How To Turn Your Homestead Into a Thriving Business
Homesteading can quickly go from a hobby to a hobby to a full-time job but makes working a traditional nine-to-five even more challenging. You may find that you need help to juggle both successfully, especially with a lot of drive time. In addition, prosperously running a homestead means caring for a garden, raising livestock, and maintaining a home, all of which can be time-consuming.
Falling in love with homesteading and wanting to turn it into a full-time business is definitely a possibility. You may have to get creative to raise funds. Below are some ways people have made money homesteading:
- Animal husbandry
- Content Creation
The following eight steps will help you brainstorm to create a plan that allows you to be a full-time homesteader.
Step #1: Adopt a Business Owner Mindset
Changing your focus from homesteading hobbyist to Homesteading Business Owner will take a shift in thinking. Being someone who pursues homesteading as a hobby, you don’t have to go ‘all in’ and put 100% of your focus on the project at hand because your livelihood doesn’t depend on it. However, when you convert your hobby into a business, you have to have the mindset that now your (and maybe your family’s) life depends on it.
You’ll need to determine what products or services you will offer and how much to invest to kick things off. For example, if you plan to sell baby chicks, you may need a portable chicken coop to transport them to and from the sales venue.
Business owners are captains of their own ships! They can decide which opportunities to say ‘yes’ to and which ones deserve a ‘no.’ You will be the determining factor in whether your business floats or sinks. You don’t have to do everything all alone, but you need an understanding of what is done and why so that you remain at the helm of your ship.
Step #2: Get Your Finances in Order
Taking control of your future and living the homesteading lifestyle you dream about while creating financial security can be done. However, starting a new venture isn’t for the financially weak. So be sure and take some time to plan your finances before jumping into a new adventure with both feet!
Setting a goal—beginning with the end in mind—requires planning, especially for something as huge as homesteading. Sit down and crunch some numbers to make sure you can cover your overhead and cost of goods and support your family with the profit you plan to make from your homestead. Creating the homestead in your head will take time and back up emergency funds for those ‘just in case scenarios.
Step #3: Know What You’re Getting Into
Next, ask yourself these questions:
- What equipment/tools do I already have?
- What will I need to get before I begin?
- What are the essentials?
- What can wait until we are more financially stable?
- How can I make profits as soon as possible?
Getting your goods out to the public will be the next order of business. You can do this using the farmer’s markets, roadside stands, booths in larger shops, or renting small buildings to bring items to customers. Some homesteaders even open their homes to the public, creating things like B & Bs.
Step #4: Determine Your Niche
Success means you must find your niche or market in your area for what you want to sell. For example, if you sell raw honey, will people in your area buy it? If so, who are these people, and how can you tell them you’ll sell a product they would like? Of course, starting small is okay, but you need to remember bigger is better, and growing means success!
Researching and thinking about your goods and the customers you plan to sell them to will help you market your product. Doing this will also help you connect with those folks who are interested in what you are selling. Of course, you can appeal to many different types of clientele, but it is better to narrow it down to just 2-3 kinds to focus on when beginning.
Before you set up ‘shop,’ you’ll want to meet and mingle with potential customers. So, again, use social media to your advantage. Look for Facebook groups or YouTube channels that give you access to prime candidates for selling your goods. Get to know these people personally, and you will be ready to make a profit when it’s time to set up shop.
Step #5: Cut Through the Red Tape
Many laws and regulations govern starting a business and owning property. Having a legal homestead means staying on top of the rules and regulations, and everything you do is allowed. Doing this is an excellent way to protect yourself from loss and show that you are a trustworthy member of society.
Part of this legality is to register your business with your state. Every state has different requirements, although the differences may be small, so check online to ensure you comply. Homesteads near cities may be subject to city rules, including county, state, and federal regulations. With fewer restrictions, the more you can do with your property.
Step #6: Get to Work!
There are no sick days when you are running a homestead! The success or failure of your venture relies on you showing up and putting in the work. One thing that work includes is research. You will need to analyze markets, meet legal requirements, and organize your finances to ensure you are on top of your game daily.
Another shift, you’ll have to make switches between short-term gratification with long-term progress. Your animals, no matter what they are, will need to be fed daily, whether you feel your best or not. Treats like vacations will be challenging because you now have live animals to care for at all times.
Step #7: Tap Into Multiple Revenue Streams
The best way to protect yourself from risk is to have several streams of income. For example, you can market your livestock and sell raw honey on the side, have a roadside stand where you sell vegetables, or even start classes to teach others the homesteading skills you are now a pro at doing. Be creative because there are many ways to make money off a homestead.
Only some projects have to be a financial home run. You’ll make less than hundreds of dollars from every business avenue you take. You could make enough money selling honey to cover your power bill and then enough money from selling vegetables to keep your kids in shoes the goal is to have enough balls in the air to cover all your monthly costs, and this money won’t all come from the same place.
Making an Income Off Your Homestead Is Possible
Lots of folks start homesteading while working a full-time job. Desire and creativity give them the fuel to slowly turn their property into a business. They can then take the business and gradually replace their income, allowing them to homestead only.
People who succeed with their entrepreneurship are always looking for the next big thing. In the case of homesteading, that might be making herbal soaps to sell on the side, growing flowers to sell at a local market, or raising pigs for slaughter simultaneously. Start small, get some bills paid, and then branch out.