Are you thinking about starting an equine business? While cars have long since replaced horses as the primary mode of transportation, there’s still money to be made in the equine industry.
It’s the perfect new business venture for anyone with a passion for horses, and there are several different routes that you can take, depending on your areas of expertise and experience.
Discover how to start an equine business in just five simple steps below and turn your passion into profit in no time.
Step 1: Choose the type of equine business
There are several different types of equine businesses for you to choose from, such as breeding and racing, equine management, riding and training, and even sales.
Breeding and racing are arguably the riskiest equine ventures, but they can also be very exciting. Equine management can be extremely profitable and refers to the overall care of horses such as boarding, training, transportation, and breeding.
Riding and training can also be profitable if you can attract enough customers, whereas sales is a good choice for anyone who doesn’t want to work with horses directly.
Step 2: Write a business plan
As with any new business, you need to write a business plan before you can even think about launching your new venture. Within your business plan, you should include all elements of your business such as your mission statement, your goals and objectives, and your profit projections for at least the first year.
If you haven’t written a business plan before, you can download free business templates online. These will help to make sure that you don’t miss out any vital information. Remember, if you plan to ask the bank for a loan to fund your new equine business, they will ask to see your business plan.
Step 3: Acquire funding
As mentioned briefly above, you can ask your bank for a loan to help fund your new business venture, although there are no guarantees that they’ll approve your application.
If you’re unable to secure funding from your bank, other options include asking family and friends to invest, seeking out third-party investors, or crowdfunding. You may also want to consider using any savings you have, as this will enable you to get your business up and running quicker.
Step 4: Purchase equipment and supplies
Depending on the type of equine business you decide to launch, you’ll need to buy equipment and supplies. For example, if you’re going into equine management or transportation, you’ll need to invest in a horsebox or, if you’re planning to go into the training side of the industry, you’ll require a premises to carry out the training.
You could choose to buy any equipment or supplies you need outright or you could consider renting more expensive items if you’re on a tight budget. You can browse what’s for sale and what’s currently on offer right here.
Step 5: Market your new business
If you want your equine business to be a success, you need to attract customers. When it comes to marketing your new venture, don’t make the mistake of thinking that you need to spend a fortune on paid advertising such as television ads and pay-per-click ads.
There are lots of highly effective digital marketing techniques that you can use that won’t break the bank such as social media marketing, email marketing, and content marketing.