5 Money Management Mistakes That Are Killing Your Equine Business (And How to Fix Them Today)
Love working with horses but hate dealing with money? You’re not alone. Most equine entrepreneurs got into this business for the horses—not the spreadsheets. But here’s the reality: poor financial management is the #1 reason passionate horse businesses fail.
The good news? These aren’t complex problems that require an MBA to solve. With a few simple systems and the right mindset, you can transform your financial chaos into a well-oiled machine that supports both your passion and your paycheck.
Let’s dive into the five biggest money mistakes I see equine entrepreneurs make—and exactly how to fix them.
Mistake #1: Playing Financial Russian Roulette with Inconsistent Income
The Problem
Your income looks like a heart monitor—up and down, up and down. Winter kills your lesson bookings. Clients disappear during show season. Weather cancels your events. Meanwhile, your horses still need to eat every single day.
The Reality Check
If you’re crossing your fingers and hoping for the best each month, you’re not running a business—you’re gambling with your livelihood.
The Solution
Think like a farmer, not a gambler. Farmers know winter is coming, so they prepare during harvest season. You need to do the same.
Action Steps:
– Build your emergency fund: Start with just $500 and work toward 3 months of expenses
– Map your money patterns: Use tools like QuickBooks Online or Wave to identify your high and low seasons
– Create income insurance: Develop 2-3 revenue streams that work year-round (online courses, virtual coaching, product sales)
– Get paid in advance: Offer packages, memberships, or seasonal rates that bring in cash during slow periods
Quick Win: This month, create one new revenue stream that doesn’t depend on weather or seasons.
Mistake #2: Treating Your Business Bank Account Like Your Personal Piggy Bank
The Problem
You’re using the same debit card for horse feed and your morning coffee. Your “business account” is actually just another personal account. Come tax time, you’re drowning in a sea of mixed-up receipts wondering what counts as a business expense.
The Reality Check
If you can’t tell the difference between your business money and your personal money, neither can the IRS. And trust me, they’re not nearly as forgiving as your favorite horse.
The Solution
Create crystal-clear financial boundaries. This isn’t just about taxes—it’s about actually knowing if your business is profitable.
Action Steps:
– Open a real business account: Even free options like Novo or Bluevine work
– Get a business-only payment method: Separate debit card, credit card, or digital wallet
– Set up automatic bookkeeping: Connect your accounts to Wave (free) or QuickBooks Online
– Track everything: Use apps like Expensify or Receipt Bank to capture expenses on the go
Quick Win: This week, open a business bank account and move all business transactions to it.
Mistake #3: Working for Free (And Calling It “Passion”)
The Problem
You work 60-hour weeks but haven’t paid yourself in months. Every dollar goes back into the business, the horses, or “just this one more thing.” You’re running a charity, not a business.
The Reality Check
If you’re not paying yourself, you don’t have a business—you have an expensive hobby that’s slowly draining your savings.
The Solution
Pay yourself first, even if it’s just $50 a week. Your business needs to support you, not the other way around.
Action Steps:
– Start small but start now: Even $25/week proves your business can generate owner income
– Use the Profit First method: Allocate percentages of every dollar that comes in (owner pay, taxes, profit, expenses)
– Automate your pay: Set up automatic transfers so you can’t “forget” to pay yourself
– Track your real hourly rate: Divide your owner pay by hours worked—you might be shocked
Quick Win: Tomorrow, pay yourself something. Even $20. Your business needs to start the habit of generating owner income.
Mistake #4: Running Your Business on Napkin Math and Prayer
The Problem
Your “bookkeeping system” is a shoebox full of receipts and a vague idea of what you made last month. You avoid looking at your numbers because they’re either wrong or terrifying (or both).
The Reality Check
You can’t manage what you don’t measure. Flying blind isn’t brave—it’s dangerous.
The Solution
You need a simple, consistent system that gives you the truth about your money—even when the truth hurts.
Action Steps:
– Choose your weapon: Wave (free), QuickBooks Online (most popular), or Xero (nonprofit-friendly)
– Reconcile monthly: Match your bank statements to your bookkeeping records
– Learn your three key reports: Profit & Loss, Balance Sheet, Cash Flow Statement
– Find your bookkeeping tribe: Connect with services like The Horsekeeper’s Bookkeeper who understand equine expenses
Quick Win: This weekend, set up a bookkeeping system and enter last month’s transactions.
Mistake #5: Pricing Like a Broke Amateur Instead of a Professional
The Problem
You’re charging less than the teenager down the road because you “don’t want to be greedy.” You’re booked solid but barely breaking even. You haven’t raised prices in years because you’re scared clients will leave.
The Reality Check
Underpricing doesn’t make you noble—it makes you broke. And broke businesses can’t serve anyone.
The Solution
Price for profit, not just to cover costs. Your prices should reflect your value, experience, and the results you deliver.
Action Steps:
– Calculate your true costs: Include your time, overhead, insurance, equipment wear, and profit margin
– Track your time: Use Toggl or Harvest to see how many hours you actually work
– Research your market: Know what others charge, but don’t let it limit you
– Raise prices strategically: Start with new clients, then gradually increase existing rates
Quick Win: Calculate what you actually made per hour last month. If it’s less than minimum wage, it’s time to raise your prices.
The Bottom Line: Your Business Deserves to Thrive
Here’s what I want you to remember: Taking care of your business finances isn’t selfish—it’s essential. You can’t pour from an empty cup, and you can’t run a sustainable business on fumes and good intentions.
The horse industry needs passionate, skilled professionals who can stay in business long enough to make a real difference. That means charging appropriately, managing money wisely, and yes—actually paying yourself.
Your horses deserve an owner who isn’t stressed about money. Your clients deserve a business that will be there next year. And you deserve to build something that supports your passion without bankrupting your future.
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Take Action Today: Your Financial Health Audit
Ready to stop making these mistakes? I’ve created a comprehensive Financial Health Checklist specifically for equine entrepreneurs. Use it to assess your current situation, identify your biggest gaps, and create a step-by-step plan to fix them.
What’s Included:
– Complete financial assessment tool
– Monthly money management checklist
– Pricing calculator worksheet
– Recommended tools and resources
– 30-day action plan
👉 [Download Your Free Financial Health Checklist]
Don’t let another month go by hoping things will magically improve. Your business—and your peace of mind—are worth the effort to get this right.