ENTREPRENEURSHIP DEVELOPMENT

CIA 3

BUSINESS MODEL

SUBMITTED TO
DR. Niranjan L R

SUBMITTED BY
Prateeksha S M 2223070
PROBLEM IDENTIFICATION

A particular result of the Coronavirus pandemic is that pet spending has soar throughout the
most recent year. Perhaps this is on the grounds that we are progressively turning to
companion animals to assist us with exploring through upsetting occasions. India has seen
extraordinary expansion in the canine proprietorship all through numerous years. Overviews
show that around 19 million individuals own dogs in India and there are around 62 million
strays.

Have you at any point pondered how your dog is feeling, contemplating whether they're
feeling uncomfortable or awkward in any capacity however you don't know about it?

PRODUCT IDEA

Bringing you the all-new Woofit-the smart strap.

Woofit is your dog’s strap to track the temperature, blood pressure, heart rate, oxygen levels,
and heat cycles. This strap will give you regular updates on your favourite pet’s health. Just
strap it in and connect it to your smartphone to receive regular updates on how your dog is
doing. We also have a health indicator on the strap which indicates the current health status
of the dog reading from green(healthy) to orange(uneasy) to red (immediate assistance
required).

We have 3 different models of our product divided based upon the age of the dog. The pup
strap for dogs aged between 0 years - 4 years, The young strap for dogs aged between 4 years
– 8 years, the adult strap for dogs aged above 8+ years.

The price of 1 strap would be Rs.3499

ABOUT THE PRODUCT

Details:
With the Woofit, you'll be able to understand your dog like never before. Our newest smart
gadget translates their activity into in-depth health insights using industry-leading AI. So you
can see when they're doing well and when they're changing, which might indicate a health
problem. Dogs of all sizes are welcome. GPS location tracking is included.

Features:

Woofit keeps track of the following behaviours:

Scratching is one of the most telling signs of a skin illness or allergy.

Licking can suggest a variety of conditions, including joint discomfort, skin irritations,
excessive stress levels, and more.

Changes in drinking patterns might be due to a change in diet or exercise, or they could
indicate a health problem such as diabetes or a urinary tract infection.

Changes in eating habits might be connected to oral health problems, metabolic illnesses, a
new exercise programme, and other factors.

Sleeping- Disrupted sleep might be a sign of a health problem.

Check their fitness and activity levels according on their breed, weight, and age to see if
they're receiving enough exercise.

Technical Specification:

Consult a veterinarian. Get free access to veterinary knowledge via chat, phone, video, and
email.

A Wellness Score is an assessment of your dog's total energy level that can help you better
balance their activity and relaxation.

Setting activity goals for distance travelled, calories burnt, and other factors

Reminders for vet appointments, grooming, and medicine, among other things

Use a meal portion calculator to figure out how much food to feed them depending on their
age, breed, weight, degree of activity, and dog food brand.

Waterproofing rating IPX8 for up to 6 feet of continuous immersion

GPS position tracking is included, however a Bluetooth connection to a mobile device is
necessary.

Includes:

A fastening strap

Micro USB cable for charging

Getting Started Guide

INDUSTRY ANALYSIS

The great majority of pet owners consider their pets to be part of their family. Pet care
products are becoming more popular as people have a better understanding of animal welfare
and well-being. Food, hygiene, toys, and other kinds of animal care items are available.

In 2020, the worldwide pet care market was valued at USD 207.90 billion. COVID-19 has
had an unprecedented and devastating worldwide impact, with pet care items seeing a
positive demand shock across all areas as a result of the pandemic. According to our
calculations, the worldwide market will expand by 28.11 percent in 2020. In the period 2021-
2028, the market is expected to increase at a CAGR of 5.6 percent, from USD 222.93 billion
in 2021 to USD 325.74 billion in 2028. The abrupt drop in CAGR is due to this market's
demand and growth, which will recover to pre-pandemic levels after the pandemic has
passed.

PESTEL Analysis:
Executives can use PESTEL analysis to arrange aspects in the general environment and
determine how these factors affect industries and the enterprises that make up those
industries.

The government's role in shaping business is the focus of the political component. Tax
policies, changes in trade restrictions and tariffs, and political stability are all part of this
sector. Since this product does not really have any impact or effect from then political aspect,
we can avoid looking at how politics of the country will affect this product.

