How To Make Your Homestead Income Last All Year Long

Homesteading is a dream for many of us, and business intentions rarely feature when we’re picturing rolling hills and living off the land. However, if you really want to make a go of homestead living, then it’s now entirely possible to turn this lifestyle into a sustainable business. Therefore you need a homestead income.

It’s not easy, of course, and the costs of running a homestead are so high that you could easily eat up your profits without realizing it. Aside from this setback, one of the main issues homesteaders face is the fact that, as with many businesses, some periods of the year are a lot more financially frugal than others. Only, on a homestead, you’ll still need to feed your animals and care for your land during tricky times. 

This is an issue that prevents many homesteaders from making a go of things. But, the fact that some homesteads have become not just viable businesses, but thriving ones, suggests that there’s a way around this issue if you’re looking for it. 

In particular, finding ways to stretch your income from busy periods to last even across those more difficult months can see you succeeding where you’ve struggled before. Keep on reading to find out how that’s possible. 

# 1 – Consider year-round earning possibilities

A lot of your income on a homestead will come from things like summer crops and harvesting. But, to make your business successful, you ideally need some income streams that aren’t seasonally dependent.

Namely, this could mean things like blogging, which you can keep up no matter the time of year, or even social media content like YouTube videos where you can document the whole homestead year instead of just the ‘good’ months.

While you’re unlikely to make the bulk of your homestead profits from these outlets, a decent audience in these areas can ensure a pretty regular trickle of side income, no matter the time of year or your literal homestead outputs. 

# 2 – Diversify during the dry months

While your most obvious earnings may come from, say, summer growth, there are always ways to diversify towards a year-round homestead income. You simply need to consider your most difficult times of year, and any seasonal opportunities that can be found within them.

For instance, if winter tends to be financially tricky, you could set up a Santa’s grotto, or forage to make some homemade reefs, or even hold on-site classes in reef making. Equally, homemade fruitcakes or mince pies are sure to sell well, and shouldn’t be too expensive to achieve. 

Fresh baked pies

# 3 – Consider your financial future

Anyone embarking on a business understands the need for an accountant who can manage the books, ensure that your taxes are up to date, and generally take finances off your hands. As your homestead grows from a hobby to a viable business, however, an accountant who only considers your financial past may no longer be enough to help you stretch your money.

Instead, it’s worth considering cfo services as, unlike an accountant, a chief financial officer will help with things like a financial plan, identifying financial risks, cash forecasts for the coming period, and more. This will help you not only manage your finances as they are, but also consider what you’re set to make in the year, and thus more realistically understand how you can make that money last throughout the entire 12 months

# 4 – Prioritize savings year-round

The typically high costs of running a homestead mean that savings are imperative to success. In particular, setting at least some of your income aside year-round is essential for ensuring that your money spreads. Admittedly, this will be easier with the help of a CFO, and also with previous years of income to go by.

Generally speaking, however, you should aim to put aside at least 20% of your income during your more fruitful periods aside from what you’re already saving for tax, and around 5% of what you make even when things aren’t going as well. That way, you’ll develop a decent savings pot which you should always treat as a rainy day fun.

Then, you can continue trying to make money at all times, while secure in the knowledge that, if things don’t work out, you’ve got at least a few months of spending money stashed away. 

If you want to turn your homestead into a business, then it’s entirely in your power to do that. Simply make sure your plan is financially viable at any time of year with the help of these handy pointers. 

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