Course description:
This course establishes basic business principles, then explains the facets of the horse industry and shows students how to find the ‘potential’ for profits within the various markets. The course surveys pinhooking, claiming, training, resales, and breeding operations. In addition to highlighting the areas for profit opportunity, the course solidly grounds the student with good bookkeeping practices.
Course competencies:
- Analyze basic business principles and identify facets within the horse industry which afford return on investment opportunities.
- Understand and categorize “potentials for profit from the development of a catalog page.
- Demonstrate the selection of weanlings and yearlings for pinhooking potential. Produce pedigree chart.
- Analyze the potential for profits among yearlings and create a marketing plan.
- Demonstrate ability to select claiming prospects and outline program to produce a return on investment.
- Analyze the potential in broodmares based on performance records and create a marketing plan.
- Determine how to approach the syndication of a stallion and analyze the profit potential opportunities.
- Create a training program which demonstrates ways to increase profit margins and attract new customers.
- Identify and analyze tax advantages of young performance horses, broodmares and stallions.
- Prepare basic bookkeeping records for one or more business opportunities within the horse industry.
Course Outline
I. WHAT IS THE BUSINESS OF HORSES?
A. Competition for profit, selling horses or providing services
B. What is it you ‘love’ to do?
C. Finding your niche
D. Determining your potential
F. Financing your business
G. Establishing your business
II. POTENTIAL IS WHAT SELLS HORSES
- Learning what the market demands
- How to find ‘potential’ in a horse
- Developing a catalog sales sheet
III. PINHOOKING WEANLINGS AND YEARLINGS
- Advantages of pinhooking
- Looking for big returns on investment
- Rules and guides for success
IV. TRAINING YOUNG HORSES FOR COMPETITION AND RESALE
- Three ways to make a profit
- Avoid testing the horse’s abilities
V. CLAIMING CAN RETURN RAPID REWARDS
A. Twenty-five percent produce profits
B. Put them where they can win
C. Easy entry, easy exit
VI. BROODMARES ARE RISKY BUSINESS
- Avoid the conventional approach
- Breed for profits, not genetics
VII. STALLIONS REQUIRE SYNDICATION
- Too many stallions, too little money
- Syndication finances business
- More partners mean more salesmen
- Guidelines for limited partnerships
VII. TRAINERS ARE IN SPECIAL POSITION
A. Look good, feel good business
B. Opportunities abound
C. Increasing profit margins
IX. BUSINESS HAS TAX ADVANTAGES
- IRS becomes your partner
- Invest in horses, not ‘shelters.’
X. SIMPLE BOOKKEEPING SYSTEM
A. Your records must be perfect
B. Keeping things simple and clear
C. A guide to maintain profit picture