12 Proven Ways To Make Money Fast In Pet Shop [Secret Goldmine]

If there’s one business that can guarantee income even during a recession, it’s a pet business. The 5.1% growth in the pet market during the 2008 economic crisis is evidence of that. I don’t think anyone should worry about earning an average amount of money selling pet accessories. But of course, you have to apply some unique tactics to increase your profit from the “average” standard.

An online presence is one of the best ways to make money fast in the pet industry. Almost 70% of pet parents are online buyers and prefer niche-specific brands. Engaging in online pet communities and building a sensible & targeted product category is the ultimate key to bringing in money faster.

Did you know the average profit margin of a pet store is 15%?

That’s slightly better than retail shops selling groceries.

However, certain pet businesses earn a 40% to 50% profit margin per product easily.

In this article, I will share some secret tips these successful businesses follow to skyrocket their profit.

Key Takeaways

• The pet industry is considered recession-proof by business analysts. More than 70% of pet product buyers are below 40.
• The new pet owners are more interested in need-specific brands (preferably online).
• The social media engagement of a company is a crucial determiner of how reliable it is.
• Service-based pet companies earn massive revenue from old customers without much-targeted marketing.

12 Proven Ways To Make Money Fast In Pet Shop

All the strategies described below are tested. There are hundreds of pet business stories that have these same elements. Have a look.

1. Choose An Online Store Over A Physical One

Starting an online shop is a familiar characteristic of every successful pet business. For a better insight, Amazon made almost $2B worth of sales last year in the “pet” category.

However, its brick-and-mortar counterparts, PetSmart & PetCo, have suffered losses due to declining offline sales. A wise business person should know where the trend lies and follow it.

The pet market is rapidly shifting online, and so should you. I would highly recommend you start an online pet shop. If you have a budget, spend it on professional “website” design and boosting your social media pages. Social media handles like Facebook & Instagram have improved their algorithm to match ads with users with high potential to convert.

2. Don’t Spend Money Unless You Have To

Spending money on your business doesn’t guarantee it will succeed.

No matter how much your shop profits, the company will suffer if you spend it all for the wrong reasons.

That’s the number one rule is not to overspend. I understand if you have always dreamt of a beautiful pet shop with a colorful interior. But you must not spend money renting a place and then renovate it just yet. Wait until your monthly turnover is satisfactory and the customers seem interested in buying from a physical store. Or, you have to feel like the business is getting too big to operate from your apartment.

Unless you feel the need, don’t rent a place. It will only reduce your monthly revenue, which could have been used for something more useful. The same goes for hiring employees. Only hire people you absolutely need. It’s better to get some tasks done through outsourcing instead of hiring a permanent employee.

Don’t go all out by hiring moderators and managers for your business page. Try to do these works yourself at the initial stage. You can also get help from family & friends to cut some slack for you. Remember, paying employees can be a huge trouble if the business doesn’t go as planned.

3. Try Affiliate Marketing

You are earning a profit margin on the supplies you sell. But you can make some more by promoting brands you affiliate with.

The marketing strategy is simple. If you already have an online audience for your business, you can promote some relevant services that you find would complement your products.

For example, apart from selling health supplements, you can promote a pet fitness center that helps obese pets. In return, you can earn a substantial commission for every person you refer. It doesn’t require you to personally invest in the products or do separate marketing. Once you gain enough followers on your business pages and groups, you can increase your source of income through Affiliate marketing.

4. Follow Up With Old Customers

Exceptional customer support is the main element that makes your brand memorable.

And following up after a purchase is one part of customer care.

Did you know that more than 90% of Petco or PetSmart’s profits come from subscription services? That means it’s the same customer paying a small fee every week or month.

Create a solid and effective follow-up system for your customers. You can send them “thank you for your purchase” texts along with discount notifications. As long as the customers are satisfied with your product’s quality, they will respond. Nowadays, the concept of social media groups is quite popular.

Create such a group and let anyone interested in your brand or old customers join. Loyal members will share their purchasing experience, which is often enough to generate more customers. Also, it’s an amazing way to supervise how the customers actually feel about your business. You can involve yourself in the community and engage with potential buyers.

5. Partner With Influencers, Vets & Local Shelters

“Your family might abandon you, but your pet won’t.” That’s the typical mindset of every pet owner.

I think it’s the only reason pet owners like listening to testimonials or good reviews before buying a product. You can make the confused leads convert faster by partnering with pet influencers.

It’s not a hard job finding out who you should approach. It depends on your budget & the type of customer segment you are after. If you are selling dog training pads, find an influencer who uploads content on training dogs. Make sure the influencer has a positive social image. Just because someone has followers doesn’t mean he can influence people to trust your brand. Some influencers gain popularity due to trolls or negative comments.

You can go to a greater extent by asking your local vet or clinic to be your business partner. They can get a commission anytime they refer someone to your store to buy supplements or food. It sounds like hard work. But trust me, these small steps will bring you money ten times faster.

We are often encouraged to run expensive ads on social media to promote your brand. But according to my experience, sending samples to influential vloggers or YouTubers brings way better results.

6. Focus On Niche Specific Advertising

Around 19% of pet owners buy pet products from grocery stores. At the same time, another 13% choose E-Commerce websites.

But you will be surprised to know that almost 32% of pet owners look for brands specializing in pet supplies. That means you are not going to limit sales by choosing a targeted and niche category.

Those days are gone when pet owners would just pick anything off the rack for their pets. 21st-century buyers are more knowledgeable than ever. Instead of advertising your shop as an average pet supplies store to just random pet owners, build a specific customer group as well as a product mix.

