Diversification Options In Farming

Farm diversification is when a farm creates new revenue by extending their activities or services offered. These projects could work on a full or part-time basis alongside the existing farm or could completely replace the business model. Farms that successfully diversify are often able to put their existing farm assets to use.

Advantages of diversification

  • Capitalise on physical resources
  • Revamp existing skills
  • Intermix with local economy
Image

Choosing your options

The ways to diversify are as endless as your ambitions! But you can typically go down an agricultural route or enter a non-agricultural sector.

Diversified agricultural activities include livestock products such as: producing cheese, growing different crops and setting up a petting farm.

Non-agricultural diversion activities typically involve creating retail/catering outlets or tourism attractions. Popular projects include the introduction of independent camping sites (eg. tipi's, pods, glamping etc) or bed and breakfasts on your land where you can add your own personal quirky touches to make your business stand out from the crowd. With an increasing demand for artisan produce and upward trends in locally sourced food, launching a farm shop is a great way to sell your own farm produce and support that of other local producers. Some farms even choose to close their farms completely and start a whole new business project on their land!

Things to consider

  • Diversifying into other forms of agricultural activity does not usually require planning permission but it’s always recommended to contact your local authority as they will be able to help you.
  • If you choose to move into a non-agricultural sector, planning consent may become necessary for new buildings or changes of use for existing ones. 
  • Non-agricultural industries bring their own regulatory framework, understand your requirements and obligations.

It’s clear that diversifying can be a great way to create an additional income for farms and uses the assets that you already own. But should you require any additional finance to complete your diversification plans, Mulberry Asset Finance are here to help. To discuss diversification finance or any other finance solutions that may be available for your farming business, contact Rebecca Braithwaite.

“I have used Mulberry Asset Finance several times for the Hire Purchase of coaches. I have always found their speed of operation and personal attention very satisfactory and I would not hesitate to use them again in the future.”

Barry Pickthall (JB Pickthall Coach Operator)

“I use Mulberry Asset Finance because I know that they will look at my needs and efficiently advise me of the best options available for my business. Always my first choice.”

Peter Fryer, Managing Director, English Lakes Ice Creams Ltd

“The service provided by Mike was exceptional in terms of turnaround time, attention to detail and level of communication throughout the transaction. The consequence of this high level of service is that I approached only Mike and no other supplier to organise funding for my latest capital purchase, which again was handled impeccably.”

Richard Grice - W A GRICE Livestock Haulage Hay & Straw Merchants Livestock Agents est 1903

“I had a coffee coaster with Mulberry Asset Finance on and decided to get a quote from them along with two others. They responded immediately with a quote. They gave a personal touch, whilst remaining competitive and efficient. I have now used them twice and found them a delight to deal with.”

Dale Benbow, Benbows Bros. Timber

“A & H CARLISLE LTD have used Mulberry Asset Finance since 2012 and I can’t speak highly enough of Mike and his team, they have helped our business grow and their knowledge of a customer needs is impressive. They are always competitive and quick to react to our needs. I wish Mulberry Asset Finance continued success and hope to do business together for many years to come.”

Alan Falder, Managing Director, A & H Carlisle Ltd

“Mike and his team are like having your own finance department. I've called out of hours on occasions for advice, very helpful when you're on the move. Always keen on rates and made to fit in with the business. Thanks again Mike and his team.”

Dave Greenbank, Managing Director, Greenbank Crane Services

“We have worked with Mike and his team at Mulberry Asset finance for over 5 years. During this time, they have provided us with the specialist finance which has allowed us to develop and expand our Free Range Egg Production and Egg Packing business. Our recent investment in additional packing equipment has seen our Through Put ability increase and as a result, has helped our business increase its turnover by over 30%. Mike and his team are always keen to understand our business requirements and have a professional, straightforward approach which makes the whole process an efficient, cost effective source of finance. I would strongly recommend Mulberry Asset Finance’s service.”

Paul Arthur, Owner, P.S. Poultry

“We have used Mulberry asset finance on a couple of occasions as we continue to invest in processing equipment for our company, we have always been more than happy with the service provided by Mike and the team. The process is always hassle free and Mike is always in contact throughout. We will definitely be using Mulberry again in the future.”

James Hill, Director, Enviro-metals Lancaster Ltd
Funding Circle FSB Member NACFB Chamber of Commerce