Monetize Your Hobby Farm With These Tips

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by Hal Salazar

As the world goes digital, many consumers are looking for balance. If you're a homesteader, you're perfectly positioned to meet this demand with simple, back-to-nature products and services. Whether your talents lie in animal husbandry or arable, your hobby farm has the potential to bring in additional income.

Ways to Monetize a Hobby Farm

Some ways to monetize a hobby farm are:

• Sell farm food products. Earn money from produce, meat, eggs, bread, jams, and honey. Make sure to check food regulations.
• Sell handmade items. Options include crafts, soaps, and quilts.
• Teach classes or workshops. Instruct others in practical farm skills such as farming, beekeeping, welding, canning, or quilting.
• Create an online business. Build social media profiles, a blog, or a YouTube channel about your farm. Make money with ads, affiliate sales, and sponsorships.

Brand Your Farm

Create a brand that captures the personality of your hobby farm and helps it stand out from the crowd. Start by:

• Naming the farm
• Writing a mission statement
• Outlining your brand values
• Creating a logo, selecting colors, and choosing a visual identity

Set Up the Hobby Farm Business

If you're planning to create a business from your hobby farm, it's helpful to set up a formal legal structure. Once your company is official, you'll enjoy limited financial liability, more affordable tax rates, and flexible operations. Legal business entities also have an easier time securing funding. Your province or territory may have specific rules; a business formation service can save time and cut out expensive attorneys.

After you complete the legal registration process, you can seek funding to improve or expand the farm. Grants are a fantastic option — they provide a cash infusion that helps get your finances in order. For nationwide farm funding, check out Agriculture and Agri-Food Canada (AAFC) grants; you can also take advantage of government grants for small businesses. 

Top grants are extremely competitive; a well-researched business plan can help you succeed. Don't waste time applying for every grant — check eligibility requirements, make sure the availability suits your funding needs, and look for grants designated specifically for small farms. When you have a shortlist, create a high-quality, tailored application for each award.

Marketing and Managing Your Hobby Farm

Get the word out about your farm with effective marketing. Since you'll also be running the farm, it's helpful to outsource these tasks — you can hire professionals on a part-time or contract basis to help with:

• Web design and development
• Brochures
• Social media management 
• Online store setup

You can also look for free online tools and apps to help with your marketing. For example, if you don’t have business cards to hand out to potential customers and clients, use a free business card maker to quickly put a design together. Many of these tools will allow you to put together something in as quickly as 30 seconds.

Once your hobby farm becomes a business, you'll find yourself with more responsibility than ever. Manage efficiently by:

• Hiring an accountant 
• Creating a calendar to stay on top of marketing, events, and farmers markets
• Hiring part-time help during busy periods

Make Money from a Hobby Farm

Running a farm and a business takes time and effort. By staying organized and efficient, you can increase profits and enjoy your homesteading lifestyle.

About the author:

Hal Salazar created Elders.Today to lend a helping hand to seniors via carefully curated resources. Hal is newly retired, and as he embarked on planning and preparing for his golden years, he realized there was a lot of information to keep up with so he started gathering it all on his website to help out his fellow seniors. When Hal isn’t working on Elders.Today, he enjoys walking at his local park, testing out new recipes with his wife, Marlene, and playing piano.