Innovation and Entrepreneurship in Pet Grooming Business

This report explores the process of starting and developing a pet grooming business in London, focusing on the concepts of innovation and entrepreneurship. It discusses the business idea, executive summary, industry profile, business model, point of differentiation, challenges, prospective customers, marketing plan, competitor analysis, and sources of funding. The report also provides insights into the pet grooming industry in London and the potential for growth and success.

Innovation and
entrepreneurship

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Idea for business / start-up..........................................................................................................1
Executive summary.....................................................................................................................1
Industry profile............................................................................................................................2
Business model...........................................................................................................................2
Point of differentiation................................................................................................................3
Challenges in way of business idea.............................................................................................3
Prospective customers.................................................................................................................4
Marketing plan............................................................................................................................4
Competitor analysis.....................................................................................................................6
Sources of funding......................................................................................................................6
Intellectual property....................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation is a process of creating or implementing ideas for introduction of new goods or
services and enhancing offering of goods and services. Whereas entrepreneurship is an act of
creating business for motive of generating profit. Modern entrepreneurship is also known for
solving world issues with help of innovation and ideas. Entrepreneur is a person who starts
business and bear all risks of operating business and almost all profit of business is also received
by businessman only. Entrepreneur is also known as innovator; Businessperson is the one who
brings new idea, procedures, goods and services. In this report a new business idea is presented
for explaining process of innovation and entrepreneurship. Business model, point of
differentiation, challenges, market plan, source of funding, competitor analysis, targeted
customers, intellectual property rights etc. are explained in context of Martin’s pet grooming
company.
MAIN BODY
Idea for business / start-up
A business idea is first step of building and developing a successful business, this can be
used as a way of financial gain by providing goods and services to customers. In London people
care about their pets a lot so they spend a huge amount on grooming and taking care of pets. A
business of pet grooming can be profitable because satisfied customers provide generous tip
along with service rates. British customers spend a hefty amount on grooming of their pets
specifically dogs so company will have business throughout the whole year. Pet grooming
business generally provides services such as providing professional wash, cutting hairs, cutting
nails providing good massage to pets and pet grooming/caring products can also be provided for
expansion of business. For starting this business entrepreneur will need a business premises and
all relevant equipment of pet grooming. Location of business premises should be at a place
where company can receive more customer attention.
Executive summary
In this business report process of starting and developing a business in London is
explained. Name of start-up is Martin’s pet grooming in this report proposed business idea,
hurdles in implementing business idea, market research, competition analysis, sources of funding
for capital requirements, point of differentiation and intellectual property for development of
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intended business idea are enlightened for this business. Process of running a successful pet
business in British market is concluded in this assessment. Brief business plan and market
research for this business is also provided in this report with help of various models and
frameworks. How a start-up/business can be started in London and what challenges it can face in
growing its business in country as well as how market forces affect company’s business is
summarised in this business report.
Industry profile
Industry profile provides a deep knowledge of particular industry, what is position of industry in
market and in future where that industry is going to stand in market. Who is leading industry,
what are existing forces which can impact industry along with financial data of industry is
included in industry profile (Burns, 2016). This business report is including pet grooming as a
business proposal in London. Mostly people in UK has started treating their pets as humans and
treat them as a part of family, so they spend a huge amount on caring and grooming of their pets.
British people spend almost £10 billion on grooming of their dogs and £8 billion on grooming of
cats which is a huge amount so it is a profitable industry. This industry is growing rapidly and
boom can be clearly noticed by the fact that British pet owners like to pamper pets a lot. An
average British citizen spends £200 a year on clothes of their pets, this business also has scope
for various pet products as well. Ancol pet products is one of the leading pet grooming company.
Martin’s pet grooming start-up also wants to acquire market place with effective marketing
strategy and business plans.
Business model
Business model refers to company’s idea of generating profit with help of various operational
activities. Business model includes products and services company will sale, expenses which are
going to be incurred in running business and target market for company’s business (Carayannis,
and Campbell, 2012). Model of business helps new established business recruit talent,
motivating workforce and attracting investment. Pet grooming business has a growing market in
London, company can start with a saloon for grooming of pets along with pet grooming products
such as comb, brush, shampoo, conditioners, clippers, scissors and others. Business model can be
based on some specific pets as dog or it can be for all pets. Martin’s pet grooming will have
products and services for different species of pets such as dog, cat, rabbit, and parrots as well.
Company has salon in its business premises for providing various grooming services of pets.
