(Gloucestercitynews.net)(August 3, 2020)The havoc COVID-19 created and its impact on pet businesses was unanticipated. Although stay-at-home mandates and terminated events made pet parents bond with their pooch, social distancing did hurt pet stores’ revenues and bottom line. The corona pandemic had a detrimental effect on dog grooming, pet training, pet sitting, dog walking, and daycare.
According to an article published on http://www.petproductnews.com, for many years, the pet industry hasn’t been disordered by economic downturns, but with the corona crisis, things are different. That is why pet stores need to learn these lessons amid the pandemic:
Marcus Joseph Debaise recommends creating a budget
The one question pet shops dread is putting aside a budget, but budgeting is beneficial for the following reasons:
- Budgeting offers you with a yardstick to determine your revenue goal you should realize to generate profits.
- Budgeting will let you realize the effect of discounts on your profit.
- It helps you to figure out when to improve your staffing or marketing.
You need to identify the loopholes in your pet business so that you know where most of the money is being lost. Amid the pandemic, an effective budget will help you offer one-off pet services to alleviate the havoc created by the corona crisis. You can utilize your financial data from the previous year to create a budget this year.
Diversify your pet business
When you diversify your services, it will help you recover certain portions of your lost income. There is no point in keeping all your eggs in a single basket. It is the right time to include other revenue streams to your pet store. Marcus Debaise says that it could be additional services like dog grooming, pet lodging, dog daycare, kennel services, and pet training.
You can think of different forms of your current services, for example, assessment of private dog training lessons, group classes, and online pet training. Add the other revenue streams to your existing business model and chalk out a plan to implement the additional services as soon as possible amid the pandemic.
Use your creativity and experiment with new things
These are troubled times and therefore, you need to think out-of-the-box to discover new ways, new services, and experiment with a unique business model to recoup the losses suffered amid the COVID-19 pandemic. Pet business owners, who can break free of the challenges and apprehensions keep making revenues and improving the bottom line. This way, you can gain new customers who would like to choose your pet care services. The greatest quality of an entrepreneur is adjusting and adapting to difficult situations, like the corona crisis.
It is the right time to think creatively so that your pet store can survive amid the pandemic. Research on ways to pivot and tweak your business model to make up for lost earnings.
Every business suffered due to COVID-19 and your pet shop is no exception. Then, you need to brain, strategize, and diversify your existing pet care services to continue earning money. Now is the time for making creative adjustments to help your business thrive after the pandemic is gone.
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