Bowers Buddies' Business Plan Writing Assignment

Bowers Buddies’ Business Plan
Student’s Name
Institutional Affiliation
Bowers Buddies’ Business Plan
Executive Summary
Bowers Buddies is a pet siting business company that will be headquartered in Ft. Lee, Virginia. Over a decade, the pet industry has been on the rise due to the increasing demand for pet services and the number of pet owners in across the U.S. Virginia state presents a favorable economic spot and a pet keeping culture that is suitable market for a pet business. Locally, Bowers Buddies is bound to face stiff competition from already existing and established rivals such as Fort Lee Dog Walking & Pet Sitting Services, Fort Lee Pet Vet and Groomingdale pet shop. The political and legal environment offers guidelines and policies that affects the business operations both positively and negatively. Technologically, the business is destined to benefit from the recent electronic pet identification recommendation, since it will improve the efficiency of service delivery. The U.S pet friendly culture also sets a good market environment for pet business and Bowers Buddies is determined to capture a good proportion of the continuously growing market. Based on the SWOT analysis, the business’ major strengths are the qualified and reliable workforce and quality products and services. Concisely, Bowers Buddies’ primary objective is to offer unique, affordable and quality products and services to its clients, and operate from self-generating cash flows.
Introduction
Bowers Buddies will be a pet sitting company that will operate as an animal daycare providing pet care services such as dog walking, cat sitting, belly rubs, pet boarding, and critter care. Also, the business will include medical services such as animal weight control, heartworm medication, vaccination and grooming to prevent, control and improve the pets ‘health conditions. The business will be located in Ft. Lee, Virginia with an intention to expand to other towns within Virginia and across U.S. in future. The business is under the Pet Grooming and Boarding industry, which has emerged among the few consistently growing, established and competitive industry over the past decade. Going forward, the industry is expected to improve due to the projected increase in number of pet owners and change in attitude towards the service and the increases in customer’s increasing disposable income allowing them to afford pet sitting services for their pets.
Environmental Analysis
Environmental analysis refers to a strategic tool that is helpful in identifying the internal and external components that affects a business performance. Particularly, the elements covered in the environmental analysis can be represented by the PESTLE analysis model, which include political, economic, sociocultural, technological, legal and environmental aspects that affects a Company’s operations and performances. (Marçal, 2013) Additionally, the analysis is important since it entails assessing of a business’ threats and opportunities that might be existing. The assembled information are used in the decision making process that could help to align Company’s strategies with the internal and external environment.
Competitive
As much as the pet sitting business is an emerging business with few stiff rivalry in the industry, still there are reasonable competitors especially in Virginia all the same. Notably, the three major possible competitors are Fort Lee Dog Walking & Pet Sitting Services, Fort Lee Pet Vet and Groomingdale pet shop. All these rivals are posing huge threats as they large market share, but their major weakness is poor remuneration packages and less competent staff. For this reasons, Bowers Buddies is looking forward to deliver consistent and quality services that meets the clients’ expectation all times. The Company will attain a competitive advantage by creating and maintaining its strength and capitalizing on rivals weaknesses. For example, Bowers Buddies plans to recruit a competent and experienced team of workforce. The recruitment process will prioritize on hiring staffs with excellent qualifications and experience in pet sitting and related services, including veterinary medicine. Additionally, Bower Buddies seeks to position itself in downturn, Ft. Lee; a strategic position with the right demography where many residents and business people are pet owners A survey conducted by American Veterinary Medical Association (AVMA) ranked Virginia among the top ten pet owning states with 62.1 percent as at 2015 (Newport, Jones, Saad, & Carroll, 2015). Lastly, the Company seeks to offer its employees with good working remuneration packages to be among the in the industry and across the US.
