How to Write a Pet Grooming Business Plan or Template
The pet grooming and pet boarding industry, based on research from our pet grooming business plan writer, has been booming over the last several years.
There are numerous reasons for the growth of the pet grooming industry. For example, based on our business plan writer’s research, business owners spend more money on their pets than they do their children. As shocking as this may be to some, it’s the reality to pet owners. Because of the amount of money spent on pets, pet grooming has benefited substantially. As pet owners continue to splurge on caring for the pets, the demand for pet groomers as well as pet groomer business plans and pet groomer business plan templates will continue to grow as well. From this, our pet groomer business plan writer has concocted some tips and tricks to help you with writing a well-structured pet groomer business plan.
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Executive Summary for a Pet Grooming and Pet Boarding Business Plan.
The pet grooming executive summary section for the business plan or business plan template should include important aspects of the pet grooming business such as its financial projections, brief owner history, and pet grooming services provided. Also, our pet grooming business plan writer has found that effective executive summaries also touch on the owner's history and love of pets. This important aspect for the executive summary helps the business owner connect with the reader through a shared love of caring for pets and other animals. By establishing this connection early in the business plan, the owner is able to help the reader better relate to the products and services provided.
The company information section for a pet grooming business plans to start with disclosing the type of legal structure the business will embrace. Common choices are limited liability, corporation, or sole proprietor. From this, the business owner should then identify the owners or owner of the company and briefly explain their history related to caring for and grooming pets. From this foundation, our pet grooming business plan writer has found that providing a detailed description of grooming services offered is an excellent segue to the location segment of the business plan.
Service Description and Competitive Advantages
The service description section for a pet grooming business plan or pet grooming business plan template should describe the grooming services provided. Some companies will specialize in servicing cats or dogs. If this is the case, make sure to specify which type of pet your company will provide grooming services. Further, make sure to explain the different types of services such as bathing, nail trimming, specialty cuts, and other important or customized services provided. Also, some pet grooming companies will service both cats and dogs. If this is the case, then our business plan writer suggests that owners should describe their services in a more generalist approach as compared to niche services provided.
On a final note, a growing trend for pet groomers is providing mobile pet grooming services. In some instances, pet groomers will start with a brick-and-mortar company and then moved to a grooming service on wheels for pets. In other situations, pet groomers will start with the mobile entity and then expand to a brick-and-mortar location. Regardless of the business strategy and path followed, make sure to document your thoughts and ideas about it in a well-written competitive advantage section. By embracing this practice, not only are you showing that your firm is flexible in meeting the needs of your pet grooming customers, but it also shows a strategic, well-thought-out path for the foreseeable future.
The target market for a pet grooming company will often be predicated on the types of services provided by the groomer. If a pet grooming company specializes in providing dog grooming services, then the target market may be dog owners in a certain geographic range. Further, some pet groomers are mobile pet groomers. If this is the case, then the target market may be a dog and/or cat owners owning a specific breed. On a final note, mobile pet grooming services often have the flexibility to service both cats and dogs. From this, the geographic range may be expanded due to the mobile services provided. Regardless of which target market is selected, make sure to specify specific characteristics of your target market, like the breed of animal.
Industry research for a Pet Grooming and Boarding Business Plan
Industry research for the pet grooming and boarding industry should be an important component of your business plan. When writing this section, make sure to first focus on a national perspective of the pet grooming and pet boarding industry. For example, IBIS World has found that pet grooming and boarding competitors in the US generated over $7 billion in revenues in the last year. Further, industry experts anticipate a pet grooming and boarding industry revenue growth annually for the next several years to be approximately 8%. As for profits, pet grooming competitors often generate profit margins of approximately 9%, on average. And finally, there are approximately 124,000 pet grooming and boarding competitors in the US employing over 200,000 individuals. The employee/employer ratio indicates that most pet grooming companies are micro organizations. In other words, they employ less than 10 individuals. When industry competitors are mostly micro companies, the industry itself is often fragmented, which means there are no clear industry leaders.
Once this is complete, then a pet grooming and boarding business owner may expand their industry research section to include competitors and differentiate services among the selected competitors in the area. By following this practice, the business owner is able to first show an industry-leading understanding of the pet grooming industry. Then from this pedestal, analyzing competitors may be deemed acceptable by the reader of your document.
The owner and management section for your pet grooming business plan template may start with explaining your personal story in regards to pet grooming. Some pet groomers have a love of animals. From this love, their life choices have led them down the path of grooming and/or boarding pets. Other individuals may not have had early life interactions with pets. But once they own their first pet, a passion was ignited. Regardless of your personal story in regards to pet grooming, make sure to include it in your well-written business plan.
Funding Request for a Pet Grooming Business Plan
The funding request section for a pet grooming and boarding business plan or business plan template should start with identifying specifically the dollar amount needed to start your pet grooming business. From our experience, a pet grooming business may need as little as $50,000 to start a moderate size pet grooming and pet boarding business. However, more extravagant pet grooming organizations may require additional funding up to $500,000 or more. Regardless of the funding needs, make sure to start your pet grooming funding request with a specific dollar amount. Once this is done, then break up your pet grooming company start-up costs into categories such as buildout, working capital, pet grooming equipment, pet grooming supplies, and other common operational needs. In these categories, it did not just one dollar amount for each section. By doing this, the business owner is given themselves wiggle room for costs related to the categories. From our pet groomer and boarding business plan writer experience, this strategy shows the pet groomer business owner starting their funding section with a specific dollar amount. However, the categories below offer the business owner flexibility in spending the required dollar amount.
The pro forma financial projections for a pet grooming business plan template or pet grooming financial model should start with identifying how much money the average customer will pay for grooming services. Next, identify the variable cost that will be needed to provide the services. Keep in mind, pet grooming’s variable cost may include shampoo, gasoline if you’re grooming company is mobile, conditioners, and other supplies used for grooming services. Once this is complete, deductive variable cost from the average grooming costs. The difference is your gross profits. The next step is to multiply your gross profits by the number of days that you will be in operations monthly, typically 20 to 25. Next, deduct your fixed costs such as rent, utilities, and office expenses. The difference is your net profits for your grooming company. This structure is a very basic financial model that may be used to provide insightful information regarding your pro forma financial projections.
Hopefully, these insightful tips and tricks for writing a business plan were helpful. As always, if you need help with a business plan or financial projections, just send us an email or give us a call.
Author: Paul Borosky, Doctoral Candidate, MBA., Author