I run a small market garden and it’s looking like I will break the $7000 profit mark this year (hurray!), which got me thinking about getting a Farm Business Registration #, which got me thinking about a whole bunch of other business stuff.
I have a fairly solid foundation regarding the business side of small-scale farming - I did Everdale’s Farm Business Planner course a few years back, made a business plan, keep a budget, have a business license, insurance, crop plan, harvest tracking etc etc but one area I get stuck on is what my obligations are in terms of financial record keeping, taxes, accounting/bookkeeping, and all that administrative stuff as my farm business grows.
Where have you all learned about these things? Is there a specific website or organization that details these things for farmers, and specifically small farmers who aren’t cash croppers? My main concern is that I’m missing something important that has legal implications or will impact my success later on.
Any help is greatly appreciated!