If you’re a homesteader looking to make a living off selling your produce, growing crops is only the first step. Just like any other product, you need to create a demand for your produce and motivate customers to buy your goods over others. In this article from Icon Refined, we’ll explore all the steps you’ll need to take to successfully monetize your homesteading lifestyle.

Set Up Your Space

Even if you’ve been farming successfully for a while, monetizing and going public with your goods may strain your current practices and space. Consider the following as you move into transitioning from hobbyist to entrepreneur.

• Take an honest look at your home and the space you have to devote to your new expanded hobby. Do you have the real estate you’ll need to meet local demands? If not, look into the local housing market to see if selling your property and moving to one more suited to your entrepreneurial needs is possible. Right now, the median home price in Chandler, Arizona is $535,000. Housing prices there have been on the rise, which means that if you have been in your home for a while, you likely have a fair amount of equity established to put into a property better suited to your current needs.

• You may have been focused on the labor aspect of your business to this point, but monetizing it means that you also need to have a dedicated home office, too. It’s essential to keep accurate records of your expenses and profits since you’ll be filing as a business owner. If you don’t have a home office set up already, start setting one up.

• As a homesteader, you likely appreciate eco-friendly practices. Now might be a great time to invest in solar panels. Know that the cost will vary depending on your energy needs, so it’s best to tell your representative about your growing business when they come out with an estimate. There are also options to lease or purchase your panels, so look at your financial situation before deciding which option is right for you.

Establish an LLC

By establishing a limited liability company (LLC), your homestead hobby will officially be recognized as a business; and instead of selling your goods as an individual, you’ll be doing it as an organization. This provides numerous benefits:

• As an LLC you’ll be able to use business costs as tax write-offs, significantly reducing the tax burden and increasing resources that can be invested toward buying raw materials, farm equipment, etc.

• With an LLC, your business will be recognized as a separate legal entity, resulting in your assets and finances being protected from all business-related liabilities.

Develop a Brand

Branding is the process through which you can create a lasting positive impression in the eyes of the customer. As a new business, creating a brand should be one of the main priorities. Following are the various components that should be included in your branding activities:

• Style: This includes the color scheme, fonts, and design style which will be used in all areas of your business, from the website, and social media posts to physical posters and flyers. For example, you can choose to adopt a minimalist approach with no more than two colors.

• Name: As reported by Small Business Trends, a unique brand name instantly helps customers to remember your products and their experience. The best names are ones that are short (between 1-3 words), easy to pronounce, and if possible provide an idea of what your product is about. Some notable examples include Salesforce, Doctors without Borders, and Dollar Shave Club.

• Logo: Often logos graphically represent the brand name. But you can also use your logo as an element to compliment your name.

Create a Customer Base

For the business to become profitable, you need to have a loyal base of customers who’ll consistently buy your produce. One of the best ways to introduce your products to customers is to start selling at the local farmer’s market. Most farmer’s markets will have an application that you’ll need to fill out, post which you will be granted permission to sell your goods. In the first week, consider giving free samples to customers, along with a business card and pamphlet that educates them on your products and business.

Additionally, being in the farmer’s market will allow you to meet like-minded homesteaders who can provide you with advice on growing the business and becoming a part of your network. In the future, you can consider collaborating with them to create product bundles, share resources, and provide assistance in times of need.

Promote Your Business

As reported by Mezzanine, a customer needs to experience ten touch points before they buy a product from a new brand. What this means is that the customer will at least need to hear about your business ten times before they decide to spend their money. While distributing samples is a good start, here are additional steps you’ll need to take:

• Be Active on Social Media: Create business accounts on all major social platforms and post daily content regarding your products, mission, testimonials, reviews, and more.

• Run Targeted Ads: Facebook provides you the option of running advertisements to a specified audience. Such targeting results in greater ROI and developing brand awareness among the right group of customers. When it comes to designing content, look for a free ad maker online.

Pursuing homesteading in retirement can be a rewarding experience. Start by setting up in a home that will meet your new business needs. Then, establish yourself as a legal entity and begin reaching out to your community through social media and outreach events. Through efforts like these, you’ll be able to set up your business the right way and work towards making it a profitable venture.

If you’re new to entrepreneurship, connect with a community of people like you through Icon Refined. We provide resources that celebrate and support the modern entrepreneur.