About 70% of households in the US own a pet. Now, all of these pets were either bought from a pet store or rescued from a shelter. Whichever of the two was the case, they still need guidance, additional equipment, food, vitamins, etc. This means that starting a pet store is a great opportunity for those looking to join a lucrative and competitive market with unlimited room for growth.
Sure, there’s a lot of potential in this field but there are a lot of challenges, as well. Therefore, it’s essential that you set the right foundation, thus increasing your odds. Here are a couple of tips you should consider when first starting out.
1. Starting out
Running a pet store is difficult so you need to make sure you know exactly why you’re doing it. First of all, it’s a business, so your primary objective is to make a profit. Now, motivation doesn’t have to come in a single form or from a single source. For instance, you can make money and enjoy what you do. Therefore, love for animals and the pleasure that comes from working with animals may also be a factor.
Lastly, people in pet stores help people adopt more than just pets, they help people increase their families. Therefore, their vocation also becomes helping others build meaningful relationships and build their own happiness. Overall, these couple of things are more than worth your while.
2. Learn about the local law
Pet laws evolve quite frequently and, in a lot of states, there are some absurd laws that are so unintuitive that you would never guess they existed. For instance, some pets, like birds, rats, and cold-blooded animals are not even covered by federal laws like AWA (Animal Welfare Act). A similar thing goes for stores that sell exotic animals. Sure, this is an extreme situation that might not apply to you but it’s worth checking, at least.
Then, there are more basic issues like pet cruelty and nourishment regulations. These are quite simple to abide by but a safe living environment may differ by definition. The last thing you want is to make a mistake in this field. As a professional in the industry that is working with pets, you also want to get public liability pet insurance. This is something that pet daycares, dog walkers, groomers, and pet trainers need, as well.
3. Prerequisites for success
First, we’ll start with something we’ve already covered in the previous section – you need to love what you do. Second, you need to have extensive knowledge of pets in your care. This is important both for their safety and their quality of life. Third, you need to be an equal part of a businessperson as you are a pet enthusiast.
Next, you need to be either proficient in financial processes or outsource it to someone else. In fact, getting an accountant and a bookkeeper is a sensible business idea regardless of your industry. Keeping the cash flow healthy is something that will cement you as a formidable presence in this field.
4. Pick the right spot
Being located in the right spot is crucial to your success. Unlike in many other industries, getting pets is something that the majority of people aren’t comfortable with doing online. Sure, some people do this for the sake of convenience or because there’s no other way for them to get the breed they want locally. Still, when faced with a choice, the majority of people will handle this in person.
Then, the relationship with the customer doesn’t end with the purchase of the pet. They’re bound to make repeat visits, so why not ensure that you’re close to your target demographic (or on the route) so that they have an easier job of paying you a visit. In your offer, you have supplies that they’ll have to restock on, therefore, you can capitalize on the fact that 8% of your regular customers generate 40% of your entire profit.
5. Register a business
Next, you need to approach this issue from a business standpoint. You need to register a business, which means getting all the necessary certificates, filing all the paperwork, and, most importantly picking the name for your enterprise.
Once this is done and the procedure wrapped up, you’ll get your license and tax number. These are necessary for you to handle your business and financial processes legally. Only after this is done can you start conducting business.
6. In conclusion
The very last thing worth keeping in mind is that every problem that you fail to resolve right away might wait for you further down the line. Therefore, the better you lay the groundwork, the better your odds will be of overcoming each of these challenges. Prepare the business model, as well as know what and why you’re getting involved in this industry. Lastly, make sure that you’re legally covered and protected at all times.
