B&B Furlings Boarding Business Plan
The primary goal of B&B Furlings Board is to put pet owners concerns and worries to rest when pets are not able to accompany them. There would either be a certified veterinarian from the local community reachable day-time business hours in addition to emergency transportation 24 hours per day, seven days a week. B&B Furlings Boarding The Pet Grooming and Boarding Industry has nearly doubled over the past decade due to the demand from the increasing number of pet owners, improved disposable income as well as the over-all pet care preferences (IBISWorld, 2017). With no documented companies that hold a dominance share within this industry provides a great wealth of opportunities. However, the location remains a key aspect to a company’s success.
The employees would be those of whom have prior study in animal-related fields such as veterinary technician, Animal behavior, or Animal science. Recruitment efforts would also target individuals with real-life experience such as pet sitters, dog walkers, and those who volunteer with animal shelters. There would either be a certified veterinarian from the local community reachable day-time business hours in addition to emergency transportation 24 hours per day, seven days a week. Obedience trainers would also be available as well as a partnership with the AKC Star Citizen program. There are many options and opportunities to venture into within this industry. Humanization is a driving force within the industry trends which is a term that means pets are treated more like people.
Pet owners are increasingly purchasing higher quality foods, toys and expensive medical treatments, to include high-tech therapies and medicines. Humanization style of purchases leading to a trend of Premiumization such as luxury spa services beyond groomers like Petco and pet smart grooming services. Health insurances for pets are becoming increasingly common for pet owners. Which is explained by the scientific research conducted by the Human Animal Bond Research Initiative Foundation (HABRI) about the bonds between pet owners and their pets? Business Goals [SMART Goals] The business goals for B&B Furlings Boarding are to provide relevant and safe accommodations for pets of pet owners when pet owners must travel without their pets. These events would provide a visual and palatable presence within the community.
Moreover, at B&B Furlings’ Boarding, we believe in a satisfied customer as a voluntary marketing agent. When our customers are satisfied with the services we offer to their pets, we are convinced of increased sales. Even then, we are convinced that with the increased conversations with friends and other associates who are optimistic about our services and are keenly anxious to use our services. Target Market Our considerable market research has pointed a lot of potentials that we seek to exploit to maximize our revenues. The qualifications span to include veterinary services where we have top-notch personnel. The skilled staff promises an assurance of competence with no additional training costs. Objectively, we anticipate that customers will receive maximum satisfaction from our services.
B&B Furlings Boarding is strategically placed in the market where there are no competitors, and where the market is large enough and with the right demographic characteristics. Many people in the neighborhood suburban in Portland own pets. We will endeavor to partner with other pet suppliers and service providers located outside our market to ensure our services meet the industry standards as well as promoting adequate supply to our clients. Opportunities The Pet Grooming and Boarding Industry has a greater potential in Portland. The massive number of people, corporate agencies who own pets, and who may also wish to leave them at such facilities points to the available potential of the market. Further, the number of clients who would wish to seek veterinary services for their pets adds to the market potential.
Besides, selling pet supplies to the local suburban population is another opportunity that s exploitable. Such issues threaten the stability of the company because no substantial strategy can be undertaken as a safeguard. B&B Furlings is optimistic that the operating environment will be favorable to ensure we witness a growing customer base and revenue index. Other threats to the operation of B&B Furlings Boarding could include increasing overhead costs such as utilities which entirely depend on our growth prospects. Besides, costs of equipment could inevitably affect our operations in the future since they are prone to tear and wear. Risks: Operations No business is isolated from operational and market risks. Deterioration of customer service is a contingent factor associated with organizational growth.
As the company grows in both customer base and revenue, it is likely that diminishing returns on customer satisfaction sets in. Employees may become more reluctant to serve customers to their satisfaction because of the belief that we are the only providers of the service. Other risks are uncertainty in the industry as pertains employee experience in the future where a change in leadership could contribute to declining employee conditions. Risks Reduction: Operations In order to check the effects of mentioned risks on the company in future, we have contemplated a viable policy upon which to contain the situation. As such, at B&B Furlings Boarding we aim to provide a safe shelter for pets when their owners are away. Our mission points us to the appreciation that customer satisfaction is our key priority.
We strongly believe that satisfying a customer is a crucial objective of our success. Our services seek to create a lasting impression among our clients. Our conducive environment and experienced personnel are the key success factors we are proud to unveil to our clients. Based on such, we believe, our operations are likely to soar further. Operations Plan B&B Furlings Boarding operations plan encompasses the provision of pet care service to the neighboring residents living in Portland. The company will be managed and operated by the manager, who also sums as the owner. The company’s operation is contingent on its models which include the transaction model and operation model. The operation model encompasses the overall arrangement of the operations of the company.
Technology Plan At B&B Furlings Boarding, we will maintain the latest of the technological devices. Some of the devices we will have to include a computer system running on the latest Windows with internet capabilities including email. These technologies will be essential in fostering communication between the company and our clients. The technology will enable us to realize critical functions such as possible approaches to addressing customer concerns more efficiently, making online purchases. Additionally, the customers will also be able to make reservations from the convenience of their locations. One manager is responsible for all the activities in the company. Their academic qualification will be complemented with their past hands-on experience, especially in the industry. The manager will be responsible for all logistical, and administrative functions in the company.
