It is possible to make money homesteading or farming. If you have the drive to make it happen you can absolutely make money.
But there are several things you need to think about before you jump in headfirst. In order to have a steady stream of income.
Also, remember that it is not a get rich quick scheme. If you are willing to put in the work you will find success in your business. Just remember that starting a sustainable business does not happen overnight.
To Make Money Homesteading You Must Treat It Like a Business
It is a mindset not just what you call it.
This should be at the top of your mind at all times. You will not make a profit if you do not treat it like one. It will affect your choices and the way you make important desitions in your business.
You will have to make decisions like what to do with the livestock that are not producing or serving your business.
It might sound mean to sell or butcher the hens that are not laying eggs but the more you keep the larger your feed bill is and that will drastically decrease your overall profit. A hen that is not producing eats just as much as one that is.
Read more on how to tell if your hen is laying.
If that older rabbit, goat, or lamb is costing you money and you are not bringing in enough to warrant feeding it until the end of its life. Consider selling them as a pasture companion for a very low price if you don’t like the idea of adding to your freezer meals. There are tons of people on Craigs List looking for unwanted farm animals and will often take them off your hands.
For more help making these choices read the post Assessing Your Livestock and Cutting Back.
Before jumping into all the livestock that sounds interesting to you, make sure you can make a profit from that animal. It would not be good to get into a breed and find out there are so many people selling that same thing you have a hard time making sales.
An example would be (if you live in a place like I do) it is difficult to make money selling eggs because a lot of people have their own flock and they are also trying to sell eggs.
But if you lived closer to a larger city or in a city you would have much better success. There are more people who can’t raise them due to location and city folks will pay more for fresh or free-range eggs (no offense intended if you live in the city, I love y’all just the same)
When considering getting into an animal there are a few things you should look into before you purchase the stock. They are: price in your area, are a lot of other people selling them, and how much could you make from that one income stream.
You should also consider what time if the year is the best to buy. For most livestock, you are going to get the best deals at the end of the year about a month before winter starts to set in. You will pay more as spring comes around because the demand is higher.
Related post: How To Research An Idea For Local Sale.
Don’t Be A Slave To Traditional Income Steams
Sure having a hobby farm you think of selling animals and produce. But there are so many people who want to learn what you know. We are not in a world of in-person transactions.
You can make money by creating Ebooks, courses, ad income, and affiliate product sales. If you want to learn more about different income streams read this post.
Be Strategic In Your Planning
It might seem easy at first to remember everything you want to do with your homestead business. Once you start expanding on what you are already doing, gaining more customers, attending events, and trying to remember the tasks you want to do each day your brain will be on information overload!
It can be as simple as a pad of paper or as techy as having everything digital on your phone personally I am loving my LG G7. I am also a huge advocate for using a planner or at least a calendar with the month at a glance.
Take the time to layout your ideas so you are not taking the scenic route to your goals. You will get a lot more done if you lay out a plan.
The Living Well Planner is my FAVORITE PLANNER for running my rabbitry, blog, and daily life. With project planners for every month and hours marked for every day of the week from 6 am to 10 pm this planner is perfect for any busy wife.
One Avenue, Many Income streams.
In planning a business, you should also look at all the different revenue streams you can generate from one animal or avenues.
For example, with goats, you can sell many different dairy products such as milk, yogurt, and cheese. Let’s not forget soaps any other beauty products as well as becoming a breeder.
Get the most out of one avenue before you start a new product or service.
There are so many different ways you can make money on the internet now. If you are not afraid of a little tech or writing then think about starting a blog, creating an online course, or writing an ebook. You can teach people how to do something and get paid to do it. How cool is that? I give examples of what I mean here in this post.
Don’t want to forget this information? Save it to your favorite Pinterest board with the image below so you can find it later.
Budget & Tracking Expenses
Oh my, I cannot say enough about this. It is tempting to want to skip this critical step but please don’t. If you try to keep track of your finances in your mind or have a “rough estimate” that is not going to cut it if you are serious about making money.
You need to know exactly how much is being spent and what is not making you enough so you can make the choice to improve or get rid of what is not working.
Making money doing what you love is a slow process. You have to try new things and see what you like and what you don’t. Be ok with letting something go if it did not work out.
It is all worth the effort in the end.