About Hobby Farms
Several people who have fond memories of growing up on the family farm have found a way to relive some of those memories. There's a growing movement in the U.S. toward hobby farms. Some retired professionals have started a second career as a hobby farmer. Others are still working and are spending their spare time on their own farm. And the trend doesn't look like it will slow any time soon.
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Significance
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Hobby farms are growing at a rate of 2 percent a year, according to an article in the Oct. 22, 2007 issue of Time Magazine. The article also said that hobby farms account for half of all farms in the U.S. That growth is expected to halt or even reverse the decades-long statistics that show the number of farms in the U.S. is shrinking every year. The farms that are declining in number are family farms that can no longer afford to stay in business as they are forced to compete with or be swallowed by corporate farming operations. Hobby farms are another matter. They are not being established as the source of a family's primary income, and some make no profit at all. Instead, they are a return to what many view as a better way of life that has almost disappeared.
Types
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The Hopkins family, who live in a county north of Indianapolis, raise sheep, goats, horses and rabbits, mainly so their young daughters can experience the animals and farm life. They sell the young animals every season, once they are weaned, to help cover costs, but the Hopkins farm typically make little, if any, profit. The farm for them is a lifestyle rather than a way to make a living.
The Howells, who live west of Indianapolis, raise miniature horses on their hobby farm. A hobby farmer in South Carolina, interviewed in the Time Magazine article, grows blueberries for his u-pick farm. All these farmers make their income in other professions. Many hobby farmers across the country grow organic vegetables to sell in farmers markets. -
Size
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Hobby farms can be as small as five acres, but most are a little larger. The average size of a hobby farm in the U.S. right now is 30 acres, but how many acres you need depends on what you intend to grow or how you plan to use the land. If you intend to raise and train horses, you will need more property than if you want to have a pumpkin patch to provide your community with Halloween jack-o-lanterns.
Considerations
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If you have never farmed before, or if it has been a number of years since you lived on a farm, it would be wise to first talk with other small farmers to learn the pros and the cons they live with every day. Peoples' lives always look different from the inside. If you still believe the hobby farm life is for you, start small. You may be surprised at the amount of work involved, and how much it costs. You can always grow your operation later if all goes well.
Misconceptions
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Don't forget the IRS. If your farm doesn't make a profit in a specific timeframe, it will be labeled as a hobby, not a business, by the IRS. That will limit the expenses you will be allowed to deduct on your tax returns. Make an appointment with a good tax accountant so you know exactly what your options are regarding your finances before you start buying property and farm equipment.
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