Growing Greenbacks: How to Make Your Farming Profitable


| 8/29/2014 12:18:00 PM


Tags: Farming, Crops, Profit, Agritourism, Joe Fortunato,

Joe KnowsOf the more than two million farms across the United States, more than three-quarters produce gross annual revenues of less than $50,000. It's not surprising then that fewer than half of America's farmers name farming as their principal occupation, with most having another profession to supplement their income. However, with these tips you can make your farm profitable and grow your greenbacks.

Offer Accommodation

farmstay

Image via Flickr by Julie Gibson

Broadening your focus and offering accommodation to travelers keen to experience rural life is a great way to boost your revenue. More than 80 percent of Americans live in urban areas, so there are plenty of people who feel a country getaway is the perfect way to recharge their batteries and get back to nature. Spare rooms or barns can be easily converted into a bed and breakfast. Your guests may even be eager to help feed your animals and complete other basic chores.

If your buildings are full, you might convert part of your land into a campsite. You should provide a simple shower and toilet block, and consider providing electrical outlets to attract higher tariffs.

nebraskadave
8/30/2014 7:34:05 AM

Joe, it's so true about marketing. The best produce in the entire world can be grown but if it isn't bought, the business will go broke. I try to explain to those that want to start their own business that only about 25 percent of owning a business is the part they would love to do. The rest is about keep books, dealing with the IRS, and yes, marketing. Running a profitable business is not about having fun all the time. That's called a hobby and usually is not very profitable. Liability insurance is another expense that must be considered if bed and breakfast or camping is in the plans. These were all good pointers. ***** Have a great profitable day.





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