Try honeybees they are basically maintenance free. Cutting and selling firewood might provide income, people in cities are always clamoring for it. You might want to set aside some acerage for Christmas trees. You can put up fence to pasture some cows for food, but first locate a butcher nearby. Bail some hay, older tractors are cheap and so are older bailers, hay rakes. I only had 13 acres in upstate NY but I enjoyed raising Black Angus, pigs and chickens, I gleaned a farmers field for corn, but you can raise it. Relying on the land can be labor intensive but there might come a time when trips to the grocery store will be cut back. I never tried to milk anything.

Here is a link that might be useful: Propagating Perennials

Thanks for the suggestions, I will look into all these options, any idea where/how I can get started? Thanks!

On Haying and everything else, you might check with the locals. I know around here people who raise hay usually sub out the bailing portion of the job. It saves on the maintance of equipment. There are three of four guys that will go around bailing in S Colorado. They usually are pretty prompt when called too.
I enjoyed the hogs, but they were not very profitable in the long run. Chickens are good cuz you can sell as many eggs as you can get usually and if not, you can eat the eggs/chickens without a trip to the butcher shop. And letting them free range cuts down on the bugs and feed costs. Check for a Soil Conservation District if Canada has one. That is where the Christmas tree farms in the US get most of their trees. The SCD's are part of the Forestry Department here.
Maybe crops like rye and oats might work well for you too. See if you can find something to plant in the fall to harvest in spring. I would check out feed/seed stores for good sources of information. Not the chain variety, but the Co-ops and Ma & Pa types. You might try checking out local sales and "going out of business" farm auctions. Many times the old timers love to "Pass the Torch" to the younger generation. They don't see anything as a trade secret, but you will have to ask questions to get them talking. Remember, the one that stands right up and tells you they are an expert, ususally isn't.
Below is the link to the Colorado Forest Service, maybe it will help you to find something in your area. Check the part that says; buying trees for your property.
Good luck.

Billie

Here is a link that might be useful: Colorado State Forest Service

Hi Billie, thanks for the information. It's been very helpful!

Cheers!

You might want to try reading some of the stuff on newfarm dot org. Weed your way through to the forum and read a bunch of stuff from singingpig and others. Several grow salad greens etc to sell to restaurants locally and it can be done on a portion of your acreage while putting food in your mouth as well. With produce, eggs and milk going up, you ought to be able to tap into some niche markets, but you had better make sure that there is a market for what ever you are going to sell "first". Dont jump into something and not have a customer base for it. Read their stuff and glean the valuable info from them. I work and my little (57 acres) doesnt support me. All I have right now are goats and a few fruit items planted, blueberries, dwarf apples, peaches, plums etc. Those are for family eating though. I hope to get a dairy goat and chickens soon (also family milk and maybe sell a few eggs to cover feed costs). Eventually I'd like to run young stockers and goats. Just be careful of anything you have to feed if you dont have grass as corn and commodity products are sky high.

You really posted a rough one for most folks to answer.

First of all, you need to gain some knowledge on your local climate and what plants grow well in your region. With this knowledge you can then decide what you might want to grow.

Second, you need to understand the advantages and disadvantages to the various plant and animals you could choose for your farm. Some are realitively easy to grow, while others will require large amounts of time, energy or other resources for success.

Third, once you have decided upon what plants or animals you want to produce, you need to understand your local/regional and national markets. This can even include the regulations controling the propogation of certain plant and animal species, and the production of products from them. (For example, if you decide to raise dairy goats and sell goat's milk, cheeses, and soaps you might find there to be a ready market for them in your local area, and that you could even get a reasonable return from selling them to boutiques/shops in Toronto, or even in Farmer's Markets, but you will need to factor in the compliance with Provincial regulations regarding the sale of these products, and thier production.)

As a start up farm I would recommend you try and do things that will give up the quickest returns possible. One of the previous commentors suggested firewood sales. This can give you a relatively fast return on your investment, and can be a part of your overall farm improvement program. (You can select trees which would yield material suitable for fence posts that you can either sell or use on your property, plus yield firewood that you can either use yourself or sell, and if it is a desirable lumber species the trunk might be suitable for sale to a sawmill. Another advantage to this is you can also develop a tree management program where you can remove less desirable species and encourage the growth of ones that are.) If you can, you should think about your first years on your farm as being ones where you are building your farm, and may have to work off of the farm to provide cash income to pay for all of your expenses. If you are lucky, you will be able to provide yourself with all of your food needs from your farm, but you may not have any additional income from your farm for many years to come. (Sorry I am such a downer, but that is the way farming is.)

Unfortunately, you got onto your farm a bit late in the season to have a greenhouse up and in production. If you had, you would have been able to market bedding plants and gotten a return on your investment this year. The remark about producing salad greens and other vegetables is a good one. As you are close to Toronto, early spring green vegetables would have been a good income producer, another option is to construct a greenhouse and look to make some income from producing green vegetables for the fall, when most locally produced vegetables have stopped being produced.

I hope you get some good recommendations as to what to produce that will help give you a sustainable farm, but the big problem is in having knowledge and skills that will make it successful.

Kevin

Before you produce anything for sale you need to have a market outlet for it. There needs to be someone who wants to buy something. Make a list of what local wholesale buyers want and then determine what you can provide. Wholesale buyers include chefs at fine restaurants and bakeries.

Just be aware that the price you will get for your products in bulk will be a wholesale price, NOT retail, so will be at least half retail, maybe more, maybe less. The price in grocery stores or other retail outlets is what you can price your "stuff" at, on direct sale to a consumer (farmer's market or farm stand) but what you can charge for wholesale will probably be pegged to the local wholesale source - for restaurant supply, etc. - although you might be able to charge a small premium for freshness. Find out what that price is, and then cost out your produce before you decide to provide it - taking a loss is NOT the way to go. Don't forget to include your labor, materials - seeds, plants, fertilizers, tools, etc. - as well as amortization of equipment costs, say over 10-15 years, depending on longevity (the longer for tractors, etc., and shorter for things like tiller blades [which might last only a year or so, depending on usage and your soils], etc.). Some of this will have to be estimated, but don't "sell" yourself or your product short.

Products that can be sold on-line or as needed - soaps, dried flowers, gourds, etc. - may be easier than fresh produce, which HAS to be sold NOW. You will need storage space, and work space, as well as to pay for packaging and charge enough for shipping to cover costs. Farmer's markets are also a good outlet, if there is a good one (or 2) nearby.

Pick-your-own plots, whether of fruits - blueberries or strawberries - or of vegetables or fresh flowers can be good if there is enough market for them - frequently needing a tourist/summer resident base. There is the outlay in setting up and keeping them going, and you will need packaging (boxes, bags, etc.) as well as assistance, parking, etc.

Providing eggs is possible, especially free-range - but again, the market needs to be there. Grass-fed beef is possible - I don't know the local butchering regulations for your area, whether you can make arrangements with a local abbatoir for butchering and packaging for resale, of if the customer must make arrangements. Of course, if you are going to have livestock, whether feathered or hooved, you need shelter and fencing, as well as water supplies, feed storage, etc., etc.

Asking what the locals want is a good idea, but sometimes the reason they can't get it is because it can't be economically supplied. It all boils down, as Dchall says, to providing what you have a market for, at a price that nets a profit.