What business will you start?
Taking care of all the pets within our homes and the neighboring area. Slogan: we are the best friends to man’s best friend.
Business Name: NEIGHBORHOOD BEST FRIEND Company.
Legal Structure: Sole Proprietorship.
Why did you choose that legal Structure: I chose the sole proprietorship since I will be the sole owner of the company. I will be the manager and the main operator handling all functionality and running of the business enterprise. Having a background in science especially veterinary medicine from the many encounters with my father who was the local veterinarian for my locality, this provides me with a personal appeal and credentials in which people can trust when I approach them with this business opportunity. During the local rounds with my father, I have gained a lot of confidence in handling animals. I have also learned many tricks and best ways to handling, taking care and assisting animals. This business model is flexible and easy to manage. Being the main controller of the enterprise, I can take advantage of the many lenient policies that help this business model to thrive e.g. the lack of a requirement to pay income tax or file any of the proceedings of the company be it profits or losses. This makes this business model easy to setup and manage.
Products and Services: The business offers many services. Some of these services include animal care, structure development for animal habitats, easy access to veterinary services, temporal animal care services. This model follows a simple form of business management where the primary objective is the care of the animals and their welfare.
Target Market & Demographics (minimum 2 paragraphs)
I plan to setup the business in my local area of residence. Being well vast and conversant with the area, I know many of the areas where I can get majority of my customers. This also presents a unique opportunity in that, many of my customers are individuals whom I have interacted with before during the many outings that I have accompanied my father who is a veterinarian. This provides a unique background to build on in the present market. If the business model becomes a success, I can start adding on man power and hence increasing my area of coverage into neighboring towns.
Majority of the people I will be serving will be the local people with my home town and the surrounding localities. Since my business model is quite specific and it targets people with pets only, I do not have a specification for the ethnic, racial, color or social background. This means that I am able to get a wide customer base that is mainly concentrated on pets. This means I can practice inclusiveness and diversity!
Advertising and Promotion (minimum 2 paragraphs): What type of advertising will you use? Why will it be successful?
Being majorly a small scale business, a one on one approach is the way to go. With many of my clients being acquaintances, this means that I have a social and cordial relationship with them. A face-to-face approach is the best form of advertisement in my neighboring area. This will enable me to speak of the wide array of services I can offer and why I am qualified to undertake the responsibility of taking care of part of their families.
I will also employ the use of fliers and pamphlets which will be used for service promotion in advertising my enterprise. This will ensure promotion of my brand within my locality and amongst my peers and neighbors. I will charge a rate of $8 an hour which is lower than the $10 charged by the individuals offering the service. In doing this, I will gain more traction in spite of my competitors. This will force a disruption in the market and people will turn to me for the service. This means that I will have control of the market and hence I can develop it in the likeness of a structured system. This will be a system that I can control by offering the services through these individuals who I will invite to work with me as partners. I will be getting contracts from the customers and creating a partnership with them where they will get paid at a rate. In doing so, I will be able to control the market through a structured system and hence I can also expand the business model as I grow the business into other areas.
These individuals can also benefit from my business model since they can have prior training on how to handle and care for animals. This can go a long way into creating a stable system that can run to ensure people can use this effectively as a money making opportunity.
Financing: How will you finance your business? Loans from banks, relatives, your cash? Majority of the funds used in the set up will be acquired through loans from family. I will get a small loan from my parents to get documentation of a sole proprietor enterprise. The funds can also be used to acquire equipment.
Competitors: Do you have any competitors?
The major competition comes in the form of individuals who offer dog walking services. They offer these charges at a fee and come following a schedule.
How will your business stand out against your competition?
Being a young entrepreneur who has a background in animal rearing, animal health, animal production and animal welfare through my father, I believe that I have a chance to reach out to a wide market. In my area, there is no existing business that has been developed as a means to help people take care of their pets. This means that I will be a trailblazer and pace setter for many of the young people striving to tear the norm of independence of our parents. The major competition would come in the form of local individuals who offer the services of dog walking and pet grooming. With an organized system, I believe I can offer significant competition considering my rapport with the people and my background. This provides me with a significant edge.
Conclusion: Your business will succeed based on what?
My business will succeed mainly because;
This is a passion and not just a job. Being a young, energetic and passionate entrepreneur who has taken a lot of the responsibility of helping people with some of their trusted companions, I believe that with such great investment and faith by people on me, I am obliged to ensure their companions have the best care. I take this as my personal pride in also ensuring that I do not let my father, family and community down with many of them looking upon me to be an inspiration to many of my fellow age mates. I believe I have the necessary skills required to ensure that the business and enterprise runs efficiently to become a success. This is mainly through the invaluable experience that I have had while handling many animals. Also, I have a dream of developing and establishing a thriving brand that will be a national and global care brand that can be trusted to help people take care of their pets.