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Keeping Your Equine Business a Vibrant Part of Rural America Kathy Anderson, PhD, University of Nebraska Chris Skelly, PhD, Michigan State University.

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Presentation on theme: "Keeping Your Equine Business a Vibrant Part of Rural America Kathy Anderson, PhD, University of Nebraska Chris Skelly, PhD, Michigan State University."— Presentation transcript:

1 Keeping Your Equine Business a Vibrant Part of Rural America Kathy Anderson, PhD, University of Nebraska Chris Skelly, PhD, Michigan State University

2 NC Equine Business Overview North Central Region Horse Industry Over 1 million horses 162,000 horse farms Over 70% of horse owners live in rural communities of 50,000 or less Breeding, training, boarding, etc Spectator events – Urban settings Race, show, etc

3 The EBN Conference Partnership of 4 Universities Targeted to NCR, nationwide application Simultaneous conferences, 4 locations Interactive webinar Various business related topics Equine Business Network Facebook page Equine Business Blog Equine Business web page (eXtension)

4 Purpose Enhance rural equine businesses Profitability Sustainability Develop organized business management resources Equine Business owners & employees

5 Purpose Increase equine business knowledge Exploring employment opportunities Horse industry business development Enhance efficiency Increased revenue Expand industry

6 What we did Collaborators Michigan State University University of Nebraska Iowa State University University of Minnesota Equine Business Conference Hosted concurrently One live speaker each location + 3 webcast Liability/Legal issues Marketing Insurance Accounting/Business structure Pre-Conference webcast Promotional 6 weeks prior to conference

7 Equine Business Conference Live conference Conducted February, 2012 Total attendance – 130 MI – 50 MN – 40 IA – 20 NE – 20 Archived webcast viewed November views Equine Business Network December, 2012 Over 600 fans

8 What we did Equine Business Conference Affordable program Archived webcasts available My Horse University Round table discussions Program Evaluation Post- program 6 month post-program impact survey Online Social Network Equine Business Network Facebook page Launched November, 2011 Horsebiz Blog Launched September, 2012 eXtension Resource Area HorseQuest Launched November, 2012 Road blocks Coordination Technology challenges Clientele challenges

9 Benefitting the Management of Horse Operations Topic Percent of attendees agreed or strongly agreed Equine law95% Promotion, marketing, advertising91% Equine insurance74% Taxes and finance68% 95% -68% of the conference participants agreed or strongly agreed the information obtained from each topic would benefit the management of their horse operation, with Equine law being the most beneficial a n=117

10 Making Changes in their business Topic Percent of attendees agreed or strongly agreed Equine law95% Promotion, marketing, advertising81% Equine Insurance53% Taxes and finance51% All participants indicated they would make at least one change in their horse operations following the conference Nearly all (95%) would make changes related to legal issues a n=117

11 What Changes are the making? TopicChanges Equine law Documentation needed Wording and use of releases Ways to avoid liability Promotion, marketing, advertising Using social media to promote events and businesses Equine Insurance Changes in policy on horses Insurance needs for facility and events Taxes and finance Ways to lower taxes Setting up a more protected business Move from sole proprietor to LLC Move from hobby to business a n=117

12 Topic Pre-Conference Knowledge b Post-Conference Knowledge Percent Increase in Knowledge Equine law % Equine Insurance % Taxes and finance % Promotion, marketing, advertising % Increasing their knowledge The pre-conference knowledge of conference attendees was lowest on Equine Law and Insurance with each of those having the greatest gain in knowledge (150% and 138% respectively) following the conference However, conference participants indicated their greatest post-conference knowledge was in the areas of promotions, marketing and advertising and equine law (4.0 and 3.9). a n=117 b 1 (very little knowledge) to 5 (very much knowledge)

13 New Information TopicWhat did they learn about? Equine law Liability laws Contracts Releases Contracts Promotion, marketing, advertising Branding Tools to try Use of social media Equine Insurance Coverage for horses Coverage for events/ activities Taxes and financeTypes of business structures Tax issues Ways to lower taxes

14 Number of Views for the Archived Webinars Title# Views Structuring Your Horse Business to Succeed in the Future28 Legal Liability and Contracts 11 Promotion, Marketing and Advertising: Tips on Social Media and Low- and No- Cost Promotion 10 Using Insurance to Protect Your Horse, Yourself, and Your Equine Business7

15 Expected Changes to Equine Businesses in One Year Area of changeModify current practiceStart this in near future Improve handling taxes & finances 20% 35% Implement new marketing strategies 35% 15% Develop or improve liability waivers and contracts 20% 50% Purchase or change equine insurance policy 15% 50% N = 21

16 One-Three Year Benefits of the Equine Business Conference Area of changeSomewhat to very likely Decreased liability risk86% Improved insurance plan81% Improved marketing70% Increased profitability62% N=21 60% indicated they would have increased profitability, in part due to their enhanced understanding of how to reduce their risk of liability and improved insurance.

17 Fan Photos in Timeline Photo EBN Facebook Timeline

18 Equine Business Network Facebook Insights October 13, 2012

19 Q/A for Multi-State Conference

20 EBN Informational Post

21 EBN Promotion Day/Most Popular Post

22 EBN Program Promotion

23 Horsebiz Blog

24 eXtension EBN Resource Area

25 eXtension EBN Articles

26 EBN Archived Webinars

27 Upcoming EBN 2013 Program

28 EBN Upcoming 2013 Program


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