Small farms (earning less than $50,000 annually or occupying less than 180 acres) are now considered good business opportunities. There are different challenges and unique experiences between both. Farmers who have both crops and livestock can reduce the risk of total loss. Crop calamities like drought, pests, and diseases can happen. Cold weather might result in frozen livestock. Market prices vary between crops and livestock. In a down market, you can store crops until the market goes up but you can’t store livestock.
Some farmers choose livestock or crops. Some choose both. It’s always important to diversify so if one aspect of the farm has a bad year, hopefully the other aspect will be good and balance it out overall.