Fair Isle lies 25 miles off the southern tip of Shetland and is home to 55 people.
However with a large share of its population made up of elderly residents, the Fair Isle Community Association commissioned a consultant to identify ways to secure a viable future for the National Trust-owned island.
The plan to boost the island’s fortunes include the building of new homes and refurbishing of existing empty properties with an improved ferry service to Shetland also planned.
Highlands and Islands Enterprise and Shetlands Islands Council have also pledged financial support with the area also supported by Community Broadband Scotland which is a Scottish Government-led initiative to improve coverage for residents and businesses.
Island resident Jimmy Stout told the Daily Mail: “Ideally, we would need a couple of young families to come with young children because there are a lot of elderly living on the island, as there are in many other places in Shetland.”