If you want to run a truly profitable homestead you need to make sure that your time and labor is being tracked, and that a dollar value is put to that time and labor spent.
But how much is your time spent on the farm worth?
We all love the time we spend on our homesteads working with the land, animals and plants.
But just because we love spending the time working on our homestead doesn’t mean we should do it for free. If we want to run a truly profitable homestead we need to put a value to our time and labor.
Accountant mike suggests placing an hourly rate to your time spent homesteading. What figure do we put to those hours?
DON’T use the dollar per hour rate you get paid at your job.
For example, if You are a skilled craftsman and you earth 50$/ hour at your place of employment, that is probably not a fair figure to put to the time you spend weeding the garden. Your tomatoes will NEVER earn you enough value back to cover that dollar per hour figure.
Instead, match your dollar per hour figure to your local market.
What would a farm hand in your town get paid to do the work you are busy with on your homestead.
Would a farm hand get paid $10/hour to weed a garden or pick veggies? If that is what your local market values that work at, apply this number to your time spent in the garden.
This way, should something ever happen to you and you need to hire someone to help you, even just temporarily, you will have an accurate cost figure built into your homestead or farm labor, and you will still continue to run a profitable homestead!
Is this your first time here at Homesteady? Join our Email List so you don’t miss out on our daily homesteading videos and podcast episodes!
CLICK HERE TO JOIN THE EMAIL LIST
CLICK HERE TO SUBSCRIBE TO OUR YOUTUBE CHANNEL
CLICK HERE TO SUBSCRIBE TO OUR PODCAST
Leave a Reply