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Running a Successful Horse Business

farrier businessEvery Business has Two Parts

As with all businesses, equestrian businesses involve two parts. First, is the skill or service that the business offers such as farrier services or a horse boarding barn. Second, is the business side of the business that involves marketing, planning, financial statements, cash flow, and risk management.

Running a business is not easy. It is not enough to be the best at your skill or service, you must be able to get new customers and keep existing customers through an effective marketing plan. Without sales, there is no business.

Marketing

Your horse business depends on attracting and keeping customers, yet many new businesses fail at this very basic concept. Failure to constantly promote your business through effective marketing techniques will result in the failure of your business.

There are many ways to market without expensive advertising and you should be aware of these methods.



Business Income

marketing eequine servicesAs the main employee of your business, you must pay yourself a living wage. If your business income does not allow you to do this, you don't have a business and you should go to work for someone else so you can meet your personal financial obligations.

Most people have personal financial obligations in addition to business financial obligations. You cannot ignore your personal financial obligations in favor of your business obligations. Each should be kept separate so you can budget for both and see the results of your business.

Side Hustle

Because of the need to support themselves, many entrepreneurs start on a part time basis, holding down a full time job while building a new business as a side hustle. Once the side business produces enough income to have the potential to support them, they then move into the business full time.

Have a Plan

The purpose of these pages is to help you be a successful business person, not to teach you equine professional skills. You should have those skills before going into business.

First, you will need a business plan. The SBA provides a very useful tool for building a business plan. The process of building a business plan is hard work, but having your business fail is even harder work. Start with a sound plan and you will have a much better chance of succeeding.

What You Should Know About Running a Business

Mar 26, 2020
Barn Managers Across The Country Provide Care In The Face Of Coronavirus-Related Challenges
Martha Drum
The rapidly spreading effects of the coronavirus epidemic are prompting daily changes in our behavior. Despite discussions of social distancing, lockdowns and closed borders, our horsesí needs remain the same.

We reached out to facility managers across the country to see whether this new reality was affecting their day-to-day programs and how they were persevering to care for both horses and barn staff. More info...

Mar 25, 2020
Need Money?
Get a low cost personal loan.
You might need some money to carry you through this Coronavirus crisis. Apply for a personal loan at a low-interest rate and get the money you need to buy groceries and pay bills. You can use the money for anything that you want. More info...

Mar 25, 2020
Hereís why staying invested in a downturn can help your 401(k) recover faster
Lorie Konish
More than a decade ago, the markets were sent into a tailspin during the financial crisis of 2008-2009.

But it turns out investors who left their retirement nest eggs alone fared best.

Thatís according to research from J.P. Morgan, which used the firmís own data combined with research from the Investment Company Institute. More info...

Mar 25, 2020
You now have until July 15 to save in your IRA and health savings accounts
Darla Mercado
Treasury recently gave taxpayers until July 15 to file their 2019 tax returns and pay taxes owed for last year and the first quarter of 2020.
Filers now have until that same day to make 2019 contributions to their IRAs and health savings accounts.
Put away up to $6,000 in a traditional IRA, plus $1,000 if youíre 50 and up, and have it count for last year. More info...

Mar 23, 2020
How to Protect Your Finances and Credit in Tough Times
BEV O'SHEA
The quickly unfolding coronavirus outbreak is an extreme case, but any sort of hard times will test our personal finances. Many people are now facing reduced work hours and income while watching with worry as stock market upheaval continues.

Preparation is better than panic, however. And starting now is better than doing nothing. More info...

Mar 17, 2020
Need Money During this Crisis?
A personal loan can help.
You might need some money to carry you through this Coronavirus crisis. Apply for a personal loan at a low-interest rate and get the money you need to buy groceries and pay bills. More info...

Mar 16, 2020
The Equestrian Show World Grinds to a Halt
National and Florida Horse Events Canceled
Resumption of the 2020 horse show season remains to be seen. With the 2020 Olympics in Tokyo uncertain and the duration of the Coronavirus threat unknown, how do equestrians plan?
It would seem prudent to continue training programs for the horses and riders to keep them in top form. Riders and equine support personnel will have to take it upon themselves to take the necessary precautions both inside and outside their horse universe.
Horseback riding for pleasure or for practice can be a great stress reliever, and when CDC recommended practices are followed, it should be relatively safe.

Mar 14, 2020
A Letter from the President and CEO Regarding Coronavirus Impact on USEF Licensed Competitions
Coronavirus Impact - Important to Read
Coronavirus Impact on USEF Licensed Competitions
Effective Monday, March 16, 2020, all USEF owned events, selection trials, training camps, clinics, and activities will be suspended for the next 30 days.

USEF strongly recommends that competition organizers suspend all USEF licensed competitions across the country for the next 30 days and that equestrians do not compete for the next 30 days. For those competitions that do run, there will be no accumulation of points, scores, money won, qualifications, or rankings toward any USEF awards programs, USEF owned event, or selection to a US team during this 30-day time period. This includes USEF National Championships. More info...

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