EquineTeleseminar

The Business of Horses - Profit Motive

Profit motive according to the IRS is the intent to make money with your business venture within a reasonable time. And for some, they want to enhance their lives, gain independence, and have control over their future and to enjoy the horse and the lifestyle that accompanies that enjoyment.

The Business of Horses - Marketing

What do you think of when someone says marketing your product? Sales? Marketing a product or service entails much more. You have to create a demand for the product in order to sell that product. How do you do that?

Profit Motive and the Horse Business

By Richard B. Dicks, CPA

Most involved with the equine industry of whatever breed do so purely as a hobby.  It is an activity from which one can derive great pleasure and enjoyment, while at the same time, providing an opportunity to meet new friends and share a common interest with all in their family.  There is absolutely nothing wrong with this. It makes for a strong market for our horses and a more interesting and exciting industry for all of us.

A SIMPLE FILING SYSTEM: WHERE DID I PUT THAT STUFF!!!

Excerpt from Economics 101

In the previous articles, we have discussed and hopefully learned the basic accounting principals necessary to record the financial transactions of your horse operation: how to set up a General Ledger, Cash Receipts and Disbursements Journals, how to find the opening balances and how to record the various transactions and journal entries that represent the daily activity of the farm. You now have at least a general idea of how to keep track of the money you have spent up to now.  Heck, you all have probably prepared a snow storm of journal entries by now.  I wish I could tell you that this is all you have to do, but alas, such is not the case.  We still haven't discussed the dreaded F word.  How do you set up your FILES, not to mention all the other good stuff in the rest of the book?

The Business of Horses - Selling on Contract

I have received several inquiries about selling on contract from horse owners who need to get rid of their surplus and still want to make a profit or at least break even. In this time of slow market conditions, supply greater than demand and many horse breeders who are dispersing their stock, one should be looking for different ways to market their product. Offering to sell on contract may work for you if you act in a business-like manner and do your research.

Money and Horses, Can They Co-exist??

By Richard B. Dicks, CPA

  “There is something about the outside of a horse that is good for the inside of a man.” There is another old saying that is equally as true. “The way to become a millionaire in the horse business is to start out with ten million.” The question before us is how do we live the first statement without being condemned to the second?

The Business of Horses - Foundation Horses

If Paint is a Quarter Horse with excessive white, what is a Quarter Horse? A Quarter Horse is a Thoroughbred outcross. A Thoroughbred is an Arabian outcross.

The Business of Horses - So You Want to be Involved in the Horse Industry?

Over the years, everybody that applied for employment with me wanted to become a trainer. They wanted to ride horses when what I really needed were stall cleaners, grooms, bookkeepers, groundskeepers, etc.

The Business of Horses - More War Stories

I buy and sell horses on the Internet. In this time of electronic technology, most of us use every tool that we can in order to maintain our business. And with increasing frequency, there is someone who is determined to acquire assets without paying for them in the coin of the realm.

The Business of Horses - Costs, Overhead, Profit Margins

One of the questions I get is about how to arrive at a dollar amount to charge that will allow the horse business to survive over a period of time. There are three things that you must know in order to do this. Charging less than the competition is not one of them unless you truly have lower costs and overhead.