One of the ways farmers can make extra income is by renting out farm equipment and expertise. The world is slowly becoming obsessed with machines, and people who still have farm equipment, and the knowledge to operate it stand out. That is when farmers can take advantage, and rent out equipment and expertise to those who need it but do not know where or how to find it. To make this work, the farmer needs to consider the following.
Have a Well-Equipped Farm
It goes without saying that people will only reach out to farmers who have well-equipped farms which give them the equipment they want. Once customers ask for items, and you tell them that you do not have them, they are unlikely to return. Before you start renting out, stock up so that you become a reliable source.
It is undoubtedly important to do thorough research before you start renting out equipment and expertise. Doing research will help you establish the kind of equipment your potential clients need, what they use it for, and other items they may need, which farmers in your area do not have. You can even do a targeted survey to see the expertise and equipment that they are likely to want.
Have Proper Documentation
Many people visit farms looking for expertise which can help in their careers such as working as a movie film extra, or even those who want to start out and are looking for mentors. You should have proper documentation, such as contracts that bind you and spell out what is expected from both of you. The documents should also have details of the equipment you own, their condition, and when you expect them to be returned.
If you want to be competent in renting out expertise, you must be open to keep on learning. There are always constant changes in what is happening in the agribusiness industry, so you should be informed constantly on what is new so that you are not left behind. Do not be afraid of needing to reach out to veteran farmers and asking them for advice when you feel overwhelmed.
Once you are an established farmer, you can partner with companies which make equipment and have them sponsor you in acquiring some of the expensive equipment, that you would otherwise not afford. Once you get the equipment, you can rent it out and have a payment plan with the company that sold it to you.
Repair the Old
In some fields, some of the most sought after items are old ones which are no longer available in the market. If you have old machinery that is lying around on the farm, it is time to polish it up and look for people who want to rent.