Stable management is trickier than you think. Thinking about starting your own horse business? Already have one and want to make it more profitable?
Stable management skills and knowledge can make the difference between success and failure. The more you know about the common demands, pitfalls, and profitable aspects of owning a horse business, the more prepared you are to succeed.
Ever wonder why some horse businesses succeed and others fail? The simple answer is that success businesses avoid the common errors that unsuccessful ones make. These include under-capitalization, lack of an adequate business plan, lack of understanding of your target market, and underestimating business-related expenses. If you want to start a horse business, you need to know what these things are.
If you're not sure, you've come to the right place. Browse this site for gold nuggets of information and useful tips on making your horse training or horse boarding business succeed!
THE FIRST RULE OF SUCCESSFUL STABLE MANAGEMENT: KNOW YOUR MARKET!
Mary and John both grew up riding and competing horses, and both now want to start a horse business of their very own. Both believe they know everything they need to know about stable management given their vast experience as horse owners, trainers, and competitors. But things didn’t work out as they planned. Here’s why.
THE SECOND RULE OF SUCCESSFUL STABLE MANAGEMENT: KNOW WHAT MAKES A HORSE BUSINESS PROFITABLE
If you’re used to boarding your horse, you probably think horse boarding businesses must be highly profitable. After all, look at how high those boarding rates are! You might especially believe this if you’ve taken certain courses on horse keeping or talked with friends who keep their horses at home. They’ll tell you it only costs a little more than $100 a month to keep a horse. So why not start a horse business of your own? But here’s all the things they’re overlooking.
HOW TO STRUCTURE YOUR HORSE BUSINESS
The first and foremost thing to keep in mind when you want to start a horse business is LIABILITY. People can sue you. There are two ways to protect yourself from liability. The first is choosing a business structure that affords you the most protection for your needs. The second is insurance. Here are the basics that you need to know about legal horse structures.
HORSE BUSINESS INSURANCE NEEDS
There are two things you should never scrimp on when you want to start a horse business: quality horse care and horse business insurance. The first may be obvious to you, but the second is equally important. By taking in boarders or giving lessons and horse training, you expose yourself to enormous liability. Here’s how to make sure you’re covered.
Your Horse Business Plan
Why write a business plan? Actually, there are only two good reasons.
First, because you want to succeed, and success depends on have a clear idea what you plan to do, how much you plan to make, and how much it’s going to cost you.
Second, if you need financing, your lender is going to want to see one. The more professional and well-thought out it looks, the better. Here’s what you need to know.
The cost of running a horse business
You've owned horses for years, so you're pretty sure you know all the expenses there are for running a horse business, right? Find out if you're right.
Horse Contracts and Agreements
Horse businesses rely on contracts and agreements for almost everything--horse boarding, horse training, horse leasing, and horse sales. Click here to navigate to our affiliate, Pemberley Stables, for down-loadable sample horse contracts and agreements.
How long do you have to respond to a fire emergency in your barn before it gets out of control? Most people are surprised at the answer!