The dream of starting a new business is very exciting and for many it is the idea of working in the equine sector that makes all the difference, but let’s not forget that it is still a job that needs hard work, planning and effort to succeed.
I thought it may be useful to list out the very basics:
An idea – this is where it all begins, sitting around and thinking about how you can make something pay you a salary out of doing something you love, be it equestrian photographer, online retailer, marketeer etc.
Firming up those ideas – don’t just leap in until you’ve given a lot more thought to the idea that’s rattling around in your head.
- Look at the market you aim to service and see who else is doing the same.
- Is there a need and enough sustainable business?
- Is there growth potential?
- Do you have any idea of what to charge? If not then ask around and consider what you need to survive.
- Do you have what it takes to be on your own? It can be tough when things don’t instantly pan out so you can’t just cave in.
- Do you have a backup plan?
- Do you have a home life that can run alongside the business?
- Is there enough money in the jar to carry you whilst things get going?
- Do you have a network around you of like minded people that you can lean on for support and possible guidance?
Setup phase – you’re nearly there but still need to map out the launch sequence.
- Marketing: this can be quite costly so work out what you need to reach a suitable audience. Website, mobile apps, social media, offline materials, collaborations and affiliations.
- Specialist software may include a CRM which is in this case a piece of software used to store client information and associated records.
- Tools of the trade may include a van, laptop, phone or any other specialist kit, plus don’t forget to factor in running costs of these items and possible servicing or replacement costs.
- Insurances and fees linked to the running of your business and any other running costs.
Like I said at the beginning, this is only a very brief snippet of the full process involved in starting a new equine business. Each and every time is going to be different, so take your time and investigate the options in depth before you put any money down.
If you would like more advice or help in considering your options then please Anne Clarke of Connected Thinking. Anne is our partner who has taken her passion for horses and business, linked the two and is now running a consultancy for riding centres and associated equestrian setups.