As a follow up to the dragons den workshop we were asked to form our own business plan using the previously discussed business model canvas as seen below.
I followed the same plan as before, mapping out the canvas frame on a big whiteboard at home. Then I work through each section one at a time and I bullet pointed the main points ready to expand later.
Then I wrote out each point and expanded it as much as possible thinking about many different factors I’ll list a few examples below;
- Legislation- animal welfare, staff rights, land use, pet shop licence, exotic animal licences.
- Competitors- other local pet store, online distributors, breeders, other re homing centres staff- wages, hours, rights, qualifications
- Base costs to run the store- food, water, supplies, heating, electricity etc
- Base costs to start up the business- building, tanks, storage, set up, transport etc
- Training needed- first aid, driving, exotic experience, breeding, blogging, website running, public speaking.
My idea was a variation of my dragon den group idea- mine was a rescue pet and supplies store, they offered training and handling events as well as adoption of animals unsuitable for rehoming for a monthly fee.
The comments I received upon my plan being marked was:
“This is a very good business plan. Strong understanding of the value proposition and the elements of the business plan. More direct market research data to better define routes to market would add value.”
I was extremely happy with the response and I plan to develop my idea further.
I removed the travelling aspect of the dragons den plan and added a few unique selling points one of my favourites is a monthly direct debit that sends you substrates or food supply before you run out so you never have to worry about that again!
I feel I have greatly benefited from this assignment and the workshop, I have gained so much new knowledge and now feel like I actually have potential to make something out of nothing!
The lecturers were very helpful with this assessment and I’m very glad we had the business plan practice through the dragons den workshop as I would have no idea what to do without that experience.
Has this affected my future plans?
Yes! I hope to further develop this year and look more into market research and possible funding options for this.
I’d like to also practice other enterprise/business ideas I have on this canvas model to see if they could work and to expand the possible roots I could take.