HOBBY FARMS: 6 Things You Should Know
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Are you interested in starting a small hobby farm?
Curious what exactly one is?
Well, hobby farms are a passion project that individuals take on for joy or therapeutic purposes.
As a perk, they often use them to feed their families or sell their small yield at local farmer’s markets.
If this sounds up your alley, keep watching to learn the top things you need to know about starting your very own hobby farm.
Disclaimer: we are not lawyers, accountants or financial advisors and the information in this video is for informational purposes only. This video is based on our own research and experience and, while we do our best to keep it accurate and up-to-date, but it may contain errors. Please be sure to consult a legal or financial professional before making any investment or purchasing decisions.
Partial Transcript
Hi guys this is Erika from Gokce Capital. Now, before I begin, be sure to subscribe to our Youtube channel and turn on notifications.
The largest landowner in the US is not Ted Turner. Ted Turner is small potatoes. He's only the fourth largest landowner at least according to the most up-to-date land report. But he is perhaps the largest hobby farmer. Although, calling his vast holdings and the various enterprises at their heart hobby farms is perhaps a bit of a misnomer. Still back when Turner purchased his first ranch in 1987. The bar none he had Utopian dreams in mind. He wanted to return the Western landscape to his ranch bison and all. And he wanted to do so while demonstrating that he could continue to make the ranch economically viable today. Turner has about 45 000 bison ranging across 14 ranches as well as a number of other business ventures centered around his ranches. How did he do it? I'll let you know at the end of this video. But for now i want to turn away from Ted Turner because if you are thinking that you
need to be a billionaire to own your own hobby farm you would be wrong. Hobby farms are available to almost anyone and if you are thinking of buying land in order to create a hobby farm here are some of the things you should know first.
Number one
Hobby farmers generally do not rely on their farm for their income and this is what distinguishes a hobby farm more than anything else from a family owned farm or small farm.
But even if you are not going to rely on your hobby farm for your livelihood this doesn't mean you can't make money from your farm.
Number two
Do your homework before starting a hobby farm. A hobby farm is still a farm and both farms and ranches are complex ventures that require a lot of specialty knowledge. So, starting one even a small hobby farm should not be something you do on a whim. Make sure you do your research and understand what farming entails before you begin shopping around for land. And while you may not need to make a profit from your hobby farm it's a good idea to treat it as a real business venture. This serves two purposes: First of all you won't lose money on the farm. But perhaps more importantly if you treat your hobby farm as something that needs to create a profit you are going to be far more serious about doing what is necessary to make it successful. Approach your venture with a sense of humility and start by learning from other farmers. Maybe even volunteer on a farm or ask a successful farmer in your area whether you can help them out in exchange for learning from them. And as with any business, start small and grow as you learn. Don't try to bite off more than you can chew. This is simply a recipe for disaster so perhaps you don't want to start with 50 acres of land but maybe just a few acres where you can start to grow crops and learn the basics of raising small animals like chickens. In a similar vein it's a good idea to try and stay away from debt for any income that you're able to generate at the beginning will go toward paying back the debt rather than building and expanding your farm. And finally, get expert help when needed. Take the money that may otherwise go toward debt payments and use it to enlist the help of experts. This will help speed up your learning process and make sure that things are done correctly.
Number three
There are tax breaks available for farmers but if you want to take advantage of this for your hobby farm you must prove that it is a business. Speak to your accountant about...
Are you interested in starting a small hobby farm?
Curious what exactly one is?
Well, hobby farms are a passion project that individuals take on for joy or therapeutic purposes.
As a perk, they often use them to feed their families or sell their small yield at local farmer’s markets.
If this sounds up your alley, keep watching to learn the top things you need to know about starting your very own hobby farm.
Disclaimer: we are not lawyers, accountants or financial advisors and the information in this video is for informational purposes only. This video is based on our own research and experience and, while we do our best to keep it accurate and up-to-date, but it may contain errors. Please be sure to consult a legal or financial professional before making any investment or purchasing decisions.
Partial Transcript
Hi guys this is Erika from Gokce Capital. Now, before I begin, be sure to subscribe to our Youtube channel and turn on notifications.
The largest landowner in the US is not Ted Turner. Ted Turner is small potatoes. He's only the fourth largest landowner at least according to the most up-to-date land report. But he is perhaps the largest hobby farmer. Although, calling his vast holdings and the various enterprises at their heart hobby farms is perhaps a bit of a misnomer. Still back when Turner purchased his first ranch in 1987. The bar none he had Utopian dreams in mind. He wanted to return the Western landscape to his ranch bison and all. And he wanted to do so while demonstrating that he could continue to make the ranch economically viable today. Turner has about 45 000 bison ranging across 14 ranches as well as a number of other business ventures centered around his ranches. How did he do it? I'll let you know at the end of this video. But for now i want to turn away from Ted Turner because if you are thinking that you
need to be a billionaire to own your own hobby farm you would be wrong. Hobby farms are available to almost anyone and if you are thinking of buying land in order to create a hobby farm here are some of the things you should know first.
Number one
Hobby farmers generally do not rely on their farm for their income and this is what distinguishes a hobby farm more than anything else from a family owned farm or small farm.
But even if you are not going to rely on your hobby farm for your livelihood this doesn't mean you can't make money from your farm.
Number two
Do your homework before starting a hobby farm. A hobby farm is still a farm and both farms and ranches are complex ventures that require a lot of specialty knowledge. So, starting one even a small hobby farm should not be something you do on a whim. Make sure you do your research and understand what farming entails before you begin shopping around for land. And while you may not need to make a profit from your hobby farm it's a good idea to treat it as a real business venture. This serves two purposes: First of all you won't lose money on the farm. But perhaps more importantly if you treat your hobby farm as something that needs to create a profit you are going to be far more serious about doing what is necessary to make it successful. Approach your venture with a sense of humility and start by learning from other farmers. Maybe even volunteer on a farm or ask a successful farmer in your area whether you can help them out in exchange for learning from them. And as with any business, start small and grow as you learn. Don't try to bite off more than you can chew. This is simply a recipe for disaster so perhaps you don't want to start with 50 acres of land but maybe just a few acres where you can start to grow crops and learn the basics of raising small animals like chickens. In a similar vein it's a good idea to try and stay away from debt for any income that you're able to generate at the beginning will go toward paying back the debt rather than building and expanding your farm. And finally, get expert help when needed. Take the money that may otherwise go toward debt payments and use it to enlist the help of experts. This will help speed up your learning process and make sure that things are done correctly.
Number three
There are tax breaks available for farmers but if you want to take advantage of this for your hobby farm you must prove that it is a business. Speak to your accountant about...
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