The economic section focuses on the economic environment in which businesses function.
Interest rates, inflation rates, gross domestic product, unemployment rates, disposable income
levels, and the economy's overall growth or decrease are all factors to consider. For a pet
health tracker the economic environment need not be studied. Only for the working of the
company, interest rates and inflation rates need to be kept in mind, for example, for taking
loan.

The technological category focuses on advancements in science-based products and services.

Changes in the rate of new product creation, advances in automation, and advancements in
service industry delivery are all relevant considerations. Technology is needed in every
industry. With more and more innovation, we will be able to add more features here, which
will help in protection of dogs.

The physical environment in which organisations operate is referred to as the environmental

sector. Natural disasters, pollution levels, and weather patterns are among the contributors.
The physical environment is where pets stay, therefore, this becomes an important aspect in
the type of goods we produce.

The legal section focuses on the impact of the courts on economic operations. Employment
rules, health and safety standards, discrimination legislation, and antitrust laws are all
examples of crucial legal factors. These factors will not affect our industry directly.

SWOT:

SWOT analysis (strengths, weaknesses, opportunities, and threats) is a framework for

assessing a company's competitive position and developing strategic plans. Internal and
external elements, as well as existing and future possibilities, are all evaluated in a SWOT
analysis.
A powerful brand, a devoted consumer base, a robust balance sheet, innovative technology,
and so on are examples of strengths. For our product, a smaller number of competitors and an
increase in the need and desire among the consumers are our strengths.

Weaknesses prevent an organisation from reaching its full potential. A bad brand, higher-
than-average turnover, high levels of debt, an insufficient supply chain, or a lack of capital
are examples of areas where the company has to improve in order to stay competitive. Our
product's weakness is the limited amount of consumers which will be overcome by a year or
so because as said before people are adopting pets more than they used to earlier.

External elements that may provide a competitive edge to a company are referred to as
opportunities. If a government lowers tariffs, a car manufacturer, for example, can export its
vehicles to a new market, boosting sales and market share. For our product, our opportunity is
the need not being fulfilled by anyone else.

Threats are circumstances that have the potential to cause harm to a company. A drought, for
example, poses a risk to a wheat-producing firm since it might destroy or diminish crop
production. Our challenges include growing material costs, increased competition later on,
and a limited labour supply, and so forth.

USP:

The unique selling proposition, also known as the unique selling point or the unique value
proposition in the business model canvas, is a marketing technique that informs buyers about
how one's own brand or product outperforms its competitors. A company's, service's,
product's, or brand's unique selling proposition (USP) is the benefit that distinguishes it from
its rivals. Having very few competitions at the moment is our opportunity. We detect the
health of pets and summarise them into 3 different labels, red, orange and green, wherein,
owners don't need to read the full report to know about their health of pets.

FINANCIAL PLAN

Budgeting and taxes- The finance team needs to set up a budget for the company and all the
departments so that there is no overburden of expenses or any other repetition. Filing of taxes
also needs to be done by the finance team.
Managing liquidity, or ready access to cash- Since our company would be a start-up, we
need to be ready with cash and we need to maintain a certain amount of liquidity to avoid
circumstances of not payment of cash which can lead to reduced goodwill.

Financing large purchases- Purchases need to be managed effectively and efficiently to avoid
any repetition of purchases which would lead to wastage of resources.

Managing your risk- The finance team should also be able to mitigate risks because being a
start-up our financial plan would have to include how to manage all types of risk including
the risk of failure of the product.

Investing your money- Our money needs to be invested properly, which the finance team
should oversee. Our financial plan would have to include tasks that see that no money is put
to waste.

Communication and record keeping- Keeping records pf all financial and presenting it to the
correct department, that is, communicating the business financial plan to everyone is of
utmost importance.

MARKETING PLAN

We will be placing our product on various e-commerce sites (Amazon, Flipkart, Supertails).
We will have our manufacturing unit in Hosur, Tamil Nadu as it has the highest cluster of
warehouses of top e-commerce sites saving us transportation costs. Our target audience will
be generic dog owners and lovers. We will also be targeting numerous NGOs involved in
animal healthcare and protection. You can also purchase our product through our website
woofit.co.in

We will be promoting and marketing through various social media platforms. We will be
targeting various Facebook pet communities in India; we will also use Instagram influencers
to promote our product and reach our target audience. We will be providing free samples of
our product at various dog shows around the country. We will be adverting on YouTube and
Reddit too because these are well-established platforms to reach our target audience. We will
be sponsoring dog shows in major metropolitan cities.