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Company will manufacture and retail pet grooming products and accessories for them as well.
Initially company is going to charge a fix cost for providing its products and services later it will
increase profit by improving company’s brand image.
Point of differentiation
This is a factor of company’s product or service which makes company’s product unique and
better than of its competitors. This factor differentiates company’s product from others and it
attracts more customers along with increasing brand loyalty (Cottrell, 2015). Martin’s pet
grooming will use various differentiation strategies for standing out its product and services and
make them better than its competitors. Following are differentiation strategies consider and
applied by company.
Differentiation based on specialities: For implementing this differentiation strategy
entrepreneur can choose its target audience and specific product or services can be provided
according to their need at specific places they need.
Differentiation based on price: Company can use this strategy in both ways by charging
cheaper prices and higher prices. Martin’s pet grooming is a new established company so if
company provides its products and services it can attract more customers.
Product/service differentiation: In this strategy company can use unique selling point of
their product or services. Company have to focus on providing something unique in its products
or services to increase sale. Martin’s pet grooming can charge higher prices for its luxury
products because they are made with better quality of material, handmade and company is
providing guarantee as well.
Customer service quality differentiation: Martin’s pet grooming is a new establishment
so it has new customers. Company can keep those customers with them and attract more
customers by providing better service quality in comparison of its competitors.
Challenges in way of business idea
Imagining a business idea is easy for entrepreneurs but framing and implementing that business
idea is most difficult. A business plan should be prepared and funding should be secured for it or
entrepreneur should try to attract investors with help of business idea (Crumpton, 2012). Pet
grooming industry is a rapidly growing industry and demand for professional groomers for pets
is very high so it can be a profitable business idea but there are various challenges and hurdles in
way of implementing this business idea. Finance can be one of biggest hurdles for one who
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wants to start a pet grooming business because start-up cost for this business can be very
expensive. All necessary equipment such as bathtubs, tables and maintaining high quality
supplies for all breeds and species all the time can be very expensive. If pet is injured by any
mistake in company’s care pet owner can sue business owner so insurance is also required for
that. Enough knowledge and experience to handle different species of pets is also required for pet
grooming business.
Prospective customers
A prospective customer is person who has all means to purchase company’s product or
services or fit company’s target market. Martin’s pet grooming will sale grooming products and
accessories of pets along with providing professional pet grooming services. British pet owners
are prospective customers of company because mostly pet owners pamper their pets and they
want their pets groomed by professional pet groomers. Company can grow its customer market
by following ways.
Identifying target audiences: Company should diagnose customers whom it is going to serve.
A specific class of customers such as people with high income with a single cat, medium income
people with four dogs or other people having different species of pets (Drucker, 2014). Company
should develop its business strategies on basis of its target audiences.
Utilize influencers: When company has identified its target audiences company can find
influencers who can become brand ambassadors for their product. These influencers promote
company’s product on daily basis so organisation should choose these influencers according to
their target audiences.
Making business animal-centric: Pet owners like to do activities with their pets so joint
activities should be organised for humans and pet. Various campaigns can be organised for pet
lovers.
Cross-pollinate: In this method entrepreneur can think of collaborating with other
professionals or organisations such as dog hotels, vets, dog walkers. All these can help
publicising your business. For example, Vet who has collaborated with company will promote
company’s products and accessories in clinic.
Marketing plan
Marketing plan is a document which helps in determining operational activities of business based
on business plan. Marketing strategies or plan ensure that company can achieve its objectives in
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minimum time and minimum wastage. It contains a list of actions which are to be done for
achieving growth and success (Lounsbury, and et. al. 2019). Pet grooming is a growing industry
in London still there 4ps of marketing which help company stand out in completion within the
industry. These 4ps are explained below.
Product: This refers to any item that company provides and it intends to satisfy wants or
need of potential customers. Product can be tangible good like dog food and accessories or
intangible like services provided by company. Correspondingly, services which a pet grooming
business provides at its saloon to pets and products such as pet food, accessories for animals,
grooming products etc. are all known as products. A businessperson must always focus on what
goods or services it is going to provide to its customers so that business can stand out in
competition. To differentiate company’s business from other company’s entrepreneur should sell
high quality stuff for pets such as pet food, toys, accessories and nutrition along with best
possible grooming services.
Price: This is monetary value which is provided by consumers in exchange of good or
services. After producing any good or service, first of all manufacturer should decide price of
that particular product according to its market value. For fixing price of a product various market
strategies can be used and price should be decided on basis of market demand or conditions only.
