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Farmers are being encouraged to take a strategic approach to diversification in order to support their farm businesses effectively. According to a recent NFU Mutual survey, diversification now makes up 13% of the average farmer’s income. The survey also revealed that 17% of farmers are planning to start a diversification project in the next five years, up from 15% in 2023.
The most popular forms of diversification among farmers include renewable energy, property letting, and holiday accommodation. Chris Walsh, an NFU Mutual farm specialist, emphasized the importance of careful planning, good management, and long-term commitment for successful diversification projects. While diversification can help offset the phasing out of EU support, it is not a get-rich-quick scheme and requires thorough research and preparation.
To assist farmers in diversifying their income streams, NFU Mutual has launched a new diversification hub with valuable advice. Some key suggestions include aligning diversification projects with the existing farming business, leveraging strengths to add value, assessing skills and resources, researching the market and competition, collaborating with relevant authorities, budgeting accurately, and considering local labor availability. By taking a professional and strategic approach to diversification, farmers can maximize their chances of success.
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Maria Sanchez completed her Bachelor’s degree in Plant Sciences from the University of California, Davis, in the USA. Her studies focused on plant genetics and biotechnology, with an emphasis on developing disease-resistant crop varieties. Maria has contributed to several research projects aimed at improving crop resilience to climate change and is now pursuing her Master’s degree in Plant Breeding.
