There are two main avenues of income for farm businesses: using the farm for food production and/or animal raising, and land rental. The latter may be the better option if you lack knowledge and experience in farming.
Using the lot for farming
If you opt to farm, invest in essential supplies like a fence to surround your lot. Reach out to local farmers to get recommendations for the farm infrastructures as well.
If you’re aiming for a large-scale farm, hire workers, especially for performing farming tasks like planting, harvesting, and raising animals. If you need assistance, regardless of the farm size, you may ask for help from seasonal workers.
Before starting, research crops and animals that will be highly profitable, while considering your market and location as well. Converse with local farmers about their experiences to know better about the crops’ demand, common problems, and the likes. After carefully conducting your research and observations, create and execute a plan for your farm.
In selling your goods, set a price higher than the growing and harvesting costs. This must count the seeds, water, fertilizers, animal feed, and most importantly, the labor costs. Increase your returns by offering a larger amount of harvest. There will be times when demand is low and there’s no specific method to always dispose of all your goods as prices are driven by the market. Typically, the most profitable goods are organically grown veggies that niche markets look for. Niche markets tend to provide more consistent and greater profit.
Leasing the land
You may choose to lease your lot to an experienced farmer or to a farming company, especially if farming is not your priority. Aside from regular monthly payment, it could also include a share of profits of the farm.
Regardless of the farm business, what’s important in this type of enterprise is hard work and perseverance.