The final assignment for the entrepreneurial side of the module consisted of developing a biology/zoology related business plan. We could choose whether to do this on the business idea developed during the dragon’s den workshop or create a new idea. I decided not to use the dragon’s den idea but opted to create a business plan for a small animal boarding house called “Paws & All”.
The plan had to follow the set up:
- Value Proposition – The business Idea
- Key Partners
- Marketing & Sales
- Customer Segments
- Customer Relationships
- Key Activities
- Key Resources
- Cost Structure
- Revenue Streams
- SWOT Analysis
- Appendix – Financial forecasts (Profit & Loss & Cash flow)
To begin the process of drafting my business plan I returned to the business model canvas to list all the key aspects of the business.
The part of this assignment I particularly enjoyed was conducting the market research. The business would primarily focus on indoor and outdoor rabbits and guinea-pigs, both of which I have previously owned. Currently I have an indoor rabbit and until she was brought into the house I never realised how much people underestimate them as pets in the terms of intelligence and housing requirements.
In the UK there is a currently a population of 15 million rabbits (PDSA report, 2016) with many households only buying rabbits because their children wanted a pet. The same report also highlighted just how many pet owners don’t do any research into their desired pet before buying therefore impacting the animals care.
I initially found the whole assignment pretty difficult and stressful but once I got into the flow of writing it became much easier.
I am absolutely useless at maths so when it came round to calculating the financial forecasts and profit/loss I turned to the aid of Google. After a year, I calculated that I would produce a profit of £4,146 which would then allow me to expand my business.
In conclusion, I don’t think business is for me. Although having the dragon’s den workshops and business lectures did help me prepare for the assignment. I also felt that the blackboard site could have provided some more resources and examples for how to set out our business plan and how to turn the business canvas model into an actual plan.