Do You Believe You Can Earn A Profit In The Horse Business?

Sometimes
people laugh at first when I tell them the name of my business, Profitable
Horseman
.  A few even ask if Profitable
Horseman is an oxymoron. 
 
I
smile and say nothing.

And
after a few uncomfortable seconds the other person will ask,


 


"So how do you do it?"


 


" Do what…?''


 


"You know, how do you make a profit with horses?"

 

After
watching the Kentucky Derby, my answer will be different.  The answer will be the dreaded question
answering a question. 


 

My response question will be, "Do you believe
you can earn a profit in the horse business?"


 


And
whether your answer is yes, no or I
dunno
, you are certainly right.


 


Because the first sale in your business
is to yourself. 


 


If
you aren't sold on your ability to accomplish your dream than no one else will
be either.


 


Tom McCarthy of Louisville, Kentucky
is a lifelong horseman sold on his ability. 


 


He's
been buying, training and racing Thoroughbreds since 1960.  An annual Kentucky Derby regular spectator since
1955, he'd only dreamed for decades of making the walk with his own horse from
the backside to the paddock area on Derby
day.   


 


After the Derby race last
Saturday, even though his horse General Quarters wasn't in the winner's circle,
the seventy five year old trainer and owner stood proudly in his personal winner's
circle.  It was a long trip and he didn't
get there by chance.


 


His
eye for talent and his training ability with
General Quarters resulted in a win at the
Bluegrass Stakes in early April.   Take your pencil and underline the lifetime earnings with his colt of
$641,000 after the Bluegrass win. No calculator is necessary to diagnose a healthy profit
for the original $20,000 investment in the colt.


 


Is
professional horseman Tom McCarthy a retired high school principal who just got
lucky?

  


Jockey
Calvin Borel is a professional horseman
who is sold on his ability, too.


 


Humble,
hard working and emotional, he understands persistence and showing up for work
every day.  From a less than
sophisticated start in bush track racing in Louisiana,
Calvin labored in the work he loved until he and Street Sense found their way
into the winner's circle at the 2007 Derby. 


 


Success
loves a hard worker and Borel proved it with his combo at Churchill on the first weekend in May
with wins at both The Kentucky Oaks on Friday and the Derby on Saturday.


 


Success as a professional horseman
isn't reserved for the rich
; just ask Sheikh Mohammed of Dubai who has spent tens of millions in an empty handed grab for a Derby win.   


 


Success is reserved for everyone on the
unlevel playing field of life who is passionate and hardworking.


 


And
that's because passion and hard work eventually draft luck to your team to make
the difference for you.


 


Ask
Tom McCarthy why he got a second chance to buy General Quarters. 

Ask Calvin Borel why holes open up on the
rail just when he needs them.

 


Your
story is your story and success for you can only be defined by you.  And only your positive attitude about your
ability will lead the way to your success.


 


Negativity has a permanent gig as the advance man for
Failure.


 


So
I want to ask you again, do you believe
you can earn a profit in the horse

business?

More articles like this one at my website www.ProfitableHorseman.com

sign up for my Free Newsletter about making money in the Horse Business


Hire A Bookkeeper To Do The Heavy Lifting

Our barn has an automatic waterer-it's me.  I automatically start refilling water buckets
during chore times. 

Depending on a person's
ambition level, a full bucket of water weighs between thirty five and forty
pounds. 

 

Forty pounds isn't much of a lift for a guy six feet- two,
approaching two hundred pounds.  But if
you're five feet- two at half my weight, it's a job you want to outsource as often as possible.  Ask my wife.


 


Because even if you have biceps and triceps of steel from
riding, heavy lifting is not your specialty and should be delegated.


 


In the business half of the horse business, there are some
tasks that are a lot like carrying buckets of water.  It's hard work and often no fun, but can't be
ignored.


 


Bookkeeping is similar to carrying buckets of water. 
Essential work, but a task that should be delegated to others when
you don't have the skill, attention span or time to do it.    And even if you're good at bookkeeping, is
it the best use of your time as a business professional?


 


I've found many professional horsemen reluctant to use a
bookkeeper for these reasons:


  •   Can't find one.
    (But, never looked)

  •   Too expensive. (why pay when I can do it myself,         when my other work is done, after 10:00 P.M.)

  •   Can't trust my
    numbers to an outsider to leak. (as if  you're earning millions)

  •   Bookkeeper will
    steal.  (If they don't handle cash,
    deposit checks or sign checks, highly unlikely)

The reasons are
lame.  Get a bookkeeper to do that heavy
lifting.
  There are many part-timers available for the bookkeeping
job.  Ask around in your sphere of influence in your community; you can't
find what you're not looking for.


 


As an alternative to conventional bookkeeping, I suggest you
check out Jennifer Foster's on-line
bookkeeping service EQBookeeping.com

I
spoke with Jennifer recently about her business.  Here is what she told me,  "We take the stress and frustration out of
managing the paperwork and details, and allow you to focus on your horses and
clients.  We own and breed horses,
compete in shows, and overall understand the challenges you, as a business
owner, have to face.  Our goal is to make
things easier for you (and help you avoid problems with the IRS.)


She went on to say, "Most importantly, our services are priced at an affordable
rate that won't cut into your profits. 
Running a horse business can be difficult so we price our services at
rates that make the decision to get help a "no brainer."


 

You input your data-let them worry about debits,credits and balances.  Bookkeepers love the heavy lifting of buckets of numbers.

 I "met" Jennifer Foster on twitter.
While some people think the twitter exercise is a waste of time, the
microblog gets results for people in business.  Her twitter name is @equineaccountng and she
is followed by many horsemen. 

I suspect that our conversation would never have happened without the ice breaker effect of twitter.

Even though the horseman's world is entrenched with tradition and leather bound, you can't ignore technology for results.

READ more articles about the horse business on my website click here