‘The only way is diversification’
Glamping, distilling, adventure tourism and even outdoor farm fitness are among some of the novel opportunities open to rural businesses looking for “diversification inspiration” highlighted in a new guide published this week.
And while diversifying their way out of trouble might not be the answer for all businesses, the publication put together as part of the SRUC’S Rural Brexit Hub initiative, highlights successful examples and includes advice on how to get new projects off the ground.
Guide author Calum Johnston said that, with current Brexit uncertainty and the onset of reductions in farm subsidy payments after 2021, diversification was set to become increasingly important for farmers and rural businesses in order to ensure long-term sustainability.
According to Defra and the NFU Mutual Diversification Report 2018, more than 60 per cent of UK farms have already diversified, with 63 per cent stating that diversification is either “vital” or “significant” to the financial viability of the farm.
As well as case studies of successful projects, Future Proof Your Business Through Diversification also includes advice on aspects such as legislation,
planning permission and insurance.
“Amid the continuing uncertainty over Brexit, more and more farmers are thinking about diversification as a way of adding value to their business and helping to ensure financial sustainability,” said Johnston.
“This guide highlights a range of exciting opportunities for farms of all sizes and capabilities from weddings, added-value produce and farm vending, to agri-tourism, leisure-tourism and equine holidays.”