New Entry into Farming 2024

The Local Fool

Hello All and I hope you are all well.

Iam looking for advice. The whole country (around me anyway) is farming, mainly beef and sheep and some dairy where holdings are big enough etc.

Anyway, I have always had a good interest in farming and have the Green Cert done.

An opportunity has come up to rent land, the rent isnt cheap but is in line with the market.

Now, I would be starting from zero, I have no stock, own no land, etc.

I have been crunching the numbers and think I would have entry to the following schemes at least;

• Basic Income Support for sustainability (Entitlements National Reserve)
• Eco Payment Scheme
• Complimentary Income Support for young farmers
• Areas of National Constraint (ANC)
• Complimentary redristributive Income Support for sustainability

The money from these schemes would only cover 80% of the RENT ONLY.

I would then have to stock the land with cattle or sheep, starting out at low numbers, I would have overheads such as electricity, water, Insurance, Agri advisor, inspections prep, making silage, feed stuffs, bedding, diesel, dosing etc.

So with the added benifit of being a 'Young Farmer' and the few extra payments that come with that, over all, I reckon Id be making a fairly big loss. Like I say, I like farming but not losing money either.

What I keep asking myself is, am I missing something obvious here that makes farming profitable?

Thanks.