Name Instructor Course Date Financial Plan Financial Plan Summary This plan outlines the most important financial information of Hoosier Pet Palace. Hoosier Pet Palace is the newest for-profit business coming to Bloomington, IN. Unlike most businesses where their only goal is to make money, HPP is also looking to solve a social issue within the community…
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During this time, a majority of the students on campus leaves and return to their homes and if they have a pet, they must either take it home with them where it might not be allowed, or they have to find a boarder, which is where we come in. We will be offering not only students, but also all members of the Bloomington community, the ability board their animals for extended periods for a fee. Some of the major sources of revenue to the Hoosier Pet Palace include pet grooming and boarding, breeding, and handling. On the other hand, the expenses are in the form of food for dogs, veterinary services, wages, electricity, interest on loan and others. Situational Review Hoosier Pet Palace is a unique entity, being the first to incorporate both pet care service and waste food recycling, Hoosier Pet Palace has a great potential for growth and limited competition in Bloomington, Indiana. There are two major pet care service providers in Bloomington: Canine Companions and The Dog House. Canine Companions was established in 1993 that distinguish themselves from others as “the only complete full-service one-stop pet care facility in the Bloomington area.” Not only do they provide daycare, they also provide boarding programs, medical treatments, training, exercise options, and grooming services. The Dog House, established in 2005, prides themselves as “Bloomington’s first and only cage-free boarding and doggy daycare facility.” Both of them have been in Bloomington for years and have established a customer base, which would compete directly with Hoosier Pet Palace. However, unlike Hoosier Pet Palace, they only provide caring services for dogs. Not only would Hoosier Pet Palace provide our service to owners of dogs, we would also provide our service to owners of cats, rabbits, birds, and more. Sources of Start-up Funding Hoosier Pet Palace needs approximately $185,000 for start-up and is in the process of going to banks and different loan agencies to borrow sufficient starting capital to acquire all necessary property, materials, and resources. We will be presenting our business plan to different loan agencies hoping for investment. We believe that our business will be successful because of the need that we will be satisfying. Our target market is in abundance in the Bloomington area, so we see a direct need to have an animal boarding facility available to them. Another reason we believe our business will be successful is because of the “green” initiative that we will be basing our company off. This will appeal to not only the students of the community but also the environmental friendly activists in the community. Strategy for Paying the Loan The bank loan is the largest expense the Hosier Pet Palace will incur throughout the first three years of operation. The business believes it will be successful in its activities and generate enough revenue to continue the business and pay the loan. This is justified by the fact that the target market is abundant in the area and there is need for an animal boarding facility. In addition, the college students have many pets that need services that will be offered by Hoosier Pet Palace. Operational Expenses during start-up Period Hoosier Pet Palace needs approximately $185,000 for starting up the business. This money will go into paying start-up expenses shown in the table below and acquiring the list of equipment for pet care.
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“Financial Plan Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/finance-accounting/1492511-financial-plan.
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