Tom Turner: A Focus on Diversification
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Diversification is one of agriculture’s biggest and most polarising words and with the continual financial volatility for the industry, the question of diversifying income streams is a conversation many farming businesses will be having.
Diversification, however, is not just simply adding another revenue stream to your business, there are several considerations to make before adding another enterprise into the fold such as selecting an enterprise you enjoy working on and funding - do you have capital available or is a loan required?
You also need to think about what works with your current enterprises. These are just a few of the considerations that should be on your mind and there can be many more which are dependent on your location, labour availability and planning constraints. All this can make the subject of diversification a minefield and can put a lot of farmers off seeking opportunities, but they should not.
Seeking advice, support and inspiration is the best place to start on your diversification journey, and there is no better place to do that than the Land, Leisure and Tourism show. The show provides a knowledge sharing space for farmers looking to invest in a new enterprises and access to advice and support from industry professionals.
Unsure of planning laws? There will be land agents on hand eager to advise you.
Need help budgeting or building a business plan for a lender? Farm business consultants are experts in developing and incorporating new enterprises.
Need inspiration? There will be plenty of businesses with a wide array of ventures suitable for multiple farm types and locations. In short, if you are in the market for a new opportunity, this is an event you should be going to.
Visit Farm Business Innovation at the NEC Birmingham, 6-7 November to start your diversification journey.
