Page 18 2024 Fall Farm Outlook Lincoln Daily News Oct 2024 When you think of farming, the first thing that comes to mind is likely the products the farmers produce. This could be crops, such as corn or soybeans, animal products, such as milk or eggs, or meat, such as beef or pork. Something people may not immediately consider when thinking about a farm is the massive financial responsibility that running and operating a farm is. A farm is a business and farmers need to not only have a sense for agriculture, but a sense for finances as well. If you have ever considered the financial cost of running a farm, or if you are just interested in the topic, continue reading to learn more. How much money do you need to start a farm? This is a question that is much easier to ask than to answer, as it depends greatly on the size of farm you want to operate. According to Shawn Williamson, a farmer out of Columbia, Illinois, “add it all up, and we arrive at $5,157,000.” This is a number he came to after considering everything someone would need to run a farm on 500 acres of land, including the land. This included an agricultural degree, Financing a career in farming all of the farm equipment for a large-scale farm, and the buildings and structures a farmer would need. To read more about how Williamson came to his figure, read his article on Successful Farming here. For a small-scale farm, on the other hand, the number can be much more reasonable. The website QT business solutions claims that starting a small farm can cost somewhere between “$600 to $10,000.” However, according to them, this number can vary for many reasons as well. “Outlook, location, type of equipment, size of farm, type of labor required, invested time, farm products, and if you already own a property, or you are borrowing from relatives, or would rent, greatly determines the cost of starting a farm.” It is reasonable to think that someone may be able to get a hold of $600 to start a small farm, but $10,000 or even five million or more is not. How would someone go about getting that kind of money in the first place? The Continued --
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