13 Nov 2019
An Additional Income Stream
Christine, a farmers wife from Helmsley, introduced a Farm Administration Service as an additional enterprise to their farming business.
Christine had an existing client database, and with the increased bureaucracy following Foot & Mouth epidemic, demand was strong. Therefore, she expanded her services, receiving a RES Grant from DEFRA she built an office and meeting room on the farm site and started to employ 6 additional staff on a part time basis.
Christine ran the business successfully for 10 years taking the opportunity to sell the business when it arose.
The office is now used as a base from which she works in her current role as General Secretary of our local agricultural show and the meeting room is let out to other community-minded projects for meetings and training sessions.
Throughout the 10 years Christine met lots of other people and upgraded her personal skillset which in turn led to many new opportunities both on a personal and financial basis.
The income earned from this additional business helped the farm business for the 10 years and the proceeds of the sale were used as a deposit to buy a house and get a foot on the property ladder in readiness for retirement. Christine and her husband are tenant farmers and therefore were short of capital investment until that time.