Section #1 

 

You’ve been thinking a lot about starting your own pet business with a new product or service. It’s an exciting time, but you probably have a lot of questions and might not know where or how to start.  Before you jump in with both feet (or make any type of financial investment), the smartest move you can make is to create a Business Plan to see if your idea is a viable option. 

 

There are many simple and complex Business Plan templates online that will help you start the process. Review them and select the one that best fits your business idea. Writing your Business Plan will help you answer a lot of questions and ultimately provide you with clear direction on how to start your business.

 

As you write your Business Plan, you’ll need to:
 

• Fully outline all of the details of the product or service you want to sell or offer.
   

• Consider if you have expertise in the product category or services to support your new business. If you need assistance, do you have a trusted source that will advise you in this new business venture?  
   

• Research your product or service to confirm if there is a need for your new business. Will you be able to grow or evolve your business?
   

• Review your competitors and ask yourself how your product or service will be different from the others already in the market. Consider why someone would use your service or purchase your product over a competitor. What is going to make you unique?
   

• Identify who your audience is. What are their demographics? How will you reach the audience?
   

• Outline how you will sell your product or service (online, social media, traditional direct marketing, word of mouth, conferences).
   

• Develop your financial business plan. Identify how much it will cost to launch your business. Will you need equipment, inventory, or any other type of resources before starting your business?
   

• Determine the goals for your business. Be specific. Are your goals realistic to reach?
   

• Evaluate your own finances to determine if you can support your startup costs. 

  • Do you have the financial resources to launch your business? Identify the source of the startup money. If you need a business loan, confirm you will qualify for the loan before moving forward. 

  • If you need additional funding, determine if you can launch your business in stages to reduce the financial obligation. 

  • Identify people within your network that you can trade services with to lower the initial investment in your business. Approach those individuals and get a commitment from them in advance. Discuss how they will be compensated for their time or service.
     

• Determine how you will legally set up your business, whether as a DBA or as an LLC. There are online services that can help you make this decision. It’s also a good idea to consult an attorney and accountant to ensure you set your business up correctly. 

 

After you have finished writing your Business Plan, if you can answer all the questions and are still excited about starting your business, congratulations! You have the right product, service, and support to become a business owner. You are ready to move to the next stage of preparing for your new business. 

 

Have you written your business plan? If you need assistance, PawCrowd’s resident certified career coach is available to assist you. Call us at 610-594-9555 or email pawcrowd@comcast.net for a free consultation.

 

Stacey Greiner 

PawCrowd CMO, Certified Career Coach, and Pet Parent 

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Section #2 — Preparing Your Business for Launch

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