Modern farming businesses are facing more challenges than ever before, but also more opportunities. Diversification enterprises are more regularly becoming integral and essential elements of farming business.
Diversification can provide a range of benefits, for example:
- Additional income stream
- Employment opportunities for the next generation
- Increased business stability
- Optimising and capitalising on readily available markets
- Potential taxation advantages
There are a number of important elements which need to be considered from the very beginning of planning any scheme, including what sort of project would be the most suitable, what you really need to achieve to make it worthwhile, the practicalities of setting up a new businesss or whether to integrate with the farming business, need for formal agreements for renting land or premises even if from the farm, and who will be running and managing the enterprise.
We can help you to develop the potential opportunities for your farm and assist in a range of areas, following our unique 5 point plan, developed with The Business Barn:
1) Developing ideas. What business should I start?
2) Feasibility. Can this business work?
3) Business planning. How do I do it?
4) Budgeting. Will it be profitable?
5) Permissions. Can I get the relevant permissions?