If you are a pet lover who is considering opening a pet business, there are a few things you should know before you take the leap.
According to the American Pet Products company, the pet industry continues to grow because people love their animal friends. Additionally, Statista has projected that by 2025, pet shops’ total revenue across the country will exceed 22 billion dollars. Indeed, the American culture towards pet keeping is a positive one that makes pet start-up shops a viable business. Are you a pet lover? If you’re considering a career in the pet business or as a side hustle, here are a few things to note before getting started.
1. Discover your niche in this area
Due to the pet industry’s propensity to generate income, more people are venturing into it, creating intense competition. However, as a newbie, it’s recommended to first decide on your pet business niche. The unique space where several others haven’t yet considered must be your ticket to success. Indeed, it may seem crowded, but you can find a gap when you conduct market research.
In discovering your niche, it’s helpful to ask yourself specific questions such as:
- What domestic animal is in demand, and can provide a variety of them?
- What’s that unique element not yet explored by competitors?
- Is your niche a sustainable business activity?
Keeping pets is a serious responsibility, and any business that seeks to generate revenue from them must regard it as the same. As you decide on your niche, conduct an online survey to get an idea of what pet lovers need or want. Instead of an online survey, you can hold a focus group discussion to find that out.
2. Understand the costs involved in start-ups
Animal activists such as Linda Pawlik Picardo believe business entities that deal with animals must do so with a lot of care and financial commitment. For your pet shop to thrive, start-up costs are crucial for commencement, including stock purchasing, premises renting, licensing, utility bills, and shop setup. Paying business rates and other minor expenses that arise initially are also necessary financial commitments you should be ready to fulfill before starting operations.
Across the United States, pet shop start-up costs vary greatly. For example, in some states, pet product retailers need a minimum of $15,000 to start a business. In other states, however, this can double up to as much as $30,000. The variance here is, therefore, location-based. Nonetheless, you have the option to explore other funding options that offer reasonable interest rates. That way, you can pay back comfortably without draining your start-up.
4. Active promotion of your pet shop items
Remember that your objective is to provide a service or product that fulfills a need, brings good income, and sets you apart from the crowd. This demands a great deal of active promotion and publicity to get the proper attention to your shop. Of course, the type of promotion you use will depend on whether your pet shop is a physical structure or a virtual one.
Pet shop setup and ownership is a lot of work that requires dedication and commitment. You’ll also need a good amount of patience to work it from the ground up. No business takes off right from the onset, as it takes time. Therefore, during the initial stages, you should lay the necessary foundation needed to be successful.