People love their pets. In 2021 alone, pet ownership skyrocketed to nearly 70%–this is just the number of Americans who own a pet. This means a vast (and growing) market for those who sell directly to people who have a pet. From selling pet toys to food to travel accessories to pet clothing, there are tons of options for those who have a pet store.
So what does your pet store specialize in? Are you looking to expand your pet offerings? Whatever your plan for your retail store, odds are you might require additional working capital to fuel business growth in 2022. This is where pet store loans really can be a massive boon to any pet-centric business.
In this article, we take a look at just a few of the reasons why owning a pet store can be an extremely lucrative endeavor right now, in conjunction with how you might use a retail business loan to further your pet business.
5 Reasons Why a Pet Store is a Great Money Maker
– Pets are increasingly being prioritized. They are indeed a part of the family, and as such, people will spend money on their furry friends. The average amount of money people spend on their pets per year (not including vet bills) falls around $1500. This could equate to a lot of pet sales for your store.
– There is industry stability. Some industries lend themselves to longevity. In other words, pet ownership is not just a trend, nor is it going away anytime soon. If you start a pet store and manage to grow that store, you have a perfect chance of sustaining your business over the long term.
– You get to share your passion for pets. Many pet store owners do get into the business because they love animals. Being able to share your love and help out pet owners and their cute and cuddly dogs and cats in the process is truly a win-win.
– You are your boss. As with any business, running your retail store comes with the perk of being your boss; there is some flexibility inherent in owning a store of this type.
How You Can Use a Pet Store Loan for Your Business
So what can you do with a pet store loan to help your business succeed this coming year? Among some of the uses for a retail business loan are:
– Hire more staff. Your business cannot run smoothly without people to deal with customers, handle inventory and run the front of the store. Enthusiastic pet owners will keep any pet store busy. With a pet store loan, you can now expand operations and, in the process, hire more workers.
– Launch a new marketing promotion. With the new year comes new marketing ideas. This is a terrific time to launch a new campaign and drive even more traffic to both your brick-and-mortar store as well as your online store. This brings us to…
– Enhance your online presence. Now more than ever (even for pet stores), people are invested in online shopping. How does your website function? Is it time to get an app and thus make shopping even easier for customers? Spending money to boost your online presence will be critical in the upcoming year.
– Weather more difficult times. Retail business loans are also for getting through the more challenging financial times. Many small business owners are struggling right now. A line of credit or a retail business loan could mean the difference between having to close up shop and keeping the doors open well into 2022.
First Union Lending is Here to Help
We offer a variety of loans that can be a huge help to pet store owners right now. From short-term loans and SBA loans to lines of credit and bridge loans, we have a financing solution specifically for your business. Call today to see how we can help make 2022 the best year yet for your pet business!