The Country, Land and Business Association (CLA) is encouraging farmer and rural business owners to fully explore new diversification opportunities in order to bring in additional revenue streams.
The organisation, which has produced a handy checklist to help provide new ideas and areas of opportunity, also advises that that independent, expert advice is essential and warns farmers not to be taken in by salesmen with money-making promises that seem too good to be true.
The CLA checklist includes:
- Prepare a list of your assets and their ownership status – consider any tenancy issues, long-term tax planning and your potential to claim grant aid .
- Have you got the enthusiasm and commitment to see it through? – any diversification project will take time and there could be hurdles to overcome along the way.
- Research your options before choosing the most suitable project – carry out market research, prepare a business plan with cashflow budget and talk to others who have similar experience of diversification.
- Consider the skills you will need – if you or your staff don’t have the necessary skills, consider retraining or recruiting specialist workers.
Think about the business issues created by the proposed project – would a new separate business be better? What about business rates, insurance, utility services, funding, health and safety and the effect on your existing business?
At Milsted Langdon, our agriculture and farming specialists can provide expert, impartial advice to help you decide whether a new business venture or diversification project could reap rewards for you. To find out more, please contact us.