Almost half of UK farmers are planning to diversify their businesses to support incomes after Brexit, according to NFU Mutual.
A survey by the rural insurer found 47% are planning to set up new, or expand existing, diversification schemes – up from 23% in 2018.
The survey coincides with the launch of the insurer’s diversification report today, which provides advice on setting up new diversified farm businesses.
“Scotland’s farmers are looking for new business opportunities in order to spread their risk as we adapt to trading outside the EU and with major changes to government support for agriculture on their way,” said NFU Mutual manager for Scotland, Martin Malone.
Mr Malone said new ventures were being set up to safeguard farm businesses for present and future generations.
“Whether it’s building holiday cottages, launching a wedding venue, or opening a farm shop, not only can these new businesses supplement the existing farm, they often provide other members of the family with a crucial role in the business,” added Mr Malone.
“However, farmers need to do careful research and costings.”
The diversification report contains a range of case studies including Chris Scott-Park’s venture offering speedboat tours on Loch Lomond.
Chris and his father David have transformed a dairy farm into a tourism venture complete with holiday accommodation and a beef herd.
Chris said: “Take advantage of your location. Make use of what you have got.”