Who is Diversifying?
Around 10 percent of farmers in Northern Ireland have diversified from their traditional faming activity. However against a background of falling farm incomes and increasing pressures on the agricultural sector, this figure may rise
.You may know someone who has gone down the diversification route, successfully or unsuccessfully. What can you learn from their experience? Remember, however, that no two situations are identical. So whoever else may have diversified to whatever degree of success, it is important that you should make your own decision.
- Never rush into diversification
- Never pressurize yourself, your family or your financial resources
- Never establish a diversification enterprise just because there is a grant on offer
- Never simply copy an idea that has worked for someone else
- Always make sure there is a market
- Always assess the competition
- Always know the risks involved