The APDT Chronicle of the Dog Summer 2020 | Page 33

FEATURE | LESSONS LEARNED
3) Have an emergency fund. U.S. Bureau of Labor Statistics
reports that 82 percent of small businesses that fail do so
because of cash flow issues. This could happen because they
don’t generate enough profit, because they have outstanding
unpaid bills for client services, or because they simply don’t
spend their money wisely. In the case of this pandemic, the
immediate halt of most dog training services without any
notice due to stay-at-home orders pointed out the real need for
all business to have an emergency fund. Every business should
start saving money to build an emergency fund that is equal
to 3-6 months of your expenses. The point of this fund is to
cover your business in case of lean times when business isn’t
as strong as usual, to cover emergency repairs that come up
unexpectedly, or to take advantage of opportunities that might
arise for your company. Sadly, some businesses shut their doors
completely because they had no reserve funds to cover minimal
expenses. Do you even know the bare minimum expenses
you have to pay regardless of whether or not you have a single
paying client? In other words, what are your monthly expenses
whether you have a single dog to train or not? Start saving 3-6
times that amount as a minimum.
Action step: Starting today, commit to building your
emergency fund by setting aside some money each month.
You will build it slowly, over time, but you have to start
now. Of course, first you also need to ensure your business
is profitable and making money, so you have some cash
available to save (another reason to get your finances in order
and prepare a budget).
4) Diversify. During this pandemic, we saw the businesses
that had more diverse offerings were able to take advantage
of additional revenue streams and pivot their business
model quickly. Having more than one type of service allows
companies to make up lost revenue in other areas of their
business. This is a simple example of not having all your eggs
in one basket. If that basket tips over, you have nothing. Now
is the time to consider adding other revenue streams to your
business. This could be other services that are completely
different from what you offer now (for instance, adding
dog daycare, grooming or lodging to a dog training service)
or it could mean adding different formats of your existing
service (for instance adding group classes, online training or
evaluations to your private lessons). It could also mean adding
affiliate services or retail services.
Action step: Think about ways you could offer other
revenue streams to your current business model and plan to
implement those services during 2020.
4) Perseverance and Creativity. Pivot. Be Creative. Try
new things. Experiment. I heard these phrases multiple times
during the pandemic. Those who come out the strongest will
be the businesses that kept looking for the rainbow in the
pandemic rainstorm. The businesses that adapted to the new
normal of a stay-at-home world — offering new services or
keeping in touch with their clients to find out what they needed
— are the businesses that have the best chance of surviving.
A crisis is a time when you can be overcome by the chaos and
fear. But during a crisis there is also the opportunity to find
a new path, try new services, experiment with a new business
model, and create new revenue streams. Those who were able to
break through the chaos and fear and get focused on moving
forward to take advantage of new opportunities were also able
to continue making money, gain new clients, and continue
their business. The heart of an entrepreneur is one that causes
you to adapt and adjust.
Action step: Take stock of your business. Does it look the
same now as it did before the pandemic? If so, make changes
so you can virus-proof your business for the future. Look at
ways you can pivot and adjust your business model in case
this happens again. No business should come out of the
pandemic looking the same as it started. This is the time
for creative adjustments to your business that will help you
survive into the future.
Robin Bennett is a Certified Professional
Dog Trainer, author, speaker, and expert
on dogs. She is a member of the Association
of Professional Dog Trainers, of which
she served as chair for two years. Robin
founded one of the largest dog training
companies in Virginia and has been using
her expertise in “reading dogs” to teach families how to train their
pets as well as helping others in the pet care industry keep dogs
safe for more than 20 years. Robin’s first book, “All About Dog
Daycare,” is the number one reference on opening a dog daycare.
She is also co-author of “Off-Leash Dog Play… A Complete Guide
to Safety and Fun,” and an extensive staff training program called
“Knowing Dogs,” which is the leading staff training resource for
dog daycare and boarding facilities. Robin is the co-founder of The
Dog Gurus, a resource for dog care professionals. Through The Dog
Gurus she is now helping pet care professionals get their lives back
by showing them how to create sustainable businesses with teams
that truly know dogs.
The APDT Chronicle of the Dog | Summer 2020 31