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Southwest Veterinary Clinic

Market Analysis Summary

Southwest Richmond is a section of the city that, in recent years, has become primarily industrial. There are approximately 20,000 residents in the area who are currently underserved in a number of basic services. The area’s residents can be put into three groups:

  • Elderly;
  • Moderate-income families;
  • Young single adults.

All three groups own pets but find it difficult to find local veterinary resources when needed. Southwest Veterinary Clinic will fill the community’s need for reasonably priced local veterinary services.

4.1 Market Segmentation

Southwest Veterinary Clinic will focus on three significant customer groups:

  • Elderly: This group is the first tier of customers that are pivotal to the success of the clinic. They are the most proactive to the health of their pets and demand a strong relationship with their pet’s veterinarian. In return, they will become loyal customers who will refer both friends and neighbors.
  • Moderate-income Families: The second tier of critical customers are the area’s families. This group is important for the sustained growth of the clinic. A veterinary service relationship with a family can last 10-20 years over which time the family can own numerous pets.
  • Young, Single Adults: This group represents the third tier of customers that the clinic will focus on. This group is primarily reactive to the health of their pets and will usually only visit the clinic for emergencies, reproduction services, and shots. This is still a significant source of customers from the community.
Veterinary clinic business plan, market analysis summary chart image

Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Elderly 5% 6,000 6,300 6,615 6,946 7,293 5.00%
Moderate-income Families 10% 10,000 11,000 12,100 13,310 14,641 10.00%
Young Adults 10% 4,000 4,400 4,840 5,324 5,856 10.00%
Total 8.57% 20,000 21,700 23,555 25,580 27,790 8.57%