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Assessing income vs. expenses is a valuable tool for determining how much to raise prices in the new year. Source: Jeff Cota

Good Financial Planning Can Safeguard Farriers’ Future

Planning for the unexpected and avoiding liability help keep your business healthy

Takeaways

  • Analyzing costs and weighing them against profits can help farriers better understand their current financial situation. This can lead to better spending habits and help prioritize setting aside money for the future.
  • Protecting yourself and your business from liability concerns through insurance is crucial. It’s also important to have an emergency fund ready for unexpected expenses.
  • Avoid debt at all costs, as it’s a barrier to building equity. Part of being financially successful is being free to make purchasing, investment and savings decisions without the added weight of debt.

Day-to-day challenges can make it difficult to sit down and plan for the cost of life’s uncertainties. Though, unexpected expenses such as medical bills or truck repairs don’t have to be financially devastating if properly anticipated. Having business insurance, investing in stocks and retirement accounts, as well as making smart purchases, all pay dividends down the road. Setting yourself and your business up for financial success doesn’t just mean charging more year over year. It also means safeguarding against life’s contingencies and planning for its certainties — like retirement — so that you can feel secure knowing you have your own back. 

“Our businesses should be about profit. Yes, we do it for the horse, but we have to feed our families,” says Pennsylvania farrier and certified master financial coach Joshua Sanders at the 2025 International Hoof-Care Summit.


“Yes, we do it for the horse, but we have to feed our families…”


Profitability isn’t solely determined by the amount of…

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Maclaren Krueger

Maclaren Krueger is an assistant editor for American Farriers Journal and the International Hoof-Care Summit. Previously, they were an editorial intern with No-Till Farmer, Farm Equipment and other Lessiter Media publications. Maclaren has a background in photography and graduated with a degree in English, Creative Writing and Publishing from the University of Iowa.

Contact: [email protected]

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