NFU Mutual have undertaken a wide ranging survey of farming business about diversification. According to their recent Diversification report, over 62% of farmers have already diversified and for over 90% it has been financially successful.
59% of farmers confirm that diversification has had a positive impact on their local community and 63% see their diversification to be significant to the financial viability of their farm.
Of those farmers planning to diversify for the first time, 66% plan to do so within the next three years. Many stating that they will start their diversification with a form of holiday accommodation.
if you are thinking of diversifying, there is some sensible and straightforward advice from those who have already done it: research, plan and prepare well. Like any business, getting a secondary income stream to supplement your main enterprise is a very effective method of increasing overall returns and perhaps just as important, safeguarding against a downturn of your core business.