Delivering results: managing a new farming enterprise
It’s not uncommon for farming businesses to look for new development opportunities, to launch a new enterprise that complements their existing business, or to even plan something completely different.
Figures suggest that around 50% of Scottish farming businesses are already doing this (1). Ultimately, the aim is to diversify, to generate income and to build a business that can survive in the future.
Whichever route a farm business owner decides to take, it’s essential that careful planning and a suitable budget are in place to ensure any new venture does not adversely affect the existing business while it’s in its early years. Ultimately the new venture could end up generating more income than the farm itself over time.