Pet Supplies

Opening a business demands time, money and plenty of patience. According to smallbiztrends.com, the pet industry tends to be recession-proof, though pet owners spend more thoughtfully during these times. If operated wisely, a pet supply business can be lucrative. To successfully run a pet supply business, ask several questions.

Who Are My Suppliers?

Because dog leashes and cat bowls will not be made by hand, you must find a reliable supplier of these products. Ideally, use one reliable supplier to get bulk discounts. Streamlining your supply chain by using fewer suppliers could save thousands of dollars. However, choose your supplier carefully by researching them beforehand and asking questions. Assess how long the company has been in business and if their prices are fair relative to other newer competitors. While other new companies might seem appealing, risking price for unknown caliber might not be a worthy tradeoff. Choose someone established, and then try leveraging with the company once your purchasing power is firm.

What Ancillary Services Will I Provide?

Besides offering tangible products, evaluate what services will be supplied. For example, if you offer horse feed, horse owners with a small vehicle who live out in the country might want a delivery service. If so, you need additional capital like trucks and delivery people.
Some pet suppliers, like PetCo, offer veterinary services to dog and cat owners. While this service may be too great to provide, as it requires hiring a vet and buying numerous other supplies like vaccinations, understand that failing to provide this service might cause customers to go elsewhere.
One service that might prove beneficial is a grooming station. Regardless of the additional services provided, preempt the additional labor and capital necessary ahead of time to avoid accruing unexpected costs.

Who Are My Competitors?

Along with the online competitors, analyze stores that offer the same products in the near vicinity. Consider chain stores, like Target and Wal Mart: these are two very real competitors. As such, be sure to offer products or services that differentiate your business from them. If providing products for a number of different animals is difficult, consider specializing in just one or two animals. For example, dogs and cats can have more than just leashes---different clothing, jewelry collars or even massages are luxury items not seen in chain stores.
While offering these pet supplies might seem superfluous, business is big: National Public Radio reports a rise in pet spending, even during the worst economic recession since the great depression. The report indicates a 200 percent increase in one business specializing in dog walking and pet sitting. Thus, offering luxury items and services will differentiate your business from competitors.

What Advertising Methods Will I Use?

Choose smart advertising techniques, including web-based sources. Advertising can include radio, television, print or even the web. Viral videos are a great way to advertise: devise a humorous short video involving a pet and a product, put it on YouTube, and perhaps business can grow as a result of inexpensive, creative advertising. Other inexpensive forms are fliers with coupons: distribute them on campuses or in the stores of other local businesses.

What Is My Projected Revenue?

Have realistic expectations of revenue during the first year: it is not uncommon for new businesses to bleed in the red. Allow a few years and ample funds to cover this expectation. Only consider growth once sales are established and firm over a couple of years. Projected revenue is a vital figure needed for other investors and for determining the success of your business. Hire a business-savvy person to help you compute figures, as this will be one of the most important questions you will have to answer for your growing business.

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