Financial Services for Equestrians
The same business skills are required for all businesses, no matter what the product or service. Small business takes certain skills to make the business side work.
Equestrian skills are not a substitute for solid business knowledge when running your own business. Understanding the legal organization of your business, financial considerations, and potential liabilities are all critical to success.
There is no business until there are sales that generate revenue and produce cash flow. Someone starting out in business must have enough money put aside to cover expenses until the business produces enough revenue.
Those who operate boarding barns often find they have a cash flow problem because of empty stalls or tenants who are slow to pay.
The first is a marketing issue, the second an accounting issue. Both of these issues can be mitigated by producing a business plan that includes a marketing plan and by having formal polices for that apply to all renters.