Pet businesses of all sizes can seriously benefit from incorporating retail into their purchasable offerings. Of all services to add to your business, retail is by far the easiest. It’s not a skill you have to master like grooming or training, and it’s not limited by your kennel space like daycare and boarding. Whether you’re a big pet business or just getting started, incorporating retail into your business strategy is an excellent way to increase your growth potential and offer a diverse array of services to your customers.
The Importance of the “Up-Sell”
When a pet owner walks through your front door the first thing that should come to any business owner’s mind is, “how can I provide them with as much value as possible.” Offering your customers multiple services is an excellent way to increase your per-customer revenue.
If you run a doggy daycare the odds are pretty high that your customers are frequent purchasers of dog food. The odds are also pretty high that they’re busy working professionals, who would like to save time wherever possible. So, why would they want to drive somewhere else to get dog food if they can buy it from you when they come to pick up their dog?
Have you ever bought a big bag of dog food at the grocery store? Not exactly something you want to carry all the way to your front door along with your other heavy groceries.
By selling something like dog food to your clients you’re saving them time while also offering them a convenient solution to a problem they might not even realize they had. Plus, you’re able to add a new revenue stream and increase your underlying income.
Diversifying Income Streams
The Covid-19 pandemic has taught business owners a lot of things, but perhaps nothing more valuable than the importance of your business’s versatility.
Diversifying income streams isn’t just a moneymaker, it’s an essential longevity strategy for any stable business. If you only offer one service, and for one reason or another that service’s income potential declines sharply, it leaves you without a leg to stand on. For a small business this can be a crippling blow that seriously impacts your ability to expand, or even pay staff.
Using retail is an excellent way to bolster your business’s offerings and increase your revenue.
Increasing Your Business’s Footprint
If you’re looking to expand your business, adding retail to your roster is a good start. You can start small with a collection of low to medium-priced offerings, or go big with a few high-value products. Either way you’re creating an addition to your business that gives you a larger footprint in your community.
Try starting a business relationship with a local producer. Maybe start by stocking locally made collars, leashes, or food bowls. Being the only reseller of an artisan supplier is a great way to offer something totally unique and charming that big retailers can’t duplicate.
Then, perhaps, even see if that local supplier could make you some branded items in addition to their current offerings. That way customers walk away with a good experience and a leash or tote bag that reminds them of your business and the excellent service it provides.
Before you know it, you’ve added a valuable revenue stream and created a new business relationship, all while minimizing overhead cost.