Growing Your Farm Operation Through Diversification
For farmers seeking to increase their bottom line, diversification might just be the answer. In a recent article published by Successful Farming, author Natalina Sents offers some advice for farmers looking for new sources of income and investments.
- Complementary Ag Business – Consider what new business you could establish using the land and resources you already own. Sents offers the example of the Freund family, who formed a co-op with other dairy farmers in their area.
- Niche Markets – Do some research on product demand in your area with an eye towards finding a particular niche that you could fill. For example, John Gustafson, who accidentally grew a large batch of cereal rye one year, ended up discovering a niche demand among distilleries, craft brewers, and local chefs for high-grade, non-GMO rye.
- Agritourism – This interesting term refers to a variety of specialty farm offerings, such as pumpkin patches, corn mazes, October Festivals, and much more. Take a look at your operations and consider where you might be able to bring in some “agritourists”—and the extra cash that comes with their entry fees.
For more details, read the article in full at Successful Farming.