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There are many reasons why farriers do not make enough money or why their shoeing businesses fail. The biggest reason is many farriers may have little or no understanding of business.
According to the United States Small Business Administration, two-thirds of all new businesses survive at least 2 years but only half of those are still around at 4 years. If you don’t want to become one of these negative statistics, you need to work on your business as well as in your business.
Personally, I’m about making money to support my family. Money does not make me happy, but I have found that a lack of it can make me miserable. That’s why I pursued a business education. I thoroughly enjoy horseshoeing, but I do it mainly because it lets me earn enough to support my family. My practice is profitable and allows me more time with my family. What’s great is to be in a business that I actually enjoy.
To be successful in business you need to change your attitude about yourself and toward your business. You need to stop being so protective of your customers’ pocketbooks and start meeting your own economic needs and those of your family. There are three main ways to increase your profits:
This article will focus on increasing profits by looking at how to charge for hoof-care services.
Some of the pitfalls in trying to increase your profits are: