New Entrants to Farming: Business Planning, Budgeting & Farm Insurance – Event Summary

As a new entrant it is hugely important that you are able to convey your business ambitions to an audience, be that your family, external investers or even Scottish Government. Equally important is the ability to make judgement calls based on a sound financial understanding.

New entrants more so than succession farmers can often make large financial investments to kickstart their business, for that reason it is important that their assets are safe and protected from theft and damage.

Some key, take home messages from the meeting included;.

• The ability to articulate your business plan in a clear, concise manner is just as important as providing finances.
• A partial budget can be a quick, effective way of giving you an idea of the business merits behind an idea.
• Think carefully about the insurance cover that you really need, cover for everything may be unnecessary but what is covered should be clearly defined and understood.

Also covered in the meeting was the NFUS and Police Scotland imitative for rural crime reduction.