Pet stores across the US pull in roughly 20 billion dollars on an annual basis. That large number and its growth over the years is tied directly to the increased popularity of pets, particularly dogs and cats. If you’re a lover of pets and are hoping to turn that love into a profitable venture, opening a pet store may sound like a great idea and it could be! Before you go off renting a space though, consider the following five tips which can help make your launch smoother.
1. Make Sure You Have the Necessary Experience
When you fail at a standard business venture, you cut your losses and walk away. If you fail at opening a pet store post-launch, living thing’s lives could be at stake. Therefore, it’s imperative that you feel very well prepared from an experience perspective to run your business and to care for the animals that make your venture possible. Perhaps the best way to do this is to gain extensive experience in a pet store setting by shadowing a small pet store owner or by working at a larger national chain.
2. Prepare for Rigorous Licensure Requirements
Since pet stores put you in charge of large amounts of living things, licensure to open can be rigorous depending on where you plan on operating. Inspectors may go through your pet store to ensure that all animals are kept per regulations and are being properly cared for. You may even need to take an exam and prove you have pet store insurance before your locality lets you accept customers.
3. Choose Your Location Wisely
As with any business that’s reliant on foot traffic, location matters. Optimally, your pet store will be in an area where there’s a lot of young families whose kids might be interested in purchasing pets. If your focus is on a single kind of pet like dogs, you’ll have more leeway on location since opening in an area where young couples/professionals live and work could prove lucrative as dogs are popular in those circles.
4. Get Creative With Your Offerings
Due to online competition, few pet stores are able to run successfully just by selling goods and animals. The ace that many store owners carry lies in the additional services they offer. For example, things like dog bathing stations and obedience training can do wonders for your bottom line.
Ad – Continue Reading Below
|Fund Your Startup or Established Small Business|
Get up to $50,000 in Microloans or Grants
(Starting at 8% Interest)Get Microloans & Grants
Get up to $250,000 in Business Credit Lines
(Starting at 0% Interest)Get Business Credit Lines
5. Prepare to Become a Marketing Guru
There’s a lot of choices out there when it comes to where to do pet shopping. To make sure that locals choose your business, make it a point to invest in marketing. You can do that by hiring an agency or by getting marketing savvy yourself and putting what you learn to work.
Opening a Pet Store Can Make for a Rewarding Venture
If you generally care about animals and helping bring the joy they provide to others, opening a pet store can be a rewarding venture. To give yourself the best shot at enjoying your pet store experience, follow our tips and keep using resources like our digital publication to learn more about all things business!