Sure. It will just take me a bit to retype. 
A little background: we bought this property 10 months ago at $500k. It had not been maintained well for at least the last 40 years. We do not have grazing land, hay must be fed year round. Nice ring, no indoor, but decent barn. It is in an urban area, 15 minutes from downtown to a major city (which is the only reason this was at all worthwhile, the customers are here).
So we start with the basics - our mortgage for this property is $3000/mo. It’s actually two properties adjoined, so the barn’s portion is $1000/mo. I do not calculate our home or yard in here (just to be clear).
Hay: Each horse requires roughly 1/2 bale of hay per day, some more than others, and our hay is currently actually relatively cheap but decent at 6.50/bale (of course, we have the labor of stacking that we do, but thankfully the guy delivers). So, $6.50/2 * 30 = 97.50 per horse, and at 10 horses this is $975/mo. We also have several hard keeper/senior and senior ulcery types who require a flake of alfalfa per day in addition to the grass they are fed. Straight alfalfa is going at $20/bale right now, and we go through 3 of those bales a week. That is an extra $240/mo. So, total for forage is $1215.
Grain: We go through approximately $300/week in bagged grains of different types. I can break this down further if you’d like, but it is $1200/mo. for 10 horses.
Bedding: We bed on long stem straw for those who do best on that, and fine straw for those who do best on that. Our long stem is $7.50/bale and our fine is $13.50 per bag. The long stem requires roughly 1 bale per day, and the fine 1 bag per week. So the 3 horses who are on long stem are $630/mo in bedding, and the fine straw are $378. This is a total of $1008/mo for 10 horses. Sawdust and shavings are unreliable for purchase here, I’m allergic to the dust, and I had to break some habits from when my help (who came with the barn) was cleaning stalls. More on that later.
Insurance: We have two different policies for this farm. One is the farm policy which is above and beyond normal homeowners, and then we have care custody and control. The farm policy is $400/mo, and the CCC is $100/mo. So $500/mo total.
Renovations: As I mentioned, the barn and property has not been maintained in 40 years. We knew taking this on that we would need to do things like fix the roof, add gutters, re-grade the paddocks, repair fencing, take down asbestos siding, and fix the decades-old collapsing retaining wall. We were unaware that the waterline in the barn was buried less than 1" from the surface of the aisle, that the barn actually leaks water through groundwater seepage on one whole side of the barn, and a few other choice surprise renovations that were ASAP must be done. I budgeted $2000/mo for these renovations. Very few of them will actually result in having the ability to charge more board, but some will. Anyway, $2k/mo at least for the next 5 years is in the budget.
Manure: Again, because we live in the city, we can’t just leave the manure here and we have no fields to spread it on. It’s $400/week to get rid of it. We are exploring composting options, but that’s going to be an expense of $25,000 to build the containment unit that we need to be able to do so (in the renovations budget, above) so $1200/mo.
Regular maintenance: This category includes things like the $700 in rock and sand that I keep on hand to fill various holes, fix the ring, repair the paddocks, etc. Equipment like muck forks, buckets, tank heaters, new stock tanks (horses are jerks and the “all-inclusive equipment” mostly didn’t work or was on it’s last legs), new boards for fencing, new feed pans, latches, pins for the drag - you name it and we’re spending money on it in this category. I’ve budgeted $400/mo on this but I go over routinely.
Electricity & Water: Of course, we’re on city water, and the barn has it’s own meter. The barn also has it’s own electricity. City water is $40/mo for the barn (not bad) and the electricity averages to $100/mo. We have already replaced all the lightbulbs with LEDs, but stall fans are energy fiends, and I live in an area whose summer starts in April in terms of horses being uncomfortable and ends in October. So $140/mo for these two.
Tractor maintenance: Our tractor is an older Ford that mostly runs. It takes about 2 “fills” of diesel per week to do the muck pile turning and dragging of the ring and runs that we need to do in order to maintain the property. The ring may eventually not require quite so much work, but it’s a huge sand arena that wasn’t maintained so it’s a real pain. Diesel is at ~$4/gallon and we get 10 gallons per week, so that’s $120/mo.
The accounting software that I need to keep track of all of this malarkey and payroll (which I can now cut back because I fired my help) was an additional $199/mo.
Bringing us to a grand total of $8982/mo for 10 horses, or $898 per horse. You’ll pardon me for rounding up, I’m sure.
Could we do this cheaper?
Sure! The guy who ran the barn into the ground for the previous 20 years did exactly that as did the guy before him. He fed 4 flakes of hay per day per horse regardless of their actual nutritional needs. He charged for anything over 6 lbs of crappy sweet feed. Fairly sure he didn’t have insurance and the manure pile had been here for the last 40 years, and had been reported to the city (that was a fun surprise). The stalls were gross from a mixture of inadequate cleaning and the high ground water table (discovered later) and all the horses had thrush. He spent $0 on maintenance. Fences were sagging and broken with wires that apparently had been just left (and injured horses). Lots of duct tape was used. Troughs leaked. The electrical was dangerous. The barn roof leaked. The asbestos siding that he had to remove in order to sell it was put in bags and tossed behind the house for us to get rid of. The bathroom in the tack room was piped directly into the sinkhole behind the house. Oh, and he paid the help $10/day to clean for 19 horses which was WAY overstocked for this property. We don’t have grass, we only have dry lots, but 19 horses didn’t allow the horses to get out all day, they had to rotate groups so he let half of them out for one day, then the next day the other half went out. He never cleaned the dry lots, so they had approximately 2 feet of accumulated manure in them. He would not put on blankets, masks, or other sundry things. Horses were often left without water or shelter.
