Starting a small business can be a complex process.
Even with a great idea and the drive to succeed, getting a new venture off the ground takes strategic thinking and countless hours of work. This holds true in the pet industry, where upward trends in sales also mean more competition.
So, how do you begin this process?
It’s simple: Prioritize the most important tasks and strive for excellence in each one.
In this blog, we’ll discuss the process of opening a pet store and identify the most important steps you need to take to be successful.
Let’s get started!
1. Write a Pet Store Business Plan
Before you open your pet store, you need to create a complete and well-researched business plan. Your written business plan should contain information about what your business will sell, who its target market is, and what will set it apart from its competitors. It should also contain specific information like where your pet store will be located and how much money it will take to start up.
Be sure to do extensive research about the pet industry and similar business in your region to make the most accurate financial projections possible. These projections help you determine how you can become profitable and are essential if you need to secure funding. You should also use your business plan to set goals for your business.
By going through the process of developing your business plan, you’ll make decisions about your business and articulate those decisions to others. As you do, you’ll start to see what you need to do to make your business profitable.
2. Secure Funding
Most small businesses need external funding, and the main ways to secure this funding are through loans and investors. Either of these options require you to convince a third party to invest in your business based on the viability of your plan. This means you need to create trust that your business can be successful.
Use your business plan to persuade investors and lenders that your business will be profitable. Use research and data about the industry and your target market and share your financial projections. If you’ve thought through your plan and have a viable strategy, you’re much more likely to secure funding.
3. Sell Great Pet Products
A great pet store needs great products. This means high quality pet food, including organic options, and durable pet toys and accessories. To procure these products, you need to find the right suppliers.
Do extensive research on the kinds of pet products you want to sell long before you open your pet store. The brands and items you choose to sell will depend on the kind of pet store you want to run. Will you sell affordable pet items for a mass audience? Will you sell higher-end items? Will you cater to all different kinds of pets or a certain pet niche? Once you determine this, it’s easier to determine which you want to sell.
Look at reviews for products and suppliers. Are customers satisfied with these products and would they purchase them again? Be sure to choose suppliers whose other clients speak well of them and who you can count on. By choosing the right products and suppliers, you can set your pet store up for success.
Related Read: Supplier Selection Criteria for Pet Stores: 11-Step Guide
4. Find the Right Location
Choosing the right location for your pet store is also essential for its success. Before you make a decision, investigate the pet store market in the area.
Ask yourself:
- Is there a gap between pet stores anywhere near you?
- Are there enough pet owners in your area to support your store?
- Can you afford the rent at the locations you’re looking at?
While there are many pet stores across the U.S., try to find a spot with relatively low competition or where your pet store fills a different niche than others do. An area with a relatively high number of pet owners also gives your business a better chance of success.
Urban areas with a high concentration of people offer more potential customers — but remember, rent tends to be more expensive in these areas. Areas with more affordable rent tend to have less concentrated populations. Try to find the right balance between these two considerations for your pet store. Search for a location with enough customers to support the store and at a price your business can afford.
5. Create a Recognizable Brand
A strong brand helps you build awareness for your business and increases customer loyalty. To have a strong brand, you need a clear identity for your pet store, a well-designed logo and colors, and a brand personality.
Whether your pet store serves general pet needs or specializes in pet food or pet training, make your store’s focus a part of your brand. Customers should know from your store’s signage and advertising what it specializes in and what they can expect from its product offerings.
You also need a recognizable logo. Create an interesting logo that represents your pet store and use it anywhere your business is, including the interior and exterior of your store, on your website, and on social media pages. These digital pages should match your store in color and design to create a cohesive brand. When customers enjoy your products and recall your store’s brand, they’ll be much more likely to return.
6. Market Your Pet Store
Once you’ve determined where your pet store will be and what it will sell, it’s time to get the word out to potential customers. As you plan your marketing strategy, consider your target audience and where they are. Can you reach them through digital means or would more traditional marketing methods be more effective?
Some of the most popular digital marketing methods include social media, email campaigns, and web ads. As digital advertising becomes more effective, businesses can target their ideal customers more sharply. For example, you can promote your social media content and ads to pet owners, who are the most likely to be interested in your business.
You can also use traditional methods like flyers, print ads in magazines, or TV ads. Using a variety of marketing methods broadens the net you cast, so you can reach more potential customers.
Related Read: How To Leverage Social Media for Pet Stores: 7 Tips
7. Manage Inventory Efficiently
Some products sell more quickly than others, but as the owner of a retail business, you need to manage all of your inventory effectively. This includes ordering the right amount of product, keeping your inventory turning over, and taking care of stubborn inventory that sits on the shelves.
To do this, you need inventory management tools, which are offered as part of a point of sale (POS) system. These systems track inventory totals and automatically adjust when you make sales and purchase new inventory. Plus, cloud-based systems connect to the internet, so you can check your inventory totals at any time from digital devices.
Related Read: [ANSWERED] What’s the Average Inventory Cost of Pet Supplies?
8. Engage in E-Commerce
If you don’t offer e-commerce, you’re limited to serving customers who live near your pet store. Offering e-commerce allows you to serve a greater number of customers — giving you the potential to earn more revenue. To effectively conduct e-commerce, you need an intuitive and aesthetically pleasing online store.
To ensure your customers have a great experience ordering online, make sure your shipping processes are fast and reliable. A POS system gives you access to suppliers and shipping resources, so your customers receive their items on time and in good condition.
Customer service issues will inevitably arise from time to time with e-commerce processes, and you may not always be able to resolve issues immediately. Listen to your customers and do all you can to solve their problems — in extenuating circumstances, refund them or offer them an alternative product to ensure they have a good experience and will order from you again.
Related Read: How To Create a Successful Pet Store E-Commerce Website
Opening a Pet Store With eTailPet
Like any business, opening a pet store is a significant undertaking. To begin, focus on the most important tasks. Make a plan, choose great pet products, find the right location, and create a memorable brand. Once you determine what the main focus of your store will be, it’s easier to make other decisions about your store.
As you make these decisions, keep your customers in mind. What do their pets need and which are the best products to serve these needs? As you effectively cater to your customers and their pets, your store will see success.
And to help you in these endeavors, you need an effective POS system. eTailPet is an all-in-one, cloud-based POS solution designed with pet stores in mind. Our software has general retail features to help you manage inventory, process transactions, and market your store, plus pet-specific features like service scheduling and access to pet product suppliers. With eTailPet, you have everything you need to run your pet store.
To see what eTailPet can do for your business, schedule a demo today!