The other day I was scrolling through social media where a client tagged me in a discussion on understanding the cost of operating a boarding facility. The comments were filled with members advising them that making money was impossible, costs are too high and any profit would cause horses to be too expensive. There was […]
The standards for equestrian businesses are set in the dirt. “It’s hard to find insurance” “Finding an accountant to work with my equestrian business is difficult” “The bank won’t extend any loans” These are familiar statements for equestrian entrepreneurs. There’s a reason why professionals don’t want to work with businesses in the equine space. We […]
What is profit anyhow? The way it’s talked about, sometimes it seems like it’s a unicorn. Profit is what’s left over after all expenses have been paid for. It’s created by maintaining the topline and bottomline, which as equestrians we have quite a lot of experience with this. The topline is revenue generated with offers […]
The horse world used to be filled with people who would work from sunrise to sunset for little to no-pay. As a teenager and young adult, I was one of those people. If I wasn’t at school; I was either at my part-time job or at the barn working off-board and lessons.
Equestrians need to spend time learning how to budget their money, so they can pay their bills on time. Equestrian entrepreneurs need to create businesses that price to profit and maintain their budget. It will likely include open conversations on how to get from A to B but if we talk and listen about the struggles we’re facing, perhaps we can manage to find a solution.
Before your sales begin to make you money, it’s important to know the amount of money that must be made to cover the bills. By pricing based on data, you can make sure you’re creating profit. This begins with capturing all of your expenses.
Developing a financial foundation in your business is just as important as building a beautiful brand. Together, they can create stable and profitable businesses within the horse world.