Farm diversification does not require reinventing the wheel - the quickest out of the box business is one which takes inspiration from a successful enterprise already out there, MCA Consulting CEO Alan McAdam has said.
The comments came during the Teagasc ‘Farm Business Options’ webinar on Tuesday, which focused on the common mistakes and key points to consider when starting a farm diversification enterprise.
Tuesday's panelist advised viewers to reach out to successful enterprises that have already diversified and draw inspiration for their own project.
Air of opportunity
McAdam said: “Give these businesses a call and ask them about their process for starting up. People are very willing to share their experience, which will help your business get off the ground.
“Quirky and different ideas are the ones which are surviving the storm. Now is the time to start up. I’ve never seen as many people adopting to new technologies and ideas, so there is a real air of opportunity at the minute.”
Examples of projects discussed during the webinar include:
On-farm plastic recycling business.Old farm buildings converted for tourism accommodation.Wood pellet production.Wood shavings production for poultry and equine use.Common downfalls
While highlighting the opportunity for Irish farms to diversify, McAdam also addressed some of the common downfalls startups face in the early days.
“Broadband is the highway to the world market for your business and I see it opening up massive opportunities. Unfortunately, many areas don’t have a stable connection and will fail to operate a digital-type business.
“Poor planning can also take its toll. When a farmer diversifies but fails to maintain the original enterprise, we sometimes see the farm become unviable as a result of the time and money diverted.
“Establishing good cashflow early on will ensure the new venture will be able to meet repayments. The unfortunate alternative is banks will look for a fall-back and the farm itself will be used to foot the bill.”
Read more
Teagasc launches farm business options webinar series
A diverse market
Farm diversification does not require reinventing the wheel - the quickest out of the box business is one which takes inspiration from a successful enterprise already out there, MCA Consulting CEO Alan McAdam has said.
The comments came during the Teagasc ‘Farm Business Options’ webinar on Tuesday, which focused on the common mistakes and key points to consider when starting a farm diversification enterprise.
Tuesday's panelist advised viewers to reach out to successful enterprises that have already diversified and draw inspiration for their own project.
Air of opportunity
McAdam said: “Give these businesses a call and ask them about their process for starting up. People are very willing to share their experience, which will help your business get off the ground.
“Quirky and different ideas are the ones which are surviving the storm. Now is the time to start up. I’ve never seen as many people adopting to new technologies and ideas, so there is a real air of opportunity at the minute.”
Examples of projects discussed during the webinar include:
On-farm plastic recycling business.Old farm buildings converted for tourism accommodation.Wood pellet production.Wood shavings production for poultry and equine use.Common downfalls
While highlighting the opportunity for Irish farms to diversify, McAdam also addressed some of the common downfalls startups face in the early days.
“Broadband is the highway to the world market for your business and I see it opening up massive opportunities. Unfortunately, many areas don’t have a stable connection and will fail to operate a digital-type business.
“Poor planning can also take its toll. When a farmer diversifies but fails to maintain the original enterprise, we sometimes see the farm become unviable as a result of the time and money diverted.
“Establishing good cashflow early on will ensure the new venture will be able to meet repayments. The unfortunate alternative is banks will look for a fall-back and the farm itself will be used to foot the bill.”
Read more
Teagasc launches farm business options webinar series
A diverse market
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