The perks you get in a city or town may not be readily available or hard to access from your farm or rural property. Rural living can also be very isolated at times as neighbours can be few and far between.
Starting a farm business in addition to your full-time career can involve extra time, money and staff. Create a 10-15 year business plan that anticipates expenses, start-up and maintenance costs as well as personal/financial challenges.
Industry
Research the viability of your proposed product or service including your target market, profit/loss projections, costs, hazards and of course, your competition on a local, national and international scale.
If your hobby farm specializes in a product or service that will environmentally affect your neighbours (noise, smells, etc.) you could be limited to the space you occupy or the amount of business you can do. Check with a reputable real estate agent or a your local land assessment office to see how your business dream will affect your area. Don't forget to ask about future urban expansion or zoning of rural properties surrounding your farm.
Budget
Maintaining your property can take more effort than you expect. Your capital investment plan should include start-up and living costs, upkeep of your home, business, buildings and equipment as well as the cost of getting goods to market.
When purchasing rural land, keep in mind you may require a well, water rights, farm and/livestock licenses, GST number, incorporation expenses, business phone line, electricity/natural gas/sewage and services such as municipally-built or maintained roads/easements.
Regulations
Your hobby farm or rural acreage may be regarded as a 'profit-making' property, thus in some provinces, owning a farm enterprise requires that you have a registered business name in order to occupy and operate the land. You may also have to prove you are working the land each year in order to retain your license.
Government grants for small farm businesses may be available, depending on the criteria and the hobby you plan to practice. Visit local, provincial or federal websites for program listings and advice.
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