Try and get on to some dairy farms that raise their own and see how they do it and how successful they are.
Top advice
And you may find that the dairy farm rear their own replacement heifers but are happy to sell their beef crossbreed calves - and those are the sort you want to be buying.
When we were bucket rearing we never bought anything younger than 1 month old; this massively reduced the death rate.
Go to your local auction's calf sale a few times; you'll soon see how the prices work. At Carlisle, a good Limousin x or British Blue x will be £300-£400 at a month old. If you can rear all that you buy there should be room for a profit there, but at those prices you don't need to lose very many to see your profit eroding. A nice Hereford x will be high £200s, so quite a bit cheaper. And a nice Angus x could be a little less.
It's much better to buy from one source and not through a ring, but watching the trade will give you a feel for what they're worth and also start to give you an eye for what's good and what's less good. When buying dairy crosses, you want to learn how to spot the Holstein backend and avoid them
As a
very rough rule of thumb, with prices as they are at the moment, you would hope to add about £300-£400 per head per annum.
Again, spend time at your local mart watching the store trade. You will learn what sort of beast fetches what sort of price at what sort of age. If you have more than one mart within 30 miles, visit them all - the buyers at different marts could be looking for different things
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One of the things I get for free is BH's lifetime's experience of knowing when to sell which beast and at which mart and which sale. I would think that judgement probably adds about £80-£100 / head / annum to our profit, if not more.