“Can I Make It Pay?, prepared for the University of Minnesota Small Farm U series, raises questions for small farms considering alternative enterprises.
Many people with small farms or the desire to live in the country on small acreages intend to turn a hobby or a personal interest into an income generating enterprise that will supplement current income, or cover part of the cost of moving to that kind of a living situation. There are many factors to consider before they should embark on the enterprise and invest resources into it.
Among key questions people need to ask themselves are:
• What is the purpose of your business/enterprise?
• What assets you have at your disposal?
• What skills you possess?
• What is the availability of necessary resources?
• Is outside labor necessary and available?
• Is there a market your product in your location?
• What is the budget for your enterprise?
Each category opens other questions such as:
• Is this intended to truly be a business or a hobby?
• Is there an adequate land base or facilities base on the property to support the enterprise?
• Is this supplemental income or would you like it to become a primary source of income?
• Is the location right and is there a population of adequate size who will want your product?
• Are there supporting businesses necessary and are they available within a reasonable distance?
• Is there a business plan?
What resources are available to help develop a plan?
|Conference||2011 Extension Risk Management Education National Conference|
|Presentation Type||60-Minute Concurrent|