If you are considering a pet store or a pet supply shop online, you have a lot to consider even before starting the business. Read further for these considerations.
Current trends demonstrate the chances of success of a niche strategy
In view of the competition and the large clientele willing to pay, it is important to place a special offer. In recent years, for example, the trend has been for high-quality dog and cat food (an example is the Royal Canin brand that is carefully prepared with attention to detail. An often high-priced niche strategy can be successful for the path to self-employment with a pet supplies trade, but (as with any business start-up) there is still an entrepreneurial risk. No one can say for sure how long such a trend will continue. It is therefore important to spread risks and not focus too much on one product. In the event of changing trends, countermeasures can be taken in good time. In any case, the high-volume market for pets is no guarantee that a business idea will become a sure-fire success.
Foundations for success: Target group and business alignment
Based on a possible niche strategy, it is necessary to consider what specifically should be sold in the pet supplies trade. Should the range be broad and designed for many animal species, or should a specific market niche be filled? One could think of food and accessories for a specific animal species. From these considerations, the question arises as to who exactly is the target group and what needs does the pet supplies trade satisfy? Only those who know their target group and their willingness to pay can consistently align the offer including pricing accordingly. In addition, it must be questioned how large the sales opportunities are for the envisaged business orientation.
Location, sales channels, and suppliers
Should a shop be opened or just an online shop? A good location for a shop has to be found with a view to the intended target group. In addition to the lowest possible monthly fixed costs, this must above all attract enough walk-in customers. A location in busy shopping centers seems ideal. There may also be a mixture of stationary and online trade to be checked in order to put sales on a broad basis. For online trading, too, it is important to create storage space and space for the necessary logistics. Sufficiently large storage rooms are essential in both cases, after all, customers do not want to stand in front of empty shelves. Before a pet supply store can even be opened, the offer must be available. It must be clear where, when and under what conditions the goods come from. With a view to the respective target group, quality and environmental aspects must also be taken into account when purchasing. In general, founders should not just rely on one supplier to avoid bottlenecks or failures that can quickly become expensive and scare off angry customers. In addition, business founders improve their own position in negotiations.
Read also: The Pros of Having a Website for Your Business
Commercial approach from the start: finance, pricing, and accounting
Becoming self-employed with a pet supplies business means, in addition to the necessary specialist knowledge and well-founded product knowledge, you also have indispensable commercial knowledge. After all, in addition to all passion for one’s own business idea, it is primarily about running a business in an economical and profit-oriented manner. In this respect, the finances should be planned consistently from the start and always kept in mind. In addition, accounting takes their place in day-to-day work unless a specialist is hired to do it. In addition, the bookkeeping should always be kept correct and up-to-date so that the planned annual financial statements do not end in time-consuming chaos. Founders who have deficits in this area should inform themselves before founding a business and attend relevant seminars or coaching.