3 Common Questions Students Ask After Graduation
After graduating from a farrier school, you will be faced with challenging situations that don’t always involve easy solutions. Former students often seek my advice on how to handle various scenarios.
Here are 3 of the most common questions that students ask after graduation.
Q:
I received a call from a potential client who said they have a lot of horses, but they want me to discount my prices. Should I discount my prices for this account?
A:
Of course you can do whatever you wish in your own business; however, there are things you should consider before discounting your prices.
You are telling the client that your value as a farrier is that you are cheaper than anyone else. You are not being hired for your competency as a farrier, which means that you will be “fired” if they find someone cheaper and/or if you attempt to raise your prices.
Providing discounts tells clients that your value is in the price, rather than your work.
Avoid deals in which you shoe a trainer's horse for free in return for servicing his or her barn.
Own your mistakes when you drive a bad nail or trim too much off the sole.
Discounting price is usually a marketing plan for companies that have the capability to do volume in their selling. As farriers we are incapable of shoeing more than a finite number of horses per day. You probably will find that all the horses will not stand well for the farrier, reducing the number of horses that you can actually work on and receive payment.
Undercutting prices will not put you in the “good graces” of other local farriers. Once other horse owners find out that you are charging them more than another customer, you will lose them as clients and lose their respect.
Q:
A trainer told me that she would make sure that no one else shoes in her barn if I put front shoes on a couple of her lesson horses for free. What should I do?
A:
Avoid getting into this mess. It soon will get out of control and you will lose clients and a bit of your reputation when this “deal” goes bad.
Do not try to cover up your mistake with a story …
The couple of lesson horses will expand to more. The number of horses you shoe or trim in the barn will get less. Some of the horses in the barn may not behave well enough to be worked on safely. Boarders are constantly moving out of barns. You will have no control over this “arrangement” and it will create problems for you and future work at that barn.
Once again you are telling the client (trainer) that your value is in your price, not in your work. You do not want your brand identification to be that you are cheap.
Q:
The horse is lame after I drove a bad nail or trimmed the sole too short. What do I do?
A:
Own it! Do not try to cover up your mistake with a made-up story. You need to incur the costs of your error. In fact, the farrier should incur the costs of veterinarian treatment of his or her mistake if the client requests it. If you trim the sole too short, put on a pair of pads at your expense. If the client does not wish to have pads placed on their horse’s feet, then give them some Venice turpentine. Painting it on the foot daily will help toughen the sole. Make a note to leave more sole on this horse for the next shoeing.
Hoof-Care Business Q&A
Digital calendar reminders can be helpful for hoof-care clients.
Q:
What is the best business advice you've received from a graduate of your program?
A: Apply for an Employment Identification Number (EIN), also known as a Federal Tax Identification (FTI). Generally, businesses need an EIN, which is a unique nine-digit number that the Internal Revenue Service (IRS) assigns to identify a business entity or employment tax reporting. The IRS offers an EIN as a free service. You should check with your state to make sure you need a state number or charter. Visit irs.gov to learn more and apply.
— Richard Duggan, Minnesota School of Horseshoeing
A: Listen to the client and deliver more to them than they expect.
— Gerard Laverty, Kwantlen Polytechnic University
A: I have a student who sends digital calendar reminders, as well as stick-on reminders, to clients.
— Tom McNew, Lookout Mountain School of Horseshoeing
Q:
What have you found to be most beneficial to starting a business when your graduates begin a single practice?
A: It's important to keep accurate financial records and establish a relationship with an accountant.
— Richard Duggan, Minnesota School of Horseshoeing
A: Start your practice slowly. Don't try to grow too quickly.
— Gerard Laverty, Kwantlen Polytechnic University
A: It's important to be seen in the public eye. You can accomplish this by going to weekend horse shows and other equine-related events.
— Tom McNew, Lookout Mountain School of Horseshoeing
Q:
How can your school's new graduates set a 5-year goal, and what should that goal be?
A: Develop a well thought out plan for your terms and policies. Begin a financial plan for your retirement as soon as possible. A good business plan includes a personal and professional development plan to increase your developing skill sets. There is a wealth of educational opportunities readily available to you.
— Richard Duggan, Minnesota School of Horseshoeing
A: Goals are personal. They develop from the roles you see yourself having in the industry and life in general. Both give structure and direction. Both roles and goals will be based on your own values and principles. The act of writing goals help to make them more clearly defined. Posting them where they will be reviewed on a regular basis will help keep you focused.
— Gerard Laverty, Kwantlen Polytechnic University