For example, pet owners struggling to keep their pet’s health in check is a lucrative customer segment. Some pet shops contain health supplements, while others might have organic food. But you can carve a specific niche by selling everything “health” related for an obese pet. The product mix could look something like this: dental gummies, sugar-free treats, organic food, training pads, fetch toys, etc.

7. Include Services With Monthly/Weekly Subscription

If you own a pet, you must have subscribed to poop scooping or pet-sitting service once in your life. These services help the business gain recurring payments from the customers. That’s why it’s way more profitable than selling a one-time product like a toy or a crate. If you want to boost profit, create products or services that the customer will have to subscribe to.

For example, you can design a membership program. If a customer signs up, he/she can access your products at a cheaper rate. But they have to pay a monthly or yearly membership fee for that. It’s a win-win situation for both of you. Once you secure a member, you can rest assured the customer will come back to your store to buy pet essentials due to the lower prices.

That’s just one example that works well for established brands. You can brainstorm some service ideas that suit your vision for the online shop. For instance, if the pet shop only features supplements like organic & sugar-free pet food, you can start a dog training service on the side.

8. Be Smart With Inventory Management

Imagine walking into a pet store that’s cluttered with items everywhere, many of which have been sitting on the shelves for months. Not only does this create a chaotic shopping experience, but it’s also a sign of poor inventory management.

On the flip side, a well-managed inventory can save you money, increase sales, and enhance the overall shopping experience for your customers.

Today’s pet shops face a unique challenge. With the rise of online shopping and big-box retailers, small pet shops need to be more strategic than ever. According to a recent article by Leafio, a successful pet supply store sells everything related to pets, making inventory management a significant undertaking.

Large inventories can be challenging to manage and track. If not done right, it can lead to excess stocks or lost sales and disappointed customers.

The Key: Don’t Be Everything to Everyone

It’s tempting to stock up on every product imaginable to cater to every pet owner’s needs. But here’s the thing: you don’t need to be everything to everyone. Instead, focus on your niche and be the master of that!

9. Asking Your Community To Market Your Business

Pet product consumers require a higher level of trust in their chosen shops than other retail businesses. This is primarily because the products they purchase will be used by their beloved pets, which many consider as family members.

Establishing your business as a trusted entity is crucial. This trust ensures that pet owners believe in the quality of products and services you offer for their pets.

Efficient marketing approaches and strategic promotions can help in building a reputable name in the community. This reputation will further solidify the trust pet owners place in your business.

One effective way to earn the trust of the local pet community is by actively participating in it. This can be achieved by partnering with local pet advocacy groups or branches of organizations like the ASPCA (The American Society for the Prevention of Cruelty to Animals).

Hosting or participating in pet-oriented events around the community can also be beneficial. These events not only provide a platform for your business to showcase its products and services but also demonstrate your genuine care and concern for animals.

10. Why Not Also Offer Pet Services?

The pet services market has seen rapid growth in recent years. Beyond just selling products, offering services can attract a wider range of customers and ensure they spend more time (and potentially money) in the store.

Depending on the space and resources available, pet shops can offer a variety of services. These can include:

• Grooming: A popular service that keeps pets looking their best.
• Mobile Veterinary Care: Providing medical check-ups or treatments on-site or through partnerships.
• Obedience Training Classes: Helping pet owners train their pets.
• Dog Walking Service: Especially beneficial in urban areas where owners might be busy.
• Pet Sitting: Taking care of pets while owners are away.
• Pet Photography: Capturing memorable moments of pets for their owner.

Instead of investing heavily in starting a new service, pet shops can collaborate with existing local pet service providers. This can be a win-win, as the service provider gets a space and the pet shop gets a share of the profits.

Offering services can lead to increased foot traffic. A customer might come in for a specific service and end up purchasing products. It’s also a way to differentiate from competitors and provide added value to customers.

11. Strong Vendor Relation = More $ In Your Pocket

Building and maintaining good relationships with vendors can lead to better deals, discounts, and terms. This can directly impact the profit margins of a pet shop.

By consolidating purchases with fewer suppliers, pet shops can often negotiate better prices, especially when buying in bulk. This strategy can be particularly effective for seasonal items purchased in the off-season.

Evaluating the cost-effectiveness of payment processing vendors can lead to significant savings. If a pet shop feels they’re paying too much in fees or not getting the desired service, they can negotiate terms or even switch to a more favorable vendor.

Some payment processors offer bundled services, where equipment and repairs are included in the service contract. This can be another avenue to improve profit margins.

12. Say Bye To Old Style Customer Relation

In today’s digital age, having a strong online presence is crucial. A user-friendly and informative website can serve as the first point of contact for many potential customers.

Platforms like Facebook and Instagram offer a way to connect with a wider audience. They can be used for promotions, answering customer queries, and showcasing products and services.

Programs like Google Adsense can target advertisements for the pet shop on web pages frequented by potential customers. This targeted advertising can lead to increased visibility and customer acquisition.

It’s essential to maintain the same level of courtesy and professionalism online as one would in a physical store. Prompt responses, helpful information, and engaging content can enhance the customer’s experience and loyalty.

Before You Leave!

Now that you have a secret goldmine on how to skyrocket your pet shop’s profit, it’s time to start. If you need a blueprint on how to build an online pet business from scratch, here is my guide. Do check it out.

Article link: Ultimate Guide To Starting A Pet Business Online