How to Start a Feed Store
Opening a feed store can be an interesting business venture. You get to supply basic needs of farm raisers, pet owners, breeders and a lot more. It’s a business that supports an already captured market. If that interests you, this business guideline will help establish your own feed store.
One of the best ways to learn a lot about different feeds is to actually work in a feed store.
Know different types of feeds
There are several types of feeds. Some are branded while some are not like Alpo which is a dog feed brand. Some feeds have added vitamin fortification like the ones owners buy for chickens and pigs.
There are specific feeds for parrots, guinea pigs, hamsters as well for rabbits. If you work long enough in a feed store you will recognize which feed goes to which animal easily. While working in a feed store is the optimum plan, you can also do a lot of reading to compensate your lack of experience. At the end, if you want to be good at what you want to become, you have to do your homework.
Find a supplier who can supply a number of feeds
Look for a supplier you can trust and do business with for a length of a period. Partner with a supplier who sympathizes with you and your business needs as you open your new business venture. Make sure they carry a variety of product lines. Ask if they offer consignment deals to lower down your inventory overhead and risk. Check that they deliver timely and supply good quality feeds. Here’s a tip. On top of your feed products, find additional products you can sell together with your feeds. Think about it.
Put together a feed store financial plan for your business
Calculate the expenses you expect to make as you begin your business. Make a rough draft and write them down so you can organize your thoughts. Expect to have rental overhead, inventory expenses for your feeds, and you probably would need a budget for utilities and renovation as well. Know that there are also expenses for your business licensing and sales tax permits. With all these expenses, calculate the amount of sales you would need to cover your expenses, pay whatever debts you may have incurred and become profitable too. If doing this process is hazy and difficult for you, hire an accountant to help you with the details. Ask him to help you develop a financial strategy for your business.
Get a location that is easily accessible
Find a feed store location that is not only easily accessible by your clients but that it also has adequate space for your feed inventories. Consult with a real estate agent. Ask for a list of possible locations that can work for your type of business. Explore each recommendation and pick 2 or 3 locations that interest you. While you are contemplating which one, search the newspaper ad, the web or ask friends for suggestions. Exhaust all possibilities before narrowing your choice to one.
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