Is the farm life for you? The average farmer in the United States is 50 years old. Our country is about to face a huge problem, as these farmers are preparing to retire. The number of young farmers prepared to take their place is less than any ever before. How can we solve this problem? More farmers. Have you considered a career in farming? We have 6 questions to ask yourself before buying a farm.
The farm life is not for the faint of heart, and this decision should not be taken lightly. It’s risky. It’s hard work. But it’s oh, so rewarding! Therefore, we have some questions for you to ask yourself before you get started. Here are 6 questions to ask yourself before buying a farm.
#1 Why do you want to farm?
You may not know the answer to this question…yet. Maybe you are looking to trade a desk job for one where you are out in the sunshine for most of the day. Maybe you want to carry on the tradition and take over your family’s farm. Or maybe you just like the idea of being self-employed. Whatever your reasons are, pinpoint them for yourself. Your goals, values, and expectations will help guide your decision making as you get started. Then, when things get tough down the road, you have something to inspire you and keep you going.
#2 What kind of farm do you want?
When you close your eyes and imagine what your farm will look like, do you picture a field of grazing cows, stalks of sweet corn, or rows of wheat? Decide what you want to grow and if you want to raise livestock. Then, do some research. Can you make a living growing what you love? Will that product grow well in your area? The more you know about the products your want to grow, the better off you’ll be.
#3 Is there a market for what you want to farm?
You might be in the perfect spot to grow eggplant – the best weather, perfect amount of sun, and right soil nutrients; But if there isn’t a demand for collard greens nearby, you won’t be able to make a profit.
Scope out your local farmer’s market. Does the farmer’s market get enough traffic to support you? Do the locals value organics or will you be priced out by cheaper conventional foods that are trucked in from somewhere else? What is the current competition like? How far would you have to drive to sell your goods? These are all good questions to ask yourself before buying a farm.
#4 What size do you want your farm to be?
Now, we mentioned a farmer’s market. If you are thinking bigger, you might not need to worry about the local farmer’s market. If you are wanting a high volume farming operation, you may want to sell to supermarkets and wholesalers. This kind of an operation will take hard work and lots of hands. You will need more land and will need to hire help. Will you provide housing for those who work for you? Think about how much help and equipment you’ll need. This will be a bigger investment.
If the high volume farming operation isn’t for you, consider a lower volume farm. Perhaps you just want to grow enough crops to support your family and have a cow or two for milk and a handful of chickens for eggs. Maybe you’ll take a trip to the farmer’s market during times of good harvest. A farm of this scale will require less land, less equipment and less help. In fact, you probably won’t hire any help at all. Keep that in mind because no help means you won’t get any days off.
So, which size farm sounds like a good fit for you?
#5 Are you ready for the farming lifestyle?
Farming isn’t just a career, it’s a lifestyle. You wake up before the sun most days and work anywhere from a 70-90 hour work week. Not only does the job require physical labor but also agricultural knowledge and business smarts. Muddy boots, cracked hands, and a sunburned neck. The farm just becomes life. A lot of times you’ll have to forgo social gatherings and holiday get-togethers if there’s a need on the farm. For those with a heart for farming, this is all a small price to pay. Are you up for it? This is an important question to ask yourself before buying a farm.
#6 How comfortable are you with taking financial risks?
According to the Nebraska Farm Business Inc., the average farm was $1.3 million in debt in 2017 and the sector’s total debt has risen by more than 8.5 percent since then. A farm requires investing quite a bit of money up front, and there is no guarantee you’ll make a profit every year. Most farmers have farm insurance to safeguard against a year where you might not produce as much. Do your research to ensure you have planned, healthy spending. The best part? Your livelihood will depend on good ol’ Mother Nature! Do you have the stomach to handle this kind of risk?
After all this, let me ask you again. Is the farm life for you? Once you’ve considered these questions to ask yourself before buying a farm, we hope the answer is yes! The agriculture industry needs you.
