It’s better to wait and fill spaces with horses and clients who suit your services and facilities than accept someone who you may feel not be suited to the yard and subsequently risk problems arising in the future or ending up with an empty stable shortly after they arrive.
To offer a low price without correctly calculating your costs can ultimately compromise your level of standards, staffing, provisions of feed, bedding and forage, and potentially risk losing you clients and damaging your reputation as a yard owner. Make sure you fill your stables with clients who are happy to pay what you charge, for the service and provisions you want to offer and everyone And most importantly, don’t forget to add a profit percentage on top of your costs when working out what you need to charge.
You need to be satisfied that your income each month not only covers the outgoing costs with ease, but that you actually earn an income from your yard that you consider a fair amount compared to the work and effort you put into the business.
One of our key aims is to help equestrian businesses thrive.
The best way to ensure this is to help them provide the highest standards of excellence and conform to the latest health and safety requirements.
They will expect you to know everything and frequently seek your advice and opinion.
To ensure the best for your clients and their horses, you must fully consider your knowledge and experience when giving advice as the wrong advice, however well-meant, can be seriously detrimental.
Take into account not just your rent or yard costs, but also insurances, utilities, professional fees, rates, taxes, staff costs, maintenance and anything else you outlay for the purpose of the business.
Make sure you allow a 10% contingency on top of these costs for any unforeseen increases in outgoings such as damage to facilities, price increases or other incidences which may cost you money out of the blue. For services and inclusive contracts make sure you allow more than enough hay, bedding and staffing time to undertake all of the jobs.
Any self-respecting yard owner should have the right insurances in place, and have their business properly registered and their earnings declared.
Failure to correctly register your business for tax, have adequate insurance cover, or not be paying business rates or fees can cost you a lot more if you come unstuck.