Having the right startup funds is vital to starting a successful kennel.
Operating a kennel is a way for animal lovers to do what they enjoy while offering a needed service to traveling pet owners. When starting out it unfortunately takes more than a love for dogs to get your new business off the ground. Like any new venture, it takes money to start a kennel that your customers will feel comfortable leaving their pets in. Bedding, food and staff are only a few of the considerations that should to be taken into account when determining your financing requirements. There are, however, options available for you to get the funds that you need to make your dreams for a successful kennel business a reality.
Instructions
1. Write out a detailed business plan. No matter how you intend to get money for your kennel, you will need to create a business plan. Banks and investors want to know that you've done your research with regard to starting a kennel service and that you are aware of what it takes to run one. A good business plan will explain goals, your marketing strategy and projected business earnings for the next one to three years.
2. Determine if you already have the resources. Getting money for your business doesn't mean that you have to rely on outside sources. Many people starting a business find that they already have the resources to get the money that they need. Examine your personal line of credit, equity in your home and savings accounts.
3. Apply for a small business or boarding kennel loan. Obtaining a loan from a financial institution such as a bank or credit union isn't always the simplest way to get the funding that your business needs, but it is generally one of the first places that new business owners will attempt. Your credit history, business plan, collateral, equity, experience and your ability to repay are all factors that the bank will use in determining your eligibility to receive a loan. The Small Business Administration (SBA), local governments and animal related non-profit agencies are other sources for business loans.
4. Seek private investors. Locate individuals, businesses and groups that want to invest in animal-related businesses. Your local bank and chamber of commerce are some of the first places to begin your search for investors. Visit websites such as the Angel Capital Association for a list of angel investors in your state.
5. Take a partner to increase your financial resources. Depending on your preference, choose a partner who wants to be involved in the day-to-day workings of the kennel or who only wants to contribute financially.
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