WORM FARM – PROFITABLE HOBBY
A worm farm can be a profitable hobby to take into retirement.
Your customers will include (a) households who want some worms to decompose their kitchen waste, (b) vegetable gardeners who want to improve the soil in their beds, (c) people who are going fishing and (d) bait and tackle shops.
Ideally you will need raised garden beds, but the wonderful thing about worms is that they multiple themselves. You just keep feeding them your kitchen food scraps.
Initially you will need small advertisements in gardening and fishing magazines as well as on Google Adwords, all of which will take some capital, so it’s best to start this small business venture while you’re still at work.
You should be able to get started with say 8,000 worms (1.25 kg) for about $200 but they will increase in numbers and then you would sell perhaps 1,000 in a retail pack for say $50.
After about a year you should be able see some positive financial rewards for your efforts.
If you’re concerned how such a hobby business might affect your pension, generally speaking, a couple can earn $6,240 a year before their pension is affected at all. After this, the pension reduces by a set rate for every dollar of income above this.
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