Opening an Aquarium Store: A Profitable Business Venture

It is crucial to have a promising business idea to initiate a successful business. If you are a budding entrepreneur looking for a business venture that offers handsome returns in less time, opening an aquarium store would be the ideal choice. Strategic planning and systematic marketing efforts would help you to lay the foundation of a profitable aquarium store. People who have the required knowledge and are passionate about fish and aquaculture should foray into this business.

Investment Requirements to Open An Aquarium Store

One can start an aquarium store with an investment of around Rs. 10 lakhs. The amount of investment would vary according to the type of fish you would sell. Salt-water fish are more expensive. This capital includes the start-up costs like the cost of fish tanks, fish, equipment, registration, etc. The profit margin of an aquarium store is around 20-30%.

Steps of Opening an Aquarium Store

1. Research and Planning: The first step is to conduct extensive research about the aquarium business. You should know about the kinds of fish, their cost, demand, and availability in the market. A goal-oriented plan would help small and medium-sized businessmen to establish an aquarium store with ease.

2. Knowledge of Competition: You should know about your competition. Before starting your store, you should visit the other aquarium stores and obtain knowledge about their products and services. It would help you to offer something different to your customers and have an edge over your rivals.

3. Licensing Requirements: You should possess a valid license to open an aquarium store. To get your aquarium store registered, you need to apply to the State Animal Welfare Board. A copy of the application is sent to the Animal Welfare Board of India. You would get the license after filling the application form and paying the fees.

4. Location: Once the legal formalities are over, you should look for a suitable location for your aquarium store. You should establish your store at a place where there are already few aquarium stores as you would benefit from their foot traffic. The location should have ample water and electricity supply. Initially, you can choose to opt for rented premises. You should study the potential demand of the area carefully before choosing a location.

5. Finance Your Venture: Finance is the spinal cord of a profitable business. Businessmen should arrange the required finance for their business to ensure smooth operations. It is important to have the start-up capital as well as the working capital for your aquarium shop. You can use the following two options to finance your business:

6. Owned Funds: Entrepreneurs can start their aquarium store with their money. They can use their savings or take financial help from their relatives and friends to fund their new business.

7. Owed Funds: Another way is to take a loan from financial institutions. You can apply for a business loan from banks. These days, people opt for venture capitalists who invest in your new business if they find it lucrative. A solid business plan is important to please the venture capitalists.

Small and medium-sized businessmen should keep a track of their expenses and other financial transactions for maintaining a smooth flow of capital. It is quintessential to prepare all the accounts and ledgers for monitoring the flow of money. You can take the help of a very user-friendly app- OkCredit that maintains electronic ledgers and records all the financial transactions. This app is easy to use and helps in business accounting.

8. Arranging the Supplies: It is crucial to procure all the necessary supplies for running a successful aquarium store. The essential supplies for an aquarium shop include the following:

Water Tanks
Stands
Heaters
Water treatment Equipment
Oxygen Suppliers
Filtration Systems
Nets
Kits for testing Nitrate, Ammonia, and Phosphorus
Gravel, etc., for tank bottoms
Fish Food
Scrubbers for tanks for removing algae

You should arrange all the above-mentioned items to start your aquarium shop. You should have the stock of all these supplies as the potential customers might demand all these. You can buy these items from the wholesalers. It is advisable to buy small quantities first as you don’t know the demand for them.

9. Buy Fish: The most important decision is what varieties of fish should be sold. To broaden your reach and customer base, you should sell a variety of fish in your aquarium store. Selling one or two types of fish would not yield sufficient profits. If you decide to sell exotic species, you would be able to cater to a wider demand and enhance your profits at the same time. You can either keep salt-water fish or freshwater fish or both. Usually, freshwater fish are preferred by home aquariums.

Business owners should also take good care of the fish in their aquarium store. They should feed them properly and clean the aquarium regularly. They should monitor the pH levels in the tanks to ensure the safety of the fish. As fish are living creatures and not just a product for sale, it is significant to treat them with care and love.

10. Hire Staff: Skilled and knowledgeable manpower is a valuable asset for any business. While hiring staff for your aquarium shop, you should look for people who have prior experience in this field. You can hire people who have earlier worked in any other aquarium shops. They should have the expertise and knowledge about different types of fish, their feeding habits, and their behavioural traits.

You should also look for people who can not only sell your fish but also provide service to the customers later. They should be able to handle the equipment and know about their functioning as many customers need assistance after buying the aquariums from you. They should be courteous and expert in their fields. To monitor the performance of your employees, you can use the all-in-one employee management app- OkStaff that enables you to mark the attendance of your employees and evaluate their performance as well.

11. Marketing: Strategic marketing strategy propels a business and amplifies the sales funnels to generate huge profits. To run a successful aquarium store, it is of paramount importance to promote and market your new venture. Increased visibility and brand exposure is the key to being successful in business. To promote your newly opened aquarium store, you should advertise extensively. You should use the traditional as well as modern marketing channels.

Digital marketing of your aquarium store would help you to establish a strong brand and image in the minds of the customers. You can have a website for your aquarium store that gives all the relevant information about your store in an appealing manner. Social media marketing would also augment your customer base.

12. Customer service and innovation: These days, it has become imperative for small and medium-sized businesses to deliver a delightful customer experience for customer retention and loyalty. A satisfied customer would also refer his friends and relatives to your aquarium store. To stay ahead of the competition, you should offer something new and innovative to the customers.

Conclusion

There has been tremendous growth in the demand for ornamental fish among fish enthusiasts. This has brought exponential growth in the demand for aquarium stores. Opening an aquarium store is a lucrative business opportunity for young entrepreneurs as it requires less investment and offers decent returns.

Also Read:

1) How to Start a Vending Machine Business?
2) How to Start a Furniture Export Business?
3) How To Start A Food Export Business?
4) How to start your business as an image consultant?

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FAQs

Q. How many types of fish should I stock?

Ans. You should stock a variety of fish to cater to the diverse needs of the customers. The number of fish would depend on your budget.

Q. How much capital is required to open an aquarium store?

Ans. You would require 10 to 15 lakhs of rupees to start your aquarium store on a small scale. Gradually you can reinvest the profits and expand the scale of your business.

Q. Is it profitable to open an aquarium store?

Ans. Yes, it is very profitable to open an aquarium store as the demand for aquariums has increased significantly recently. A lot of people prefer to keep aquariums in their homes as well as offices.

Q. Does digital marketing help to promote aquarium stores?

Ans. Yes, digital marketing channels are immensely helpful in promoting your aquarium stores and improving their visibility.

Q. What kind of knowledge is required to open an aquarium store?

Ans. You should know about the different species of fish, their feeding habits, and their behavioural traits.