Economic Context
The financial and economic position is a phenomena whose fluctuation affects consumers spending behaviors. By the observation of the recent U.S economic performance, Virginia states has a fair GDP of $476,919 million and a capita income of $51,716 in 2015 (Newport, Jones, Saad, & Carroll, 2015). A research carried out by American Pet Products Association (APP) revealed that American pet owners spent $60.28 billion in 2016 the figure is expected to increase up to $62.75 by 2017 (Lee, 2016). The per capita income suggests that, Virginia households have sufficient disposable income, which translates into high purchasing power. In terms of inflation, the USA inflation rate has been reducing significantly and remained steady at 2.07% in last three years (Lee, 2016). A steady inflation rate will ensure the cost of operation such as rent, water, electricity, wages and salaries, administration cost and selling and distribution expenses remains minimal and manageable.
Political Context
The political atmosphere possess both positive and negative elements that effects the pet industry. First, the IRS granted several tax breaks to pet owners. For example, the cost spent on guard dogs, cats used for pest control, foster pet care and other service animals are tax deductible (Steven Primm, 2009). The tax breaks are significant because it attracts more and new pet owners since the cost of raising pets will be affordable. However, the business foresees the pressure from Labor Unions, Federal, State, and Local government policies on minimum wage laws for every industry to protect employees from exploitation (Marçal, 2013). For example, the Company will be required to observe the Federal government’s decree of a nationwide minimum wage of $7.25 per hour. Therefore, the business looks forward to comply with all the set Federal and State’s government policies that guards animals and pet business operations to demonstrate the required corporate social responsibility.
Legal Context
The legal environment is sensitive to any business operation, thus, it is important to stipulated laws and policies. As such, pet owners are tied with a decree law that requires them to register their pets electronically as well disclosing health conditions of their pets to the relevant authorities. (Wood, et al., 2015). Additionally, the law requires pet owners to acquire pet insurance and license on animals such cats and dogs and presenting their health records to cover instance of pet mischief, disappearance and abandonment. The decree law states that it is mandatory for pet owners to use collar and or nuzzle for animals like dogs as an animal identification to curb cases of astray pets (Wood, et al., 2015). Therefore, some of these requirements offers some business opportunities to the Company since pet owners are expected to seek pet services such as grooming and veterinarian services from accredited pet experts to receive pet insurances and licenses.
Technological
Advancement in technology often provides trends that businesses have to adjust and follow to improve their competiveness and efficiency in operations. The most significant element in terms of technology is the existence of identification chips on animals, which is a requirement by law. Similarly, AVMA endorsed the use of electronic identification in pets as well as supporting the standardization in materials, procedures, equipment, and registries. Consequently, the Company will have an opportunity to provide both non-electrical and electrical pet identification options such as microchips, tags, tattoos and GPS collars as services. (Lee, 2016). Pets information stored in the microchips are linked with National Animal Identification System (NAIS) database where one can search to clarify the pet owners and other relevant data. The government finds the database useful for animal control purposes such as population management or tracing original owners in cases of lost or stolen pets (Morrison, 2011). For the business benefit, the identification process will allow a smooth and quick service delivery as there will be less confusion and jamming.
Sociocultural
According to Gallup’s annual Lifestyle Poll, Americans are considered as pet lovers as the survey revealed that 6 of every 10 Americans own some type of pet. In particular, 40%, 29% and 49% of Americans owns a dog, cat and both dog and a cat respectively. (Newport, Jones, Saad, & Carroll, 2015) Americans are fond of pets because they believe that pets are part of family and pet owners tend to be happier than non-pet owners. Additionally, pets are always considered as companions for single and elderly people as they helps to curb loneliness. Another observation is that, Americans have the tendency of going for numerous vacations, and they will always look for a place to leave their pets while on holiday (Newport, Jones, Saad, & Carroll, 2015). Therefore, pet owners would be ready to take care of their pets by hiring services, thus, boosting the Pet Grooming and Boarding industry.
Target Market
4 Ps Model
Place: Borrowing from the performances of the local competitor Fort Lee Dog Walking & Pet Sitting Services, it is certain that there is a wide range of both individuals and corporate client within Ft. Lee and its neighborhoods such as Carytown, Oregon Hill and Randolph who will require frequent pet sitting services. The plan is to link with corporate organizations and the communities around to establish strategic business packs that will give the Company several options to generate revenue while delivering quality products and services to customers.
Products: Bowers Buddies’ intention is to offer quality and unique products and services including pet boarding, guard dog training, pet training,...