Case Study: Identifying opportunities boosts hospitality venture

Slapton Manor began as a traditional mixed farm, and, in 2000, Barbara and her team identified a diversification
opportunity.

Before starting their new venture, they checked their farms insurance details to ensure they had the right cover in place. Following confirmation, a redundant farm building was converted into bed and breakfast rooms.

The family further diversified by renovating outdoor farm buildings for weddings and events. Slapton Manor Farm now has multiple revenue streams on-site, including a wedding venue, bed and breakfast accommodation and leisure vehicle storage.

Barbara and her team say: The farming industry has seen huge amounts of change in the last century. The pace of change is simply staggering. There are a growing number of systems to increase productivity, protect the environment and make our jobs safer.

For this reason, it has never been more important to keep evolving our business. We all work very hard doing our different jobs on the farm, creating a strong team. There isnt much time to stop and think, but diversifying the farm has enabled us to strengthen our family business, allowing it to grow and face a changing future.

Diversification tips from Barbara and her team

• Hobbies can provide the key to diversification. If you have a passion for something, thats half the battle when it comes to making it into a successful business. In addition, its often beneficial to keep other business interests going - as diversification is not about having all your eggs in one basket
• Before you start on your diversification journey, check your insurance details to ensure you have the appropriate cover in place
• Encourage children to work and study away from home. Sams love of organising Young Farmers Club events led to her studying events and hospitality at university. Whilst Jos time at Harper Adams encouraged her to learn more about farm diversifications, leading her to work at Abbott Lodge in Cumbria
• Dont underestimate the importance of reviews. Monitoring customer comments and feedback and showing you value their opinions can go a long way in maintaining a positive brand image. This will help build a loyal customer base and attract new customers too
• Environmental sustainability has never been more crucial, so you must take this into consideration when setting
  up your new venture. Even simple things such as having a good recycling station can help secure repeat business.
  Everything we do is with the aim of securing the farms future and giving the next generation the means and knowledge to be low-carbon footprint food producers.

Farm Facts

• Slapton Manor Farm, is run by Barbara Smith and her daughters, Sam and Jo. Barbara is also supported by many others including her daughters partners James and Dan
• Barbara Smiths family have long championed female farmers; the farm was once Barbaras mothers
• The business now offers 14 accommodation rooms, a licensed wedding and events venue and leisure vehicle storage

Support Available

As the UKs leading rural insurer, NFU Mutual is here to support you. To see how we can help with your diversification journey, visit nfumutual.co.uk/fgdiversification, or contact your local NFU Mutual agency office.