Farming is the oldest industry and remains essential today. From food to materials like cotton, so much of what we consume starts its life off on a farm. But essential as it may be, is it profitable? Yes, it can be very profitable – but there are many big challenges to overcome when starting a farm. For those looking for an easy way to make money, farming may not be the answer. However, for a certain type of entrepreneur it could be just right.
The biggest obstacles
One of the biggest obstacles stopping people from getting into farming is acquiring land. Finding suitable land can be difficult and affording it can be even more tricky.
There may be other expensive startup costs involved depending on the type of farm you plan to invest in. This could include expenses such as agricultural machinery or greenhouse construction.
The profits gained from farming tend to be seasonal. This can also put off people looking for a secure form of income to pay bills and debts. You’ll need to learn how to make your money and make it last throughout the year.
How to succeed in farming
Running a successful farm needs to be approached much like running any other business – you need to keep expenses low in order to maximize profits. There are times when it’s worth investing in more expensive technology to automate processes such as automated irrigation – this could allow you to use less manpower, saving you money in the long run. There are other times when it’s better to save money from the onset such as shopping around for plastics roofing and construction products when building greenhouses or other structures. Choosing low interest finance options can also help.
To succeed in farming you also need to enjoy the lifestyle. Being an outdoorsy person that doesn’t mind working long hours is essential. It’s likely you’ll live on the farm and have to carry out certain duties every day. However, these ‘duties’ may not necessarily feel like work – just like gardening or looking after pets, they are as much of a passion for true farmers as they are a source of income.
What types of farming are most profitable?
There are so many different types of farming and some are more profitable than others. A few types of farming that are booming right now include:
· Organic farming: A growing number of people are going organic. Growing produce without chemicals and fertilizers can definitely be more tricky, however you won’t struggle to find a market.
· Flower production: Flowers are one of the most profitable plants. While the industry can be competitive, you could make a lot of money selling flowers to florists – or directly to consumers.
· Poultry farming: Poultry is another growing industry. Compared to other livestock, chickens are also fairly cheap to look after.
· Fish farming: You could also consider farming fish in tanks or ponds. Fish farming is known to be a very profitable form of farming.
· Mushroom farming: You can start making profits through a mushroom farm in a matter of weeks. It’s also one of the easier forms of farming to educate yourself in.
· Sunflower farming: Sunflower seeds are regularly harvested for oil. They are one of the fastest growing and profitable crops.
· Beekeeping: The demand for honey is growing. Beekeeping requires very little investment upfront and also very little space (in fact, you can start a honey business from your garden)