Being able to maintain an operation that is financially sound is a key component to becoming a successful horse trainer. It’s not enough to have the ability to train a horse and finesse it around a show pen. Trainers must also have the ability to manage their cash flow, which can be especially difficult with the ever-increasing overhead costs required to sustain a successful horse operation.

We asked eight trainers, with over 250 combined years in the business, over $2 million in National Snaffle Bit Association earnings and too many World and Congress Championships to count, to offer advice over the next few months on everything from the physical toll training takes on your body to keeping a happy barn. In the third section of our five-part series on how to best survive the horse business, five of our experts share advice on how to start out in the business and better plan a secure financial future.

Zanesville, Ohio trainer Randy Wilson admits the economy makes it harder for young trainers to get started in the business today but says he thinks if you learn the trade you can be successful and financially sound.

“I didn’t have a lot of help in the beginning and fortunately I never had to ask my parents for any help,” he says. “I think the key is to get really good at it and the rest will take care of itself.”

Wilson recommends that aspiring trainers work for someone in the business and learn as much as they can from them – not just about training horses but also about what kind of business plan they follow. He encourages young trainers to look around the barn and figure in all you would need to get started, like tack, barn equipment and supplies.

“Be smart by keeping your overhead costs as low as you can in the beginning,” he says. “Everyone wants all the glitz but if you get good and focus on training a good, quality horse in time it will pay back and come together.”

Wilson says he’s not really sure everyone truly understands how expensive sustaining a horse business every month can be unless you live it.

“There is never-ending expense so my best advice is to do with what you have to have,” he says.

In running a successful business, Jon Barry of Advance, Missouri insists it is very important to budget your money.

“I have seen so many young guys come (to shows) with the matching blankets and fancy stall curtains but you should only do with what you have to have,” he says. “This business has been very good to me through the years but you also have to live within your means. Don’t try to live a wealthy lifestyle and do with what you can afford.”

As the face of the business has changed, Barry says he has not changed what he does with the horses a whole lot but rather has adjusted the number of horses he keeps. While he once kept 40 horses in training with three assistants, he now keeps 15 horses with one assistant.

“You should be able to financially sustain yourself on the money you bring in,” he says. “If you can’t, you may have to get a regular job as well or find other avenues within the business for additional cash flow.”

In running a successful horse business, Borne, Texas trainer Dale Livingston says it’s essential to understand not only how to ride horses but also how to communicate with your customers. Since the customers own the horses it’s imperative that trainers know how to communicate with their customers.

“You can be the most talented, smartest horse trainer but without good horses to ride you can’t get there,” he says. “Good horses are what takes everybody there. I have had no regrets about the lifestyle I chose. Looking back, I would have done lots of things differently but not my love for horses. I have had a fairy tale life and my passion has always been great horses.”

The Wilsons

Livingston says before deciding on horse training as a profession, a person needs to be positive that horses are a passion because over the course of a long career a trainer is sure to see both feast and famine.

“To make a living in this business is tough, “he says. “It’s even harder now I think because trainers are getting the same money for horse training now as I was getting the late 1980s. Trainer fees have not escalated with the cost of living and so you see a lot of trainers taking on too many horses to train. You can only ride so many and really do it right.”

Therefore, Livingston says, it is very important to determine if the horses being ridden are worth the time.

“Quality is where there is the only profit,” he says. “I have never made my living training horses. It has always been on what I could buy and sell.”

Roberta, Georgia trainer Carl Yamber would agree.

“Training horses is not where the money is in this business,” he says. “You have to buy and sell in order to make it.”

He also suggests keeping your expenses as low as possible, especially in the beginning.

“Starting out every young trainer should apprentice somewhere for at least two years,” he says. “Save as much money as you can before you start out on your own.”

When you feel you are ready to start out, Yamber really stresses renting a place only for as long as you have a need.

“Keep your expenses as low as you can and really work toward owning your own place. Even if it’s not the fanciest place in the beginning, you can fix it up as you go,” he says. “For many trainers, your farm is your retirement.”

Given an opportunity, Yamber advises investing extra cash into property as investment.

“Don’t go for the new trucks because they are not a good investment,” he says. “Trucks devalue very fast but trailers hold their value better. Property can be a great investment as we have made the most with real estate.”

Carl and Trisha Yamber

Yamber also believes it is a good idea to get in the habit of putting some money into a savings account each week.

“I always try to put some money away every week,” he says.” I don’t care if it’s a $100 or $10, it is important to get in the habit of putting something in a savings account.”

Over the years, Yamber says he has taken the opportunity to have conversations with clients with successful businesses in an effort to learn all he can. He suggests that if the opportunity arises, young trainers “pick the brain” of their successful business clients and learn about running a business and investments from them.

“There are lots of people who have talent to ride horses,” he says. ” It is also important, however, to know how to run a business.”

Just like with any business, there is a lot of stress that comes with being self-employed. Troy Oakley of Pilot Point, Texas says learning how to handle and cope with the stress that comes with owning your own business is key to becoming successful.

“Learning how to cope with stress is not easy,” he says. “You have to appreciate all the things you have and not get caught up in having big overhead.”

Since no formal education is required before starting out, Oakley advises young trainers to educate themselves by going to work with a respected horseman to learn the ins and outs of not only horse training but managing a business.

“I always tell my son Tate, who now has his own business, that it’s a craft and no one can ever take the knowledge away from you that you have learned,” he says. ” There is no college tuition with this so if you get blessed enough to work for someone good in the business like I did, you will gain knowledge that you will have with you for the rest of your life.”

Unlike most regular professions, there is no formal retirement for horse trainers. Oakley suggests working toward owning something as soon as possible but warns that there are no guarantees.

“I have a good eye for a horse and I can always teach someone what to do so I figure there will always be room for someone like that,” he says. ” You can’t put a value on knowledge.”