If you're working 60 hours a week making pretty good money, and your wife makes almost as much as you, and you can't afford to put up a shop I have to think you're living a bit beyond your means.
I don't know much about farming, but I do know you're not going to make much off of 154 acres. I agree with those that said to rent out the land.
Starting one business is hard enough. Don't try to start two.
Unless you downright hate your job, I can't imagine anyone quitting a 60 hour a week job that pays good to start their own business in this lousy economy. But hey, we all have dreams. If you really want to start a shop start cutting your living expenses so you can live off your wife's income while you get started. Sock some money away so you don't bury yourself in debt to start your business. Before you build a shop on the farm make sure you won't have zoning issues. Its one thing to work on your own equipment on the farm, but another thing to work on customer's equipment there.
Have you considered what running your own business really entails? You may think it's about doing mechanical work. That's just the tip of the iceburg. You'll spend way more time talking to suppliers, insurance agents, billing, paying bills, cleaning the shop, maintaining shop equipment, recruiting customers, etc than you can possibly imagine. You will be a businessman not a mechanic. If you have much success you'll need to hire mechanics and concentrate more on the "business" side of things.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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