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You will need teleporter or at least flag to be able to return to the colony. For colonies for NPCs you can chooose any planet, but higher danger ones give you better rent/rewards.
People claim that moon colonies pays the best cash due to the danger lvl.
*edit if i wanted to plant crops for cash, i would go with stuff i don't have to replant and which is higher lvl seeds.
not anymore, moon was changed form old lvl 10 now has no level. so the highest are ow scorched, voclano and lava.
(Editted)
Also, if you have enough EPP, there's better way to get money than farming; buying some Colony Deeds and placing them in highest level planets. But before you can do that, farming is still a way to get money. The below is for the begginers who don't have Radiation EPP.
(Edit end)
Anyway, best planets for colony usually be "Lush"(like the first planet after Earth) or "Forest" planet for begginers; because these planets have occasional rain and automatically water the farmland, if only you are standing there when it rains.
Bewere flying monsters, though, because you won't roof the farmlands for getting auto-watering.
Some hate the attacks from flying monsters, and would like build a colony in "Barren" planet. There's no monsters and that is the best part of that planet type, but you won't get rain. In Barren planet, you will need to manually water the farmland with watercan, until you can craft Sprinkler.
Lastly, I think the best farming technique is to plant what you need.
If you need food, get Rice in Lush planet. Rice is one of the undecaying and stackable food, and can be cooked by basic campfire. Also you don't need to replant when you harvest them.
(Editted)
If you need money, actually you need "running around on planets"; try getting better crops in higher tier planet as you can, plant the seeds as many as you can, and cook the crops for better price as you can. For Example on Forest planet: get Cocoa, fruits, and Sugar, and make Chocolate and Jams.
When you reach 3000 pixel, you might go Terramart and buy Terramart Shipments for the better price on crops and foods.
(Edit end)
Good luck and have fun build.
You can farm in a building or on your ship and make sprinklers to water them. With a building you can make a very compact farm by having layers of farms on top of each other and are completely safe. I highly recommend keeping a stack of rice on hand, at all times, as it never expires, and all you need is a camp fire to cook it. Best thing to do is to set up a small rice farm on your ship so you constantly collect it.
Best thing to do is skip farming all together. Put a cooking station and a fridge and some pots on your ship for a chef to show up as a renter. Buy his foods, and use him as a shop to sell junk you don't want. Easiest source of food and best source of food. Keep resetting the chef till you get one that sells puss plum foods. Such as puss plum tarts or puss plum pudding. Those give damage boosts among other boosts. Although expensive.
For a colony, or more specific a rent colony which produces money, build one deep underground on a volcanic planet which is tier 6. Make sure you set up a teleporter for it and close it off from the outside so you are never attacked. You want to put it deep underground because meteors are a thing on volcanic planets. And can easily destroy your colony if on the surface.
Here's mine:
http://steamcommunity.com/sharedfiles/filedetails/?id=846456871
The renters have the bare minimum required to spawn. It has a chef to sell unwanted items and for food, and has 60 residents. You walk along the top clicking the rent, then drop to the bottom and collect it all. Makes about 10k-20k each time depending on what I sell and what I keep. And the best part it is you can always expand it further.