Many entrepreneurs choose to start a company in an area of personal interest. This way, business owners have in-depth knowledge about their profession from the get-go and are less likely to become burned out. If you love riding horses, for instance, you might be drawn to the idea of running your own horseback riding company. Though you may have a lot of experience around horses, there are a few business concerns to consider before you are ready to open your doors to new riders.
1. Insurance Coverage
Practically every business owner needs liability insurance of some kind. When working with horses, this is especially important because there is a chance a rider or spectator could be injured while on your property. Be sure to purchase a horse business liability insurance policy.
2. Contracts and Rates
It is also important to think through how you will charge your customers. Depending on the type of business you run, you may wish to offer long-term contracts, individual rates, or a combination of the two. If you do work with contracts, you may wish to consult a legal professional.
3. Available Services
Though the focus of your company may be horseback riding, you could offer other services, as well. Can riders board their horses in your stable? Are you willing to help train horses? Diversifying the services you offer may help you reach a wider range of clients.
4. Target Market
Finally, be sure to think about which types of riders you expect to frequent your business. Your answer to this question may have important legal implications and could affect the way you advertise. For instance, if you plan to offer lessons to minors, their parents may need to sign a waiver of some sort and you may need kid-friendly signage.
Making money doing something you love is the dream of many entrepreneurs. With careful preparation, your horseback riding business is sure to be all you hoped.
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