But nothing could be further from the truth, because actually, the business of horses, and especially racehorses, is one of the most lucrative in all of sports.
In this article, we take a look at the business principles adopted by the top players in the horseracing game, many of which can easily be applied to any business, even if it has nothing to do with hooves, saddles, or hay.
The Trainer/Owner Relationship is of Paramount Importance
Nicky Henderson is one of the most revered trainers in the game, so when he says that the relationship between a trainer and a racehorse’s owner is important, prospective owners and fledgling trainers should listen up.
This, of course, makes plenty of sense. The trainer and owner need to be on the same page when it comes to everything, from which races the horse should enter, to which jockey should be hired to ride the beast.
This comes into even sharper focus when the big races come around, with huge winnings up for grabs at the likes of the Cheltenham Festival or the Aintree Grand National, where racing tipsters are hungry for snippets of info that could sway a race one way or the other. In this case, miscommunications between owner and trainer can potentially lead to their odds drifting badly, as training regimes and transport considerations go awry.
This principle, of both verticals of a business pulling in the same direction, applies across almost all industries, whether you are rearing thoroughbred racehorses, producing equestrian equipment, or preparing the racetrack.
Choose Your Managers Wisely
One of the biggest decisions any new racehorse owner can make is which trainer and stables to entrust their prized stallion or mare to.
The key to getting this right is to do your homework and to ask around other better-established owners, in order to get a feel for which trainer will be best suited to you and your horse.
This is much the same process any start-up boss or CEO must go through regularly, ensuring that the people they put in charge of their prized assets are not only up to the task, but able to nurture new talent that exists further down the business structure.
Money Should Never Be Your Sole Consideration
Perhaps more than any other business, the business of racing horses is packed with hidden costs and potential financial pitfalls, meaning that anyone who joins its fray should be doing so for the right reasons.
Ultimately, there are plenty of other professional pursuits that are better suited to making money. At the end of the day, those who succeed in the sport are people who have a deep and unrivalled passion for the horses themselves.
This certainly rings true in many other businesses, where an owner or employee will be infinitely more motivated for a venture to succeed if they are emotionally and spiritually invested in what they are doing.
Finding that passion is something that cannot be manufactured in seminars or workshops but must be acquired over many months and years of hard work and dedication.
Choosing a Name Can Make or Break a Horse or Business
Giving your company or product an instantly recognizable name is vital if you ever want it to make real headway in a packed marketplace.
In horse racing, the monikers given to thoroughbreds can vary from being heartfelt dedications to lost friends or humorous riffs on song lyrics or characters from Hollywood movies.
However, pair the perfect name with a winning horse and before you know it, that long nose will burn as brightly in the public consciousness as the likes of Apple, Google, Facebook, or other internationally renowned brands.
