Farrier Price Worksheet

Download the Farrier Price Calculation Worksheet [XLS] »

Determining a fair price to charge for your skill and experience of shoeing horses can be daunting.  You want to be fair to your clients AND to yourself and your family.

Some farriers start out by establishing their price based on other farriers in the area.  This is probably the best way to go out of business.  You might be taking in the same amount per horse as someone else, but most likely you have different business and personal expenses.  Another farrier might not be setting their price based on sound business practices.

Some farriers set their price based on what 4 horseshoes and 28-32 nails cost.  This is also a poor way to determine the price you must charge to shoe one horse.  In order to set a fair price you need to include all of the costs of the operation:  things like vehicle costs, insurance costs, tool costs, retirement and vacation benefits, telephone, accounting, etc. etc.

Successful farriers establish their prices based on sound business and bookkeeping guidelines.

First, set your business up as a business. Every state’s Secretary of State has information about establishing a business as an LLC or Corporation.  Often you can complete the paperwork on their website for a nominal fee.

I created a spreadsheet that calculates what you need to you charge based on your individual business and family expenses.

Download the Price Calculation spreadsheet  from the link shown at the top of this page.

I have had an accountant review the spreadsheet and formulas for accuracy, I recommend that you share it with your accountant and get their input.

This spreadsheet requires that you spend a little time to enter your expenses accurately, but in the end it will calculate how much you need to charge for each horse you shoe in order to meet all of your business and family financial requirements.  The price is based on your numbers for 1).  How any horses you wish to shoe each week.  2). How many days each week you want to work, and 3). What your business and personal expenses are.

It also allows you to choose either 2 or 4 weeks if personal time.  Time when you do not have to shoe horses, time for vacation, family activities or other time away from shoeing.

There are sample numbers to show you how it works.  Most cells have “pop” up notes that explain how to enter data in that cell.  As you move the mouse over a cell, a note will “pop Up” telling you what information is needed in that cell.  Green cells are for you to enter information or dollar amounts.  You can enter your business data in them.  Non colored cells contain the formulas used in calculations.  Those cells are locked, so you are prevented from changing the information in them.

If you have any comments or questions, feel free to email me at:  bob@spanishlake.com