On farm diversification

Conmaicne Mara

Vague question as I don't want to give anything away :cool: :rolleyes:

If I was to set up a business on my farm, which isn't farming related, what effect could/would have that on the farm, or more precisely farming related income?

It would, hopefully, generate more income than my farm does.

I would of course mark off any relevant area from maps.

Muckit

Are you putting up a few yurts? :-)

I suppose you may be time poor if you are thinking about becoming self employed. Start up businesses require a lot of capital injection, will money that you had earmarked for the farm end up being pumped into the new venture? This is all just straight off the top of my head.

Everyday I thank God for the 'weeks wage'. Zero extra capital investment for the money l earn. That's not even mentioning the extra responsibility and management worries. I take my hat off to all self employed - they are special people

Conmaicne Mara

I'm not breathing a word of what it is

It'd be done with borrowed money. I was just wondering about possible repercussions to the farm side of things, if any.

I see myself as being self employed anyway so it's no great leap.

Sharpshooter82

Conmaicne Mara wrote: »

I'm not breathing a word of what it is

It'd be done with borrowed money. I was just wondering about possible repercussions to the farm side of things, if any.

I see myself as being self employed anyway so it's no great leap.

your gonna set up a boutique aint ya

1chippy

its connemara so its got to do with tourism or drinking.

Sharpshooter82

1chippy wrote: »

its connemara so its got to do with tourism or drinking.

a distillery for ptcheen

Mac Taylor

Fair play. It takes balls and skill to set up a successful business. My advice, get good advice on the most tax effective structure available to you. It might cost a few quid but it will save itself in multiples. Other than that best of luck and look forward to updates!

moy83

I suppose the impact on the farm would depend on how much of your own time that will be taken from it . But if it starts paying better than the sheep then it wont be a problem .
The other thing would be how much grazing or sheds it would use up out of the farm .

J DEERE

You may be eligible for financial and professional assistance from your local LEADER group and County Enterprise board. It depends on the idea you have. They will help you with all the aspects of setting up a business; business plans, feasibility studies, marketing and advertising and grants for any equipment you may need

Rovi

Be careful you don't inadvertently change some land/buildings/yards from 'agricultural' to 'commercial' status, and end up liable for Commercial Rates.

bbam

J DEERE wrote: »

You may be eligible for financial and professional assistance from your local LEADER group and County Enterprise board. It depends on the idea you have. They will help you with all the aspects of setting up a business; business plans, feasibility studies, marketing and advertising and grants for any equipment you may need

Leader funding is closed for applications for the moment. Probably be 2015 before any is available again. I thought the enterprise boards were gone years ago, if they're not they sure keep a low profile !

JohnBoy

there's someone from a county enterprise board on the sunday business show on today FM every few weeks, always keen to tell people they're still around.

Minister

PM me and I'll give you a phone number and give you info for free.....I work for in Rural/Farm Development for an agency so its my job!!!

Suffice to say no adverse effect. Keep separate accounts and discuss with your accountant from a tax perspective. As it is farm based you have a few more advantages......

J DEERE

bbam wrote: »

Leader funding is closed for applications for the moment. Probably be 2015 before any is available again. I thought the enterprise boards were gone years ago, if they're not they sure keep a low profile !

Didn't know they were closed for applications. Is that to deal with backlog or can they not give out anything until each find out their allocation under pillar 2 this time around? I know a lot of them didn't spend anywhere near the amount allocated to them the last time around which was a total waste. A lot of red tape and waiting with those applications

bbam

Leader runs in cycles.
I think we're nearing the end if the current cycle.
There is a fair bit of red tape but I'd agree with it as it's public money that's being handed out.
Big Phil Hogan has been down on the Independant admin of the Leader funding so has heaped up roadblocks in their way to make it look bad. This way he gets to shut them down and have the council administer the next round. Then there will be nothing but Councillers pulling strings for their cronies which will be a total joke. You'd think it was bad management until you talk to the lads trying to get the money out and realise political interference is a big problem.