Purchasing a business is a huge decision, and you not only need to be aware of the trials awaiting a business in general. You also need to be prepared for the industry!
Are you thinking about buying someone else’s pet business? If so, here are some things you should consider before committing!
Know Your Customers
When you come into a business, whether as new management or completely revamping things, you’ll still have your existing customer base.
You’ll need to know who these people are, why they choose your new business, and how to reach out with your marketing. The former owner probably has a good idea of who is buying their products or services. Ask them!
The target audience of a business shouldn’t ever be overlooked. But people are touchy about their pets, so you’ll have to decide which changes to make based on existing clientele.
That’s not to say you can’t shift the business’ demographic later, but coming in your first concern is probably just not running red. The client or customer base you inherit is a major factor in getting the business rolling.
Expertise is Everything
In the pet business, expertise is everything.
That goes for retail as well as grooming services. Careful consideration of the current employees is in order, as well as a realistic assessment of your own skills.
Owning a pet business means a lot of interacting with animals directly. In a pet store, for instance, you may need to find someone with expertise in reptiles, amphibians, and birds in addition to the usual dogs and cats.
An expert employee or owner can keep people coming back in the door. Great groomers build awesome reputations. Excellent trainers bring word-of-mouth reviews that are the mainstay of any local business.
If you don’t have any expertise yourself… you’re not out of luck but you’ll need to build a team to handle things quickly.
It’s doubly important in retail sales.
Does your staff know what lizards to recommend to a newcomer in the hobby? Are your groomers aware of any problems with certain breeds of cat or dog?
If you do things right, these won’t be questions anymore. Instead, you can establish trust through your expert employees, and a personal bond with your business is the key to customers coming back time and time again.
Not only do the animals need to be well cared for, unlike many big box stores, your employees also need to know what they’re doing. People come to local pet stores for expertise, without that factor they may as well be going to a big box store.
Check Their Current Reputation
For service businesses, you’ll need to check out how people view the business before committing. A retail business may be fine even if it was horrible, people will come in just seeing an “under new management” banner.
A groomer with a bad reputation? You’ll want to re-brand as soon as possible. Groomers, walkers, and others who work intimately with other people’s pets are placed in a position of trust.
Reputation is their key to success. Well, that and smart pricing.
And you’ll need local success. You can sell a lizard across the country, but you can’t sell a dog haircut or obedience training without meeting in person.
A bad reputation may mean you can get the business for a low price. If that’s the case, then you’re really just buying the equipment and it’s time to begin rebranding from the ground up.
Don’t overlook things. A slew of bad Google reviews can mean the difference between life and death for a business.
Make Sure You Stand Out
You need to stand out, and there are a lot of ways to do it.
The truth is that most people can get what they need at big box stores. Even specialized animals like lizards and fish are readily available, along with the equipment to house them.
Most stores like PetSmart even offer grooming services with some kind of standard.
So, you’ll need to overcome the inertia. Most pet purchases are regular, and a person will inevitably go where things are most convenient if you’re not at the top of their mind. So, what can you do to stay on top of it?
Groomers may offer extra services, or even specialize in fancy cuts. More than one Persian has ended up looking like a lion come summertime, and it’s something people will come back for.
Stores get set apart by selection and expertise. Experts on the floor helping customers and a deep selection is your best bet. Stores that specialize in one kind of animal often do the best, whether it’s reptiles or fish.
It’s the key to succeeding after you purchase the business. Before you sign anything, ask yourself why this business is special and what you can do to make it singular.
Conclusion
Buying a pet business can be a moneymaker, but you still have to put in the work. People are particular about their pets, so standing out and having experts on staff are your biggest goals. After that, you can start getting into the rest of it.
The above tips will get you on the right track. We wish you the best of luck on your pet business venture.
