How do you add extra income to diversify your income streams? Check out these ideas.
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There are many reasons to add extra income streams to your agricultural operations.
The reason we do this is different from business to business. However, the main goal is to bring in more profits.
When you add extra income streams, you must ensure the work you are adding to your operation is worth the time and money you put in.
Evaluate where you want to be, what you have available, your time commitments, and your finances.
Adding extra income to your operation will take commitment.
Let’s get started.
THE BIG INCOME PICTURE
Your purpose for adding extra income to your micro-farm or ranch will be personal to your operation.
Go through the same steps when you started your first source of income:
- Define your Why
- Evaluate your time
- Validate your idea
- Review your company goals
- Research expenses
- Analyze profit potential
TxFRS Tip: Remember to evaluate your local and state laws if you need to create a separate business or file for a license. Evaluate your current business insurance plan to ensure that it covers the additions to your micro-farm or ranch.
WHAT DO YOU HAVE?
A key point to remember when adding extra income to your micro-farm or ranch is to keep your expenses down. Make sure your spending is an investment, not an unnecessary expense.
You may need to invest in equipment, legal fees, education, and stock.
Keep track of your spending and income constantly. This data will show you if the income stream you’ve added is profitable or a waste of money.
DIVERSIFY YOUR HERD PLAN
You understand how to take care of the animals you have. What will it take for you to add additional animals to your Herd Plan? Check out these ideas:
Small Scale Dairy Cattle
SELLING FOOD & RAISED PRODUCTS
Food will always be a necessity. That is why our micro-farm and ranch business is so essential to civilization. Check out these extra income ideas in the food department:
Fruits and vegetables
Grow and sell fruit trees
Butchered Beef, Chicken, Pork, and Goats
Dried and smoked meats
WORKING FOR OTHERS TO BRING IN EXTRA INCOME
Using the skills you’ve developed from starting your own agricultural business, here are some ideas to let those skills make you money:
Farrel hog removal
Livestock Record Keeper
Social Media Management
WORKING WITH WHAT YOU HAVE
If you have the space or equipment, these ideas can be mostly passive ways to add extra income:
Stalling animals with space you already have have
Agriculture Lawn Service (Entryways, fencelines, treelines, etc.)
Rent out your truck, trailer, or other equipment
Open a destination house
Give farm tours
Teach a cooking class
You may be in a hurry to see the money start rolling in. However, cutting corners and speeding through the process may set you up for failure.
Evaluate your data. Ask for help. Validate your ideas. Never stop learning.
Save this post for any future ideas you have to add extra income to your agriculture operation.
Find your Why: The reason behind your agricultural business
How to Evaluate your Agricultural Business for a Disaster
How to Set Business Goals for Your Ag Business
How to Start a Successful Agricultural Business
Starting a successful farm or ranch operation doesn’t mean you have to be a brand new owner. If you have been in the industry for any length of time, you have to know how to run a successful business. In other words, this advice isn’t just for new or potential owners. You can view your current agricultural business with fresh eyes and see where you can improve or eliminate anything.