Credit: ThinkstockChances are you’re already offering boarding and/or lessons at your Western facility. Those are the two “go-to” options for generating income. But, have you considered alternatives to increasing revenue? In this article and others in this series we look at ways you can increase your bottom line with creative income methods.
Start a Team
Another, less thought of, option for additional income if you already have lessons and lesson horses is to host an Interscholastic Equestrian Association (IEA) or Intercollegiate Horse Show Association (IHSA) team.
“This will get students into your facility, which will increase income,” said Brittany L. Adams-Pope, PhD, an assistant professor in the Equine Industry Program at the University of Louisville in Kentucky.
IEA offers student riders in grades 6-12 opportunities to train for team competitions against other public and private schools or barns teams. IHSA teams are similar except that they are for college students. In both events, riders draw random horses at a competition and receive little to no warm-up prior to entering the ring. Participants develop strong horsemanship skills and the ability to ride a wide variety of horses.
“To do either of these though, you’ll have to have enough lesson horses to accommodate different team sizes,” she said.
Passive Income
Investopedia defines passive income as “earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.”
The definition of passive income is a little misleading because effort is required to promote and maintain the source of income, but the work is less than other daily tasks associated with caring for horses and giving lessons.
For a Western facility, passive income could include renting a house or an apartment on the property that is not currently occupied, providing a spot for high school senior portraits or other photo or video shoots, or hosting weddings or gatherings in designated locations on your property.
Get creative and look for ways to put your assets to work for you.
