Farmers have the assets, premises, spirit of enterprise and experience to go it alone
In contrast to others seeking to become self-employed, farmers already have an asset base, premises in which to operate, a culture of enterprise gained from farming, and experience of being working for themselves.
They are less likely to suffer from the adjustment to working in isolation, which is often very difficult for other workers to cope with.
On the downside, added Seamus Hayes of Fitzwilliam Training, there was no easy road to success in running their own business.
Few enterprises are developed without experiencing difficulties of one kind or another. Before venturing into establishing their own business, farmers should be committed and determined to stick with it.
They should budget for up to three years to “turn the corner”.
Mr Hayes said lending institutions were less likely to scrutinise farmers’ business proposals in as close detail as others, because bankers saw the farmers’ asset base as security, if things went wrong.
Nevertheless, farmers would need to fully research and develop their ideas when borrowing for investment.
Mr Hayes told farm family members at the seminar that relying solely on farming for income was no longer an option for very many of them, and he urged them not to miss any opportunity to do something about it.
Farmers were told by Garry Lowe how the Ballyhoura Developments LEADER company can assist them in developing their own business, providing contacts, advice, training and, in some areas, financial assistance.
He announced a series upcoming courses on starting and managing a business.
The seminar was chaired by John Walsh, Chairman, Dairygold Co-op, and included a number of case histories of developing alternative sources of income on farms.
