How To Buy A Pet Shop / Pet Grooming / Pet Care Business
It is an undoubted fact that more people want to pamper their pets than ever before. Since carrying around a Chihuahua came into fashion, the pet business has become extremely popular in the marketplace, and extremely profitable, which is why you may want to look into the possibility of buying a pet shop / pet grooming / pet care business. If you think about how many people spoil their pets and spend literally thousands of dollars on them every year, you may gage just how profitable buying a pet care business can be, especially for seasoned investors that are seeking another business to add to his or her portfolio. Read on to find out how to buy a pet shop / pet grooming / pet care business.
The pet care industry is infinitely profitable, meaning that you are firmly in control of the amount of profit that will generate in the coming years. There is no limit on it purely and simply because there are many directions in which you can take the business. As an expanding industry, you will find many opportunities to buy a pet care business at the moment, from a grooming business to a comprehensive pet store offering various services. The profitability of a basic pet store business costing $200,000 may be around $40,000, but that will undoubtedly increase should you decide to purchase one complete with a veterinary surgery or grooming service attached.
As pet care businesses for sale have varying profitability factors, you should hire an accountant to go through the accounts before considering an individual pet care business for sale. He or she will be able to assess the business in terms of its current sales and losses and advise on whether or not any losses can be turned around. Of course, you may also want to consult with your lawyer to examine the possibility of expansion as well because financing an expansion in services may well enable you to reap the rewards in the future.
The location of an individual pet care should be carefully considered before you decide to invest in a specific . A favourable location would be an out of town retail park or a large city shopping facility because both of those locations would be perfect for attracting customers. A good location like a city centre or retail park would also have an established clientele, especially if it has good transport links as well.
However, a more rural location may be preferable if you do want to expand an existing business or if the pet carehas a kennels, cattery or stables attached, which is not outside the realms of possibility these days. However, if this is your intention then be sure to have your lawyer look into the ownership of the land. A pet care with a freehold would be preferable to one with leasehold because owning the land outright would reduce your expenses and give you the potential to extend the property for business purposes. However, if it is the latter then check how long the lease it for and whether the land may be up for sale.
Investment in the pet care industry will not demand any of your time following the purchase of a business because you do not have to be involved in order to make it a success, but it is wise to scope marketing potential. For example, assess the level of advertising at the moment with your accountant because it should be incorporated into the budget. If there is no website then you can expand on the market opportunities that come with the pet care business for sale and this should be reflected in the asking price.
When it comes to how to buy a pet shop / pet grooming / pet care business, the process is actually quite simple but there are stringent regulations to adhere to. You should contact local authorities for the applicable regulations and licenses. Once you have information about those then begin negotiations to own an extremely profitable business that is full of potential.