EQUINE BUSINESSES DIFFER FROM MAINSTREAM BUSINESS
Businesses owned by equestrians have some very different needs to mainstream businesses, and because of these differences, the traditional business template does not always apply.
Equine businesses differ in the following major aspects:
Most horse-related businesses are performance-based. In order for the business to be successful the owner/owners must do well in the related performance industry. They must either be active and successful competitors, produce successful horses, and/or have clients who succeed on (or with) their horses
Most professional horseman and horsewomen leverage their expertise in order to create and maintain their business. They seldom plan on on-selling their business once it reaches a certain level of financial success. The motivation for developing a business is rarely related to financial success alone. Most horse people love working with horses and they tend to build their lives around this passion.
An equine business is a high-risk occupation, both physically and financially.
The equine business owner’s
expertise
is the foundation of their business.
Financial success, however, depends on more than just expertise. It depends on communicating the
value and
benefits
of this expertise to the right market.
Equine businesses require business plans that incorporate both the equestrian goals and the business goals. Business plans must be developed to protect assets, capitalise upon current levels of expertise, ensure continual development of knowledge and skills, and allow the business owner to successfully adapt to industry movements and changes. The equine business owner must continually develop and implement solid marketing strategies. They must also protect and manage their business resources through the implementation of proper safety and duty of care (OHS) protocols, bills of sale, contract arrangements, and insurance.
Further Study
Continual learning and development of horsemanship skills is essential. In addition, Equine Business Owners should not overlook the need for industry-related qualifications to enhance their horsemanship credentials.
Recommended Course
Advanced Certificate in Applied Management (Horses)
Recommended Reading
Horse Care ebook