Re: I would like to be a commercial beek
Income has a number of sources. Maybe you work for another beekeeper part time. Maybe you work a full time job. The bees bring in Income from pollination, honey sales, nuc sales, etc.. Those are all Income.
Expenses come from everything one spends on the business.
Profit comes from having more Income , from the Business, than Expenses. Loss (ie: Debt) comes from spending more on the Business than what the Business made in Income. As shown on one's Schedule F :Profit or Loss from Farming.
Some have been using the words Profit and Income interchangebly.
Just because something is new to you, doesn't mean it is new, or revolutionary. Mark Berninghausen