How To Write A Great Pet Store Business Plan
Pet store business is a serious business and to succeed, you will require a sound pet store business plan. Jumping into any business without a business plan does not guarantee business survival, growth, and big earnings, but a proper pet business plan is one of the reasons why many pet store businesses have become big today.
Pets have become more than just domestic animals to us, they have transformed over the years into family members that bring joy and fun to our lives. According to official reports, 7 out of 10 households in America have a pet and in 2017 alone, 69.4 billion dollars exchanged hands in the American pet industry.
Pets now serve as companions when we need someone to be with and even talk to, many people relate with their pets as though they were human beings. They treat their pets like they would treat a child that they love with everything.
The love for pets and the joy they bring makes pet owners spend a good deal of money on them. This has created an impressive pet business industry worth billions and many pet lovers and entrepreneurs have seized this opportunity to start pet businesses and fulfill the ever-increasing needs of pets and make a profit.
Pet store business is big business, the figures say that much and it is important for anyone who wishes to enter into the business to be properly informed and prepared. If you have a pet store business idea the first step will be to draw out a business plan for your pet store business. In this article, we will provide a guide on how to draw up a great business plan for your pet store business.
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Why do you need a business plan for your pet store business?
A business plan ensures that you have a clear outline of everything that you need to start your business and how to overcome the challenges that are common with starting a pet business. If you are looking to get a loan from a financial institution or a sponsor, having a well-detailed business plan is a requirement, this tells your borrower or sponsor how the business will be set up and what is expected to come out of it.
With a business plan, it is easier to see the whole picture and capture angles of the business that you would have ignored if you just jumped right in. A business plan will keep you focused and committed to the goal, and as your business grows and expands you can look back to your business plan and know exactly what to change, to accommodate your growth.
How do you create or write your pet store Business Plan?
Your business plan should show step by step, how you intend to bring your idea to life. It should include how you intend to get funding, your budget size, what type of pet store you want to run, how you plan on advertising and selling your brand and products. How you intend to get your supplies. Your business plan should be very clear and simple and should take everything into consideration. Before drawing up your business plan you must have chosen the type of pet products you want to sell.
Now it is time to pen down the plan, so what makes up a business plan?
- You need to state the reason why you want to start a pet store business.
Begin by listing out the experience you have had with pets and the pet industry. If you are particularly fond of pets you can state this as a reason for going into a pet business. Pet businesses are most successful if they are run by people who have a passion for pets, people who love pets and will go the extra mile for pets. Another strong point to include here is the market or need that you wish to fulfill. Explain how your business will help your target market solve a pet problem.
- You need to spell out your funding plan or strategy. Where will your capital come from and how much will it be?
Writing down your financial plan can be tricky but it is important to be sincere with yourself and as concise as possible, as you draw out your financial plans. This will include your present financial situation, how much money you make, how much money you spend and how much money you owe.
You should also include your budget, list all the items and equipment that you would need for your business and the estimated cost. It is always advisable to open a separate account for your business and keep your business dealings separate from your personal finances. You will need to outline your expected sources for funds to start your pet store. If you need to take a loan to start your business it is important to organize your pet business plan properly.
- What services will you provide?
There are over 200 types of pet products that you can sell in your store. You could also include pet services like pet grooming. There are also numerous types of pets to cater to. While pet stores other pet services include pet grooming, dog walking, and dog sitting, pet food shops, pet taxi, and delivery services and pet training.
If you intend to offer pet services, you need to choose a service or combination of services that you want to offer, and state them clearly and then design payment or subscription plans for your services.
You should draw out a list of pet supplies and equipment that you want to feature in your pet shop.
- You need to outline your marketing strategy
In this section, you need to spell out your unique marketing strategy to get your business out there to the people who need it. To give you an idea of your best marketing strategy, you will need to understand your target market and clearly state how your marketing plan is designed to fulfill the needs of your target market. Here, you will also outline the different advertising tools that you will use to give your brand recognition and convert prospects to paying customers.
You will need to clearly outline how you would use tools like your website, promotions, posters and flyers to draw attention to your business. You should also include your plan to drive traffic to your website and social media platforms.
