I am in a similar situation. Live on 15 acres but only use the area around the barn for a small garden. There is a possibility that 2 nephews might come back to live with me full time so earlier this year I had to look hard at my property to figure out if I could earn a real living here or if I should sell out and move to town.
I took a copy of the property survey and conducted an income potential audit. The hitch is that, while I don't mind hard work, I don't want to work very hard at something I do not enjoy, lol! So, what I came up with, for my property in my area with my own interests, talents, abilities, AND ability to finance start-up construction for, was this:
1. 5 acres with old house which is already rented, need to increase rent to $800/month. Yearly income potential $9600.00.
2. Beehives- I already have around 80 of these but need to work them more efficiently to realize a goal of $300/year income on each hive. YIP: $24,000.00.
3. Dog boarding kennel- utilizing an unused area behind the house I plan to build a 20-run kennel. Hope to keep an average of 10 runs filled 5 days per week, 50 weeks/year. YIP: $37,500.00.
4. Horse boarding: 3 acre pasture currently not in use. Plan to build a small 4-stall barn and board 2 horses @ $150/month. YIP: $3600.00 plus I get all the manure and used bedding for my compost and garden.
5. Firewood sales- I get free firewood, already cut to length, throughout the year from tree-trimming companies. I am stacking it to dry and expect to sell $400.00 worth this year. Not a huge income, but requires very little effort and can be easily expanded to meet demand.
6. Sale of surplus eggs: YIP: $240.00
7. Sales of cut-your-own flowers: YIP: $300.00
8. Sales of worms: YIP: $500.00
9. Sales of miscellaneous surplus homestead products (popcorn; millet; herbs; veggies; pineapples; bananas; compost, rabbit manure, etc). YIP: $470.00.
10. Yard waste- this is something I already do but hope to expand upon- I let a couple of landscape companies dump yard wate on my property. Right now I charge $5/load, but I think I am going to increase that to $10.00/load. I am averaging 4 loads/week so based on current figures I am taking in $80/month. This would at least double to $160/month just for tipping fees. In addition I frequently recieve trees which I pot and sell for $10 each; large pots that landscapers leave when they plant shrubs and small trees; wooden pallets, which have no $$ value but which I use around the place for my compost bins; and oddly enough, tools and other useful items. YIP: $1920.00.
All that adds up to a potential $78370.00. Not bad for hanging around the property doing things that I would enjoy doing anyway. That is income potential, not profit, but the only capital expenditures required are to build the kennel and the horse barn. Other projects, like the banana and blackberry patches, are already established and expansion comes from the existing plantings at no cost other than my own labor. Operating expenses must be deducted but are not very high for any of these projects. With no mortgage payment, everything else paid for, no debt, a large garden and raising our own chickens I think we will be able to live quite well.
Oh, I forgot the goats! I plan to use 3 acres in front of the house for goats. I bought a used candy dispenser and plan to fill it with pelleted goat feed. For 25 cents, customers kids can feed the goats- that should take care of part of the feed expense. The goats are intended for our own consumption, but we could expand that and sell some if it works out. Big expense here for fencing and purchasing seed stock.