My idea for the business that I will be planning is a ‘dog grooming’ business, offering a range of treatments that can be purchased and used in order to care for dogs, ensuring that they are as healthy and clean as possible.
This isn’t a very competitive market to enter as there aren’t many dog grooming companies that operate within the UK that can dominate the market nationwide; there will be larger ‘regional’ dog groomers that could possible dominate a specific region/county of the UK.
I believe that I will benefit from creating this business and so will the community that is within the surrounding/local area. A lot of people own a ...view middle of the document...
Objectives – I am setting a number of objectives that will help to achieve the overall aim that I have set. When setting any objectives, I need to make sure that they are SMART, which means that the objectives need to be Specific, Measurable, Achievable, Realistic and Timed.
These objectives are;
* Survive the first year by at least breaking even but ideally making a profit
* Ensure there is a wide and unique range of products and treatments to cater for every breed
* Deliver exceptional customer service
* Stay up to date and in touch with current methods at affordable prices
* Attract customers and encourage investment in the company
These objectives will help me to keep track of my progress, to see if I am likely to achieve the aim I have set.
‘Become a dominant dog grooming service in the Leicestershire within 5 years of opening’
This aim shows a lot of ambition for the business as there is no guarantee that the business will be a success.
Due to the nature of the ‘dog grooming market’ there are fairly low/easy barriers to entry and exit (app 7 & 8) meaning that it is easy for firms to enter a market due to different economic, procedural, regulatory, or technological factors. This could include, a low business start-up cost.
It also easy for firms to leave the industry, meaning that there could be a constant change in dog grooming services around the UK which will hugely affect the competitiveness of the market.
This aim will only be achieved if the majority of the objectives I have set turn out to be successful. ‘Breaking even but ideally making a profit’ will ensure that the business has enough money to continue to operate and hopefully grow.
‘Ensuring there is a wide range of products to cater for every breed’ will also help to attract customers and bring in money for the business as there should be something for every customer to be interested in and possibly purchase for whatever breed of dog they own.
‘Delivering exceptional customer service’ will lead to good reviews for the service, which will aid the retention of customers and will also hopefully attract new customers.
‘Staying up to date and in touch with current methods at affordable prices’ will ensure that there is always an income of customers as they will be attracted to a shop that can meet the new needs and wants of the public, it also shows that the company has a passion for offering the best treatment for dogs and are willing to update their methods in order to do so.
‘Attracting customers and encouraging investors to invest in the company’ will also help to ensure that the business has the money it needs in order to operate, it will also help gain wider publicity if customer numbers and investor numbers increase, which will definitely help to achieve the overall aim.
I will start this business by firstly targeting the areas around the Leicestershire area such as, Ashby-de-la-Zouch, Coalville and Ibstock. Starting in...