Starting a pet store business can be the dream of many people, especially if you are a pet lover and you enjoy sharing your knowledge with other pet owners on how to look after their pets. People start to spend more money on their pet accessories such as foods and toys. According to the American Pet Products Association, the pet industry is a $55.72 billion dollar industry in 2013 in United States. You can see there are so much money can be made.
Asking The Right Questions For Building A Successful Business
Based on my experience, before registering a business and opening the shop, you need to ask yourself these questions and find your own answers:
#1. Are there any other pet shops around the area which I am interested in?
This is a very important question because you need to do your competition analysis. If you just start a business based on pure passion without doing the market research, you are setting yourself up for failure. You have to know how many pet stores there are in your city if you want to compete with them.
#2. What makes my store different from others?
Assuming you have found two pet stores in your local city. Now you are thinking of opening the third store. What would make your store different from the other two? In other words, what makes your store stand out? What is your unique selling proposition? What is your competitive advantage? You can learn more about creating a competitive edge for your business at Tony Robbins Netherlands event. This event is called Business Mastery. I personally learned a lot of business strategies from this program and I highly recommend it.
Here’s a preview of it:
In my last post, I talked about the importance of having a business plan. Having a business plan helps you stay focused on your goal and provides a solid plan of action for you to follow. Every business is the same, you need a business plan and business map as Tony Robbins said. A business map tells you where you are and where you want to be.
#4. What marketing channel can I use?
Every business has some forms of marketing that work best in that industry. For example, you might use radio advertising, TV advertising, or digital marketing. It’s not a matter of which one to use, it’s about testing all of the channels and find out which one works best for your business. You might find one more profitable than the others.
#5. How do I build my business fast?
The fastest way to succeed is to model the people who have done it before. You can do your own research to find out which pet store owners are doing very well in their city and see what you can learn from them. You might try to ask them out for lunch and ask them for advice. Since they are not directly competitive with you due to different locations, they might be able to help you and give you some advice. Otherwise, you might want to pay for their time and coaching. This is the quickest way to launch your pet business.
#6. How do I keep my customers coming back?
In this industry, you might find a lot of repeated customers. Usually when people buy pet foods from store, they will come back again and again, just like how we shop for food. So what can you do to make your customers loyal to your shop? What can you offer to them so they will not go to your competitors? Is that the low price you can offer, the customer service or some special royalty program? You need to think hard on this part to create a strategy that works for your business to create recurring income.
Success in this business requires hard-work. You need to find out what’s working and what’s not working, cut your loss and double down on what works.