Business owners are often advised to diversity their income, in order to prepare for unforeseen circumstances. This is quite true for farmers as well, as their operations should be treated as a business.
Income from farming can easily be diversified, allowing your farm to remain profitable for years to come.
Tourism
There is something relaxing about spending time on a farm, taking daily tasks as they come and escaping the bustle of city life. This might not be true for farm owners, necessarily, but tourists would gladly pay for the experience as long as it has a cut-off date.
It is important however to limit the parts of your farm that are accessible to tourists, keeping them separate from the areas you actually use to work and earn.
Alcohol
Custom-made beer has been quite the trend in recent years. Craft beer enthusiasts love to try these homemade brews, and there is a growing culture surrounding it. A small farm could use its premises to create craft beers, selling the product to local bars or directly to consumers who visit your farm. Bear in mind, this will require you to invest in licenses and certain legal fees.
Energy
Farmland is usually quite large and flat. When combined with good weather, farms make the perfect place to create and sell solar energy. This is something more small farm owners have begun doing in recent years, as there’s often more money in it than traditional farming practices.
Keep in mind however, you will need to choose between using a space of land for crops, or for producing green electricity. There is also government assistance available for companies working in green energy.
Selling Milk
Dairy farms are a greatly lucrative business, with products being sold to local shops or to companies that produce foods like cheese or ice cream. The largest investment for such a farm would be the purchase and care of cows.
Teaching
Many young farmers wish to get into the business, but don’t know how to get started. Running a farm takes practice, and it’s important for young farmers to learn skills from those with more experience. Giving farmers an opportunity to see a business owner at work could be a viable source of income on its own.
Selling to Markets
The main source of income for a farm is to simply sell its produce to various markets. Selling to more than one market means you can hedge your bets, and have a backup on standby should something go wrong. It is best if the work is divided between one large farmers market and a few smaller ones.
Conclusion
Farms are businesses, and should be treated as such. One of the best ways to fortify any business is to diversify your income, and with a farm, there are plenty of ways to do so. Farms can sell to vendors, become teaching facilities, produce craft-brewed alcohol, and more.