Entrepreneurship Blog

Thursday, April 9, 2020

25A – What’s Next?

Existing Market. 
Step 1: What's next for my Pet Spa and Hotel would be to open up more locations, and possibly expand the offered services.  I think more locations would first spread publicity of the business. When people drive by maybe they will look into the services we offer. I also think that offering more services will cover more specific needs of the pet owners, such as training or obedience classes.
Step 2: Interviews suspended.
Step 3: I think the first step in my business's future is to open a new location. I think it makes the most sense as I can increase the number of customers so they do not have to travel so far to the first location. I also mentioned that adding this second location will allow the Pet Spa and Hotel to market itself. When people pass by they will be more inclined to look up the business online. Since I would like to offer a pick up service, I think this would also be beneficial to save money on gas costs because we would have to travel a shorter distance for some customers.
My next step would to be to expand the services the business offers. I think offering a more broad selection of services and packages the more people it would appeal to. I think offering different services such as training and obedience classes would appeal to many new pet owners and current pet owners. For instance, have a program that is ran during regular work hours, and they could drop their pets off for training while they are at work. 
New Market.
Step 1: Currently my market is for current pet owners. I think I could adapt my target market to first time or new pet owners.
Step 2: I think if I offered training and obedience classes at The Pet Spa and Hotel, where you could drop your new pets off for training while they customers are at work. I think this would be a great idea for new pet owners as they would not have to take time out of their day to train their new pet. Being a first time pet owner cam be overwhelming, and I think this is a convenient way to train your pet and allow them to be comfortable with other animals and people.
Step 3: Interviews suspended.
Step 4: Even though we weren't able to do the interviews, I think that targeting these new pet owners would be a good way to expand my market. Personally I think it would be very convenient to drop your pet off at a place for training and obedience classes or just to drop off a young animal while you go to work.

On the other hand,  I don't think it is as attractive as the market as the existing one. This new market is not very big and cannot be directed towards over a lengthy period of time. It could possibly be popular at some times but I would not want to have an employee who trains dogs to not be used most of the year. I think sticking to my original market would be smartest and most profitable.
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Posted by Caroline Cestaro at 9:53 AM
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3 comments:

  1. kimberlyvegaApril 13, 2020 at 1:45 AM

    Hello Caroline,
    I agree that the best next step for your business would be to open up a new location. Although this might take a lot of time to be able to build funds and establish trust and connections with your customers before opening a new location, it would definitely be beneficial to your business in the long run. I also like that you pointed out that the new market isn't as good as your existing market, because I agree with you.

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  2. Madison SoltisApril 13, 2020 at 8:23 AM

    Hi! I 100% agree with the next steps you have written to take for your business venture. I feel as though opening a new location would be great progress for you. I definitely think that you would get more customers from certain areas! I also really like that as you expand, you'd consider offering classes for pets. I definitely think that would interest lots of people. Overall, great work!

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  3. Grace PoupardApril 13, 2020 at 8:36 AM

    Hello Caroline,
    I agree that your new market would not be very profitable in the long run. People are only new pet owners for so long, therefore that market would dissipate quickly. I think a new existing market that would work for you business is for people with sick or elderly pets. Some people don't know what to do or how to help their sick pets, so creating a program that helps get them active and interacting with other pets might expand their life a little bit.

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About Me

Caroline Cestaro
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Blog Archive

  • ▼  2020 (29)
    • ▼  April (9)
      • 30A – Final Reflection
      • 29A – Venture Concept No. 2
      • 28A – Your Exit Strategy
      • 27A – Reading Reflection No. 3
      • 26A – Celebrating Failure
      • 25A – What’s Next?
      • 24A – Venture Concept No. 1
      • 23A – Your Venture’s Unfair Advantage
      • 22A – Elevator Pitch No. 3
    • ►  March (7)
    • ►  February (9)
    • ►  January (4)
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