is it worth having a livery yard with no arena?

Depends on what kind of livery you are offering. If good hacking then yes, I would aim it more as as a hunter livery yard personally if you want to make the money. Also you could fence off and mark out a grass schooling area in the summer and also have a jumping field if you have enough land?
 
I'm a DIY YO in Devon and we don't have an arena!

When I get a livery space (not often these days) I say that the livery we offer here would "suit happy hackers". There are arenas dotted around the area that people can box out to if they want; there were a few locally within hacking distance of our yard not so many years ago, but no doubt because of insurance people now are not offering their private arenas for hire.

In 30+ years have never had a potential livery say sorry we won't come coz of lack of a school. Not everyone wants or needs a school.
 
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