Improving the Sustainability of the Horse Industry through Equine-Related Business Planning

2013 Annual Report for CNE12-101

Project Type: Sustainable Community Innovation
Funds awarded in 2012: $14,816.00
Projected End Date: 12/31/2014
Region: Northeast
State: New Jersey
Project Leader:
Dr. Carey Williams
Rutgers University Department of Animal Sciences

Improving the Sustainability of the Horse Industry through Equine-Related Business Planning

Summary

In 2013, we finalized and completed the seven-week course. This included finding speakers for each session, finalizing workbook content, and printing copies of the workbook. The classes were hugely successful and received extremely positive feedback. Several students even expressed interest in take the class a second time. After the course, we began editing the workbook to be a standalone resource, complete with DVDs of recorded presentations and extra resources. These workbooks are currently being offered to the public as a way to further distribute these resources to the New Jersey equine community.

Objectives/Performance Targets

  • Assemble team of farmer collaborators- Complete
  • Identify materials to use as basis for course workbook- Complete
  • Develop and implement online business owner survey- Complete
  • Adapt business planning workbook to horse industry-specific document; develop sample business plan based on “average” New Jersey horse farm (using survey results) – Complete
  • Use farmer collaborator input to improve/complete workbook- Complete
  • Develop and disseminate advertisements and press releases for course- Complete
  • Produce 40 copies of workbook- Complete
  • Hold course, collect initial feedback- Complete
  • Edit workbook based on participant feedback, produce 40 more copies- Compete
  • Develop press releases advertising success of the course and availability of workbooks- Complete
  • Distribute remaining 40 workbooks and collect contact information for new participants- In Progress
  • Collect feedback from original course participants and workbook recipients at 6 and 12 months post-course to determine long-term impact of course/workbook- In Progress
  • Write and submit Rutgers Fact Sheet
  • Write and submit Journal of Extension article

Accomplishments/Milestones

  • Publicity and registration began in January; we found that there was virtually no interest in the South Jersey location and there was much interest in a Central Jersey location near a major racetrack. We changed the course to accommodate this interest, and registered 33 participants.
  • The agenda was completed before the course began; 14 outside speakers were found to elaborate on topics presented in the workbooks. Many speakers were Rutgers University specialists, but we also invited leaders in the agricultural and equine industries with experience in the field. One speaker even flew in from Texas just to speak with our class on marketing.
  • The workbook was completed in two segments to allow extra time for our financial collaborators to work out detailed financial documents for the example farm. During the first class session, participants received a binder with half of the content included; once the rest was completed, we brought those to class to complete students’ binders.
  • The class ran successfully from February 5 until March 19, every Tuesday night. Each member of the project team helped to run the sessions, we had one moderator and one person running the audio/visual equipment. The final class was a graduation/networking session with a catered dinner and a keynote speaker. Many of the presentations were recorded for future use, and slideshows/handouts were collected from each presenter. A mid-point evaluation was conducted to determine demographic information for the class, and to find out if the class was suiting their needs. At the graduation session, a final evaluation was conducted to determine the course’s initial impact.
  • After completion of the course and review of evaluations, the workbook underwent major revisions to make it appropriate as a stand-alone resource. A sample business plan was added in sections throughout the book and several topics were added that came up in class. Additionally, six of the recorded presentations were edited and put onto DVDs along with financial spreadsheets and extra reading.
  • In November, a second evaluation was e-mailed to course participants to gauge progress. Responses are slow to come in, we may need to call each participant to get data.
  • In November, the 40 extra workbooks and DVDs were assembled and publicity began to distribute them. Ten have already been shipped.

Impacts and Contributions/Outcomes

Initial Course Impact
  • 33 people registered for the course and 31 completed it. Based on an evaluation given after course completion, 83% of those who completed the evaluation now have at least a partial business plan drafted. 65% of students plan to finish their business plans within 6 months, with the remaining respondents planning to finish within one year or already have a complete business plan. More than half of respondents have indicated that they will complete various tasks related to a business plan that they learned in the course within 6 months (including completing a SWOT analysis, reviewing insurance and risk management options, making a change in marketing activities, changing the way management and personnel is handled, and completing a financial review and using financial tools).
  • Participants were asked what changes they would make to their businesses as a result of the course. Answers ranged widely in topic, but several dealt with marketing, specifically using social networking and increasing the online presence. Other responses include, “Review insurance and business identity (set property and assets separate from horse business); rethink some employee functions,” “Review my approach to ‘workers’ and ‘independent contractors.’ Create detailed financial documents for plan. Revise website and increase presence in social media,” and “Too many to list. I have changes to improve [business name] in every area of my business plan. It’s exciting!”
  • Participants were asked if their opinions on business planning have changed since they started the course. Some responded that they knew the importance but didn’t know how to get started, while others said that the course was very eye-opening for them. Responses include, “We had no idea the importance of business planning before starting this course,” “Business must be planned and plans require focus on direction. Business planning sets the direction,” and “YES! I knew it was important, and I knew what I needed to do, but didn’t know how to cut into manageable pieces that I could then go and use to not only develop a plan, but plan for the future and envision growth.”

Collaborators:

Dr. Robin Brumfield

brumfield@aesop.rutgers.edu
Farm Management Specialist
Cook Office Building, Room 111
55 Dudley Road
New Brunswick, NJ 08901
Office Phone: 7329329171
Laura Gladney

gladney@aesop.rutgers.edu
Program Associate
Dept. of Animal Sciences
84 Lipman Drive
New Brunswick, NJ 08901
Office Phone: 8489323229