You’re sitting on a potential gold mine if you have a hobby farm. Over four million Americans are homesteaders, the National Parks Service reports – but most of them aren’t monetizing their farms. The truth is, it isn’t all that much more work to make some money off your land. After all, you’re putting in the effort growing greens, and tending to your bees – so why not benefit from all the hard work? Want to get started on your homesteading monetization project? Below, Bliss Planet breaks it down.
Creating Products
The most important element of your hobby farm business will be the product. The key to turning a homestead into a thriving business is to think creatively. Yes, you can sell your cow’s milk, honey from the bees, and fresh veg, but what about using all aspects of your farm? If you have a lot of leftover fat, why not sell your handmade soaps? Crops went to waste this year? Sell a patented special fertilizer! The point is that every element of your farm can be utilized to create a wide variety of products. Not only will you increase your bottom line and reduce waste this way, but you’ll also be appealing to a broader range of customers. And don’t forget – the farm never sleeps! Keep shifting your product line by season, as this will guarantee that you never miss out on monetizing opportunities.
Marketing
You’ve got the product all sorted and production lines going. What next? It’s time to get selling! In order to attract as many customers as possible, you will need to utilize a wide range of marketing methods. Physical advertising is one option, which you can easily do by handing out flyers and putting up posters in your town. However, adapting to the digital space will be just as critical. Social media marketing is an excellent way to see a great return on investment, as you’ll be able to attract customers from all over the world. You also have a higher likelihood of conversions with an increased reach, Hubspot reports. In addition, be sure to consider branding strategies for a solid first impression. For example, a well-designed logo sets you apart from the competition and builds brand recognition and awareness. The great news is that creating a logo doesn’t have to mean shelling out big bucks on design services! Simply use an online logo maker to create an appealing logo design on your own. You’ll be able to customize elements like style, icon, text, font, and color, which means your logo will be personalized to your business.
Managing Your New Business
Running your homestead as a business means you’ll need to set up a few business basics. Essential to every company is a clear handle on finances. Track all your expenses, keep your receipts handy and be sure to record cash inflow and outflow. Not only will this help for running profit and loss calculations, but you may also be able to use some past expenses as potential writeoffs. Another must for every new startup is to set up a business structure. Forming an LLC structure will be advantageous here, as you’ll have tax benefits, limited liability, and increased flexibility. You can set up an LLC by filing yourself or using a formation service, as this will negate hefty lawyers’ fees. States have varying regulations around LLC formation, so be sure to research the rules in your state before moving ahead.
Earning a living off your land doesn’t need to be challenging! With a clear marketing strategy and utilizing your farm through all seasons, you’ll have products to sell and a straightforward means to sell them. Maybe you’ll be able to quit your day job and take up homesteading full time? The sky’s the limit!
Author: Virginia Cooper
Virginia Cooper is a retired community college instructor. She always encouraged her students to see the real-world value in their education, and now, she wants to spread that message as wide as possible. Her hope is that Learn a Living will be a go-to resource for adult learners embarking on starting, continuing, or finishing their education.
