Question $1$

During the pandemic, Singapore saw a significant jump in pet ownerships, many of whom were first$-$time pet owners. According to Animal Veterinary Service$$s group director Jessica Kwok, the number of dog licences increased from about $70,000$ in $2019$ to about $87,000$ in $2022.$

Based on a Euromonitor International report, the pet dog population in Singapore $($including unlicensed dogs$)$ is around $114,000$ in $2023,$ up by almost $3$ per cent from $2019.$ On the other hand, pet cat population hovers around $94,000$ in $2023,$ a jump of almost $10$ per cent compared with $2019.$

According to Mr$.$ Kam Kok Yen, head of animal health at Boehringer Ingelheim, pet owners are spending more on their beloved $$furkids$,$ fuelled by the humanisation of pets. He remarked that more pet owners are looking into the animals$$ health and well$-$being as they treat the animals more like family rather than just a pet.

Meanwhile, as Singapore and other countries exit from the pandemic phase and embrace COVID$-19$ as endemic, countries have opened up their borders and international travels are on the rise again. Mr$.$ Steven Ler, president of the National Association of Travel Agents Singapore $($NATAS$)$ reckoned that the travel industry is in the midst of a $$huge comeback$.$ He further commented, $$The appetite for overseas travel is high as many desire to explore the world again and go $$revenge travelling$,$ in hopes of making up for lost time.$$

As pet owners plan for their overseas trips, they are faced with the problem of arranging for the care of their $$furkids$$ in their absence$.$

While this is an issue for pet owners, you see this as an opportunity. You believe there is an attractive business proposition to start a pet hotel to meet the growing demand for pet boarding services, particularly in the mid$-$to$-$high tier segment as $$pawrents$$ are now more willing to splurge on pampering their $$furkids$,$ ensuring that their pets will be well$-$taken care of whilst they are away.

Starting and operating a pet hotel requires significant investment and good planning before commencing on this venture. You shared this idea at a recent networking event and an interested potential investor has requested for a preliminary proposal prior to further discussion. $[$Sources: Adapted from Lee $(2023)]$

Required:

You are to construct a business model canvas to analyse the opportunity for launching a pet boarding business.

In your report, you should appraise in detail each component of the business model canvas.

The report should also include a detailed financial analysis to demonstrate the financial viability of the venture.