Farrier business income stategy

Farrier business strategy for setting and meeting

an income goal

As farriers, we often under value what our service is worth and hesitant to talk about money in real terms. But our farrier business won’t be around for long if we don’t realistically set our prices and income goals to sustain the business. 

Our clients don’t know what it costs to run your business and support you as an employee of the business. (You may not either, but I hope that’s not the case.)  You don’t want to be in the position of letting the market determine the price of your hoofcare service and you don’t want to follow the pack of what other farrier businesses are doing and charging.

It’s entirely possible to work really hard all year only to find out you’re in the hole.

Instead, spend some time planning and working on your farrier business instead of in it. Determine what it costs you to run your business, how much income you need to live the lifestyle you want and how much you’re willing to work.  Then decide the kind of hoofcare service you’re going to provide and select the clientele that wants what you’re offering.  Gain the skills to provide that kind of hoofcare.  

Set your price to support your business and you, then market the service.

Now you’re ready to project some income scenarios for the year.  But a year is too big a goal to wrap your mind around, so break it down into bite sized pieces.  Begin by asking some questions and calculating the answers.

• How many days are you going to work?
• How much income do you have to make each work day to reach your yearly income goal?
• How many horses will you need to provide hoofcare to in order to earn that amount of money each day?  
• How many horses need to be on the books so you can work the number of days planned and earn the income you desire?
• Can your farrier business provide the quality you want to that number of horses each day?
• Can you provide hoofcare to that number of horses day, after day, after day with out getting worn out or compromising service?
• How will you deal with this number of horses when the unexpected happens?

After you find a scenario that works for you, begin tracking how your business is doing on a day by day basis.  Make adjustments as necessary to stay on track.

After planning like this, you’ll begin seeing how, without much effort your farrier business can work for you, instead of you working for it.

To the success of your farrier business!