On this episode of Homesteady, Aust further explores the dream vs. the reality of homesteading, by explaining the harshest reality of them all: why your homestead business WILL fail. Through video, Aust’s brother-in-law parodies the overt optimism that brings us into the homesteading world in the first place: the beauty of vegetables, the imagined ease of “working at home” now that you have a farm.
REALITY CHECK: It is RARE to make more money than you spend on your homestead. But does that mean you have to give up the dream?
Based on our Homesteady poll, (thanks for your responses!) THREE OUT OF FOUR of you have the dream that someday, you will be able to exit your current careers due to the successful pursuit of a full-time homesteading business.
Through a new series, Aust is going to share his six years of experience with all of you. Full-time podcaster Aust (one dream, now more of a reality!) is going to make ten episodes about making your homestead profitable. Along with interviews to exploring others’ journeys and sharing knowledge, we hope to help you, the burgeoning homestead businessperson, to get off to a positive start.
It should be no surprise that Accountant Mike has a lot to say on the topic of failed businesses. This episode on failing businesses EXCLUSIVELY features Accountant Mike. (PS: the tax laws have changed. Stay informed!) On this first episode about Homestead Businesses, we are going to talk about The Side Hustle. To qualify as a side hustle, the homesteader in question has to fit the following criteria: the homesteader, or one half of a homesteading couple, has to have a full-time job outside the homestead. Secondly, the homestead based business had to have grossed $1,000 or more.
The Side Hustle common theme: lots of people aren’t anywhere near profitable.
Aust takes us back to his first failed business: selling custom POG slammers made out of Sculpy clay. Developing his business acumen through his youth via Pokemon cards and spare lunch burritos, Aust has learned throughout his lifetime as a “hustler” the basics of a profitable business. Now, as a homesteader, Aust shares with us that the farm is a side-hustle. Even six years in, he is not relying on his farm to be profitable or the main source of support for his family.
There are three main areas where a business side hustle can fail:
- Failure to Plan: This results in wasting time, effort, and money. However, don’t get stuck in analysis paralysis! A concrete goal is the best way to move forward.
- Starting without Sufficient Capital: Do you ACTUALLY know how much your business venture costs? Take note of all of your data: infrastructure, supplies, and repairs.
- Not Planning Ahead with your Time: Time is Money! Pay specific attention to the scalability of your enterprise.
The number one way to stay safe? GROW SLOW. Make a plan, stick to it, and stay small. Remember that the business skills you learn along the way are infinitely applicable.
Freight Farms: grow food anywhere with the help of the Leafy Green Machine. Thanks for continuing to sponsor the podcast! Go to www.freightfarms.com/homesteady for access to a FREE Business planning guide!
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We have a new addition to the Pioneer Program: A PIONEER ONLY FORUM! Learn from one another and get to talk with Accountant Mike, The Foraging Beard, Dave from Northeast Edible, Alexia The Suburban Escapee, and Allyson, our producer. Not a Pioneer? Join Today!
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The wait will be shorter than ever for the next episode, as Aust is now creating Homesteady Content FULL TIME. What does that mean? A daily YouTube Video and a NEW podcast every two weeks.
We are looking forward to even more Homesteady in 2018!