I would think long and hard before I tried this at your age. I have been in the farm equipment repair business for close to forty years. It is changing. There are fewer smaller farms and farmers. My customer base keeps getting smaller. The city/part timers usually do their own repairs or will not pay fair shop rates. So look around your FIL farm and see what size the farms are. If they are big grain farm you will not get much repair business. They tend to run newer equipment that is under warranty. Also it is new enough that unless your are trained on that line of equipment you are not going to be able to fix it.
I own over three hundred tillable acres and have seventy-five brood cow besides doing all of the repair business I can get PAID for. I still drive truck in the winter to help on the income front.
Don"t get PO at me for this next statement. You are working at a good factory job. Your are used to that security of someone else worrying about meeting payroll. It is a whole another world doing that 365 days a year for yourself. Yes it can be rewarding but it also could be the end of your marriage. If you make this step and you can not make a similar income to what you are doing now then it will really stress your marriage. Plus what are the odds of you getting that good factory job back if your repair business does not work out???
I would start doing some of it part time. Then see what is going on. I would not count on that farm being ours until the deed is in your name. Your FIL could use up a 150 acre farm if he suddenly needed full time nursing home care. Why are you just starting to get involved on the farm now??? Most that make a go of it,not a hobby, have started way before now.
You can build a pretty good shop and equip it with the basics for under $50,000. That is just about what a good diesel pickup is new. If you can"t scratch that up then you are way under capitalized. You need to work a while longer and cut your living cost back. Build a savings to reach your goal. Don"t think I am all negative on anyone wanting to start their own business. I just have seen too many fail because they did not have all of the pieces together.
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