Making Money When You Own a Farm
I am looking for a way to make some extra money. I own a 40 acre farm. What is something that I could do that would require little start up money? Is there any money in rabbits? I have a barn and outbuildings. Any money in horse boarding (pasture boarding as I don't have any stalls built). Any suggestions??
Do you derive any agricultural income from your farm? Many counties will give you a tremendous real estate tax break if you do. In our county, if you generate $1000/yr or more (gross) from agriculture, you get almost a 90% discount on real estate taxes, so many folks raise 5-10 head of cattle for sale every year.
Around here, profit on horse boarding can range from $45 (for stall) to $20 (for pasture) per horse. Now if you had a lot of boarders, you could make a nice sum of cash at the end of every month. Not enough to live off of, but it could help pay the bills.
Also with boarding, you have to take into account the responsibilities you would take on as being a BO. If you feed the horses, you need to feed the horses. Every day. Multiple times.
I used to sell produce and eggs at our local farmers market. If you like to garden there is money to be made and you can be a tax deductible farm that way. There are tons of sites on the net on how to get started- Market Farming Basics - Growing for Market
You can always lease part of your land to a local farmer. We only have 10 acres and 7 of it was leased out when we moved here. We have since taken it back but at the time we were getting 1/3 share of whatever crops were planted.
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