It has been a slightly overwhelming journey but - I say all this so that you understand 
Things I haven’t included in this budget are:
- The cost of labor - this is complex, more below
- My truck and trailer, which I bought because I’m a horse owner, but as a barn owner are super necessary in case a horse has an issue in the middle of the night
- Power tools such as brush hogs, lawnmowers, reciprocating saws etc. We do buy them and depreciate them, but I didn’t really set a budget for them
- Fly control as we’re still working on the best way to do it. Right now we have the misters in the barn, fly predators for outside, a spray for the manure pile and traps that I put everywhere - I’m not loving this combo, so until I figure this out better, this is an endless source of bleeding
- Other equipment purchases - I think a gator or other small vehicle will be in the cards at some point as carting everything around in wheelbarrows is kicking my butt. Great for the workout, hard on the over 40s body I live in. They run roughly $8k, but I can’t justify doing that until I get some of the other stuff done. I may decide otherwise at some point
- Paper, printer, computer, pens and other office supplies that I need. Typically a business would include this, but I just sort of eat this cost because it’s an administrative nightmare.
Things I am working on or have done to reduce costs:
- New fencing will allow us to have runs, reducing labor costs and chances of being injured by * boarders’ horses. I can also then stop dong the “will they be staying in or out dance” and not run out in the middle of the day to bring them in for pop thunderstorms.
- The horses all come in for feeding times but are returning to the outside to reduce bedding costs. This should help significantly but was not possible during winter here, as we get a lot of freezing rain and ice and we do not have outdoor shelter.
- The renovations to the stalls that are in progress will allow also for the use of less bedding. Currently we have to bed fairly deeply in several stalls to keep the horses “off” their latrines and out of the groundwater issues. Once we can get that done, we can put stall mats in - this is a very large expense, but will help.
- Once I regrade the ring, I can stop losing so much sand to the heavy rains, and now that one of the elderly horses is gone (RIP old man), I can put boards up to keep the sand inside the ring but let the water out (yee haw!)
- Our fencing repair quote for the new paddocks was $15k. But we discovered that we have some pipe fence style panels hiding out in the disgustingly junky shed (he never threw anything away, but I finally found something useful!!) that we may be able to use instead. This will save us considerable amounts of money.
- I bought slow feed hay nets for all the stalls and for the outside - this has reduced hay waste considerably but was a pretty big up front expense. Yay for nibble nets, boo for the string nets (they tear right through them). I’ll probably buy some more nibble nets but they are pricey.
Labor - unpacking this - so there is a gal who feeds for me 3 days a week in the morning, and cleans stalls one day a week in exchange for reduced rent on her home which is yet another property on my property. We do not make money on that house either, as it’s needed a new roof, gutters, and plumbing & a/c repairs in the short amount of time since we’ve owned the property. The old barn owner was paying her $10/day additional to clean stalls (for all 19 stalls) but she was doing a lousy job because she was so rushed. We did do a trial of paying her $15/hour to clean but for various reasons that wasn’t working out. When we did that, we also had to pay Workmans Comp and employment taxes. This is why barns usually pay under the table btw. But I was determined to be above board, like an idiot
So, I got tired of paying for substandard work, and she didn’t seem to be getting it, so it was a lot of money out the door for something I was complaining about and trying to “teach” on the regular. So now I just do it, and I’m happy about it. Interestingly, feed is much more controlled when I do it, so I’m not sure exactly what was going on.
I’m also on call as a “lameness or illness evaluator”, training helper, and I do give a few lessons from time to time to keep people safe. I used to be a trainer, but I make more money at the day job, and my body won’t hold up to taking in outside horses and trying to get them trained in the short amount of time people expect anymore, so now I just keep a few projects of my own - I do not expect the barn to subsidize them, and I pay for them out of my personal budget.
I have great relationships with the farriers and vets, they all recommend me to people, so I think I’m doing a few things right.
Our boarders are happy as heck, the horses are in perfect weight dappled, and all blooming, and slowly but surely we’re turning the barn around but it’s really hard work.
I did consider charging for overages in feed/hay/etc., but I knew there was no way I could sit here and look at skinny horses or horses who needed a blanket change/fly mask change/boots etc. etc. without doing it myself, so I chose to just include it with board. Same thing with holding for vet & farrier - I do it if they use mine so that I can monitor and report health issues as well as ask questions. Many of the horse owners here that existed before I got here, are relatively new to horse ownership, and they need the help. The new ones aren’t, but appreciate it.
So I’m basically giving A-show barn quality care with the exception of grooming & exercising (although I have groomed before I put on a blanket if the horse is SUPER gross) in part because it’s my background and it’s how I want my personal horses taken care of.
You could probably argue that my renovations will increase the property value, but I’m fairly sure that I’ll be one of the last owners to keep this as an equestrian property. It was really hard to get financing for it as the rural programs wouldn’t do it (the county is 99% developed, which means they can’t work here) and the regular mortgagors wouldn’t do it. I finally found a program that did hobby farms, but it meant a higher downpayment (20% down required) and higher interest rate (5.125%, as compared to 3.125% for the residential). I’m still a little salty about that.
After I finish some of the planned projects, it’s likely that I can charge enough to get a payback. We’re increasing the perceived value in the equestrian mind, and it’s becoming the barn I want to ride at. I’ve got some really good trainers coming in, we’re doing some cool and fun events, and eventually we’re going to put some sort of covered something in the arena (probably not a full indoor, because prices are ridiculous and we’ll never make it back). Our proximity to the city is both a problem and a promise.
So, there’s the really ridiculously long explanation. My boarders understand the difference in the quality of care and they are very appreciative. Attrition has been at 0 since the initial board raise when we bought the place. We’re moving it from a sh*thole to a bougie barn
We have a slightly different business model as we won’t be doing a lot of showing but we’re more geared toward middle aged women having a blast learning with their horses. Hopefully the niche works.