Don't forget each hive cost is divisible by the amount of years you have run it for. The first year is full price but the second year, provided you have not purchased anything new for it, will be half the price. So it will always seem expensive in the first few years. To be honest though I don't think I have made a profit in thirty five odd years. But....... It is a cheap form of entertainment compared with going to the gym etc..!!
E
5 hives averaging just 25lb of honey a year for 35 years gives 4375lb of honey or
£15312 if sold at £3.50/lb
Where did you buy your hives?
I've followed similar rules to madasafish , bought some poly hives made other wooden ones, was lucky with finding a huge supply of free cedar and having a background in classic yachts to help with the woodwork.my local lithographic printer has supplied the aluminium for 55 roofs at a cost of 4 jars of honey. Being prepared to be a skip rat will save you a fortune.
2015 I made a first big jump to 30 colonies , at the end of that year I had recovered the entire £6.5k I'd ever spent on Beekeeping and made enough pocket money to notice the extra cash.
This year I've actually made a modest living from Beekeeping and should start next season with around 60 colonies.if it's a good year I'll jump to around 100. If not I'll add the 15-20 hives I can build over winter each year til I hit 100-120 colonies( I'm sure others could rack up a lot more hives than me in the same time). That figure I reckon is manageable and as a one man band, enough for me to support myself even in poor years.
I've never costed my time( no doubt my hourly rate would be depressing) nor do I cost fuel as all my apiaries are on a route i have to travel a 3 or 4 times a week anyway.
My aim is to get to my colony goal having spent less than £7.5k and for now I can't think of a reason why I won't do it.
Better management could have probably got me an extra 1000lb of honey this year, lessons I intend to put into action next year. The 18 nucs I sold could have been double that on the first day my local association advertised them( within the first 3 hrs actually) something I'm better prepared for this year.
I still consider myself an enthusiastic novice with a lot to learn, but I'm totally optimistic( apparently unusual for a Beekeeper) that a reasonable living can be made despite modest investment.