Are you a pet lover? Do you want to start a pet shop business? If so, find here in this article a stepwise pet shop business plan guide for beginners with the setup process, licenses, permits, marketing strategies, etc.
The Pet store business is perfect for pet lovers. People who have knowledge and experience in retail merchandising. A one-stop pet store with allied services is a profitable and self-rewarding business. You have two options here. You can initiate your own store. Otherwise, you can start the business by buying a franchisee of a reputed brand.
If you starting off your own pet shop business, the entire retail management, sourcing, and marketing are your responsibility. You will enjoy the total net profit. In a franchise setup, the parent company will take responsibility for operational and marketing aspects in a revenue-sharing model. You can start this business with small startup capital.
Is Pet Shop Business Profitable?
The global pet industry is booming. The major reasons are increasing pet ownership and as well as increasing spending per pet. People now increasingly perceive their pets as part of the family. They are willing to spend even during tough economic times.
The growth of the industry can be attributed to a number of factors, including increasing awareness of the benefits of pet ownership and increasing per capita disposable income.
The study found that having a constant, affectionate companion helps reduce stress and lower blood pressure. The simple act of a daily walk provides fitness for us as well as our pets. It is even hypothesized that the greater psychological balance brought by the companionship of a loving animal lowers the risk of heart disease.
Pet owners purchase holiday presents, designer outfits, clothes, toys, food, and specialty shampoos for their pets. This increased personification of pets has resulted in a massive increase in the number of premium products available for pet care.
Here is a Pet Shop Business Plan Guide for beginners
1. Create a Business Plan
Crafting a detailed business plan is a must in starting this business. Decide first on how much product you will be going to start. You will need to find out the retail location. Space must accommodate a storefront and back storage area. Determine your pet store business objective.
Identify your target niche audience and how you will be promoting your shop. Decide what allied services you will be providing. Calculate how much startup capital the business demands. These all will help you start the business with confidence. You must furnish your business plan in front of investors if you are seeking finance.
2. Get Pet Store Business Licenses
Every type of retail business needs to acquire specific licenses and permits from the concerned department. Check with your local business licensing office for a list of business licenses and permission requirements. Every state has a list of animals that are restricted from sale.
Many states also have a list of animals that can be sold but must be registered with the authority. Make sure, you are starting the business with all proper licensing and compliance fulfillment.
3. Register your Business
It is essential to register your business to run a legally-compliant company. Every country and state provides different company formation structures depending on the size of the business.
For example, in the United States, the most popular company structure among young startups is a Limited Liability Company(LLC). You can form an LLC yourself or can hire a reputed registered agent to do the job.
4. Select a Location
Selecting the right location is the most crucial decision in the pet shop business. Ensure that your store has enough parking space and a broad storefront.
5. Setup the Pet Store
Ask an interior designer to create a floor plan. This will help you to get a well-organized retail setup. Secure space for product display, billing counter, and storage.
6. Procure Products & Inventories
Sourcing the material is one of the key aspects of making a net profit. Providing quality products at a reasonable price is the key focus area of a successful pet store retail business.
Some of the popular items are food, treats, toys, collars, leashes, cat litter, cages, soap, shampoo, powder, and aquariums. You can also provide engraving services for pet tags. This provides the owner’s contact information in case the pet gets lost.
7. Buy the Necessary Equipment
Procure the resources and tools carefully. In retail ventures, floor staffs play a major role in conversion. An individual having experience in the pet supplies business is perfect for pet store retail operations. You must have POS (point of sale) software. It will help you in managing the data and inventory of the store.
8. Promote Your Pet Store Business
Promote your pet store offline as well as online too. Making the pet owners aware of your store is the most important part. Create your stationery items such as business cards, brochures, and letterheads carefully.
Business cards play an important role in brand promotion. With some free online resources, you can make your own logo and business cards.
Publish some advertisements in pet magazines. Give an advertisement in local dog shows or pet contests. You can also host an event. Think about some promotional utility items like shopping bags etc.
It is seen, partnering with complementary and non-competing other businesses is a great way to network and develop cross-promotions. It benefits both of you. Promote complementary products and services along with the primary products.
Furthermore, you must create a business website with a blog. Promote your business in the social media community. Facebook provides a great platform for you to connect with many target markets. It provides a great platform to connect with families, young people, and even seniors. You can also sell products from online marketplaces like Amazon and eBay. You may also consider having your own online pet store.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.