With the hoof-care season about to hit full stride, many farriers have already raised their trimming and shoeing prices for the coming year. And if you haven’t already done so, now’s a good time to think about the impact higher supply costs can have on the need for boosting your prices.
While some farriers traditionally raise their prices each year on New Year’s Day, others wait until they get further into the new footcare season.
Results from a late January survey of 2013 International Hoof-Care Summit attendees indicated that:
- 59% raised their prices at the beginning of the New Year.
- 16% had decided not to raise their prices this year.
- 25% of attendees were not sure whether they would raise their prices for 2013
Among farriers who had already raised their 2013 prices, the average increase was 8.65%. Based on data from the 2012 AFJ Farrier Business Practices Survey, the national average for a trim and nailing on four keg shoes was $108.80 last year. Adding 8.65% to this would increase the average price to $118.21.
Among IHCS attendees who had already raised their prices for the coming year, the increase ranged from 3% to 30%.
If a farrier trimmed and shod 700 horses a year, this 8.65% increase would result in an extra $6,587 in annual income.
For a farrier who specializes in trims only, increasing his or her prices by 8.65% would also result in a significant increase in income.
Last fall’s AFJ survey indicated the average price across the country for a trim was $37.96. If last year’s price was increased by 8.65%, the average trim would be priced at $41.24. For a farrier handling 700 trims, this would represent a boost of $2,296 in annual income.
So apply some of this economic data to your own footcare pricing. If you haven’t already raised your prices, this offers something new to think about.
Let us know about your experiences in raising prices? What has worked best for you? Or has there ever been a disastrous experience in raising prices? Do you prefer to do it once a year or several times during the year? Let us know what you think.