Strategy #7. Market methodically. Establish an annual marketing plan. Note that identifying the best marketing methods and timing is a challenge.
Most marketing plans are developed too late, often as a result of lack of clients and a devastating reduction in income. A marketing plan formulated and budgeted annually with a methodical program will keep the income stream steadier to avoid peaks and valleys in cash flow.
Be consistent with your general marketing, strategic with timing of special-events announcements, and dedicated to providing funds for marketing when you create a budget at the beginning of each year.
Strategy #8. Achieve balance between work, rest, and play. The temptation to work harder and longer in pursuit of your dream of developing your successful horse business is difficult to resist.
Unfortunately, an unbridled desire for success often leads to the point of exhaustion. Long work days and short nights month after month are an unhealthy combination.
What benefit is there in owning your own business if you become a slave to it day and night? With no provision for adequate rest (you know, seven or eight hours of sleep each night) and occasional relaxation and play (maybe even something not horse-
related), your business vision may become your business nightmare.
Fatigued business owners, in the spirit of personal sacrifice, lose twice with their denial of rest and play. First, the business loses, because the owner no longer thinks clearly, and second, the owner personally loses the benefits of good physical health and healthy, stress-free relationships with family and friends.
Planned days off and vacations are a must for owners and healthy horse businesses.
Practically Speaking
The strategies listed here work if you apply them. And just like becoming a better rider, trainer, or instructor, dedication to business profitability improvement is a key element.
There's a tendency for horse business owners to be "herd-like" in business operations and management. As an example, I often hear horse-related business people complaining about the low rates they charge for boarding, lessons, and training. They operate in fear that they'll lose clients if they raise rates, since the operation down the road is charging the same fees and another local facility is charging even less for services.
The fear of challenging the price structure of the rest of the herd controls thinking and, as a result, profitability is diminished or even reduced to loss.
When questioned at a deeper level about the competition in terms of costs and services, horse-business owners begin to reveal that the services offered at each facility for boarding, lessons, and training aren't equal at all.
Different feeding programs for boarded horses; less care and handling; inferior arenas, trails, and barns; less instruction time; and yes, poor customer service, are all contributing factors to justification of your price increase for your superior programs. It's seldom an apples-to-apples comparison between horse businesses. Each horse business is unique in its level of service delivery.
It's flawed thinking to price your services like a commodity, such as a bushel of corn or a gallon of milk. Boarding, training, and lesson services provided by several businesses can be similar but never identical.
It's the extra value professionals provide to clients that makes them unique from the competition. Extra value comes in the form of consistent performance success in the show ring, a breeder's production of top-quality horses year after year, and student clients who successfully move on to the next level in their riding skills.
Owning or leasing a horse is expensive. But people who expect top-quality performances from their horses also recognize that commitment to financial investment in their passion is a requirement.
Just like a golfer will pay a premium for the opportunity to play on the best courses with a top-rated pro, horsemen will pay more for excellent service provided by a dedicated, knowledgeable, and experienced equine professional.
Use the framework of these eight key strategies to build your horse business. Don't be frustrated if the start-up is slow. Just like training a horse, progress develops gradually; it never happens overnight. But know that you can make your dream a reality.
