After 22 years of shoeing, Tom Trosin maintains he’s made almost all of the mistakes a farrier could possibly make in running a business. The Moorpark, Calif., shoer hopes that his experiences can help you avoid many costly errors. Here are some of the things he’s learned:

1. To succeed in the footcare business, you’ve got to be disciplined, especially in the credit area. Debt in both your footcare business and your personal life should be avoided.
2. Hire an accountant. Get good financial advice now, for the future and for retirement.
3. Maintain a savings account with at least a 3-month reserve.
4. Don’t buy something you can’t afford and don’t really need. “As an example, many young farriers start with the purchase of a $30,000 rig that they can’t afford,” he says.
5. Maintain separate checking accounts for your hoof-care business and family expenses.
6. Avoid finance and interest charges at all cost. “With a significant amount of credit card debt, finance charges can be anywhere from $2,500 to $3,000 per year on just an $8,000 balance,” he says. “So instead of having an $8,000 debt, all of a sudden you may owe over $11,000. And being late with the payment on just one card may lead to a higher interest rate on all your cards.”
7. Avoid high credit ceilings. “If you have a credit…