Equine Tradition Is Strong
Some well-researched reports have recently toted the equine industry in Pennsylvania as one of the most consistent contributing industries to Pennsylvania’s economy. Equine related industry not only helps support the Commonwealth’s economy in sales revenue and job creation and sustainment, but it also helps to protect and preserve the environment and history as many riding enthusiasts actively fight to preserve riding trails and traditionally agricultural land throughout the state. The industry continues to grow and support businesses and families in Pennsylvania.
Darlene Baney has recently added to the volume of that industry and is currently following her passion with horses and all things equine. She opened her business, Baney’s Tack Store, in October 2008. The store sells riding accessories such as bridles, saddles, and spurs but includes much more. It is located in rural Sunbury, PA in Northumberland County.
Before opening her business, though, Darlene made frequent use of the services offered by Bucknell University’s Small Business Development Center (SBDC) at no charge to her. Due to the need for cash injection and funding, Darlene came to the SBDC looking to learn about formulating a business plan and financial projections. She had already attended a pre-venture workshop several years earlier.
Over the course of two months, working in close conjunction with analysts and consultants at the SBDC, the business plan and pro forma financial projections were completed. Along the way, many different business and operational tasks were explained or researched by the SBDC or evaluated by Darlene. Some topics included employee identification number, hiring employees, sales tax information, permits and licenses, loan considerations, insurance needs, tracking sales and expenses, distinguishing and establishing business legal structures, and the tax consequences that arise with each structure.
Darlene, with the help of the SBDC, was able to make good decisions as she neared her opening date. Her goal had been to open the business in August of 2008, but this was thwarted by complications such as the extensive time and effort spent in preparing a business plan and being turned down for a loan by a local development authority.
However, Darlene’s methodical practice and good decision making led to her opening the business in October successfully. The business has experienced encouraging sales revenue and looks forward to the holiday season.