We want every dog to be felt loved and cared for and this also includes strays out there. For
every strap you purchase for your dog, a certain amount will be dedicated to providing a strap
to a stray. The health and welfare of all the strays will be monitored by our central AI cloud
and it will report any kind of health issues to the nearest animal healthcare centres or NGOs.

The 4 Ps of marketing are place, price, product, and promotion. By carefully integrating all of
these marketing strategies into a marketing mix, companies can ensure they have a visible, in-
demand product or service that is competitively priced and promoted to their customers. With
proper place where the product needs to be placed, that is, e-commerce websites for us, our
product can reach the correct people at the correct time. Our product will be looked at by the
operations team to ensure that fewer defective products are produced. The pricing of the
product is done properly such that people of all income levels can buy the product and we can
reach profit levels soon enough. Promotion of the product is what the marketing department
will look at. We project that most of our sales would come from the digital platform.

STP marketing focuses on commercial effectiveness, identifying a company's most lucrative

segments and designing a marketing mix and product positioning strategy for each. When
developing marketing communications strategies, the STP model is helpful because it allows
marketers to prioritise propositions and then build and deliver individualised and relevant
messages to interact with various audiences. Market segmentation, market targeting, and
product positioning are the three steps in the funnel.

We are specifically going to target all people who love dogs, that is, follow dog pages online,
and also those who have dogs as their pets and regularly visit vetenary. Since the number of
people are already less, we can't target a certain demography of people.

Sponsoring a local event can help our start-up get noticed by potential customers. We'll pay a
minimal fee to the event's organisers to become a sponsor and advertise our company at the
event with signage, stationery, banners, booths, and other marketing materials. When done
right, it's a mutually advantageous relationship that's incredibly successful at generating sales.
We may support dog marathons, 5K and 10K events, or establish a non-profit organisation to
assist and preserve stray dogs.

MARKETING SUMMARY:

For every strap you purchase, a certain amount will be dedicated to providing a strap to a
stray. Our target audience will be generic dog owners and lovers. We will also be targeting
numerous NGOs involved in animal healthcare and protection. You can also purchase our
product through our website woofit.co.in. We will be promoting and marketing through
various social media platforms.

HR PLAN

Establish Organizational Design- Our company will have a horizontal organisational structure
where all the head of the departments work together for the company. This will reduce the
time taken for decision making.

Establish Onboarding and Recruiting Procedures- For a horizontal organisational structure, it

is important for us to have responsible and good people. For that, our recruitment procedure
needs to be strict involving a number of interviews that judge the capacity of an individual.

Outline Regulations for Compliance, Safety, and Health- Since our product is related to
health, health of the employees is also our number one priority. With good work culture, we
can create a physically and a mentally healthy workplace.

Determine Compensation and Benefits- Compensation and benefits are important to improve
the belongingness among the employees. This will help in proper creation of good products
and a better market share.

Maintain Employee Relationships- The relationships among employees are equally important
for our company. Reduction in conflicts would lead to good work being done which would
further mean a better goodwill for the company.

Develop Training Programs and Performance Management Methods- This is also an

important part pf our business plan because this indirectly decides the motivation among
employees which will impact their work performance.

It's not simple to build a team. Any employee to be recruited needs the following:

1. Enthusiasm—Employees must be enthusiastic about their work. It's the only way to ensure
high-quality results.

2. A Business Mindset- The objective should be to create a team of mini-entrepreneurs. We

need folks who are always coming up with fresh ideas.
3. Critical Thinking- We also want folks who are curious about the whys and how’s of the
world and ask critical questions. These are the folks who will assist us in resolving large-
scale issues that require outside analysis.

4. Personality- These are the people with whom you will be spending the most of your work
time, thus their personality is crucial.

6. Talent- It may seem self-evident, yet talent is an essential attribute. We require employees
that excel at their jobs. Experience, on the other hand, is less significant because it usually
comes with a greater wage.

