Does It Make Financial Sense?
Now that the list has been narrowed down, it is time to see if the enterprises that have been chosen meet the financial goals that you have set. The Pennsylvania State University has a list of budgets for a variety of crops.
A bulletin from Appropriate Technology Transfer for Rural Areas (ATTRA) offers ideas on evaluating a new farm enterprise. One part of the bulletin offers a slightly different way to evaluate the potential income of a new enterprise.
It is crucial to make sure that the choices you make will meet your future needs. Therefore, developing and reviewing budgets should be done with the support and advice of other key members of your farm business, and if possible, a farmer-mentor or advisor. Your local Cooperative Extension Educator may also be a good resource in reviewing your budgets and offering suggestions.
Hopefully, you have now successfully evaluated your farming resources. What enterprise(s) have risen to the top? Do you need to refine the list any more?