Any stable chair consists of four legs. The ability to spread the weight means that you can site in the chair comfortably knowing that it won’t collapse.
What would happen if you sat on a chair with only one leg? Would you be comfortable? Would you be concerned about falling off?
This is the case with bear all farm businesses that have only one single income to their business. They depend heavily a single income stream to keep their business and lives stable. This is not healthy and probably explains why agriculture around the world has such a high suicide rate.
For this reason you need to make sure that your business has multiple income streams of at least four reliable sources. This will give your business stability and more balances.
I know this is easier set and done but when you take the time and effort to work towards four income streams the benefits are enormous. See the following ideas as potential opportunities for you to work on
- Is there any spare land or machinery that you can rent out?
- Are there any knowledge or expertise that you could share on a laid basis?
- Are there any online opportunities that a free to start that could develop into an income stream e.g. YouTube tutorials?
- Do you have any surplus stock, materials or labour that you could sell?
- Are there any grants or subsidies that you are not aware of?
- Are there any tax incentives that your business is not taking advantage of?
- Could there be any alternative energy incomes to utilise like wind or solar?
- Are there any professional fees that can be removed?
- Are you giving back to the community? You will be amazed by the opportunities that can develop from this
- Storage can be a great source of income perhaps you have a spare shed or stall that could be rented out?
This list is by no means exhaustive but should push you in the right direction. Imagine if your farming business had four solid income streams. Would you sleep better at night?