Pondering career change, anyone taken a risk - financially/career?

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Roody2

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Hi All,

I am pondering buying a livery yard and taking a big career change to run it myself. I have had/worked with horses for years and have run a livery yard before (but not actually mine) so I have no worries about being able to care for a yard full.

My main sticking point is taking the plunge financially and in my career. I have no experience of running my own business. I have considered purchase costs, livery rates, business rates and other expenditure/revenue. Buying the yard would mean an extensive mortgage which I know the livery revenue would cover and have more than enough left over for a reasonable profit.

So really I am looking for anyone who has taken the plunge to share your experiences - good or bad.

thanks in advance!!!
 
My advice is dont do it!!
We run a small full livery yard and are generally full up but we consistanly make a small loss on the livery business. Our yard is financially viable as lessons do earn money.
You always need more than you budget for- more hay, more bedding, more staff hours. Its never ending!
 
Roody, I would say that the livery business is a tough one at the mo'. I have 2 friends who run livery yards and both are having to do 'other' jobs as well at the mo' to ensure they can make a living. Granted, they both have several of their own horses to pay for but the point is that their livery business is not paying enough to keep these.
I'm not saying give up on your dream by any means, just make sure you are totally realistic about how it may be(which is why you are asking for opinions I guess) and don't expect a huge profit.
 
Working for yourself is much harder than earning a salary, however, the rewards are also higher (not necessarily financial rewards!!)

Are there any 'initiatives' in your local area to assist small businesses setting up? Years ago when my OH set up a small business he went through his 'business plan' with the bank and attended a 'running your small business' course with a local start up company.

There was no financial help but lots of advice to make sure that we had included all incomings and outgoings. This makes sure that your 'budgets' are realistic - this should ensure that you have allowed for sufficient hay/bedding etc

With your existing experience you should know what is realistic. Would the YO where you help out assist you working through your figures.

If you get started a good accountant is an absolute must - ours saved us so much in making sure we made all the right tax decisions/allocations.

To make your yard work, don't fill it up with your own horses - otherwise you won't be able to charge for the spaces
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I think you need to explore it more thoroughly, but certainly don't give up your dream because others can't make it work. Livery yards must be viable else they wouldn't exist - obviously some are more lucrative than others.

I wish you luck in following your dream - keep us posted if there are any developments.

Holly B
 
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