There’s a special connection between people and animals. The love of pets isn’t limited to kids; many adults can’t imagine life without their pets. Considering the interest in pets that people have regardless of their lifestyle and income — families, business professionals, seniors and many others — opening your own pet store can be a smart business move in many cities. What do you need to succeed?
Table of Contents
Business Plan
Any business needs consistent revenue and growth to stay profitable. That’s where your business plan comes in. Developing a business plan essentially means defining your company’s identity. You want to create a brand that stands out from competitors and attracts plenty of clients. This is also the time to think about how to obtain the startup capital you need for your company.
Another step in your business plan involves choosing a business structure. You need to decide if you want to launch the company yourself — taking on all of the risks and rewards as the sole entrepreneur — seek financial backers, create a partnership or apply for a pet shop franchise location. There are pros and cons to each option, so take your time with the decision.
Market Research
Early in the startup phase, you should take the time to perform research. First, check the local market to see the opportunities you have. Identifying untapped market potential can help you build a solid customer base and bring in revenue.
You also have to take time to investigate the legal process to open your business. Pet store owners usually have to obtain a license and meet other state or federal requirements.
Other steps are necessary to register your business name, hire employees and get insurance. Doing things the right way from the beginning can help you avoid headaches and hurdles down the road.
Payment Systems and Software
Today’s customers want lots of options, both in terms of pets and payment methods. Some people like paying by credit card, others prefer debit cards and still others do all their shopping online. With advanced software for pet stores and modern point-of-sale systems, setting your business up for different payment types is a breeze.
These systems can even help you offer customer financing, rewards programs or branded credit cards with perks, which can help you make a great first impression with clients. Families may be more likely to purchase rare breeds if they can make small payments every month instead of needing a lump sum all at once.
Pet Equipment
One of the main expenses you face at the beginning is pet-related equipment. Cages, aquariums, pet gear, animal supplies and care equipment all have a cost. You can minimize costs by deciding ahead of time which type of pets you want to focus on and how many. If you run an online business, you may decide to act more like a third-party intermediary, sourcing pets and delivering them directly to clients so you don’t need to worry about animal storage.
Breeder or Pet Supplier
Building good relationships with trustworthy breeders and suppliers can lower your operating costs. It can also help your business stand out. Highlighting ethically sourced pets, homemade pet treats or sustainable pet toys can make an impact with families looking for environmentally friendly solutions.
Specialized Services
If you love pets or enjoy working with animals, you have plenty of reasons to like running a pet store, but that’s not enough to have a thriving business. You need to figure out how to grab the attention of customers.
As a startup, you’re at a disadvantage compared to well-known pet stores. The good news is that modern technology can help you even the playing field fairly easily.
One way to attract customers is to offer services that competitors don’t. In some places, entrepreneurs combine pet stores with another type of business, such as a gym for owners and pets, or coffee shops where cat lovers can hang out together.
You’re not limited to the “traditional” pet store that only has a few pets to look at. You can provide premium services that draw animal lovers to your store, such as grooming, pet day care, training services, dog walking or luxury pet spa treatments. Weigh the required capital with the potential revenue benefits when choosing your brand identity and location.
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