Many people get into homesteading in order to cut costs and reap the benefits of their own hard work. If you have a very successful garden or you’ve started growing hemp to use in different products (textiles, CBD, etc.), however, you can take this to the next step and build a small business for yourself. There are many ways to successfully turn your home farm into a business you can use to keep your family and your future as financially secure as possible.
Interested? Body and Soul Products has created this guide to help you get started. Here’s a look at what you need to do to monetize your homestead and get all that you can out of your hard work.
Think Like a Business
Whenever you monetize a hobby, it’s important to remember to think like a business from the start. Many people wind up in a position where their home business quickly gets away from them and winds up costing more than it brings in. When you come at a new endeavor with a professional mindset from the beginning, however, you’re far less likely to run into these kinds of issues.
For example, think from the jump about whether or not you may want to hire employees down the road. If you do plan to bring workers in at some point, do you have a sense for what method you’ll use to pay your employees? Prepare yourself for these kinds of ins and outs; work on learning all you can to give your small business the serious thought it deserves.
Consider Your Unique Offerings
Small businesses that thrive have to stand out from the competition, and the best way to do that is to identify your niche. Try to identify something the market wants - or would want, if offered - that no one can do quite like you. This can guide your business vision and marketing plan in the most effective direction.
For example, if you keep chickens, you may be able to offer the freshest, most ethical eggs in your neighborhood. Making a classifieds post or mailing flyers to people in a one-mile radius emphasizing the longevity of fresh eggs and the conditions of your farm can be the perfect way to capture nearby attention.
Check Local Laws
In most areas, there is a way to legally sell goods grown, raised, or made on your own property. However, it may not be as simple as setting up a stand at the end of your driveway. Look into local laws and guidelines to make sure everything is above board, such as registering as an LLC in your state. You can also work with a formation service for easy registration. This way, you don’t get shut down or stuck with a hefty fine.
If you want to grow hemp, it’s important to research the restrictions and regulations in your state to ensure you’re following all of the guidelines. Higher Yields has an excellent guide that explores what you’ll need to do to prepare your hemp business.
With the right plan, you can take your homesteading goals and expand them into your own small business. Remember to take the process seriously from the very beginning so you can get the most out of all your hard work!
I would like to thank Tina Martin of Ideaspired for helping write this article.
Photo Credit: Pexels