Pet ownership has increased massively over the past few years, which means a lot of money flowing into pet supplies. Believe it or not, Americans spent about $124 billion on products and services for their furry companions in 2021 alone, with the figure increasing since then. If you’re considering opening a pet store, you have a lot of reasons to smile, as there’s a huge market readily available for you to tap into. Are you unsure where to start or how? You might find the following tips very insightful.
- Conduct thorough market research
A pet store sells anything important to pet owners, from food to toys. But that does not mean you should start stocking up bulks of supplies of every pet supply you can think of. Take the time to conduct thorough market research to find out what type of pet products sell best in your chosen location or what pet owners where you live need the most. Also, find out the common type of pet in most homes in your location and competing pet stores you may be pitted against. But that’s not all. Identify the costs of pet supplies against your budget to have a fair idea of how much you can spend on supplies alone. You might also want to scout the perfect spot to set up your shop.
- Identify a reliable supplier
The availability of the needed pet products and supplies will be the lifeblood of your business. If you’re always short on supplies or have poor-quality pet products, you can expect pet owners to turn away from your business. So, identify a reliable supplier before you commit financially to any part of your business. Ideally, what supplier to work with will depend on the results of your market research. For example, if you identified, through research, that there are more dog owners in your location looking for top-quality dog treats, find a supplier who can handle the demand. You can find companies offering private label dog treats, including soft chews, baked treats, oils, and liquids.
- Plan your grand opening and continuous marketing
After sorting out your budget and finding a reliable supplier, think about how to attract the attention your new store will need. Doing this is extra important if other pet stores are in that location. They may already have a chunk of the market share you want, and you need a solid marketing plan to lure some of their customers away from them and to your store.
Since marketing should be continuous, plan for how to keep it running for as long as you need to.
- Don’t forget about your staff
Running a pet store is different from running any other store. It would help if you had workers who can relate well with pet owners and their pets. In other words, you need people who can put smiles on your customer’s faces while knowing how to make pets happy. How many people you should hire will depend on the amount of work and size of your pet store. But the most important thing is to find people ready to give their best to your business.
