1. Property assets

What unused assets are on your farm? For example, redundant buildings, stables, lake, topography, natural capital, view, forestry.

2. Product or service

What is your product or service? What are the unique selling points? What’s your personal interest in this new business?

3. People

What skills, qualifications and interests do you and your family have? Is there available labour with appropriate skills?

4. Farm location & local demographics

Where is your farm? Are there potential customers nearby? Does your farm have good access?

5. Target market

Who are your customers? What are their needs? Where is your competition?

6. Capital investment & funding

How much will it cost to set up? Is there grant funding available? Do you require a loan or do you have disposable income?

7. Legal, planning & tax

What are the legal requirements? Is planning permission required? What are the tax implications?

8. Marketing

How will you promote your business? What will your brand image look like?

9. Risk & insurance

What are the risks to the business? What are the health and safety considerations?

10. Research & business planning

How will the diversification impact on the core farming business? It is important to conduct thorough market research and business planning.

_{Read the articles within Spotlight: Farm Diversification below.}