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

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 07791555431.

“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

“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

“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

“Mulberry Leisure played a key part in arranging asset finance for our capital equipment spend during a large and daunting business expansion. The Mulberry team took the time to visit and understand our needs, then provide a range of finance options to meet our budgets. We look forward to working with Mulberry Leisure in the coming years.”

Paul Reynolds, Owner, The Traddock

“I was very pleased I chose Mulberry Asset Finance to work with on my new poultry business. The whole deal was arranged quickly and, most importantly for me, they did exactly what they said they would do and on time. It is very satisfying to work with people who give you a good deal and who you can rely on.”

Jennifer Bain, Owner, J Bain Farming

“Mike at Mulberry Asset Finance worked incredibly hard and quickly to secure my first Hire Purchase deal. As a new company I was finding it difficult to obtain finance to grow my business. He provided me regular updates, which took a lot of the pressure and nerves out of the situation. With the finance clearing very quickly, I was able to put my GrandMA3 to work straight away - supporting The Eagles on their final EU tour. I will certainly use Mulberry’s services to continue growing the business.”

Rowan Bulman Ltd

“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

“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