Equestrian Entrepreneur Q&A: India Wilkinson Answers Your Questions (July Issue)

Question:

How do I know how much it will cost to start my business?

- (anonymous)

India’s Answer:

This question really should be a top priority before you move forward in creating a business. Looking back, when I created Mane Street Market – I would’ve done things very differently in the finances department. I didn’t know the right questions to ask or who to ask or how to even start. I was creating an app and a website at the same time, and in retrospect – I should’ve started with the website and then launched the app in the next phase. It was really overwhelming doing it all at once, but I just didn’t ask for the guidance that I needed. If I were to do it again – I would create a budget of what our initial investment would be – and I would make that a hard number. I thought I had to have all the things right from the beginning, but in reality – a business can and should evolve based on what the customer needs and that changes as the business grows. My advice is to have a realistic number of what you can invest before launching, and then have a wish list of things you can add on later as you start to create income. Kind of like building a house – maybe you want a pool, but that could come later instead of going into more debt and insisting on having it before you move in.

Once you have that hard number – work backwards on what it’s going to cost you to start your business. Let’s use opening a retail store as our example. You would have to sign a lease for a shop/store and buy inventory and furnishings – figure out what you need to have the basics to open your doors. Write down everything you can think of, and then ask other people who have built brick and mortar businesses about what to expect. You will want a website – get several bids from companies who create websites, or decide if you are going to build and manage it yourself on platforms like GoDaddy or Wix. Other things to consider are advertising/marketing: Google Ads, FB/IG ads, print advertising, sponsorships etc. Talk to seasoned business owners about what to expect, what surprises popped up while they were starting their businesses, what they would do differently, and what their best advice is for a new business owner.  This will really help you to shape your expectations of how your budget meets those expectations or if you need to make adjustments. I love to help/mentor people who have an idea for an app or online business. I am sure there are many other business owners out there who would also love to help a new entrepreneur, so just be brave and ask a business owner you admire for help. Good luck – you’ve got this!

Question:

My business is multi-faceted – how do I promote it so that I can reach the right customer?

- (anonymous)

India’s Answer:

The best marketing strategy to reach your core consumer is to first decide what problem you are solving. You aren’t just selling the products or a service – you are selling the solution to your customer’s problem(s). For example – Mane Street Market isn’t just selling ad space. For the seller/business owner, we have created a platform that accelerates exposure for sales horses and equine services. For the buyer we are simplifying the search for sales horses and equine services by providing a user-friendly marketplace that presents all of the horse’s information, videos, photos, etc. as well as the seller’s contact information. We are streamlining the marketing for the seller as well as the search process for the seller, therefore saving time and mental energy for both = problem solved.

Narrowing down the problem that you solve is not as easy as you might think  – especially if you have a business that offers multiple services. Start writing down all the services/products that your business provides for your customer – write down as much as possible. Read it several times and have friends/family read it several times – what emotions does it evoke? Write those down. Start narrowing it down and get to the root of the problem you solve and the emotions you are “selling.”

Here are some examples from some of the biggest brands:

• Nike sells motivation, not shoes.

• Starbucks sells comfort, not coffee.

• Disney sells happiness, not theme parks.

• Rolex sells prestige, not watches

• Apple sells innovation, not phones.

• Coca-Cola sells happiness, not soda

• Lego sells creativity, not toys.

It takes time – the emotion you are seeking to evoke may not be immediate. Once you start getting messages like we do, “Thank you for making the process so easy – it took me 2 minutes to list my horse on MSM!” You will know you have reached your goal of solving problems for your customer. Stay focused on the problem you solve – point it out at least once a week on social media by giving customer testimonials and letting your audience know what problem you are solving through the services you provide. By marketing to your solving your customer’s problem – you will attract your core customer.

*send your questions to support@manestreetmarket.com

India and Justin

India Wilkinson

Owner of Mane Street Market

India is a lifelong horse owner/competitor and has decades of experience in the marketing/sales industry, with the last 15 years specifically in the equestrian marketing arena. India offers her expertise in helping sellers market their sales horses and buyers find their new equine partner through Mane Street Market. Her vision is to match up buyers and sellers on a premium online platform.

Please visit www.manestreetmarket.com and/or download the free Mane Street Market app to see our available sales horses. Be sure and reach out to India at support@manestreetmarket.com if you have questions about marketing your sales horse or equine service.

This article is from the July issue of Equine Business Magazine