How To Open A Pet Supply Store

With the increase in pet population over the recent year
, selling pet products that cater to their specific needs might be just what you need to open a small pet supplies store. Forget about how established pet stores are operating their stores. It is essential to determine what it takes to start a pet supply store and how much it will cost. After all, opening a pet store is tasking, and today's pet lovers are looking for nutrient-rich pet products. That's why we're here to simplify the entire process of
how to open

a pet supply store
with steps to start and run the store smoothly. Let's dive in.


Assess Your Preparedness To Open And Manage A Pet Store

Before opening a pet store, acquaint yourself with the financial, emotional, and physical demands of starting the business. This will help you make an informed decision on whether to pursue the business venture or not.

One way to know if you are ready for the pet care industry is to gain experience by working in a pet store either for pay or voluntarily. Doing so will help assess your ability to care for these animals or if you'll need a professional to work for you.

Also, consider how the business will fit into your lifestyle, i.e., the toil it will have on your emotions, time, finances, and physical demands. Once you are sure you want to start a pet store business, start your market research to discover the under-explored areas that need filling once ready for the company. 


Establish Your Business

The Pet care industry is very competitive. You need to develop a unique business idea to survive and stay ahead of the competition. The best way to stand out is to provide a service or product that is not easily found in other retail stores. Also, be creative with branding
. Design a logo and a company name that customers will never forget.


Write A Pet Store Business Plan

A business plan is a comprehensive document that outlines your business specifics and the steps that will guide you into achieving your goals. The document is essential because it helps you forecast the future. Besides, it gives potential partners and financiers an insight into your pet store's vision.

When writing your
pet store business plan,
ensure it includes your store's name and a summary of the cost you'll incur in opening the pet store. Have an overview of your target market, operations and finances, pricing and how you'll make a profit, marketing plan, etc. If you are unsure of how to write a business plan, hiring an expert to help you do it is the best option.


Secure A Location

Your store's location determines your visibility and accessibility to suppliers and customers. Therefore, the location you settle for
 should provide exposure to people with pets and be accessible to your suppliers. Besides, the locality must be secure with ample parking spaces. 

The best strategy is to rent or lease space near other locales pet owners frequent, as they can pop into your store on their way from their destinations. Some places include near a vet's office, pet daycare, dog salons or adoption shelters, and dog parks.



Choose A Business Structure

Choosing a business structure is crucial as it determines how you'll register your pet store with various levels of government. The legal design you select dictates the taxes the business will pay. Pet store retailers' most common legal entities are sole proprietorship and Limited Liability companies.

You can settle for a limited liability company structure as a new pet store owner because it offers liability protection, unlike sole proprietorship. In case of a lawsuit, you stand to lose the business assets, but not your personal property. But you can always seek expert help if you need clarification on the choice of your legal entity.


Register your Pet Store 

Registering your pet store with the local authorities is crucial for taxation purposes. The Internal Revenue Service, the body in charge of the registration, will give you an Employer Identification Number
. The EIN is your taxpayer's identification number.

If your business is a Limited Liability Company, you'll use the EIN. But If you're a sole proprietor, you'll use your Social security numbers as your EIN. The legal structure of your business will dictate the type of taxes you'll remit.

However, you can consider hiring an accountant to help you with the financial records, filling your taxes, budgeting, and other financial aspects of your business.


Get The Required Licenses And Permits

State regulations differ concerning the sale of pets and pet supplies and the issuance of pet store licenses and permits. Before opening a store, get the required pet store licenses and permits from your local authority. Failure to which you risk attracting heavy penalties.

The most natural question is,
what license do I need to open a pet store
? To operate a pet store, you'll need a business license, a permit to sell pets, and a zoning permit if your business is located in residential areas. If you are unsure how to get the needed permits, you can also seek legal expert advice on specific pet store laws in your area. 


Open A Business Bank Account
 

Opening a business bank account for your pet store helps you separate the store's assets from personal finances. Therefore, you'll have a peaceful time accounting and filing your tax returns. Besides, if the business suffers from a lawsuit, you'll only lose your business assets, not your personal ones. Research to know the bank account plan that works best for your store.


Get Your Pet Store Insurance Cover 

Insurance covers protect your pet store's financial well-being from unexpected events that can affect your business negatively. A pet store insurance cover protects you from potential liabilities that may arise from the sale of animals. It's the surest way to minimize the risk of a costly lawsuit related to animal bites or other related injuries and damage to property.


Get Quality Suppliers and Manage Your Inventory 

The last thing you need for your new business is a poor reputation for selling inferior products. The supplier you select should be able to provide you with the type of quality pet products you want
. So ensure you buy products from a respectable supplier who guarantees quality and follows health and safety requirements. Once you have your stock, launch your store. Don't forget to use proper inventory management practices to avoid stock-outs or having too much inventory.


Hire Staff To Relieve Some Duties

Many activities take place in pet stores, and hiring the right staff gives you the aptitude to concentrate on managing the store. Pets can be sensitive, so the people you hire must be qualified, preferably animal lovers with experience working in a pet store retail. Also, use technology like POS software
 to automate your store's processes to increase efficiency and improve customer satisfaction


Plan Your Marketing Strategy 

The success of your pet supplies store depends on how you market your product and services. Use all the strategies and channels available to create awareness and build your brand.


In Conclusion

Pet lovers spend a lot of money on their pets. The most significant part of their spending goes into a pet store. Take advantage of their spending to open a pet store supply. The business will require substantial investment initially, but if you provide quality products and service that satisfies your customer's needs, you'll get a great investment return.

Also, try the Erply demo
 and see how our POS software gives your pet customers the best experience, from ensuring their favorite products are in stock to offering convenient and personalized shopping experiences.