I'm going to assume from your location that you are near Princeton University. If you are near Princeton University and your population is anything like the Hairy Armpitted Earth Mothers of Austin, Texas; you know, the University of Texas graduates who drive their aging Volvos to Starbucks and grab an organic quiche from the salad bar at Whole Foods on the way home, then you have a potential massive hit on your hands.
I said potential. The product you want to spray is called "compost tea." Visit
www.soilfoodweb.com to learn way more than you'll ever want to know about it. If you are serious about it, though, you'll need to search the Internet and Yahoo for more information. Making good compost tea, tea that passes the tests, is not necessarily difficult, but it is a process where you need THE recipe and you need THE method down to a science. The purpose of this type of spraying is to replace the beneficial fungi to the turf that have been stripped away over the decades of mishandling of the soil.
Let's assume you have THE recipe and THE method. How do you know? Well you have to send samples of your tea to Dr Elaine Ingham (soilfoodweb.com) and she will test it for you. Once you have that, you can charge a premium for your product. Also, once you have that, she will help you maintain your recipe and method and perhaps refine it.
The tea making equipment you need will cost you about a thousand dollars for 500 gallon batches. You can make good tea in a day (I think). Again, get into that subculture and the sources of equipment will pop up. Bob-O-Lator is one brand but not necessarily the best. I just like the name, so there Bob gets the free publicity.
The spraying equipment will also cost you. If you plan to do any acreage, like soccer and other sports fields, you need a 150 gallon (minimum) sprayer/tank with pump and a way to move that tank around. The nozzle you need is a 0.20 size nozzle. The reason for the huge opening is the stuff you will be spraying will have particulates in it. If you don't spray the particulates out, you spend all your time cleaning screens and tiny little 0.04 nozzles. An example of a sprayer is at this address...
http://www.equipmentman.com/curinv/rake/31.htm
There are smaller ones, some come on little trailers to be towed behind an ATV, some can be fitted on the back of a golf cart, so shop around. You may even need a boom (larger tank needed).
Application rate: Anything from 5 to 20 gallons per acre depending on how much the folks are willing to pay for. The 20 gallon rate is pretty dense. You might do a 20 gallon rate for the first spray of the season and follow up with 5 gallon rate three more times during the growing season.
Pricing: One part-timer in Austin gets $900 to spray 8 acres around an apartment complex. I'm pretty sure that is the 5 gallon per acre rate. So for 8 acres he puts out 40 gallons of material that might have cost him a couple dollars to manufacture. Of course the testing and equipment need to be paid off. This guy's tea is officially tested as is his initial raw materials. His mother started the business and she gets testing certs from her vermicompost supplier in Louisana with every batch. She started spraying her ranch with it and totally eliminated weeds in one season. But I've never seen anyone test anything like she tests her tea.
I'd say the $40-$50 per quarter acre cost per application would be good for homeowners. You might want a truck mounted tank sprayer and long hose like the Chemlawn folks use. Again you need a large nozzle. If you are allowed to, you could make a point of doing all your spraying wearing shorts and barefoot to demonstrate the safety and benefit of spraying compost tea. The chemlawn folks have to wear chemical defense boots.
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