Did you know that pet supplies is one of the leading industries in the United States? Its sales are approximately $4.54 billion with a 2.7% positive growth.
Pet supplies’ share revenue spreads because of the pet parenting trend, in which pet owners treat their furry friends as if they’re part of their family.
What should you consider when planning a pet supply store, what essentials are needed when you open your store and how do you manage your pet supply store after your launch?
This article includes a step-by-step guide on opening and running a pet supply store.
It also covers the essential things you need for effective management, such as inventory, shipping container solutions, and logistics.
A Step-by-Step Guide to Opening a Pet Supply Store
Everything, including something as complicated as starting a pet supply store business, is easier if you do it one step at a time.
Here is a small list of things you must do when you plan to get into the pet supplies industry.
Step 1: List the expenses
Startup business costs may vary depending on many factors but significantly on location.
However, estimates range product resellers, or suppliers need startup money from $15,000 to $30,000.
The cost may be considerably less for home businesses and much more for an online business setup.
However, what you’ll spend more on is shipping and the products you’re going to sell.
Step 2: Establish your business plan.
A clear business plan is a sure ingredient of success.
You need to know what you want, what you need, and where to find the things your business requires.
Sound business plans need market analysis, funding sources, product line, and logistics.
You can also add ideas for inviting investors, bank funding, and the support of people who you think will be valuable to your business.
Step 3: Understand all legal matters.
To secure your business, you must do all the necessary paperwork to make it legal and have protection.
You may want to look into business structure types and establish a business entity like an LLC (limited liability company).
You must also work on business registrations and how to file small business taxes.
Additionally, you need to know the legalities surrounding hiring people and salaries.
Not to mention policies and regulations that may differ from state to state.
You can head to your local government offices or visit their websites to learn more about policies and zoning regulations.
Step 4: Calculate the cost and expenses and evaluate the profit.
In business, the cost is different from expenses.
When planning, calculate the costs of running your pet supply business.
It means knowing how much you’ll pay for things like shipping containers and keeping a particular product in your inventory.
On the other hand, expenses are the bills you’ll incur when you start managing your business, such as rent, utilities, and payroll.
If the sales are more than the expenses, then you’ll have a profit.
Step 5: Get everything you need in your business.
After completing the legal requirements, you must focus on the physical requirements of starting a business.
You need furniture, desks, chairs, computers, and decorations.
You also need to create a brand image, a marketing plan, and ways to promote your business in your area and nearby locations.
You may either hire people if needed or keep it a family-run business.
Lastly, you should make deals with suppliers to maintain an inventory of things you’ll sell.
Open Your Pet Store With a Blast!
When you open your business, do it with all guns blazing.
Make sure that people know that you’re opening your business today. Here are a few things you should do:
- Create an online version of your shop on social media. Building a website may be difficult and expensive for a small business, especially if you’re just starting.
So a great place to start an online presence is through social media.
All you need to do is create a page on platforms like Facebook and begin your online business with a bang.
- Use flyers and leaflets to promote your business. You can give these small pocket-size advertisements of your business to people, especially those you know are pet owners.
- Add music and treats when opening your business. You can pump up some suitable music for a pet supply shop. Sometimes the best ones are the classics, which appeal to almost everyone.
- An opening day discount would also be nice. You can invite your friends and family over, bring their pets, and offer a one-day discount on everything on sale.
These are some small gimmicks that you can do to promote your business on your opening day.
However, the ideas are limitless, which all boils down to your creativity.
Importance of Proper Store Management
Always consider the planning, and your opening day is just the tip of the iceberg.
What matters is how you will manage your business from then on.
Even if you’ve successfully planned every detail to the single dot and promoted your business to everyone, it will all fall hard if you can’t sustain and oversee your business correctly.
Remember that the pet supply store relies heavily on repeat customers.
You need to have a good solid relationship with regular customers and cater to their needs.
In a small community, you should know the people who have pets and their needs so that you can focus on adjusting your business accordingly.
Here are some things you can consider when managing your pet supply store.
- Determine your niche. Never aim to be a one-stop shop for pet supplies. You’ll be inundated with items that won’t sell or items that are not needed in your community. Determine your niche, and sell products that are limited to that.
- Order only high-quality items for your pet supply store. Never trade quality for cutting costs. Customers will be more likely to avoid your business if they’ve felt that they got substandard products in your store. Make sure all items you sell are of top quality, and your customers will give you their trust.
Though you’re a pet supply store, you can offer pet services.
Most pet store owners are also pet lovers and know how to take care of their pets.
You can use your love for pets and share it with the community.
Offering good service establishes a relationship that creates patrons.