Beginner’s Guide to Starting a Tack Shop Business in the United Kingdom

Some businesses are of a very specific niche. There aren’t a lot of buyers, but at the same time, there isn’t a lot of competition. However, starting such businesses requires intensive knowledge and familiarity with the sector. One example is starting a tack shop business.

The United Kingdom has always been home to a lot of horses. The number was already more than 1.35 million in the mid-2006. From fast racehorses to cute little ponies, people have domesticated horses for entertainment, companionship, and also for help with daily activities. Thus, there is always a need for shops that help take care of these charismatic animals.

 

What is a Tack Shop Business?

A tack shop business supplies horse equipment to horse owners, breeders, and trainers. The product inventory consists of various items like saddles, lead shanks, girths, breastplates, etc. Furthermore, a tack shop can also supply feed or even medicines and gift items like keyrings, playhouses, etc.

These days, the concept of a mobile tack shop business is becoming popular. It is run from a trailer, which moves to various locations based on the events happening. A mobile tack shop business helps you sell more, as the horse owners in the event are constantly looking for high-quality horse riding equipment.

 

What is the Process of Starting a Tack Shop Business in the United Kingdom?

Starting a tack shop business should be very much calculated. You have to make sure you have weighed your options and done your homework. Here is the process for starting a tack shop business in the United Kingdom:

Research the Market

The first step, like in any other business, is researching the market. You have to ensure that starting a tack shop business is what you want to do. Ideally, you may want to operate in your hometown, but that isn’t always the case. If there already are other tack shop businesses, you may want to relocate to somewhere where there are a lot of horse owners and breeders and not a lot of tack shops.

Research Your Competitors

After verifying the demand, however, you will need to make sure that people actually will want to buy from you. There may be other businesses that offer the same products as you. If the market in the area is already congested, you may want to create a unique selling point. In other words, it is something that sets you apart from other businesses in the industry.

Write a Business Plan

A business plan is a roadmap for the business. It should contain all your goals and every step you want to take to fulfill those goals. Furthermore, it should consist of an executive summary, your products, finances, marketing ideas, competitive analysis, management team, marketing analysis, and even a to-do.

Create a Marketing Plan

A marketing plan is essential as well. For your information, many tack shop businesses in the United Kingdom haven’t digitized yet, which could be an opportunity for you. You can research various digital marketing techniques, ranging from SEO to Social Media Marketing.

Moreover, blogging and content writing, and Email marketing could also be essential for you to find customers and retain existing buyers.

Register Your Company

Now that all the homework is done, you are ready to register your company. Company registration in the United Kingdom is easy when compared to other countries, but it will still be complicated if you aren’t experienced. Anyway, you don’t need to worry, as 3E Accounting’s company incorporation services are always here to help you.

Here are some things to know before registering a company:

Company Name: The company name shouldn’t infringe on any trademarks or be offensive. Furthermore, it shouldn’t be too similar or the same as an existing business. Try to come up with at least three alternatives so that you won’t be out of options if one is rejected.

Company Type: Your horse tack shop can be a sole proprietorship, partnership, or even a private limited company. The former two allow the business to be under your ownership, while a private limited company stands as a separate legal entity in its own right.

General Requirements: Sole proprietorship and partnership don’t really have any special requirements. However, for a private limited company, you need a shareholder, a director, a registered address, and, if possible, a secretary.

If you want to know about the entire process of registration, check out this guide to company registration.

 

Register for the Taxes

You need to register for the corporation taxes as soon as possible after registering your business. The corporate tax rate in the United Kingdom is 19%. However, with the right tax experts by your side, you may be able to avail of various incentives, which will eventually decrease the amount you need to pay.

 

What Licences Do I Need to Start a Tack Shop Business in the United Kingdom?

Here are some licenses and permits you may need to start a tack shop business.

• Be Included in the Registered of Suitably Qualified persons to supply NFA-VPS classified animal medicines.
• Approval from the Veterinary Medicines Directorate (VMD) after the inspection of the premises.
• Register with the local trading standards authority to sell animal feeds.
• Register with the Department of Environment if you are a carrier bag retailer in Northern Ireland.
• Permission to place CCTV cameras.
• Permission to play background music on the business premises.
• In addition to the above, you may also need insurance to cover cash, employer’s and public liability, product liability, customer’s goods, motor insurance, etc.

Remember, licenses are absolutely a must, and you need to ensure you fulfill all the statutory regulations. It is always advisable to talk to a lawyer or a corporate service provider to know about every license you need. Contact us today to make your registration a breeze.

 

Conclusion

A tack shop business is a great idea for those familiar with horses and farm animals. It may not be a mainstream business, but the sector definitely has a lot of customers, and you can easily retain them given that there are fewer competitors.

Moreover, 3E Accounting is a corporate service provider helping entrepreneurs and business owners with starting a tack shop business. We offer company registration services and other business assistance you will need to operate your company.