7. Patience- Start-ups face failure on a regular basis. We'll need folks who can stay calm in
the face of adversity.

8. Commitment- We need folks who are willing to remain with us for the long haul.

OPERATIONS PLAN

This type of plan list specific functions: What the activities of the business are, when those
activities occur, who is responsible for various tasks, how long each activity will occur, what
tools or equipment are required, and how much time and funding are needed.

Our main activities include finance, that is, sales projection, human resource, that is,
recruitment, marketing that includes making people know about the product and lastly,
production department that will actually make the product from the start. The Operations
department of my company will decide the funds of each department with the collaboration
of finance department and they will also decide the time, that is, the deadline of each of the
departmental activities.

Our start-up’s mission would be to protect the pets as well as the stray dogs so that there are a
smaller number of avoidable deaths of animals.

The Operations department of my company will decide the funds of each department with the
collaboration of finance department and they will also decide the time, that is, the deadline of
工 (India) each of the departmental activities. Our start-up's mission would be to protect the
pets as well as the stray dogs so that there are a smaller number of avoidable deaths of
animals.
PROBLEMS THAT MIGHT EXIST

Fierce Competition- The corporate world is quite fierce and with increase in the number of
people starting to face such problems, it is quite likely that people come up with the same
product but with increased number of attractive features. However, with us adapting to
technology and understanding our consumer base and its needs we will be able to outperform
our competitors.

Unrealistic Expectations- When we have 'unrealistic expectations' after a big triumph, we

often run into problems. Most of the time, these expectations appear practical, but they are
only unrealistic in the true meaning of the word.

Hiring Suitable Candidates- The synergy of the team is one of the most essential components
that determine organisational culture in a start-up. A team is made up of people who have
comparable skills and a similar focus. We need to employ only the best people in order to
build a very effective team culture.

Financial Management- We will, without a doubt, need to rely extensively on financial

support from investors. When we get a large sum of money, we may find it difficult to
effectively handle our finances. To deal with such a circumstance, we must play a
conservative and cautious hand, holding all of our cards close to our chests. Our dilemma can
be solved by enlisting the services of a reputable financial consulting business or by
recruiting qualified personnel.

Winning Trust of Customers- One of the most difficult issues that businesses in general - and
start-ups in particular – confront today is gaining a customer's trust. We can expand and
develop toward greatness with a highly pleased and devoted client base.
BUISNESS MODEL CANVAS
 COMPARISON WITH THE TRADITIONAL BUISNESS MODEL

1. Target Market:

- Traditional Business Model: Typically, a traditional pet care business might target a broad
audience of pet owners, offering products and services for various pets, including dogs, cats,
birds, etc.

- Woofit Business Model: Woofit specifically targets dog owners, offering a high-tech,
comprehensive health monitoring solution tailored to their needs.

2. Revenue Streams:

- Traditional Business Model: Revenue streams may come from product sales, grooming
services, pet boarding, veterinary care, and possibly advertising.

- Woofit Business Model: Revenue streams primarily come from the sale of Woofit
devices, subscription services for additional features or data insights, and potentially data
monetization through partnerships or licensing agreements.

3. Customer Relationships:

- Traditional Business Model: Customer relationships may be transactional, with occasional

interactions for product purchases or service appointments.

- Woofit Business Model: Customer relationships are ongoing, facilitated by the continuous
use of the Woofit device and the accompanying smartphone app for health monitoring and
insights. This creates a more engaged and loyal customer base.

4. Technological Integration:

- Traditional Business Model: Traditional pet care businesses may rely on basic technology
for inventory management or appointment scheduling but may not heavily incorporate
advanced technologies like AI or GPS tracking.

- Woofit Business Model: Woofit heavily relies on advanced technology, including AI for
health insights, GPS tracking for location monitoring, and sensor technology for health
parameter monitoring.
5. Market Reach:

- Traditional Business Model: Traditional pet care businesses may have physical stores or
clinics, limiting their reach to local customers unless they expand through franchises or
online sales.

- Woofit Business Model: Woofit has the potential for a broader market reach, as it can be
sold online and shipped globally, reaching dog owners beyond local boundaries.

Therefore, while both traditional pet care businesses and the Woofit model cater to pet
owners, there are significant differences in target markets, product offerings, revenue
streams, customer relationships, technological integration, and market reach. Woofit's focus
on high-tech health monitoring for dogs represents a more specialized and innovative
approach compared to traditional pet care businesses.