Does Your Horse Business Score In the Last Quarter of the Year?
Thursday, September 22, 2016
Posted by Elisabeth McMillan
In football, the last quarter is often the time when teams play their hardest. It is exciting and full of possibility. For many retail businesses, they are headed into their most profitable time of the year due to the holidays. So, what does the last quarter of the year look like for horse business owners?
If you are a show barn, you may have finals coming up. Your role is to have your riders and horses ready for their peak performance! For example: This is a good time to think about what you need to do to be at your best. It could mean getting extra rest and nutrition. It could mean using a sports performance or mental skills coach to help boost your motivation, provide you with a safe confidant to brainstorm solutions with and give you priceless emotional support. Many sports performance coaches work with trainers as well as riders and their help can be invaluable.
If you run a breeding operation, this is the right time of year to start promoting stallions, deciding what to do with any unsold stock and making decisions about next year's breeding plans. For example: Create a spreadsheet with potential breedings i.e. stallion and mare pros and cons. Investigate whether it is more financially favorable for you to keep and train unsold stock or to lower the price or perhaps offer new payment options ( financing) and get them off your feed bill. If sales are what you need, you'll know exactly where to price your young stock and can now simply follow some of the marketing tips in the next tip below.
If your income revolves around horse sales and you have unsold stock, this is the time to double down on your marketing efforts. For example: Getting new or extra videos and photos together, using your social media channels to get the word out, posting on horse sales websites and probably the most important – picking up the phone and calling other professionals who may have clients for your horses. P.S. Don't forget to throw in a couple “old school” marketing tools like snail mail flyers or brochures.
If you run a more recreation-based horse business, you may need one last push to generate income to see you through the winter. For example: Hosting a clinic, Holiday Camp or maybe even a special fall colors trail ride (depending on where you live).
If you run a non-profit, you may want to find some ways to both thank past contributors and to attract newcomers. For example: Hosting a holiday party that is also a fund raiser. During your party, you can give recognition and gifts to those who have helped in the past and come up with fun fund raising activities like silent auctions or “paid and prized” games (prizes come from donors – participants pay to play.) TIP: Retailers and manufacturers are often far more willing to donate their products than their cash. With the Holiday Season coming up this can be a big win for non-profits when properly utilized.
These are just a few quick tips about general activities that can make your last quarter better. But there are several important business tasks that need to be addressed this time of year. We identified several key questions all types of horse business owners need to answer in the last quarter.
To further help you with this critical time of year, we are inviting you to attend our free live webinar – “What Horse Business Owners Need to Know About the Final Quarter.” This webinar will cover both tax related “Have to's” and profit related “Want to's.” It will also address several forks in the road. For example, we'll share suggestions about what to do if your business is operating at a profit vs. what to do if it is operating at a loss. No matter where your business stands, you will receive options and ideas to help you take the next best step. Here are more details.
Topic: What Horse Business Owners Need to Know About the Final Quarter
Date: Monday September 26th 2016
Time: 5:30 PM PDT – 7:30 PM CDT – 8:30 EDT
Place: Attend via your phone or computer
Duration: 30 minutes including live Q&A
Speakers: Elisabeth McMillan and Pam Saul
Replay Policy: All horse professionals who register may attend the live webinar free. Further, the replay will be available to all registrants for 48 hours (in order to serve those of you who are unable to attend the live event due to time zones or horse emergencies) after which point it will only be available to our members.
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