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The horse
racing business is an exciting business that is enjoyed by
families and friends. Many interested racing fans
would like to be in the winners circle with family and
friends, but are unsure how to get there. There are
several ways to get involved, such as owning a horse
yourself, owning a percentage or racing share with family or
friends. There are many different levels of ownership,
all levels offer excitement and thrills, especially when you
see your silks in front. The entire experience when
involved in this exciting business is very special.
Following are some areas that need to be considered before
GETTING INVOLVED:
Study: take
time to read, check the internet and trade publications.
Advise:
An advisor is paramount to a new owner, it is almost
impossible to have a positive experience without seeking
competent advice.
Time:
Take some time and attend the races, sales and other
activities to get a feel for the business. This is
where an advisor can assist in developing your knowledge.
Business
Plan: A plan should be developed to determine how
and the level of participation you are willing to devote to
the business. This is a high risk business and one
needs to make a plan and follow the plan.
Quality:
It does not cost millions to invest in a horse, but one
needs to purchase the best quality at your price level.
The industry offers competitive horses at many levels, cheap
horses cost as much to maintain as expensive horses, and do
not offer the earning potential.
Patience: You need to understand that horses are
not machines, but fragile animals that offer their best and
the outcome is not always as planned. This is a
dynamic business where circumstances change, so one needs to
be patient while you pursue your dreams.
Type of
business: In developing your plan you need to
decide what type of involvement you want:
- Purchase
to race or breed
- Breed to
race or sell
- Race to
develop breeding stock
- Claim or
purchase to resell ("pinhooking")
- Develop
your own farm or board out
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