Increasing the Income of Your Farrier Business

There are more ways to bring in additional money than just by boosting your shoeing prices

There are more ways to bring in additional money than just by boosting your shoeing prices

Cutting expenses and investing wisely are good methods for improving your hoof-care business’s bottom line. However, there are also many other ways to earn more money or increase your business income. Just as with cutting expenses, it takes a little imagination for any business to increase income, especially in these challenging economic times.

So how do you go about increasing your income? The first step is to realize that you are beginning a process and your income is not going to increase overnight. Some methods you can try will be straightforward, while others won’t be. Some are short-term strategies while others involve more of a long-term approach.

Here are some strategies to help increase your business income.

Keep accurate records. This is vital to being able to assess your business profits. Such records can provide phenomenal amounts of information, especially if you are using a software program designed for a farrier business. The Forge Ahead program by Backroads Data has a business management financial reports section that automatically tracks your expenses and sales by client, product or services. It will automatically track your percent profit margin for every service or product you input into the program. This allows you to know exactly how much or little you are profiting from a product or service. Ambrit Software is another company that provides business software for farriers.

Raise your prices. The average inflation rate is 3%…

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Esco Buff

Esco Buff, CF, APF, of Webster, N.Y., holds a PhD in business administration and is a member of the International Horseshoeing Hall Of Fame.

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