How to Start Up a Pet Supply Store

Obtaining a pet from a local animal shelter or breeder might entail just picking up the animal and bringing it home. However, many pet owners have to visit a pet supply store first to get everything they need to care for and enjoy their animal. Although many of the national pet supply stores sell the products pet owners need, they don't provide a lot of customer service, which is often important for first-time owners who have lots of questions. You can take advantage of this void in the market by starting up a pet supply store.

Difficulty: Moderate

Instructions

1. Determine your market and specialty. Opening a pet supply store, you can either choose to cater to all animals or only a specific one or two. There are benefits and drawbacks to either choice; thus it may come down to what you feel most comfortable offering. You may find that you can become a specialty store even if you cater to all animals by offering supplies no other store does, especially for uncommon animals that people have as pets.

2. Find a supply wholesaler. There are a number of different companies that manufacture pet supplies. Some of them will sell you products directly at a wholesale price for your store. Others will sell theirs to a wholesaler, from whom you will then buy them. You can find out which option applies by contacting the company whose products you want in your store.

3. Rent or buy a retail space. Contact a commercial Realtor or drive around your town looking for empty buildings or shops.

4. Get your pet supply store registered with the IRS, your state's department of revenue and your local city or county government. The IRS will give you an employer identification number (EIN), while your state and local government will give you the information you need to collect and report sales tax, if applicable in your area.

5. Set your costs for products after determining your markup. Although you may get a specific item for a set price through your wholesaler, this isn't the price you charge your customers. Instead you need to mark up the cost to ensure it pays for all aspects of your business and still yields a profit.

6. Find staff to employ in your store. Depending on the size of your store and the foot traffic in your store, you may need to hire staff to assist you. This is especially true if you're catering to first-time pet owners, because it can often take 30 minutes to an hour to answer any questions they have and get them all the supplies they need to get started.

7. Advertise your store and the supplies you carry. To make a profit, you need customers buying things. The best way to get customers in the door is to advertise your business. Radio and television ads, fliers and a website are just some of the things you can do to let people know where you are located and what you can do for them.

Tips & Warnings

• To increase your profits, consider making sales online.
• Your markup on products should make them comparable to your competitors.

Resources

• Internal Revenue Service
• Small Business Administration