“Ten Ways to Decrease Your Risks in the Horse Business”
“Ten Ways to Decrease Your Risks in the Horse Business”
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About This Episode
“Ten Ways to Decrease Your Risks in the Horse Business”
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“Ten Ways to Decrease Your Risks in the Horse Business”
By Wayne G. Hipsley, BSc, MSc Hipsley and Associates, LLC International Equine Consultant and Educator Lexington, Kentucky
The question is what type of activities are you performing as a business related to the horse industry.
Breeding Farm Training – Show Stable (English and Western disciplines) Boarding Stable Lesson Stable, Trekking Racing – Thoroughbred, Standbreds Driving – Carriage and Competition, Disabled Riding Centers, Horse Transport, Event Management, Event Facilitates, Farrier, Massage Therapist, Tack and Saddlery Goods, Feed and Hay Providers, Media and Publications
And many more possibilities with a specific focus on involvement with the horse business.
What are the risks we are going to reduce and why?
1. Financial Failure
2. Natural Disasters
3. Accidents and Injuries
4. Unsafe Conditions
5. Litigation Due To Negligence
6. Poor Reputation for Products and Services
So, where do you start on this challenge to preserve your professional integrity, while developing a viable horse business.
For the entrepreneur, whether this is a start-up or an ongoing business, conducting a self-analysis checklist using the following strategies becomes an important tool toward creating a successful business. To make this process work, be honest and forthright about dealing with each strategy. Ignoring these strategies is a potential formula for a business disaster.
Before starting a business, the entrepreneur must consider the competition in the marketplace. Answering the question, can someone not only make money in a specific phase of the horse business, but is it possible to make a profit? Look for successful business models that can be mimicked.
Conduct research on the business via the internet. Attend trade shows like Equitana to better understand where your business fits into the horse business, and the types of clients that will drive your business, become your customers. Perhaps most important, recognize that not everyone is cut out to be an entrepreneur in the horse business.
No matter how much the budding entrepreneur believes in the business concept, not all businesses will be successful. It is like the expression from the real estate business when relating to property values and sale ability: Location, Location, and Location. And, location makes a difference as well as pricing and values in the horse business.
The strategies an entrepreneur must consider are:
Management Strategy #1
Make a business plan. Develop a strategy on how and where the business will operate for the short and long term. Put it writing. Rely upon advice from business advisers and tax consultants.
Management Strategy #2
Prepare an annual written budget for the first year of operation. Then, prepare budget projections for contiguous years 2 through 5. Be realistic in the figures, always underestimate your projected income. Remember, a budget is a dynamic document that must be monitored and modified according to business opportunities.
Management Strategy #3
Prepare an advertising and marketing strategy for start-up through year 3 of operation. Consider all the options including looking at the demographics of the chosen media, the reach and audience that it serves, and the costs to reach a customer.
Management Strategy #4
Operate with the proper licenses, permits and insurances, while considering affiliations, endorsements and sponsorships. If necessary, consult with a legal adviser on these and related issues such as contracts, lease agreements and employee relations. And do not forget government compliance’s.
Management Strategy #5
Recognize and follow the horse industry’s established standards and successfully proven traditions for management and operations. Due to the lack of scientific testing and standardization for a majority of the horse industry, established standards and proven traditions become the benchmark.
Management Strategy #6
Establish safety protocols and procedures for all business activities, regardless of the simplicity of the specific activity. Create written documents/manuals for staff to use as guides to address these activities, as well as training.
Management Strategy #7
Conduct staff training programs for the standardization of conducting all business activities; be sure to include everything from first aid to emergency preparedness, such as bush fires.
Management Strategy #8
Establish an ethical standard for the health, humane treatment and well-being for all horses, including products and services associated with the use on a horse. Let others know your ethical standards for the care and treatment of horses.
Management Strategy #9
Recognize the importance of the environment where the horse business is conducted, and make sure the business is operating in a symbiotic relationship with the community and environment. This includes everything from sustaining wilderness trails to water contamination.
Management Strategy #10
Participate in professional improvement programs through continuing education and other business related educational programs.
Summary
The ultimate question is, do you as an entrepreneur use any of the preceding strategies in the develop and maintenance of an ongoing business? If you do not, it is time to implement these tools to insure a positive and secure financial success.
2 Copyright by Author ©2018. Requires the Author’s Written Permission for any other use of this information Horse Business Management Educational Series
Time Stamps
00:55 – Background
01:30 – Don’t quit your day job, until you are able to generate an income
04:45 – Types of Horse Businesses
14:55 – What are the risks
20:32 – Management Strategy #1
23:10 – Management Strategy #2
25:28 – Management Strategy #3
28:10 – Management Strategy #4
31:35 – Management Strategy #5
35:59 – Management Strategy #6
37:48 – Management Strategy #7
40:31 – Management Strategy #8
44:58 – Management Strategy #9
48:00 – Management Strategy #10
51:58 – Summary
52:24 – Contact: see details below
Wayne’s Contact Details
Phone: (859) 621-6995 Kentucky United States
Email:
Website: horselawexpert.com ; horsesafetyUSA.com
Facebook: Wayne G Hipsley
Music
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