Ideas to diversify or not ?

[Muttsnutts]

Hi people I’m in after people views/ideas on diversification ideas.

This is just hypothetically speaking, if you We’re in a position that you could use existing farm premises, buildings,sheds,yards ect... but no land. what other things would/could people use them for to generate a income, some of the land already has industrial planning that was never utilised so I’m just after some things to ponder, even if ideas are from supplemental income that need little input to full business ideas,

All ideas welcome.

 

[Chasingmytail]

just go through the posts already raised in this section.

 

[Steevo]

What are your assets and constraints?
Do you have spare time?
Spare money?
Extra skills?
Interests?

Supply and demand locally? Is everyone else doing horses for example-if so no point following the crowd.

What about the current farming business? Can it support a diversification in its initial years before it takes off?

Lots of things can make a big difference to your individual situation.

 

[wilber]

As Steevo replied, many things can make a big difference to your personal situation. Ive looked at a massive amount of ideas, I was either put off by family and missed the boat, had access issues, land topography issues, various planning issues and just my general location. i wish when i was at a point of saying f**k it all i had just sold what little i have a f**ked off to the other side of the country but was persuaded not to do that either and became a busy fool instead. Personally if you have industrial planning i would concentrate on that. workshop units with 3 phase can make a good income with little input once set up correctly but i suppose as everything depends on location.

 

[Muttsnutts]

Thanks for the replies so far, the farm will be surplus to requirements as family members will be retiring and the business will be stopped so the site will be empty, capital wise we have options to release some to put into a project. Obviously expenditure vs income is what is all comes down to really to make it viable.

Managemt of the site would be around a full time job but relatives are available to step in as and when necessary to lend a hand

I like the idea of industrial units there is quite a lot of local economy that could support that- what would be a typical income for a reasonable sized unit with services ?

Storage is another option ? But I’ve always liked the idea of something for a niche market that would stand out ,but what that is I’m not sure ha

 

[wilber]

it will depend on where you are located and what services (like 3 phase) you can offer. it'll be down to a bit of research yourself. look what others are charging in the surrounding area. one place in the midlands only open's the main gate between 6 and closes it at 7. If anyone wants access outside of those hours then they have to pay a £30 gate fee to gain access.

 

[Doing it for the kids]

Location, planning, locals, access, infrastructure - so many variables

need more detail if you want meaningful help

 

[OutdoorTim]

No matter your region ,industrial rental with be at a premium .We have a few buildings on 5 year lease and wish we had 10 more .The price will depend on the services you provide as well as a secure building ie 3 phase lecky ,water on site security in the form of cameras ,gates etc .Dont undersell as this attract the wrong sort ,trust me .Pick and choose who you want rather than taking first comers .A mix of trades serves best and sits well with other diversification’s ,ie advertising other enterprises via mixed customer base .Make sure all rentals are aware of the rateable value which can be asked for on council website .

 

[Muttsnutts]

No matter your region ,industrial rental with be at a premium .We have a few buildings on 5 year lease and wish we had 10 more .The price will depend on the services you provide as well as a secure building ie 3 phase lecky ,water on site security in the form of cameras ,gates etc .Dont undersell as this attract the wrong sort ,trust me .Pick and choose who you want rather than taking first comers .A mix of trades serves best and sits well with other diversification’s ,ie advertising other enterprises via mixed customer base .Make sure all rentals are aware of the rateable value which can be asked for on council website .

Ah that’s a good bit of info, im fairly new to this so I will do some digging on what size of unit would generate x amount of income ect.....

Also you mention rateable value, this is I assume the business rate for the size of each unit, is it normal for the tenant to pay for this directly or is the site owner billed for toatal area of units ?

 

[OutdoorTim]

The tenant pays mate .As landlord you have no influence on the payment amount ,it’s down to local council to set the rate based on floor area and amenities .However we find it helpful to inform tenants on first enquiry what rate will be .Its a yearly one off payment or instalments whichever suits .All tax deductible .