Wishbone Pet Products
Wishbone Pet Products, Inc. develops, manufactures, and markets pet products. Our mission is to develop products that help people enjoy their pets more. We combine intensive market research with world-class industrial design and engineering to create innovative products that address identified needs in the pet product market.
Currently, we are developing a product that makes it easier for dog owners to clean up dog waste. Fetch™, is a dog waste clean-up device that provides a simple, sanitary, and dignified way to accomplish this task. Fetch™ addresses the frustrations of dog owners, due to the shortcomings of existing dog waste clean-up products, with an innovative (patent pending) solution to this decidedly unpleasant task. Fetch™ automatically collects, bags, and disposes of dog waste, a capability not available in the market today.
2.1 Sustainable Competitive Advantage
Form and Function
The pet product market is filled with crudely designed and manufactured products. The form and function of our products sets them apart from the competition. Our focus on industrial design and engineering results in products that look better and work better than their competitors and are, therefore, more likely to be purchased.
We will work with our advertising and marketing partners to develop clear marketing strategies for our products. This effort will set our products apart from a field of competitors that seems to lack a coherent marketing strategy. Marketing and advertising by competitors, even in trade magazines, is virtually nonexistent. Our competitors seem content to merely get their products in a store and then hope that the customer selects their product over the other choices available.
Wishbone Pet Products operations strategy leverages limited resources by utilizing external resources for product development assistance, manufacturing, fulfillment, and marketing. With this operations strategy, we can quickly and efficiently develop new products, initiate manufacturing activities and distribute our product with minimal upfront and fixed costs, resulting in significant profits.
2.2 Start-up Summary
Wishbone Pet Products total start-up costs include expenses incurred before the start of the plan include legal counsel (patent, trademark, and business), consultants (marketing, advertising), and research and development. Assets required at the start of the plan include manufacturing tooling and initial product inventory. Additional funds are required to launch a marketing campaign, finance daily/monthly operations, and have cash available for contingencies. A portion of the start-up costs has been financed by direct owner investment. The remainder of the start-up capital required will be provided by a combination of investment, SBA guaranteed loans, and lines of credit.
|Legal – patent, trademark, and counsel||$6,000|
|Consultants – marketing||$6,500|
|Research and Development||$2,500|
|Total Start-up Expenses||$20,000|
|Other Current Assets||$15,000|
|Start-up Expenses to Fund||$20,000|
|Start-up Assets to Fund||$115,000|
|Total Funding Required||$135,000|
|Non-cash Assets from Start-up||$15,000|
|Cash Requirements from Start-up||$100,000|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$100,000|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$0|
|Other Current Liabilities (interest-free)||$0|
|Additional Investment Requirement||$15,000|
|Total Planned Investment||$50,000|
|Loss at Start-up (Start-up Expenses)||($20,000)|
|Total Capital and Liabilities||$115,000|
2.3 Company Ownership
Wishbone Pet Products is being founded by Kent Chase. Mr. Chase, a devoted dog owner, has over ten years of product design experience as a mechanical engineer and project manager. As a product design consultant, he has taken dozens of products from concept to production. Wishbone Pet Products will be incorporated as an S-corporation with headquarters located in Madison, Wisconsin.