If you’re ready to join the 62% of UK’s farmers that have diversified from traditional farming, we’ve come up with a few alternative income ideas to inspire you.
With farmers in the UK facing many challenges, diversifying the products and services that they offer is a sensible way of branching out and boosting income.
Many farmers are making better use of the land and buildings that they own, adding new arms to their business that are outside of traditional farming.
Some of the most popular business types that farmers are diversifying into include:
- Camping and caravan sites.
- Bed and breakfast.
- Renewable energy.
- Petting farm.
- Cattery or kennels.
- Farm shop and café.
- Toddler group or kid’s parties.
- Riding lessons.
- Alternative crops/farming.
- Craft workshops.
According to government figures, UK farms that have diversified bring in an average of £10,400 extra revenue per farm. With these kinds of figures, can you afford not to diversify?
A good place to start, is to assess your existing business and identify any physical resources or skills that you could be making better use of.
Funding for diversification
If you require help funding your diversification project, it’s best to plan and develop your ideas before applying for agricultural finance.
Carrying out thorough research and creating a detailed business plan can help to reassure lenders and get them onboard with your vision.
At Richmond Asset Finance we have over 10 years’ experience helping farmers to gain the agricultural finance they need to grow their businesses. Get in touch to discuss your project in more detail by calling us on 0113 288 3277 to find out if we can help.
