Acquiring capital for most small businesses and/or farms is as simple as going down to the bank and applying for a loan. However, in my desire for a farm, I will not put undue financial pressures on my family. I really enjoy the way things are right now. The one who brings home the bacon is me and the one who cares for our child is my amazing wife. I cannot find the sense in sending her to work and my daughter to school just to make a few extra bucks to pay off a loan. So I'm challenged with raising capital for my farm without financing everything. So, I will be keeping my family home and being creative about saving.
One idea I have is something I started doing while in Colorado, and now that I have a place to work it is even more convenient. Maintenance and small repairs on cars and light trucks can be a good source of additional income. I can charge 1/3 of what dealerships charge for the same work. I get closer to my goals, and the person I am helping is pleased they got a great deal on their auto repairs. Since I am already doing this as a full time job at a dealership I already have the tools I need to complete most any job.
Another idea I have is creating a small woodworking shop in my garage making jewelry boxes, music boxes, humidors, mantel clocks, etc. Since I have a serious lack of wood tools I will need to find some tools for a reasonable price. Craigslist is a resource I can use for finding cheap used tools. And I also have Menards just down the road. I do still have the challenge of finding a marketing plan that will get things off to a good start. I believe I will be checking out "Gorilla Marketing" from the local library. And in the Spring/Summer months I will try to get connected to some farmers markets and arts and crafts shows. Until then I will try to get an inventory built up and check into some of the legal matters of what I am trying to do.
This will not make me rich overnight, or at all. My goals are simply to start a self sustaining farm in the Forest Lake area. The name of our farm will simply be Johnson Farm with many headings (example: Johnson Farm Woodworking or Johnson Farm Meats and Eggs). As we go along things will change and ideas will keep coming and going. The main goals however will stay the same.
