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Women Owned Horse Farms: A Formula for Success

Women Owned Horse Farms: A Formula for Success. Sandy Hamm, Research Associate University of Arkansas, Division of Agriculture Owner/Manager, Sandy Hamm Horses. Economic Impact. $102 Billion Industry $32 Billion Recreation 9.2 Million Horses 1.4 Million Jobs

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Women Owned Horse Farms: A Formula for Success

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  1. Women Owned Horse Farms:A Formula for Success Sandy Hamm, Research Associate University of Arkansas, Division of Agriculture Owner/Manager, Sandy Hamm Horses

  2. EconomicImpact $102 Billion Industry $32 Billion Recreation 9.2 Million Horses 1.4 Million Jobs Source: American Horse Council, June 2005

  3. Why Horse Farming? • Agritourism - Horse Recreation industry generates $32 billion annually • Small Farm Advantage – acreage requirements are minimal • Urban Sprawl – Agritourism prospers with city growth

  4. Horse Farming Growth

  5. Agritourism Impact

  6. Agritourism – Horse Recreation

  7. Why Women Owned? • Women run farms increased 58% from1978 to 1997 (2002 census of Agriculture) • Historically women have operated small acreage livestock farms (ERS/USDA) • The overall increase in equine competition sports encourages women owned farms

  8. Women are Operating a Larger Share of U. S. Farms

  9. U.S. Farms with Women as Primary Operators

  10. Horse Farming What You Need to Know

  11. Initial Investment • Farmland • Quicken Books • Website www.sandyhammhorses.com • Equipment

  12. Financing • Business Plan • ‘A Must Have’ to secure financing • Strategic planning for horse business • Business goals • Lending entity

  13. Getting Started – Financing (Blue Ribbon Business)

  14. Farm Income – Deciding How to Specialize

  15. Boarding

  16. Boarding • Flourishes with urbanization • Small farm advantage • Who is your target customer? • Performance horse owner • Large initial investment • Stabling and limited turn-out, labor intense • Trail and pleasure horse owner • Content with paddocks and turn-out sheds • Happy to ride in meadows and on trails

  17. Boarding – What is Important • Contracts • Used to secure agreements • Nutrition • Know how to feed the different types of horses • Specialize in grouping horses • 3-4 in a pasture • All eat similar ration • Personalities • On sight caretaker

  18. Boarding – Average Monthly Costs

  19. Boarding - Rates

  20. Feed Rations – Performance Horse

  21. Hay Calculator

  22. Sales – Renewable Horses

  23. Sales & Marketing – Renewable Horses • Specialty Niche Market - Giving retired thoroughbred race horses a second career • Reaching Your Target Customer • Riding Lessons, Trail Rides • Club participation • Working Students

  24. Sales & Marketing – Renewable Horses • Advertising • Word of mouth • Website • U-tube (video) • Horse rental • Horse shows

  25. Breeding vs. Buying to Sell

  26. Breeding vs. Buying to Sell

  27. Riding Lessons

  28. Riding Lessons Useful Marketing Tool Lessons Buy Board

  29. Riding Lessons • Low-cost supplement to farm income • One lesson horse & schooling tack required • Your time • 1985 - $25/one hour • 2008 - $35/half hour • Tax deductions can apply • Equipment, feed, hay • Certifications available • Teaching and Training

  30. Summary • “Business success is based on 2 main criteria: Fair Prices and Good Service” (Horse Economics)

  31. Summary • Track daily costs • Monitor grain and hay prices closely • Adjust feeding rations when needed • If selling horses, watch break-even point • Be ready to drop price and sell • Stay on top of current farming practices and trends by attending classes and reading • Consult a tax accountant for savings tips

  32. References & Suggested Readings • O’Brien, Catherine E., “Horse Economics” • Olsen, Lisa Derby, “Blue Ribbon Business” • ERS/USDA “Amber Waves” , issues Sept. 2006 & Dec. 2007

  33. Women + Horses = Success!

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