Company is a new establishment so prices will be charged on basis of size or species of pet.
Company can also charge $25 - $55 which is current price trend in pet grooming market.
Company should try to provide best quality saloon services for best in feasible prices to grow its
customer market.
Place: This refers to location at where customer can access goods and services of
company. In this age of internet and technology digital or online business has also become
popular so places can be online and offline both. Online or offline in both ways company will
have to ensure that right product is delivered on right time at right location to customers for
increasing sales. Customers can book online appointment for receiving pet grooming services on
social or digital platforms of company and visit business premises as well. Pet products such as
bathtub, comb, hairbrush, toys, pet food other accessories can be provided on offline and online
stores of company to make a better customer reach.
Promotion: This is a process through which company makes customers aware about its
new goods or services. For this company use its communication channels such as digital or social
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media marketing, direct marketing, public relations and sales promotion. Company can reach and
influence its target audience with help of promotional activities. Pet grooming business can be
promoted online, on television commercials or company can also provide discount coupon or
offers to promote its business.
Competitor analysis
This is a method in which a company identifies its major competitors and product or services
provided by them. This analysis is helpful for organisation in providing offensive and defensive
both strategies (Lynn, Meil, and Salzman, 2012). Akela WholePrey, Wainwright’s dog food, the
British glass lady can be three prospective competitors for Martin’s pet grooming. This business
can analyse competition in market with help of various factors which are explained below.
 With help of analysis company can identify number of prospective competitors.
 What pet grooming product or services these competitors provide at what price.
 What is their business type online store, shop, operation from home or mobile shop.
 What is competitor’s unique selling point and how can you make your service different
from competitor’s.
 What is current waiting time between appointments competitor provide its customers.
All these facts can be helpful in competition analysis of pet grooming market.
Sources of funding
These are sources such as savings, credit, venture capital, donations, subsides etc. from
these entrepreneurs can arrange funding for establishing or developing its business. Following
are two sources of funding which are explained further.
Working capital: In initial stage of business it may not be profitable so entrepreneur has
to arrange pet grooming supplies, cleaning materials, rent and other utilities with own money.
Entrepreneur has to arrange working capital to meet all these requirements and for that
businessperson can take loan from bank or use his own savings.
Grants and other funding: Grant funding is available for unemployed people who wants
to establish their own business. On Gov.uk website entrepreneur can find out information
regarding grant aids available in UK. Other local and regional sources of funding are also
available on website.
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Intellectual property
This refers to intangible creations or innovations such as artistic work, name, design, images,
literary etc. created with human intellect (Qian, and et. al. 2018). There are various kind of
intellectual properties in commerce such as trademark, copyright, patent, and trade secrets etc.
when registering for pet grooming business, entrepreneur must register name of business so that
no one other can use company’s brand image by using its name. Trademark of company should
be registered so that no one else can use company’s trademark for selling their product or
services. Logo, label for products of company are materials which can be registered for
copyright. If there is infringement of any of these materials company can file a law suit against
defaulter. If company sells pet toys, accessories or other pet products which have some different
features company can patent these USP as well.
CONCLUSION
This business report concludes setup process for establishing a new business. How an
entrepreneur can frame a business plan and what are basic requirements to grow in industry.
Further this report challenges in way of business idea and point of differentiation along with
marketing plan and prospective customers. Various sources of funding, registration of
intellectual property and competitor analysis is also explained in this report. Scope in particular
industry is also concluded in this report.
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REFERENCES
Books and Journals
Burns, P, 2016 entrepreneurship & small business 4th Edn, London, Palgrave.
Carayannis, E. G. and Campbell, D. F., 2012. Editorial preface to the first volume of Journal of
Innovation and Entrepreneurship.
Cottrell, S (2015) skills for success, personal development and employability 3rd edition,
Palgrave, Macmillan, Basingstoke.
Crumpton, M. A., 2012. Innovation and entrepreneurship. The Bottom Line.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Lounsbury, M., and et. al. 2019. Culture, innovation and entrepreneurship. Innovation. 21(1).
pp.1-12.
Lynn, L., Meil, P. and Salzman, H., 2012. Reshaping global technology development: Innovation
and entrepreneurship in China and India. Journal of Asia Business Studies.
Qian, X.D., and et. al. 2018. An empirical study on sustainable innovation academic
entrepreneurship process model. Sustainability. 10(6). p.1974.
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