Part-time aspects to ponder
Part-time farming has effectively been forced on many that are currently pursuing it. For various economic reasons, they realised that full-time farming was no longer viable, or as viable as an off-farm job. However, there are a number of questions one needs to address in order to determine the viability of part-time farming:
•What is the income I need to receive on an annual basis to continue to motivate me to farm? Is €5,000 net of expenses sufficient?
•Am I willing to invest capital into my farm, knowing that my return on investment may be more than 10 years?
•Is the financial aspect key for me or is the way of life more important?
•When income targets are not achieved, how many bad years, am I willing to accept?
•What return would I receive if I rented or sold the land? Are either of these options a possible consideration?
•Have I set a particular year or date in the future to review the venture?
In the final analysis, if you are forced down the route of part-time farming you need to make the best use of the farm to ensure that it is a net contributor to your overall life and not just a drain on your time and financial resources.