When you’re looking to make money from your home or hobby farm, you have your work cut out for you. Although it’s a labor of love that can help you step away from the grind, a business is a business. As such, you have to treat it as more than just your passion project. To help, Icon Refined outlines five important areas that require your time and attention.

Business Structure

You may be a small operation now, but if you have greater aspirations, it’s never too soon to plan for growth. This starts by choosing the right business structure. If you plan to take on employees and investors later on, choose a private limited company. People tend to feel more comfortable putting their money into a business that is already set up with this stable and predictable structure.

Branding

Disney, Nike, and Apple are all instantly recognizable by their logos, fonts, color scheme, and even target markets. They are established brands, and you would likely recognize them even if they were missing some elements. The goal for all business owners is to establish a brand that’s just as easily recognizable within their client circle. To do this, start by coming up with your business name, mission statement, and ideal customer. You can then tailor your branding package to be most attractive. Although your brand may grow and evolve, Imaginasium explains that your branding is a crucial aspect of your reputation and can heavily influence people’s (including investors) perception of your business.

Investing in Accounting and Payroll Software

When it comes to managing your payroll and business finances, choose an integrated accounting system that offers a strong payroll option with automation as well as a host of other features like at-a-glance insights on cash flow, profits, and debts. With an integrated accounting solution, you’ll also be able to track employee times, process payroll, offer same-day direct deposit and even manage inventory.

Marketing

Branding is an essential element in marketing, but it’s just the beginning. Your marketing efforts must also include deciding where to advertise and what products and services you plan to offer today and in the future. During your marketing research, you’ll also decide where to sell your products. For many farms, this means vendor events and farmers’ markets. Hobby Farms notes that this also requires research and offers sound advice that a CSA or food delivery might be a smart business model here.

Prepare Your Land

Just because you have a larger property or even acreage doesn’t mean that your land is automatically ready for farming. According to Wallaces Farmer, you will need to test your soil and then ensure that the seeks you choose are a good match for your land. Then, you’ll want to create a fertilizing strategy. You may also find that you need to clear some of your land from natural debris, like weeds, brush, or tree stumps. While you can likely remove smaller growth yourself, the removal of a tree stump is no easy task and you’ll be better off finding a professional. Search online using your needs as parameters, and choose from a few well-rated companies. Have a representative from a few companies come out for a price quote to ensure you get a fair price and a good timeline on your stump removal, so you can get back to planning your farm.

Community Involvement

It’s likely that one of the reasons that you want to use your farm as a business is so that your community has access to local homemade or homegrown goods. But, you must also take the time to interact with your community outside of simply selling at the local market. Community involvement, which might include joining the Chamber of Commerce or spearheading volunteer cleanup efforts, helps you build connections with your friends and neighbors. It also enables you to give back to the people that support your business and, importantly, serves as a beacon for potential future employees that share the same ideals and values as you.

There are many different ways to make money from your land. From selling produce to raising livestock, the effort you put into your agricultural operation matters. But, so too does how you run your business, and the five areas above are things that you must not overlook. By choosing the right business structure, branding and marketing, investing in accounting solutions, and involving yourself in your community, your smallholding business can find success.

Being a business owner is difficult, but rewarding. If you are looking for support while you pursue this entrepreneurial endeavor to create a better work/life balance, visit Icon refined. We support people like you with helpful and relevant information.