Considerations Before Opening Your Own Equine Boarding Business
If you are thinking about opening an equine boarding business (or livery as it is commonly referred to in the UK, then you need to have thought about this from all angles. There are so many different things that need to be thought through carefully before you can run a profitable company in this area. Down below, we’re going to be taking a look at some of them, so keep reading if you would like to find out more.
How To Fund It
The first thing that you are going to need to think about is how you are going to fund such a business. The amount of finance you need is going to depend on if you are looking to purchase or rent a property & the scope of improvements you need to make with the facilities. There are several options for your consideration, and the first is going to be funding it yourself. If you have the money, why not simply put it into the business that you want to start? The advantage of self financing is that you will not be paying any finance charges in the form of interest on bank loans and you’ll retain full control of the business.
If you do need to look for additional finance then traditional bank lending is typically your first port of call. Grants may also be available, particularly if the boarding business is diversifying an existing agricultural business. Grant schemes vary by country, county & state so the best place to start discovering what you might be eligible for is to speak to your local business organisations. Equine businesses can also be an attractive investment vehicle for high net worth individuals who have a personal interest & passion in the sport. If you are looking to rent your property but want to make capital improvements to the facilities, why not speak to your landlord in the first instance & make a strong business case for them helping to fund them.
Getting The Help
Another thing that you’re going to need to consider is where you are getting all of the equipment, space, time and labor of people to get the equine boarding business ready to accept your first paying clients. See if your friends and family are willing to help you with the set up. They don’t need to be professional tradespeople to wield a power washer or a paint brush.
When it comes to hiring professional help though, you want to make sure that you confidence in their ability to complete the work to a high standard, on time and on budget. Check out reviews of the companies that you are thinking about hiring for certain aspects of the business & consider working with companies who are experienced with working on equine projects. Working with a builder for horse barns rather than a general building contractor means they can pro-actively suggest improvements to your design & materials which someone who doesn’t know about horses would be unaware of.
As you progress with your business launch plans you’ll start to consider hiring in staff to help with stable chores. The nature of horses (and the size of your budget) means that you may not be hiring for a full time role. Let them know what your expectations are concerning availability, the hours you expect them to work & how much notice you need if they aren’t able to show up for work. Of course life happens, and personal lives can impact the availability of some people. Sometimes things happen and they are unavoidable, so just ensure that the people you are going to hire are willing to show up for you & you may want to consider having several members of staff covering fewer hours each so that you have back up when the inevitable emergency or illness happens.
We hope that you have found this article helpful, and now see some of the considerations that you are going to have to think about before you open your own equine boarding business. We wish you the best of luck with your business venture.