There are always ways to improve your pet food franchise. Sometimes it just comes down to asking the right questions to identify the deficiencies. By improving your pet supply franchise in small steps, you can increase profit, inventory, and services, improve profit and consumer base, and create a larger, more respectable and prestigious reputation for yourself and your company. When you’re trying to make improvements, check out these areas in your current situation.
Think About Your Value
A common problem with a pet food franchise has during the first few years of startup is accurate pricing. Many pet supply owners have a tendency to lowball their product prices in order to attract more customers. This in turn can cause financial loss on a large scale. Then often times to make up for the loss, the pet store franchise will try to increase store hours to bring in more business, but that also increases utilities bills and payroll costs and ultimately can decrease profit if you’re not getting the right funds from your current traffic. While you want to be fair to your customers, you also want to be fair to yourself. Instead of increasing hours, think of increasing the price on your product to match the quality you’re delivering.
Many pet store franchise owners believe that cutting costs includes cutting product quality, service, or employees, but that’s not so. If you’re renting any equipment, try to purchase your own. Equipment renting can seem cheaper or faster up front, but you pay for that convenience in large rental fees that pile up and exceed what you would have paid for if you simply purchased your own. As you upgrade your purchased equipment, you can also opt on donating the old and taking a tax credit for your pet supply franchise. Find ways that don’t include cutting quality to cut costs.
Across industries and companies small and large you’ll see displays full of packaged deals. Movie bundles, bathtub bundles, why not make a dog treat bundle for your pet food franchise? Pair specific brand food, treats, and toys or perhaps a grooming bundle with shampoo, a brush for at home, and a coupon for a free bath to bring them into your grooming shop. Many pet parents will bring their own shampoos even when attending a groomer, so don’t feel threatened by pairing the two together. By creating bundles for your pet supply franchise, you create specific product identities that will be associated with only you, value, and consumers who get to sample a variety of products they might not have tried if not paired with their other favorite products.
Establish Business Partnerships
An excellent business partnership for any pet food franchise to establish is one with the local ASPCA or pet shelter. While your pet supply franchise doesn’t buy or sell pets, you can create new pet parents or extend families while showing you care about the community. If a pet family is built in your franchise, they are more likely to return.