However, the company will endeavor to get a professional with a background experience working in a pet service company. Where need be, the proprietor will be in-charge during vacations. To check costs, one will be full time and the rest will be on part-time terms with changes likely adjusted in the subsequent years. The supervisors will be experienced in handling pets. One's experience is mandatory and must be verifiable. As the company grows, there are chances that more ground supervisors will be required to meet the rising needs of the clients. iv. As the sole owner, all management and sales reports shall be compiled to their office weekly. Such reports will form the basis of decision making in the company. Since B&B Furlings Boarding is located in the community, there will be an annual meeting of all stakeholders during which the company will assess its impact in the neighborhood.
Moreover, it will create an opportunity to enhance their mandate of social inclusivity in the administration of the company. The approach aims at improving goodwill and eventually points to viable policies that if adopted will enhance service delivery. Collen holds Bachelor degree in business administration from the MIT, where he graduated in 2008. Besides, he holds an associate degree in Communication Sciences. On the other hand, Collen is a long-serving call center manager of a zoo based in New York. Collen is self-driven with a strong passion for pets. He owns and cares for his three pets in his yard. In a bid to expand our operations, we anticipate that in future we will open up more pet boarding locations for the rural populations.
B&B Furlings will commit to franchising as a way of increasing its brand recognition in the market. Moreover, we hope that we will fully automate our services, especially reception so that we can serve our customers more efficiently. Financials Financial Objectives The financial objective of the company is to maintain control of the operations of the start-up company. To be able to achieve this objective, the company will seek sources of funds that would guarantee that the company maintains control in the company. 00 Grooming costs $35,000. 00 Total costs $143,000. 00 Break-even Analysis Since this company is a start-up, it is assumed that the management of B&B Furlings are aiming at breaking even rather than making profits from the business operations for its first year of business.
So, for this assumption to be realized, the company must have made $134,685. 91 as its break-even revenue to be able to cover the fixed costs. 00 Miscellaneous expenses $6,000. 00 Repair and maintenance $70,000. 00 Interest expense $13,000. 00 Total fixed costs $105,400. 00 Profits margin $38,560. Income statement: Annual With regards to its expense as a start-up, B&B Furlings Boarding will be forced to incur operating expenses such as wages for staff member, payment for renovations for its operating premises, pay utilities such as electricity bills and water bills, and pay for advertisement. The company will also put aside some cash for its miscellaneous expenses. With regards to incomes, B&B Furlings will generate its incomes from offering such services as daycare and night care to pet owners. Based on the annual income statements, the company will generate a yearly income of $693.
B&B FURLINGS BOARDING Annual Income statement:1st Year Revenues: Daycare and overnight care revenues $270,000. 00 Total expenses $137,200. 00 Operating Net Income $262,800. 00 Income before taxes $262,800. 00 Tax expense 30% $78,840. 00 Net Income $183,960. 00 Depreciation expense $5,000. 00 Miscellaneous expenses $6,000. 00 Total expenses $137,200. 00 Operating Net Income $262,800. 00 Income before taxes $262,800. 00 Increase in supplies $20,000. 00 Decrease/Increase in advertising expense $1,400. 00 Decrease/Increase in maintenance expense $70,000. 00 Decrease in miscellaneous expense $6,000. 00 Net cash provided by operating activities $546,360. Balance sheet: Annual Based on the figures in the balance sheet, B&B Furlings Boarding will lease a property from where it would offer its business to pet owners. The property will need to be renovated to fit the needs of the pets. Also, the company will not give out dividends but instead retain it to expand its business.
The annual balance sheet is as shown below. B&B FURLINGS BOARDING 2018 Balance Sheet ASSETS Current Assets: Cash $400,000. 00 TOTAL ASSETS $920,000. 00 LIABILITIES Current Liabilities: Allowance for bad debt $50,000. 00 Accounts Payable $47,000. 00 Total Current Liabilities $97,000. 00 Long term Liabilities: Bank Loan $140,000. 00 Accounts Receivable $80,000. 00 Inventories $140,000. 00 Office supplies $20,000. 00 Prepaid Insurance $15,000. 00 Total Current Assets $655,000. 00 total $153,000. 00 Total Liabilities $200,000. 00 OWNER'S EQUITY: Lindsey capital $500,000. 00 Retained earnings $220,000. 00 List and Sources of Funds Given the fact that B&B Furlings is just a start-up company, it will source its finances from a private issue of equity while at the same time secure a bank loan. html AT&T. (2018, July). Build It For Me: Need a hand? Retrieved from AT&T Small Business: https://www. att. com/shop/hostingtechservices/smb/builditformebasic. Retrieved from Pet Care Market Size, Share & Trends Analysis Report By Pet Type (Dog, Cat, Fish, Bird), By Products, Competitive Landscape, And Segment Forecasts, 2018 - 2025: https://www.
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