Are you optimistic or pessimistic about the coming year and its impact on your practice?
Optimistic. Seeing people spend less money has given me the encouragement to tool up and expand my skills and knowledge. I'd been skating by, cold fitting and farming out the specialty stuff; now, I'm doing that stuff myself, and making plans for promotions and advertising for next year.
I believe the economy has a big part to play on whether your practice will grow or decline. Even if people have a stable income, the media has them convinced that times are bleak; therefore, they won't spend as much on their animals as they have in the past.
New horse registrations have been down drastically for the last 3 years. There are simply fewer horses around now. That won't turn around in the short term.
Personally, the economy has never affected my farrier business due to many reasons beyond the scope of a letter. I do think the economy does divide the industry into fractions that could affect your business depending on your mind set, education and business savvy. I think farriers need to think about whether the customers they have now will be able to provide them a comfortable income in 5,10,20,30 years from now? If not, then what will you do about it? The answer to that question, I think will make or break your future in the farrier industry. I think a struggling economy forces us all to re-focus on all aspects of our finances, both personally and business wise. Plan and prepare your business future to overcome all obsticales.
I am the farrier for 4 of the top equine clinics in Texas . In 35 years
I don't think l have seen it worse, but things seem to be getting better. I think the more it looks like Obama will be defeated the better it will get.
There aren't fewer horses, people just aren't paying to register worthless horses. A lot of folks are offering horses at two different prices; on with papers, and one without.
Great question. No comment, just watching the responses.
I would say I am cautiously optomistic. The area I am in has been especially hard hit due to the economy. It is a very blue-collar area where I do a lot of backyard horses. Many people have been out of work for extended periods, and combined with a large increase in hay prices (app. $20 per bale) the horse industry has been hit hard. At this time, at least it's not getting worse, but it's going to be a while before it gets better.
Actually I think it all has to do with the type of horses you shoe for. We shoe mostly show horses. My income has increased by a big number every year since the economy crashed. I believe it has all to do with your skills and the type of clients you have. God Bless!
Don't get political.
For me not much has changed. I have a good clientel that some have been with me for many years. I've been shoeing now for 40 yrs. and I feel that continuing to work on your education and being flexible in working with clients can be a big help when times get tough. Don't be afraid to do a free shoeing for a young client. It can pay off in the long term.
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