Opening a pet store or pet shop can be timely, costly and stressful all rolled into one, so here is a bit of guidance and advice on how you can go about starting up your own pet shop.
1. Decide what you want to do. If you are sure you want to start and run a pet store or pet shop then decide what it is you want to do. For example what products do you want to sell, where do you want to run the store from, will this be a pet store with a physical location and presence or perhaps just an online presence? Put down all and every idea that you have no matter how silly it might sound. Consider all your financing options, for example can you afford to start up with your saving on shoestring budget or do you need to approach the bank for a business loan – take all of these things into consideration, do not shy away from them.
2. Start conducting your research. Now you know what you want to do it is best to start doing a bit more research for example what products to people want or need, where are there gaps in the market that you can fill. Where are your customers, where do they shop, how much do they spend on their pets and so on. I would suggest carrying out both primary research (where you undertake the research yourself) and secondary research (whereby you use research that has been previously compiled and used by others) to get the answers you require for your market research.
3. Work out all of your costs and overheads, for example what stock will you start off with, what costs will you have to begin with, and what costs will you have on a monthly basis, for example if you are thinking about or considering renting a physical location, how much will it cost you.
4. Start putting everything together into a business plan. Now that you have put down your ideas start collating and putting together the information. In your business plan include cash flow forecasts, profit and loss accounts, budgets, target and estimate profit figures, turnover figures and so on. A business plan is an essential document in starting a business, as it will help you see as clear as day whether a not a business idea or opportunity is worth your time, effort and money.
5. Start getting advice and start networking. Meet others who are setting up businesses, start getting advice and guidance from local business centres and networks, they are there to help, and remember to ask them anything and everything your might be unsure of. Remember no question is too small or silly to ask.
To recap then to start your own pet shop I would recommend you put your ideas down and together in a business plan, you decide what you want to do, you conduct market research to ensure there is a market for your pet store and its products. You work out your financials, from profit and loss forecasts to start-up costs. You then seek all the free advice and guidance you can get your hands on, from finding out what laws, rules and regulations you have to comply with to finding out where you can get business support or business finance.
I hope you have found this advice both useful and helpful. Remember that these are just tips and guidance, they are not set in stone. When starting a business it is important to do what you feel is necessary and do it at your own pace.
