Making a little money on the farm?
dan_denise
18 years ago
Featured Answer
Sort by:Oldest
Comments (91)
mommagoose
18 years agolast modified: 9 years agoRodent
18 years agolast modified: 9 years agoRelated Discussions
Expanding the farm a little more...
Comments (3)Hi Billie - it lowers our taxes by $600 per 40 acres to have it in Ag vs. idle ground! And we have four 40's!!! We leased some property for cows the past few years and finally got our taxes reduced this go round. Steve, I have noooo idea how milking will work out. I've read that on some goats, you just use 2-3 fingers, so that may be the case with Dexters. I won't know until I try! At first we just set out to have small breeding stock, so if milking does work out, it will be an added bonus. DH would like to buy more land, but I've said not until ALL of our fences are in good shape, and all of our land is productive through farming or managing livestock. So if we get going on this small cows project and it goes well, I would presume he wants to buy more land in the next few years. We have to build a quarter of mile of fence this year to get the last pasture fixed up well enough to keep cattle in. Ufffffff. I'm told my great-great-grandmother used to do the milking on our homestead (they move here in the 1880's). She had one particularly cantankerous cow that she used to lay a baseball bat down beside - and only then would it let her milk it. :-) This would have been back in 1940, she would have been in her mid-70's. I can just picture it. Cheers, Michelle...See Morecan you make money selling tomatoes?
Comments (19)I like your enthusiasm! Since you're starting from scratch at this, I'd recommend trying to keeep expenses down. The grow lights, for instance. Those and associated flats and shelving can be a huge expense if bought commercially. Since you have a year to plan, look for garage sales, scratch'n'dents, etc. I've found the low-cost shop lite variety to work just fine for plants. Generic fixtures for $10 and tubes for $1.30 each can be bought instead of the spendy "gro-lite" bulbs. "Better" stuff can always be bought later if you're successful. You probably already have most of the associated "garden" things you'll need, so that's a plus. Be realistic and crunch some numbers. If you spend $1000 on startup costs, can you reasonably expect to raise $1000 worth of tomatoes to break even? At $4 a pound, that's 250 pounds of tomatoes. Is that doable in your garden? If you can only fetch $2 a pound, you must raise 500 pounds. It all depends on actually growing saleable fruit, then being able to get it to market when it's ripe and the market accepting your product. Certainly doable, but still a lot of "if's." Or, if you sell seedlings, that's 667 plants, assuming $1.50 per plant, which I what I asked for this year. Figure 10 flats of starts, more or less. I built a 2'd x 4'w x 4'h shelf unit from 1x2 lumber and thin sheeting and equipped it with six dual-tube 48" shop lites (three light fixtures per shelf) for a cost of about $120. It will hold 8 flats with the top shelf open for larger plants that only get window light. Two or three of these would be enough to get started. The rest of your $1000 would go towards soil, seeds, flats, utilities, car expense, marketing, phone, etc. I start seeds in 72-size flats, but pot up before selling into larger individual pots. Once I do that, I can only fit 18 pots per flat. Keep that in mind, as it takes a whole lot more space, both horizontally and vertically, as your plants get larger before going to market. Overcrowding young plants only leads to disease and weak stems. (I know that problem too well, but I have only so much space for seedlings!) Let's say you're really frugal, and keep total cost down to $500. So, for your first season, you show a net profit of $500. I'd anticipate a minimum of 8 weeks from start to finish if only selling seedlings. That a profit of $62.50 per week. Um, that's before taxes. :-( You probably won't actually owe taxes, but remember that self-employed people pay about 15% Social Security tax once your earn more than $400 in a year. I guess it looks a little dismal from that perspective, in which case you need to scale the numbers up a bit. Grow more seedlings, get a higher price, reduce costs further or rethink what can be reasonably expected. Myself, I'd love to grow things for profit. I'm dabbling with the concept and sell a few extra plants each season. I sell maybe 30 plants and feel content making enough to pay for the bags of soil I buy to ammend the greenhouse. It might be that if you intend to grow and continue this venture, your costs and the space used in your home would be deductible. In which case, you may be able to offset your husband's income a bit by showing a loss as you get started. I'm sure I don't need to advise you on the IRS and the distinction between "hobby" and "professional" deductions! For the others reading this, suffice it to say you do need to show a profit within a few years to take all those startup cost deductions. Since your husband's income is so suddenly and drastically reduced, maybe look at income averaging for his tax picture. Your CPA experience may net a bigger gain than your gardening enterprise and may be more immediate, since you may be able to file an amended return. Perhaps you've already taken some steps in this regard, but it's worth looking into if not. Meanwhile, you can continue to look into the myriad details of a gardening enterprise. I'm a passable gardener, I'm not a CPA by any means and I've only driven by a Holiday Express. ;^) I have operated a self-employed business of one type or another since 1973, so I do have a little experience there. I always crunch some numbers first, before opening the checkbook, to see if my expectations can be met without straining the budget in the meantime. Good luck, notwithstanding my little "reality check" above, I'm there in spirit right beside you! -Ed...See Morethinking of the future-intentional communities
Comments (17)fallingwaters, my spouse and I have talked about finding a community like the type your looking for. We like horses, gardening and growing organic food, but don't want to live in a commune either. I found this on the internet. "With nearly 2 million horse owners in the United States, branded equestrian developments are popping up across the country, including in Colorado, which ranks 10th nationally in number of horses. There are about 250 equestrian communities nationwide." I think its good that developers are addressing the needs of horse owners in retirement, but would like to see them build houses on 3-5 acre lots with a small corral/stall in the back yard for those who want to keep two or more horses on their own property. Not much for polo (especially as we get older), but it would be nice to live with other like minded individuals and be able to ride on designated bridle trails that are off limits to hunters. Too bad you couldn't start something like this in Vermont! A link that might be useful: Developers build equestrian communities www.denverpost.com/business/ci_7971835...See MoreHow some folks can make 35% on some of their money - guaranteed!
