Feasibility Study on Establishment of Fur Crib Pet Hotel in Quirino Highway,Sta. Monica, Novaliches, Quezon City
Keywords:accommodation, consumption, crib, financial viability, fur, hotel, pet
This research proposed a business named Fur Crib Pet Hotel and planned to be located in #1004 Quirino Highway,Sta.Monica,Novaliches, Quezon City. The business offers a variety of services such as pet accommodating, pet grooming, and pet deworming. The researchers decided and conceptualized this one-stop-shop pet hotel that will cater to different types of furry animals, particularly dogs, cats, and rabbits. It can also provide the needs of different animals, such as vaccination and food. The core questions were divided into groups for clarity, addressing the main objectives of the research through the perspective of the respondents. These questions were also designed to address the feasibility and viability of the business in terms of the place, product, price, and promotion. Financial costing and statements were analyzed to ensure the decisiveness in opening the business. Embarking on this research, the researchers initially considered focus group discussions and participants’ observation as possible research methods due to the behavioral elements contained in this research. The proponents used survey questionnaires to gather the information from 100 respondents. According to the survey,56% of the respondents preferred pet accommodation, 25% of the respondents preferred pet grooming, 5%of the respondents preferred pet health/deworming, 13% of the respondents preferred pet foods, and 1%of the respondents preferred others. The researchers put affordable accommodation on their business. Based on the results of the survey,70% of the respondents preferred a business that offers a variety of services, such as grooming and accommodation, to pamper their pets differently from when they are at home. The price included promotional offers, such as a 10% discount for 3 days in the store opening. The researchers came up with the following financial projections. Fur Crib Pet Hotel was forecasted to have an annual increase in service revenue of 10%. The rent expense of the business was forecasted to increase by 2% yearly. Utility expense will increase by 2% yearly, which was similar to miscellaneous and employee benefits. Fur Crib Pet Hotel will pay for the advertising expense, amounting to P27,300, and will also increase by 2% annually. The changes in owner's equity with the starting capital of P200,000 per partner. The return on investment in its first year of business operation was forecasted to be38.78%, and it will follow the next ROI yearly.