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Horse Business Management, Protection and Profitability
"I'm a great believer in luck and I find the harder I work, the more I have of it." - Thomas Jefferson
This department is specifically for equestrian professionals who want to find meaningful information, tools and resources that will help them run their businesses more easily, profitably and successfully!
New Articles are added weekly and often daily. We are committed to bringing you the most up to date information and best business strategies available. We encourage you to email us with any suggestions, requests or feedback.
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On the road again...
Carol Gordon, CPA
With show season firmly upon us, it is a good time to discuss which expenses which are incurred while you are showing "away from home" are deductible. In general, travel expenses are deductible if they . . .
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6 Steps to Improve Your Horse Business Model
Elisabeth McMillan
Last newsletter, we talked about how to identify a broken business model. This week, we are going to discuss tools and tips for repairing and/or improving your business model. When a private consulting client asks us to help them with their business, we generally take them through the six step process outlined below. Most of the tools we use in this process are available to our members and we will provide you with a list of these tools at the end of this article. . . .
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Is Your Horse Business Model Broken?
Elisabeth McMillan
A lot of people confuse their business plan with their business model. A business plan details how you will execute your business model. A business model is how your business is structured to make money. If your business model is broken no amount of planning or executing of plans will work . . .
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Equestrian Business Entity ABC's
Carol Gordon, CPA
SP, LLC and Subchapter S -- what does it all mean and why do you need to know? These are several of the different types of legal entities that businesses adopt which allow the business to take on an existence apart from its owners, though the owners still control the business. The type of entity that you choose will affect your . . .
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What's NOT Deductible - Tips for U.S. Horse Businesses
Carol Gordon, CPA
Last month, I discussed items that are deductible on your business tax return. This month, I'm going to mention some items that are not tax-deductible for your business. Let me just repeat one idea from last month -- In order for an expense to be deductible, it must be both ordinary and . . .
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Save Time and Money! Get Your Horse Business Tax Documents Organized In Just A Few Easy Steps!
Carol Gordon, CPA
You need to get your records organized. But you open the file/shoebox/drawer and there is just so much there, in no particular order. That looks like a whole day's worth of work and there are horses to be ridden, lessons to be taught and stalls to be cleaned. So you put away your good intentions for another day. It doesn't have to be that way. Here's how to get organized for your 2009 tax return without spending lots of precious time sitting at your desk. . . .
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Horse Business Q&A - How Can a Boarding Stable Diversify Their Income?
Susan in Ohio asked - What are some ways to diversify the boarding business to make it more profitable without having a public riding lesson program? - Dear Susan, Thank you for a great question. There are several very important things to consider when it comes to diversifying and while it may be tempting to take short cuts and try new ideas prior to testing them -- I highly encourage you to test your ideas on paper first! Here are some basic guidelines that you can use to identify diversification opportunities and a few examples to give you some ideas for your boarding stable. . . .
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Grieving the Loss of a Horse
By Rebecca Cagle, BS, CPLC
There are two concerns I want to address in this article; first the process of grieving the loss of a horse due to fire or other causes, and second that there is some evidence that horses go to heaven. Both issues may be important to those suffering through the loss of their equines and other animals precious to them. . . .
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Horse Syndication -- or "The more we get together, the happier we'll be"
Carol Gordon, CPA
Don't have $150,000 for a Grand Prix horse capable of competing on a national level? Just find 14 friends each with $10,000 to spare and create a syndicate. Is it that easy? No, not really. But syndicates, which have been popular for some time for race horses and breeding, are becoming a useful way to finance the purchase of a competition horse. . . .
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Independent Contractor or Employee -- Who's Who in Your Horse Business?
Carol Gordon, CPA
An independent contractor (IC) is someone who provides services to others, outside the context of employment. An employee is a person who provides services to a companyon a regular basis in exchange for compensation (including trading work for free/reduced board, lessons, etc.) and . . .
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Download: Re-Investing in Your Knowledge & Health
Knowledge and Health are perhaps the two most under utilized business investment tools and yet when properly managed they definitely bring in the highest return on investment. Use these two downloads to create a plan that works for you. . . .
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Praise for MORE EQUINE LAW & HORSE SENSE
by Julie I. Fershtman, Attorney at Law
“This book is a comprehensive and valuable resource for people in the horse industry. It is written in a user-friendly format. It gives examples of problems that people experience b . . .
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Equestrian Accounting 101
Pam Saul
Get the answers you need quickly with this accounting terms "cheat sheet" you'll find a handy list of accounting terms and definitions. . . .
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The Value of Your Equestrian Customers
Do you truly value your customers? The lifetime value of a customer may surprise you. Every one has had favorite clients and not so favorite clients, services they love to provide and ones they don't. But Love or Love Not figuring out your customers life time value is essential to providing good service and the success of your business . . .
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February 2012
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| Here's what our members are saying ...
"I can't say enough about how valuable your site is to our barn."
So-Cal H/J Trainer
"Elisabeth's development of the "Equestrian Professional" Website brought a much needed financial template to the U.S.E.A. Instructor Certification Program. We on the committee thank her for coming to New Orleans and speaking at our annual meeting. Her insight into the financial matters that are so necessary in the equestrian community will be invaluable to professionals at all levels. We recommend her highly and believe her innovative website will set a new standard of excellence."
Brian Sabo - United States Eventing Association ICP Committee Member
"The first download I did - nailed exactly what was going on with me!"
J. Foreman
Las Vegas, NV
"I signed up a couple months ago and found that just taking the time to read through their stuff puts me in the mindset to think wisely about my business, In fact, I made a pretty sketchy little marketing plan and shortly thereafter I sold three good horses and pulled myself out of debt, right when the economy has been tanking. This kind of business management tool is only what you make of it, but Elisabeth McMillan and her staff have done some really good work on behalf of horse professionals"
Eventing Professional - Baltimore, MD
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