Starting a pet business, no matter if it is a brick-and-mortar pet shop, a grooming salon, or an online pet supplies store, is never easy. Why should you take on the entrepreneurial journey and choose to start your own business in the constantly booming pet care industry? Petionship would love to share with you why we should embark on a pet business, what it actually takes to start up your own pet care business, and key factors for successful pet businesses.
Why do we choose to start a business?
There are numerous reasons why we give up our stable job and salary and take ourselves to the risky entrepreneurial road. And the following are the most common yet justifiable reasons.
1. It is better to start a business than to receive a slow-increasing salary.
The inflation in Singapore and all over the world is impactful to basically every industry. But the salary is not increasing as fast as the consumer price index. And it is getting harder and harder to earn a reasonable salary that can fully support your family. Extra income is very much needed.
2. It is only when you desire to earn more that you make up your mind to start a business.
Starting a business is the best way to generate wealth quickly and scalably, especially for pet businesses, which are growing thanks to the larger and larger pet population in Singapore and worldwide.
3. Crafting your own business plan is better than polishing your resume.
You can always come up with a comprehensive and self-explanatory business plan for your own pet business, which will be useful for your fundraising and business development.
4. Starting a business is the most cost effective investment.
Even if you fail, you can at least gain valuable experience and courage, and learn from the failure to improve your chances of success in your next venture. Nothing to lose, isn’t it?
5. Entrepreneurship is the best way to develop an entrepreneurial and managerial mindset.
Public holidays, paid leaves, sick leaves, social welfare and corporate bonuses… Everything is taken for granted when you work full-time as an employee, but after starting a business, you are responsible for your own profits and losses. You will sharpen both your managerial and financial skills, becoming a jack-of-all-trades.
6. Self-actualization can be achieved in entrepreneurship.
Self-actualization is the full realization of your potential, and the complete development of your abilities and appreciation for life. This is at the top of the Maslow hierarchy of needs. Starting up your own pet business can drive you towards the top of the pyramid.
7. Your own original intentions and visions: what is the reason for starting your pet business in the first place?
To solve certain problems in society? To help other pet owners and their pets? If you stick with your starting point, your vision and mission, you will eventually benefit yourself and your wealth and fame will follow.
How high is the price to fulfill your entrepreneurial dream as a pet business owner?
The potential upside of starting your pet business is that you might earn much more than being an employee. But how much does it really cost?
1. It is easy to open a pet store, but it is difficult to make it profitable!
Managing a pet store requires a big learning curve, far more difficult than other retail businesses.
a. Two customers must be served at the same time. One is the pet owner and the other is the furry friend; and one speaks and the other does not, so there are often misunderstandings and even disputes.
b. Two essential professional skills are required, pet care itself, and pet store management.
2. It is even more important to evaluate the risks and figure out the profit model in advance.
Risk management is always hard, and can go way beyond your expectation. So you must reserve at least three to six months prior to your business launch to finish all the necessary preparation, and evaluation of potential risks and respective solutions. Only when you are well-prepared can you overcome all the business challenges composedly.
What are the key factors for successful entrepreneurship?
Now that we know the price or what it takes to start a pet business, it is important to learn the winning factors for a successful startup, especially in the competitive pet care industry.
1. Innovative business model
TSMC Chairman Chang Chung-Mou once said, "Entrepreneurship without innovation cannot survive the competition.” Do you have an innovative business model that will enable you to stand out from your competitors and seize a considerable market share? If you adopt an existing business model, will you outperform your counterparts?
The road to entrepreneurship is full of thorns, and you can't overcome them without perseverance and stamina. The path is also full of temptations, which often lead to distractions and missteps.
If you are not good at self-management, you may not be able to keep a regular schedule, or you may be too busy to have fun, which will affect the daily operations of the company.
4. Business plan
It basically means your survival plan to safely take yourself and your business through the first few months after launch. Sustainable profitability should be prioritized!
5. Startup capital
Starting a pet shop or pet supplies store is a marathon, not a sprint, so do not invest all your capital at the beginning to avoid running out of money and forcing yourself to discontinue your business eventually. Meanwhile, keep proper financial management.
Well begun is half done. You have made up your mind to be an entrepreneur in the pet care industry, and own a long cherished pet business under your vision and ambition. So don’t take it for granted, and treat it as your lifetime mission. We believe all your hard work and investment will pay off, to an extent that both you and the pet industry will benefit from. Cheers!
To get the latest pet business insights from Petionship, please read our curated blogs for pet businesses.
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