Budgeting For Your Pet Sitting Business (Incl. Budget Template)

Budgeting For Your Pet Sitting Business (Incl. Budget Template)

Before we get into the how let’s take a minute to look at why you should create a budget for you Pet Sitting or Dog Walking Business.

Simply put….So you can maximise your money to grow your business.

And without a budget you could find that your business isn’t sustainable.

How To Create A Budget For Your Pet Sitting Business

As with any plan, begin with the end in mind!

As you work through this blog post you can download the budget template to help you work out your revenue goal, expenses and visits to complete.

#1. Where do you want to take your business by the end of next year in terms of turnover and profit?

Do you have an amount it mind or a % that you want to increase by so that you have a goal to work towards. This should take into account how much you need to pay staff, your costs, your salary and any profit for the business.

#2. How many jobs / clients will it take?

If you have decided on an amount you want to increase your business by then now you need to take a look at how many visits this will take. So how many new clients you need to sign up for daily dog walks, how many vacation clients you will need and so on.

#3. Where are you now?

Take into account the regular clients you already have and also what you turnover on average each month.

Some of this should be repeat business that you can count on for this year. (Note – it’s a good idea to keep an eye on your customer retention rate so you can build this into your forecast each year)

#4. What was your turnover and profit this year?

Not only do you need to look at your overall turnover, but also your profit. This can be a good time to cut any costs that aren’t necessary so that you can maximise your profit for next year.

Consider looking at the profit for each type of service – as you may find some services you might want to drop if they are not profitable.

#5. How much did you grow on the previous year? What would be your forecast if you continue to grow at that rate? Map it out over the year with seasonal peaks and troughs

You may want to continue with the level of growth you have or you might want to stretch that goal and increase your growth %. Remember if you do this you need to account for any extra marketing activity you will need to do.

Don’t forget your growth wont be the same each month. You will have peaks and troughs throughout the year – so it’s important to identify these so you can make the most of busy times of the year and make sure you staff accordingly.

Pet Business Membership

Review your spending and costs

#1. How do they vary seasonally – make sure you plan for higher cost times

You may find travel costs are higher in winter for example. Or Christmas costs are higher because you invest in gifts for clients. Maybe you attend a lot of conferences during part of the year and you need to budget for that.

#2. Where could you reduce costs from lasts year (consider lessons learned and any preparation to reduce costs)

Maybe you bought supplies that you didn’t need, a course you never did, paid for subscriptions you don’t use. These can all add up – so it’s good to review them.

#3. Forecast increases to all regular costs – for example insurance, software costs, fuel etc.

Check how much these cost went up last year and it can give you an idea of the increase this year. Sometimes with things like fuel it’s good to allow a buffer on any calculations for unexpected increases.

#4. Include any marketing, advertising and training and support costs in your budget.

Be realistic about how much you have been spending, the results you are getting (i.e. the number of new clients) and what you are comfortable spending this year to achieve your goals.

You might also enjoy reading Set Yourself Up For Success in 2024

Plan, review and update your budget regularly

Your budget will give you control of your finances and drive your success throughout the year as long as you keep it updated and use it together with your business plan to adapt to any unexpected changes and leverage any opportunities that come along.

#1. Use your budget for monthly planning

Make sure you stick to what you have allowed for in your budget and if things go over budget then look at why. For example if your travel budget is way over what is causing this. If your staff supply budget is higher than normal what is the reason for this?

It’s good practice to keep an eye on rising costs. Sometimes they are valid – other times you can address the issue and reduce them quickly.

#2. Track and review actual figures at the end of each week / month and update targets accordingly

Sit down with bank and credit card statements and analyse your costs and look at your turnover and profit. It’s good to do this at least monthly so you can keep on track for your annual goal.

If you are not meeting your goal then you know you need to increase marketing etc. And the sooner you know this the greater the chance of getting back on track.

A more extensive quarterly review will help you keep the budget on track

There’s a lot you can do to grow your business for free or low cost. For example, social media is a great free resource to establish and start growing your business.

And once you’re making regular profit, you’ll want to leverage your success by investing to really grow your business (In things like, advertising, promotion or PR, staffing and outsourcing certain tasks)

Pet Business Membership

Comments

27 Ways To Get More Customers In Your Pet Business

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit