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What does it cost you to shoe a horse? The obvious answer includes the price of shoes and nails. Maybe some additional supplies are required, like adhesives or hoof pads. The truth is, many farriers fail to reflect on how the prices that they charge are actually determined.
Since farriers are paid for the real value they bring to the marketplace, it is useful to assess that value to determine a price structure that is representative of what the services are really worth.
What is “value” and how do you determine it? A dictionary definition is: “The measure of how strongly something is desired for its usefulness, expressed in terms of the effort or money one is willing to expend in acquiring it.”
This means people value something in relation to how much they desire it and how useful it is to them. The definition of the word valued is: “Highly regarded, much esteemed.” From this we can see people tend to value things that they hold in high regard.
Every job has a certain value in the marketplace. While we know it takes time to bring value to the marketplace, however, we don’t get paid for time. We are paid for the value we put into the hour, not the hour itself.
This leads to the ultimate question: How was this value established? Who determines the dollar value or worth of horseshoeing in the marketplace?
Clients don’t tell us what they…