Keeping Your Equine Business a Vibrant Part of Rural America Kathy Anderson, PhD, University of Nebraska Chris Skelly, PhD, Michigan State University 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 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) Purpose • Enhance rural equine businesses Profitability Sustainability • Develop organized business management resources Equine Business owners & employees Purpose • Increase equine business knowledge Exploring employment opportunities Horse industry business development • Enhance efficiency • Increased revenue • Expand industry What we did Collaborators Equine Business Conference • • • • • • Michigan State University University of Nebraska Iowa State University University of Minnesota 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 Equine Business Conference Live conference Archived webcast viewed • • • Conducted February, 2012 Total attendance – 130 MI – 50 MN – 40 IA – 20 NE – 20 November 2012 56 views Equine Business Network December, 2012 Over 600 fans What we did Equine Business Conference Online Social Network Equine Business Network Affordable program Archived webcasts available • Facebook page • Launched November, 2011 • My Horse University Horsebiz Blog Round table discussions Program Evaluation • Post- program • 6 month post-program impact survey • Launched September, 2012 eXtension Resource Area • HorseQuest • Launched November, 2012 • Road blocks Coordination Technology challenges Clientele challenges Benefitting the Management of Horse Operations •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 Topic Percent of attendees agreed or strongly agreed Equine law 95% Promotion, marketing, advertising 91% Equine insurance 74% Taxes and finance 68% an=117 Making Changes in their business •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 Topic Percent of attendees agreed or strongly agreed Equine law 95% Promotion, marketing, advertising 81% Equine Insurance 53% Taxes and finance 51% an=117 What Changes are the making? Topic Changes 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” an=117 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). Topic Pre-Conference Knowledgeb Post-Conference Knowledge Percent Increase in Knowledge Equine law 2.6 3.9 150% Equine Insurance 2.6 3.6 138% Taxes and finance 2.9 3.5 121% Promotion, marketing, advertising 3.3 4.0 121% an=117 b1 (very little knowledge) to 5 (very much knowledge) New Information Topic Equine law Promotion, marketing, advertising Equine Insurance Taxes and finance What did they learn about? Liability laws Contracts Releases Contracts Branding Tools to try Use of social media Coverage for horses Coverage for events/ activities Types of business structures Tax issues Ways to lower taxes Number of Views for the Archived Webinars Title Structuring Your Horse Business to Succeed in the Future # Views 28 Legal Liability and Contracts 11 Promotion, Marketing and Advertising: Tips on Social Media and Low- and NoCost Promotion Using Insurance to Protect Your Horse, Yourself, and Your Equine Business 10 7 Expected Changes to Equine Businesses in One Year Area of change Modify current practice Start 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 One-Three Year Benefits of the Equine Business Conference •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. N=21 Area of change Somewhat to very likely Decreased liability risk 86% Improved insurance plan 81% Improved marketing 70% Increased profitability 62% EBN Facebook Timeline Fan Photos in Timeline Photo Equine Business Network Facebook Insights October 13, 2012 Q/A for Multi-State Conference EBN Informational Post EBN Promotion Day/Most Popular Post EBN Program Promotion Horsebiz Blog eXtension EBN Resource Area eXtension EBN Articles EBN Archived Webinars Upcoming EBN 2013 Program EBN Upcoming 2013 Program