Pricing Strategies for Equestrian Entrepreneurs: 3 Steps to Confidently Raise Your Rates
- Denise Alvarez
- 6 minutes ago
- 5 min read
Welcome to the show notes! Remember, this is a brief summary from the How to Market Your Horse Business podcast. You'll want to listen to the entire episode for all the good stuff!
Some entrepreneurs mistakenly ask the question, “How do I charge what I’m worth?”
But, that’s the wrong question. Pricing strategy for equestrian entrepreneurs is not about your worth as an individual — it’s about the value of your offer.
So, what do you do when you know your offer is valuable and you want raise your prices?
Pricing Strategies for Equestrian Entrepreneurs
Know your numbers.
Focus on value, not affordability.
Implement increases with confidence.
Let’s dig deeper.
3 Steps to Confidently Raise Your Rates
Step 1: Know Your True Costs & Profit Goals
Many horse business owners set prices based on what they think people will pay rather than what they need to earn.
Remember: Pricing is about your offer’s value – not your value as a horse trainer, clinician, photographer, etc.
Let’s start instead with two important questions to consider:1. What are your costs?
2. What are your profit goals?
That means, to start out with, you need to know your numbers.
What are your expenses? Don’t forget to include the overhead – employees, insurance, taxes, rent, horse care, equipment, travel, etc. Also include the hours of your time.
Action Step: Calculate all expenses, then look at profit goals and set a pricing model with a healthy profit margin.
Step 2. Shift Your Mindset from 'Affordable' to 'Valuable'
If you focus on being the cheapest, you attract bargain hunters instead of loyal clients who value quality.
Pricing is about profit. It’s also about communicating value. And if you price yourself low out of fear, then your chances of working with people who truly do value what you provide and make what you do fun are much lower.
“Don’t fall into the irresponsible trap of setting low prices. It will kill your business cold. Low prices attract cheap customers with luxurious demands.” — Mac Duke
That is now about who can afford your services – it’s about the type of customer they are or will be as you work with them.
In Take the Reins, my 1:1 coaching program, we spend the first two sessions focused on your audience – getting to know the people you love working with most so we can create a marketing strategy that attracts more of those types of people.
You want a business love and to work with people you enjoy serving. Pricing for value vs. affordability is a big part of attracting and retaining those right customers.
Action Step: Reframe your services as valuable, not just affordable, and communicate the transformation you provide (e.g., “I don’t just train horses; I help owners build lifelong partnerships with their horses.”).
Step 3: Implement Price Increases with Confidence
You’re realizing, based on costs, profit, and/or value, you need to raise your rates. How do you do it?
Many equestrian entrepreneurs fear losing clients if they raise prices, but the right clients will stay when they see the value.
Sometimes, you’re so focused on price as the differentiator or decision-making factor for your audience, that you forget to market the value. That’s how Episode 171 (Make Your Equestrian Offer Irresistible: 4 Ways to Increase Value & Attract More Buyers) will help you.
“The reason it seems that price is all your customers care about is that you haven't given them anything else to care about.” — Seth Godin
When it comes to marketing, if you’ve clearly communicated the value you will be more confident as you communicate the price.
Now, you’re confident and ready to raise your rates. How do you do it?
The first step is to raise your rates for all new incoming clients and customers. Update your pricing sheet and website and start everyone that comes in at your new rates.
Next, consider if you’ll raise rates for existing clients and customers. Some business owners want to honor their current clients and customers by honoring their original pricing. That doesn’t mean it’s wrong if you choose to raise everyone’s rates – it just means you have options.
If you do raise rates for current customers, keep the following things in mind:
Have it in writing. Minimize confusion or “but you said” type scenarios by having the new terms clearly communicated in writing.
Be specific. When you aren’t confident in your pricing, you’re more prone to speak in generalities but that only creates confusion. Communicate very clearly what the changes are and what they mean for your current customers. That also means that if you are adding value to what they’ve been currently receiving with this new pricing, communicate that clearly.
Don’t take it personally. Even if your new rates are justified, some clients and customers may not be able to afford them. You can choose to work with them, if you want, but also remember you’re a business. It’s okay to give them freedom to leave — and freedom to return — and keep the client relationship in tact.
People first. You are a business. Many horse business owners forget that. If you want to keep doing what you love, you have to make a profit. But that doesn’t mean you don’t keep relationships at the core of your business. Most likely, that’s the reason you have the clients and customers who love you. If you raise your rates from a place of service, they’ll know. And they’ll respect and appreciate you just as much as they ever did.
Action Step: Update your prices and start charging new clients the new rates.
Remember, success is personal to you
That’s why every Take the Reins 1:1 coaching client defines success at the beginning of our time together. Because your personal why and your personal version of success is the filter for every decision you make in your busines
Inside Take the Reins, I guide you through my unique Saddle Up & Go framework and help you craft and implement a marketing strategy that turns your social media, emails, and website into best-fit-customer magnet-machines.
If you’ve been considering business coaching or if you’re hearing about it for the first time and thinking this is what’s been missing for you, you're invited to apply.
Of course, you'll want to listen to the full episode to dig into each of the insights shared and discover how you can apply each one in your horse business!
Ready to set your equine business up for long-term success? Take the Reins 1:1 Coaching will give you a step-by-step roadmap to get there.
Links Mentioned In This Episode
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