Comments (2)Joyful, you haven't factored in the "Pay To Pay" places like Crustco and Scam's Club, er, Costco and Sam's Club that charge you $50 to have a card in your wallet. When you don't even buy anything, and pay $50 to not buy it, what's the percentage of waste? (undefined, I know) But people still do it. Give people the illusion of saving money and they'll pay any price! I'll head to the Grab-n-Grunt, buy a 20# bucket of peanut butter, pay more per pound, but I'm saving money because I have a membership card! LOL And then there's the ones who refinance and don't pay off anything - just stretch out the mortgage. Good grief didn't anyone learn basic math?...See Morewireweiners
18 years agolast modified: 9 years agokev56
18 years agolast modified: 9 years agobreezyb
18 years agolast modified: 9 years agoceresone
18 years agolast modified: 9 years agorobin_maine
18 years agolast modified: 9 years agohighlonesome
18 years agolast modified: 9 years agobasilmom
18 years agolast modified: 9 years agoTomato_Worm59
18 years agolast modified: 9 years agorobin_maine
18 years agolast modified: 9 years agoimtoobusy
18 years agolast modified: 9 years agobasilmom
18 years agolast modified: 9 years agoceresone
18 years agolast modified: 9 years agoRoberta_z5
18 years agolast modified: 9 years agoGoodOleBoy
18 years agolast modified: 9 years agodan_denise
18 years agolast modified: 9 years agoJamie_in_Missouri
18 years agolast modified: 9 years agoghfarm
18 years agolast modified: 9 years agodan_denise
18 years agolast modified: 9 years agobasilmom
18 years agolast modified: 9 years agodan_denise
18 years agolast modified: 9 years agoLorabelle
18 years agolast modified: 9 years agoJamie_in_Missouri
18 years agolast modified: 9 years agoJan_Hobbs
18 years agolast modified: 9 years agocheribelle
18 years agolast modified: 9 years agoceresone
18 years agolast modified: 9 years agoMag_in_NY
18 years agolast modified: 9 years agobigeasyjock
18 years agolast modified: 9 years agolyndonjack2
18 years agolast modified: 9 years agobreezyb
18 years agolast modified: 9 years agocatsoup
18 years agolast modified: 9 years agoladybug1
18 years agolast modified: 9 years agosoutherngardengal
18 years agolast modified: 9 years agocalliope
18 years agolast modified: 9 years agottabb
18 years agolast modified: 9 years agogldno1
18 years agolast modified: 9 years agovancleaveterry
16 years agolast modified: 9 years agomuddincowgirl87_gmail_com
12 years agolast modified: 9 years agomuddincowgirl87_gmail_com
12 years agolast modified: 9 years agoAllen22
12 years agolast modified: 9 years agobulldinkie
12 years agolast modified: 9 years agomiscindy
12 years agolast modified: 9 years agoBusinessAdvocate
11 years agolast modified: 9 years agoWhereIsCommonSense
10 years agolast modified: 9 years agosehli
9 years agosummersrhythm_z6a
9 years agolast modified: 9 years agosummersrhythm_z6a
9 years agoSheryl Gallant
9 years agolast modified: 9 years agoSheryl Gallant
9 years agolast modified: 9 years ago
Related Stories
LIFEMake Money From Your Home While You're Away
New services are making occasionally renting your home easier than ever. Here's what you need to know
Full StoryBUDGET DECORATING14 Ways to Make More Money at a Yard Sale — and Have Fun Too
Maximize profits and have a ball selling your old stuff, with these tips to help you plan, advertise and style your yard sale effectively
Full StoryMOST POPULAR8 Little Remodeling Touches That Make a Big Difference
Make your life easier while making your home nicer, with these design details you'll really appreciate
Full StoryFEEL-GOOD HOME10 Ideas to Make Every Day at Home a Little Better
Consider some simple changes and fun tips for brightening your world
Full StoryGARDENING FOR BUTTERFLIES3 Ways Native Plants Make Gardening So Much Better
You probably know about the lower maintenance. But native plants' other benefits go far beyond a little less watering and weeding
Full StoryDECORATING GUIDESMake Your Fixer-Upper Fabulous on a Budget
So many makeover projects, so little time and money. Here's where to focus your home improvement efforts for the best results
Full StoryReplace Your Windows and Save Money — a How-to Guide
Reduce drafts to lower heating bills by swapping out old panes for new, in this DIY project for handy homeowners
Full StorySELLING YOUR HOUSESave Money on Home Staging and Still Sell Faster
Spend only where it matters on home staging to keep money in your pocket and buyers lined up
Full StoryKITCHEN CABINETS9 Ways to Save Money on Kitchen Cabinets
Hold on to more dough without sacrificing style with these cost-saving tips
Full Story
breezyb