Pet Shop Business - Essay Example

Business Plan By Pet Shop Business Plan Executive Summary Pet Shop want to bridge the gap that is in themarket for Pet stores in the country. The firm want to offer not only pets to homeowners, but also value additional services that include, grooming, fashion shows, and magazine coverage of the business. The value addition of Pet Shop aims to bring out the entertainment of pets and pet owners in the business world. Pets just like human need to gloom and compete in the fashion shows. Pet Shop target a ready market of about 13 million household who owns pets in the UK and more potential customer ranging from 13 to 27 million households. The company faces a threat to competitor, but its mission of employing professionally provides the company with an edge to outdo another firm in the market. The company aims to earn more revenue in training and grooming of pets as well as selling to new customers. 2. Business Details Company name: Pet Shop Address: ********* Telephone: ******* Legal Status: Limited Pet Shop is a partnership business that involves itself in pet fashion and beautification. Just like celebrities, pets have attracted an increased attraction among the citizen of the country. This gives Pet Shop a ready market for pet training, grooming and partnership in fashion shows and magazines. 3. Key personnel Detail of Ownership Director: Mr. Kazungu Kambi Responsibilities: Oversee, the operation of the company. Operation Manager: Charity Mumbi Responsibility: Lead the personnel’s in the company. Vision and Mission Pet Shop recruits experts and professional staff to improve service delivery to promote firm products in the market. The company recognizes the power of it suppliers and hold them at higher esteem to deliver on the target of the company. Pet Shop believes in happy and healthy families and thus encourages people to have one or two pet in their homes. 4. The Business Idea Pet Shop aim at promoting the pet industry. The company has the strategy of training home pet as well as advocating fashions shows and partner selection to ensure the procreation of pets in their new homes. This would attract a lot of audience in the show business and guarantee a source of revenue for the company. Pet Shop prospect to partner with entrainment fashion show and magazine producers to sell it services to the public. This is a long term strategy. Therefore, because people love their cats and dog so much, Pet Shop promise to make people home a beautiful with smart pets around them. 5. Business goals Pet Shop expects to make a turnover of $150,000 for its first year of business. The company aims to increase it revenue collection in the subsequent years by expanding the market share. Pet Shop aim to attract more than 100 million customer in it five years in the business. This would be achieved by constant expansion of market from within the country to oversee and introduction of pets business in countries that do not practice pet ownership. 6. What about the business Products Features Benefits Pet grooming and boarding facilities. Fashion and magazines shows. Promoting pet keeping. Pet Retailing. Young and old pets. Retailing pet foods and other supplies. 7. What make the Business different The fashion industry is dominated by human and introduction of pets to fashion participant will be a game changer in the industry. This will attract celebrities to groom themselves as well as competing pets. Therefore, for the fashion show fans, the industry will have additional consumers in those that love and keep pets. Therefore, the entry of Pet Shop have little competitors as there is no other company that engages in the similar business in the country. 8. Legal requirement The company requires the following legal requirements. a) Certificate of Incorporation b) Licence c) Privacy Act d) Independent contractors e) Unfair dismissal The company ensures to meet all of the legal requirement as listed so as to start its operations. Marketing 9. Marketing research According to the bureau of statistic in the United Kingdom, the country has had about 27 million households in 2013. Moreover, about half of the household have pet in their homes. Therefore, the population of 13 million household is a promising market for domestic pet services. According to PEMA, the UK has about 17 million cats and dogs making it the interesting ventures for business people. Therefore, given the above statistic the company has a potential to grow its market to over 27 million household and in other countries in Europe. 10. Profiling customers The company target home owner and children since they are to most likely people to keep a pet. Among all people, children adore pet and plays with them in the absence of other kids. Moreover, the elderly take care of the pet better as they would do to their children. Therefore, the company target these two group as a potential customers, but also envision to target other groups in the society. 11. Profiling competitors Pet Shop does not anticipate competition in the short run but only in the future. Many firm would be willing to enter the market for pet grooming and fashion shows, and Pet Shop is prepared to offer the best services to maintain its market share. 12. Managing market risks The company envisions a low-risk business. The business does not require too much capital investment, but only value added services to earn it revenue. 13. Pricing Pet Shop Company will price its services as per the demand in the market. The firm intends to be guided by the forces of demand and supply to price it services. 14. Promotion and advertising In order to increase sales, Pet Shop intend to spend it biggest capital in advertisement and promotion in order to introduce its services to potential customers. The firm budget £ 1500 for promotion and advertising. Running the business 15. Staff The company will recruit its staff from a qualified employee in the service industry. Moreover, the company will spend part of it capital and revenue in training new and existing staff on new and better ways of grooming cats and dogs to achieve more reward in the fashion shows. Pet Shop have a budget of £55,000 for wages and professional services. 16. Premises The company intends to rent out it premises at a cost of £24,000/year. This will cut the cost of building a business premises. 17. Suppliers Pet Shop target firm that rear and sell pet to household. The company needs suppliers who can provide pets as well offer training on how to better manage them in the fashion industry. 18. Equipment Pet Shop will have to spend a considerable amount of money in buying clothing, foods and facilities for the pets. This would amount to £700 per year. Finance 19. Start-up costs £100,000 20. Profit and loss forecast £20,000 21. Sourcing finance The company will use shareholders share capital as a starting capital. However, as the company grow the management look forward to selling shares to the public to raise more money to expand the business. 22. Managing financial risks The company intends to ensure all it operation to minimize the risk of losing money and revenue in the course of running the business. Moreover, the company aim to hire a qualified expert in financial matters to run and execute the financial department. Read More