If you want to start off on a successful horse business, profitability should obviously be high on your priority list. There may be horse lovers who embark on such a venture to be close to the animals as much as possible but then too breaking even is crucial. The business should be self sustaining without draining off your capital and resources. Horse business has many manifestations – boarding, training, breeding and preparing the animals to respond to commands for equestrian events. You can start your business in an area where you have the required expertise or you can hire professionals in this field. Whatever it might be, it always pays to have a fair degree of idea about the business instead of depending solely on hired hands.
A few tips will better explain the various aspects of horse business.
- Go for a high returns area – Boarding will give you maximum returns on your business. But then, this has high infrastructure costs. Well maintained stables, maintaining specific temperature with advance techniques, large exercise grounds, vet on call and others can be quite expensive. It is also not a onetime investment. Running costs such as electricity bills will be substantial. Treat it like any other business and work things out. Better still hire a business consultant to advise you and plan out profit generating strategies.
- Offer complementary services – To keep your business economically feasible at all times, offer services that will prop up your main stable business. Horse training is one of them. People want their horses to get the blue ribbons in competition but do not have a clue about training procedures. You can hire expert trainers and provide this service. Horse riding lessons is another option for you that will bring in much needed capital. No matter how well the horse is trained, it’ll come to naught if the rider lacks riding skills. Both these services are very well paying.
- Other sources of income from horse business – Explore avenues to diversify your business in this field. Think about having time slots for people who have horses but nowhere to ride them. Rent out your fields but take care that there are never too many riders present at any particular time. Organise clinics for people looking for specialist services before taking part in shows. These include helping to polish riding skills and offering specific show oriented tips. Add a certain amount for use of your facility over what you’ll be paying to the professionals.
- Keep your business covered – There are multiple reasons in horse business why people can sue you. It makes good business sense therefore to keep you covered against liability in any eventuality. Have a good business structure that thwarts main possibilities and take out an insurance policy that includes most aspects of your business.
Try out novel business strategies for your horse business and it can only be a win-win situation for you.