We were wondering the same thing. We came to the realization without going into a huge about of debt we needed cash. And lots of it before we started on the homestead, because it could be several years before we can harvest enough to make any kind of impact. What we decided to do is make our 0.2 acre suburban lot (includes house in acreage) into the most productive we can and produce for our family and sell the rest. We are teaching others what we are doing here to generate additional income. We cut costs as much as possible and look to make an income stream from everything.
We have chickens, so we sell eggs. We saw what chicks and then laying hens were going for in our area now that many have the bug and are hatching and raising chicks/pullets. We made an arrangement with a neighbor who is out of work we raise the chickens, and he makes the coops (makes much better than I did). Many people want to come see the hens and pick their own out rather than get chicks and wait for them to start laying, or get bigger birds in the mail unseen. Package deal of hens and coop, or hens, coop and rooster. A-la-cart.
We researched and will raise meat rabbits for ourselves, then have an arrangement with another family to make a rabbit starter kit to sell to people wanting to start out with rabbits. 1 buck 2 does, and 4 hutches. Package deal.
We consult on getting other people wanting to start out on suburban lots to turn into a homestead.
I don’t think from all the research we have done it is possible to get land, and live off it without some serious cash or a ready-made farm. Even with that we couldn’t stop working “in-town”
Think about immediate, short, medium and long term. You were exactly right on making a business plan. I spoke with SBA, SCORe, and Farm lending groups. All said the same thing, Won’t make it without constant income from “town”
If you bought the property tomorrow, what could you do to make cash immediately and still cover overhead and debt if there is any? What about the Murphy scenario? Someone gets hurt or sick or barn fire, are there reserves to cover it. What could you do within 1 year? 5 years? Long term of 10-20 years.
Without specifics on property i.e. soil, available resources, water availability, existing structures it is hard to make a recommendations.
Our thoughts were bring our existing flock to the new property, and we have some income from eggs, and birds. Bring existing rabbits and ramp up production on both rabbits, meat birds. Still live in town and work new site ever moment we were awake.
We have aquaponics at our existing place and would make a larger version at the new place. Tilapia in warm weather can reach harvest size in < 1yr, catfish 2 yrs. We do sell produce now, and do agro-tours.
Fruit/nut trees 3+ years typically.
Goats, sheep, cows take fencing larger areas and unless already there is a cost as well. But at least a year.
Can you harvest any wood and sell next year as seasoned firewood. We found locally that we can get wood for $30 rick in the country, drive it in an hour to town and sell for $70/rick during winter. We made a deal with guy selling that we help cut and split. We take 5 ricks and leave 5 ricks for him to sell. Just cost us time and $70/rick delivered is cash in hand for the new place.
I was super impatient to get out in the country and start homesteading, then reality slapped me. I adapted, and thought; what can I do in my current situation to make more of a homestead where we are at, and speed up income stream to get us in the country faster?
Can you sell stuff, second job, whatever to get more income that will last between old place and new place while transitioning.
Just my two cents.