Farmers have been getting squeezed over the years often experiencing lower margins on their produce.
Whereas, the cost of operating a farm requires cash injections for a variety of reasons, such as, allowing farmers to replace machinery, invest in new efficient energy power, build new stores, purchase cattle etc.
For most farmers, accessing finance through traditional lenders such as banks is becoming more difficult and time consuming.
Using a specialist agriculture finance broker such as Richmond Asset Finance, can offer farmers preferential rates and flexible arrangements – and often much quicker.
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.
We here at Richmond Asset Finance are Backing British Farmers! We understand the hardship that today’s farmers face, and we want to help as much as we can!
The population of Great Britain is growing rapidly with the country experiencing the biggest baby boom in 40 years! Did you know that British food supplies would have ran out on August 14 if all the food produced in Britain in a year was stored and eaten from January 1 onwards.
But our British farmers are determined to reverse this trend and produce enough food for the needs of generations to come – but we need politicians, supermarkets, retailers, food processors, restaurants and cafes to play their part to let them do their job.
The National Farmers’ Union have created a charter calling for a commitment to put British farming at the heart of the challenge of feeding us all in the future – and they need OUR support!
Sign the Back British Farming charter now and show them your support!
So far they have now got over 1250 signatures on the #BackBritishFarming charter.
And don’t forget to tell your friends to sign the charter too! Make it British, Make it local, Make it Happen.