- You need to spell out how you will set up your store or website.
You need to outline how your pet store will operate, will it be online based or have a physical shop or both. Will you use drop shipping to supply your clients or use another delivery service. This section will also contain details of all the actions and legalities that come with starting a pet store business. You should outline your business registration status and any other legal requirements like licenses and permits that are needed to start your pet store business. You should also include your insurance plan for your business and the goods and services you wish to offer. It is advisable to get the help of an experienced attorney to help you with the legal aspects of the business.
- You need to outline a step-by-step action plan that will ultimately lead to the launch of your business.
Having an action plan tells you what to do and when to do it, till the day you open your doors to customers. To create a step by step action plan you must take note of actions that depend on other actions. This will help you with the arrangement of your action plan. You also need to take note of actions that can be skipped and then completed at a later time.
You should develop an action plan for all the components in your pet business plan. You should have a clear marketing action plan, a clear registration, and a shop set-up action plan. You should have an action plan for the purchase of equipment, supplies, and items that you need to begin.
- You need to spell out what qualifies you as the best person to run this business. What are your skills and peculiar talents?
In this section you need to sell yourself and what qualifies you to start and run this type of business. Include your strengths and achievements in the industry or business. Include all educational qualifications, training, and certifications you have acquired, that make you fit to run the business.
Do not restrict yourself to qualifications that are related to pets or the type of pet business you want to run. Running a pet store business also requires other skills like people skills, customer care, financial literacy, and computer literacy. Ensure that you include all skills that are relevant to running a business. If you have acquired any new skills via the internet include the sites from which you learned those skills.
Spell out the skills where you still need some work and those that you are still developing. Detail how you intend to continuously train and improve yourself so that you can keep offering the best to your clients. Include your affiliations and memberships that are relevant to your business.
- Manpower and organization
No matter how small your business it, as it begins to gain popularity and more clients begin to show up, you will need to build a service process and hire extra hands to fill the need. You must spell out your plans for this. You should draw out forms, receipts and other relevant documentation that will keep your business organized and ensure that your clients are satisfied.
- Branding
Every business needs to be recognized by its unique branding. You need to create a unique name, logo, and tagline for your business. There are many resources online that you can use to create all your branding needs at once. You can get logos for your website and social media platforms and also designs for your flyers and signage. Depending on your budget you could also hire and graphic designer to create branding materials for your business. All your brand materials should be included in your pet business plan.
- How much will you charge for your goods and services?
There are many things to consider before deciding on your fees for different goods and services and they all require that you carry out research about your business in your target area. If it is strictly a retail pet store business it’s easier, but when you are offering services too, it becomes trickier.
You will need to research your competition and your location, to guide you with setting your fees and prices. Your fees should be competitive and also bring you profit. As your business grows you can adjust your prices and fees to reflect any changes or new information.
- Terms and conditions.
In other to protect your business and offer professional services to your clients, you should employ the services of an attorney and draw up a service agreement to clarify the coverage and limits of your services, so as to avoid conflict with your clients. Your terms and conditions should also contain clear policies on data collection, canceling of orders, schedules, and damages.
- Know your Competition:
It is most likely that you will not be the only one operating a pet store business in your target area. It is important to research your competition. Research the distribution, services, and fees that same businesses offer.
This should provide you with ideas on how to penetrate the market. Knowing the distribution of similar businesses and the lapses in their services can help you plan your entry and marketing strategy to take advantage of the loopholes. When you have a deep knowledge of your competition is becomes easier to develop a business strategy that will succeed.
- Insurance.
It is very important to draw out an insurance plan to cover your business and the services you offer. If you have a physical shop or vehicle for your business, they should be insured.
Depending on your type of pet store business, the content of your pet business plan could vary slightly from the components in this article, but they serve as a great guide to writing any pet store business plan.
It is important to write down your business plan and go over it several times to ensure that you have the basics covered. There are also business plan templates online that can also help write your pet store business plan. Having a detailed business plan before venturing into your pet store business is a must if you wish your business to grow big.
Want to grow and scale your Pet Store Business ?? Then you need to apply right targeted strategies which can bring a lot of Pet owners as your customers!! Click here to know more!