Hello everyone!
Over the last 6-8 months I've been on a journey to try my hand at growing hops commercially. With the amount of craft breweries on the rise, the lack of hop farms in our area and the readily available access to our family farm, I feel as if it's a reasonable gamble for my first business. I've done my research on the subject by speaking with local hop growers, local breweries and even some research facilities across North America. I've generated a rough run-up cost for my first year and I know that I'll be generating no revenue until my plants are established. I've also been able to save some expenses by harvesting Tamarack poles off of our property, while using the farm equipment that I have access to. My test plot is prepped for the spring with plants on order, leaving me to figure out irrigation and spraying.
Now for my questions. Since I'm quite close with my family, I've been given the option to use the family farm business as a way to claim my expenses until I'm established. As this is my first attempt, is it in my best interest to use the existing family business to get my business moving or should I create my own business right from the start? I've done little research into incentives for start-ups but quite honestly, I'm not even really sure where to start from this end of things. If someone could offer some insight into the matter, it would be appreciated.
Thank you,
Mike
Over the last 6-8 months I've been on a journey to try my hand at growing hops commercially. With the amount of craft breweries on the rise, the lack of hop farms in our area and the readily available access to our family farm, I feel as if it's a reasonable gamble for my first business. I've done my research on the subject by speaking with local hop growers, local breweries and even some research facilities across North America. I've generated a rough run-up cost for my first year and I know that I'll be generating no revenue until my plants are established. I've also been able to save some expenses by harvesting Tamarack poles off of our property, while using the farm equipment that I have access to. My test plot is prepped for the spring with plants on order, leaving me to figure out irrigation and spraying.
Now for my questions. Since I'm quite close with my family, I've been given the option to use the family farm business as a way to claim my expenses until I'm established. As this is my first attempt, is it in my best interest to use the existing family business to get my business moving or should I create my own business right from the start? I've done little research into incentives for start-ups but quite honestly, I'm not even really sure where to start from this end of things. If someone could offer some insight into the matter, it would be appreciated.
Thank you,
Mike
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