Listen to this article now
Are you a horse racing enthusiast with a passion for owning and training thoroughbreds? Do you dream of owning a horse that wins big at prestigious events like the Kentucky Derby or the Royal Ascot? If so, then starting a career as a horse racing owner might be the perfect way to go.
Horse racing is an exciting sport full of drama and competitiveness. On top of that, it is a highly paid sport where horse owners and athletes can earn multiple millions per season.
This might encourage horse racing enthusiasts to try to enter the world of horse racing. But hold your horses!
Before entering the competitive Sport of Kings, there are a few things you need to know.
Steps to Take in Order to Become Horse Racing Owner
Finding Your Passion and Purpose
Sure, everyone wants to become a successful horse racing owner and get a piece of the action, but in order to get there you need much more than hard work.
One of the things that set successful horse owners apart is their passion and purpose. In other words, if the only thing that motivates you to begin this journey is the price purses from the races, then it is better not to get involved in the first place.
So, ask yourself, what do you love most about horse racing? Is it the adrenaline rush of watching your horse cross the finish line, the beauty of the animals, or the thrill of the competition? Whatever it is, hold on to that passion and use it to drive you forward.
Networking and Building Connections
The horse racing industry is all about networking and building connections, and not just because it’s fun to hang out with like-minded folks.
Attend industry events, join racing clubs, and schmooze with industry professionals. The more connections you make, the more opportunities you’ll have to learn, grow, and succeed.
Plus, you might make some lifelong friends who share your love of the sport. However don’t expect immediate success, considering how long is the Kentucky Derby running as an iconic race to achieve such heights takes a lot of work, patience, and investment.
Investing in Quality Horses
Let’s face it, owning a racehorse is not for the faint of heart or the shallow of pocket. If you want to succeed as a horse racing owner, you need to be willing to invest in high-quality horses that have the potential to win big.
Since purchasing a high-quality horse that has the potential to win big races requires a lot of money, most people quit before they start their careers as horse owners.
With that said, you can still start small and try to scout for horses that have a strong pedigree, excellent bloodlines, and a history of success. But remember, even horses from champions sometimes can show low performance.
Working with a Professional Trainer
Once you find and purchase your horse, the next step is to hire the right people to get the most out of its potential. A successful horse racing owner needs to have a strong team of professionals in place to help manage and train their horses. Don’t be a lone wolf and try to do it all yourself.
A horse trainer might be expensive, but it is one of the key components when it comes to producing a horse that is capable of winning big races.
Staying Informed and Up-to-Date
The horse racing industry is constantly evolving, and successful owners need to stay informed and up-to-date on the latest trends, regulations, and industry news.
Join industry associations, read industry publications, and attend industry conferences to stay on top of the latest developments and opportunities. Don’t get left in the dust, or you might miss out on the next big thing.
Managing Your Finances
Even though we see huge prize purses for horse races that win races like the Kentucky Derby, the profits in the industry are a lot smaller due to the high costs of producing a winning horse.
This means that you need to carefully manage your finances and make sure you end up profitable in the end. Big races require you to pay fees in order to enter, which means that you need to be sure that you have a horse with high potential to get your money back or actually make some profits.