The global equine industry is worth a staggering $300 billion, so if you can grab even a small piece of that horsey pie, it can be very financially rewarding to run a business in the equestrian industry. However, as an industry, the equine industry is more varied than any other within the agriculture or the wider leisure sector, so it is important to follow your own journey, and not get drawn into following your competition. As owners of Sheepgate Equestrian, an established business within the equestrian industry, we have put together the following tips and pointers, which will help you to survive as a business in the equestrian industry.
Surviving as a Business in the Equestrian Industry and knowing what you want to Achieve
As with any business, there are risks associated with running an equestrian business. In order to survive as a business in the equestrian industry, it is really important that you evaluate the risks of your business and put a plan in place to mitigate these risks.
In addition to minimizing risks, to survive in the equestrian industry as a business you also need to know what you are aiming towards. Setting goals, for example, reaching a revenue target or looking after a certain number of horses or receiving a certain number of great reviews, will give you and your employees something to work towards. Having clear goals will help give your equestrian business direction, so that you can be proactive, rather than reactive. It is important that these goals are something that you really want to achieve because it is your goals that will help you to stay motivated and focused when times are tough.
Understanding the Basics of your Equestrian Business
Your equestrian business is still a business and it doesn’t matter how much you know about horses, if you want your business to survive in the equestrian industry, you also need to be savvy when it comes to important aspects of running your business. In particular, you need to understand the basics of budgeting and managing your finances, because to survive as a business, you need to be making a profit. Marketing is another vital skill when it comes to running your business, because people need to know about your business before they will become your customers. If these aren’t skills that come naturally to you, invest in learning those marketing skills for yourself or outsourcing the work to someone else.
To nail your marketing, you also need to understand your customer base, who you are selling to and what their pain points are. Even if you have been running your equestrian business for several years, it is always worth revisiting market research to understand your customers and how you can serve them better.
Surviving as an Ethical Business in the Equestrian Industry
To survive as a business in the equestrian industry, make sure you focus on the ethical side of the business as much as the profits. Your team can make or break your equestrian business, so make sure you surround yourself with like-minded people and have a good team around you who you treat with respect. Having positive relationships with your team will not only help your business to run smoothly and efficiently but will also greatly help your reputation.
Another top tip for running your equestrian business is to only sign contracts that you know you can follow through with and deliver and make sure that your terms and conditions are up-to-date and reflect the service you can provide.
How to Survive as a Business in the Equestrian Industry during Covid Times
Over half of equestrian businesses experienced a reduction in turnover during the Coronavirus pandemic and whilst we hope the worst is over, we are not yet completely out of the woods. If the pandemic has taught us anything, it is the importance of resilience. Running a business is hard, there will always be tough times and so it is important to be resilient and be able to keep pushing through so that your business survives. The pandemic has also highlighted the importance of ensuring that you are complying with all of the relevant legislation because this will be necessary in case you need to furlough staff in the future.
The Equestrian Industry and Surviving as a Business
Being an entrepreneur and running a business of any kind is never easy. To survive as a business in the equestrian industry, you need to follow your own journey – don’t get caught up trying to replicate your competition. As an equestrian business, your team will also play a vital role so surround yourself with like-minded people and build a great team around you. Running an equestrian business can be challenging at times, but it is the most wonderful adventure so throw yourself into it and make the most of both the highs and the lows.