A lot of people set up equine businesses because they understand the industry and see a need. Unfortunately, many of these companies remain small and niche. It’s hard for a lot of owners to earn non-trivial revenue, and they often wind up feeling disappointed.
Fortunately, there are ways around this problem. The equine market as a whole is enormous, so it is entirely possible to create a business that makes tens of millions of dollars. However, it requires following a slightly different strategy than usual.
Validate The Market
The first priority is to validate the market for whatever you want to sell. Is there anyone out there who’s willing to buy what you have at a price they’re willing to pay?
Usually, the answer is yes. However, you will sometimes come across situations where the total number of people who could benefit from your business is small.
Fortunately, equine business customers tend to be quite wealthy, so you can charge a premium. However, you need to make sure you aren’t selling to a tiny niche that will never grow.
Develop A Scalable Revenue Model
The next step is to develop a scalable revenue model. There might be demand for your services, but if you can’t sell to a lot of people (perhaps because you are trying to do everything yourself), you won’t grow the way you want.
One approach is to offer services digitally. Selling courses online is usually scalable, meaning you don’t have to worry about facilities or numbers.
Subscriptions can also help you get around scalability. These provide you with financial security, allowing you to hire more people in different locations.
Even sponsorships could work. These could grow depending on the size of what you’re doing, allowing you to get paid more as you become more successful.
Finally, ensure you can accept more payments using a secure transaction API. Don’t allow banking or merchant accounting to become a limiting factor in your enterprise.
Build A Brand
Next, you should also build a brand. You need to explain to people why your business stands out and what you do that’s so much better than everyone else.
A lot of horse-related companies have generic marketing because they expect their customers to understand what they do from the outset. Don’t take this approach. Instead, hold your clients’ hands and guide them through everything, using your branding to make the process easier.
Branding isn’t just about differentiating yourself from competitors. It’s also about guaranteeing a specific experience so customers know what they’re paying for every time.
Use Digital Marketing
Finally, if you want to reach a global audience, you’ll need to invest in digital marketing. This approach helps you grab new clients and gain attention.
Start with social media ads and influencer campaigns. These can be highly effective for niche equine products.
Also, see whether TikTok or YouTube content could help you. These approaches allow you to showcase your expertise and talk your prospects into buying from you faster.
Lastly, build an email list. Use it to market to people who sign up for your newsletters or discount codes.
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