If you’ve got a decent amount of cash in the bank, you might consider starting a new business in the near future. There are thousands of existing concepts you could select, or you could choose something completely original. Those of you who fancy a lifestyle business might want to think about getting involved with agriculture. While traditional farming has taken a hit over the last few years, there is still ample opportunities to make a profit. In today’s article, we’re going to offer some great tips and advice that should help you to make a start. No matter where you live in the UK, it is possible to make a good living from farming if you follow the right approach. Just try to limit your spending as much as possible.
The main benefits of owning and running a farm include having more flexibility in your life. Of course, you will have to get up very early in the morning, and you probably won’t finish until after dark. However, working in the great outdoors should help to keep you healthy for a long time. Also, farming is often a family operation, and so there is nothing stopping your from getting your partner and kids involved. Who knows? You might earn enough to retire in a few years time and pass the business onto your children.
- Find the Right Piece of Land
Before you do anything else, you will need to find the right piece of land on which to base your new business. Some people opt to purchase existing farms in order to save themselves a lot of hassle, but doing that will mean you have to spend a lot more. Visit the websites of land sellers in order to find the best deal. Just make sure you can get permission from the local authority to run a farm on the grounds and build a house. Living away from your farm is not a wise move because you will need to respond fast to any emergencies. The size of the land you require will depend on which crops and animals you intend to keep.
- Get Appropriate Insurance
There is no getting away from the fact that farming equipment is dangerous. Also, there is every possibility that someone could become ill after consuming one of your products. So, it’s vital that you get appropriate insurance before you start work. Again, depending on the nature of your farming business, you might have to seek out lots of different policies. So, it’s a good idea to get in touch with agricultural insurance specialists and discuss your situation. Once you know which types of insurance are essential, you can start shopping around for the best prices. Getting multiple quotes will help you to drive prices down. You can use them as ammunition for your negotiations.
- Buy Equipment
As you will have spent a lot of money on finding the right piece of land and getting insurance, you should try to cut back as much as possible when buying machinery. There are lots of plant trader specialists that supply second-hand farming equipment, and so you just need to keep looking until you find something suitable. At the very least, you are going to need trailers, tractors, and harvesters. That said; you might need a whole range of different machinery if you plan to raise livestock. Perhaps it would be wise to speak with an established local farmer in order to get some advice? People who have been working in the agricultural industry for a long time will know exactly what you need in order to run your business.
- Open a Farm Shop
Recent food trends are leaning towards local, healthy options. That means more people than ever before are looking to purchase produce from farm shops. Selling from a store on your land will mean you get some extra income while waiting for money from the supermarkets you will eventually supply. Most folks are more than willing to pay a little extra for fresh goods too, so you don’t have to worry about competitive pricing. Maybe your partner could run the farm shop while you are working on the land? Strawberries are very popular during the summer months, so now is the best time to get them planted. Once you’ve built a strong customer base, the farm shop could expand to bring in more cash.
- Stick to your Working Schedule
All established farmers will know that failing to harvest their crops at the optimum time is a good idea. Running a business will mean you have more flexibility. However, you must stick to your schedule at certain times of the year. Presuming you keep animals like cows, pigs, and chickens, you will need to make sure they are sent to the slaughterhouse as soon as they are ready. Most of your money will come from selling products to supermarkets, and they have very high standards. If your vegetables haven’t been harvested at the right time, there is a high chance they will be returned.
- Grow Your Business
Once your farm is making a profit, you should look towards expanding. With that in mind, it would make sense to purchase land surrounded by more available fields. That way, you won’t have to keep moving between locations in order to run your company. If you’re going to need investment in order to purchase more land, you will want to create an attractive growth plan. Simply take it to your bank manager and see if he is willing to release some funding. So long as your business is successful, you shouldn’t have too much trouble getting the money you need.
With those agricultural business tips to hand, you should be ready to start your new business during the next couple of years. A lot of work goes into running a farm, and so you must have a lot of motivation. At the end of the day, you will fail miserably if you can’t force yourself to get up early in the morning.