Everyone dreams of not only owning some stables and horses but using them as a basis for a sustainable business. But alas, there’s a problem: this can be incredibly expensive, and nearly all horse-related businesses are living life on the financial edge. However, it’s possible that the dream can be kept alive, simply by making the business more profitable! Sounds obvious, and easier said than done, yes? We take a look below at some options for making those bottom line numbers a little bigger than they currently are.
More People on the Hook
Again, it may sound obvious, but more people interested in horses and learning to ride is the easiest way to grow your business. Though a love of horses may be instantly apparent to you, to others, it’s a love that lies just below the surface. There are people who live near stables who don’t realise that it’s an option for them! So look at upping your advertising practices. Most stables wait until people come to them, correctly believing that those interested in horses will seek them out. But what about getting people interested in your business, as in going to get them? It’s how all other businesses work.
Grow Catchment Area
You’ll likely offer a range of horse-related services, including training. If you’re limited to only your town, then you’re going to have a limited number of people to work with. It’s as simple as that! As such, look at expanding the area you service, especially if there’s a wealthier district not so far away. There might be dozens of people who are eager to have private lessons on their own land that you’re currently missing out on.
Additional Revenue Sources
If you own horses, then you’re going to have a lot of land. The question is: are you making the most of your land? You might be in the horse business, but that doesn’t have to be your only source of revenue. Look at other ways to bring in money, and you might find that you’ve been missing out on a lot of money over the years! Options include hosting events, and growing – and then selling – crops. For events, you’ll need to advertise your space for others to use or host your own. For crops, you’ll need to work with a local agronomy service provider to help boost crop yields. These two won’t replace your horse business but will function as a much-needed financial supplement.
Sometimes, it’s better to offer a better service to fewer people than passable service to many. Take boarding. You could offer a place in the stables to many, or you could use your time taking in-depth care of horses. If you offer full-service boarding, including food, presentation, vet treatments, and so on, you’ll be able to charge much more than if it were just a roof for the horses’ head.
It’s not easy running a horse business, which always has high running costs, but, as we’ve shown above, there are ways to increase your income.