If Farriers were to set prices by what is left over after all expenses are accounted for, we would certainly be charging far more than we do now. The irony is that many of us farriers think we are charging enough, based on income and expenses. the problem is we are forgetting about all the hidden costs invoved in running our own business.
The next time i find myself debating whether to raise my prices by $2, $5 or even $10, I need to ask myself these questions:
1. Who is going to pay for the deterioration of my musscular-skeletal system and the fact that my health is being compromised by this line of work.
2. Who should pay for the fact that i am continually upgrading my shoeing skills and education on my own time?
3. Who should pay for my disability insurance, liability insurance, and my workers compensation premiums
4. Who will pay for my vacations.
5. What about my retirement plan.
6.Who should pay for the fact that I put my competence on the line before my peers to achieve a level of certification.
7. Did I consider the time I take out to attend conventions, clinics, symposiums, competitions, semiars, ect.
8. Who should pay for all the expenses I incur as a result of operating my own business.
If I were to answer all these questions honestly, I'm sure I would see the value of horseshoing in the marketplace is a lot higher than curently regonized by those in the farrier profession.
Ultimately, the only way customers are going to consider farrier work valuable and hold a high regard is if we (farriers) first regonize the true value of the services we provide. An outward and highly visible expression of that value is how much we charge for the services we deliver.
When all the factors ar considered and translated into financial terms, we would find that the current rate to shoe a horse should be an excess of $500.
JUST SOME FOOD FOR THOUGHT!!!
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