I think having an animal in your life makes you a better human.
– Rachael Ray
Americans love their pets, going back centuries to Native Americans who kept dogs as pets and the colonists who kept a wide variety of pets. Today, the inclusion of “fur babies” in households has only grown. In fact, according to Forbes, there are about 5 million more pets in the U.S. as of mid-2022. That is an increase since 2019. The pandemic saw a dramatic increase in pet adoptions, resulting in an economic category with soaring growth potential.
The experts at Morgan Stanley predict the retail segment will have one of the
most significant rates of return between now and the end of the decade. They believe the compound annual growth rate for the industry will be about 8% by 2030. Some of this growth will be powered by spending on new and more sophisticated drugs and treatments to keep our beloved dogs, cats and more well for as long as possible, but rest assured that the figure will also include no small amount of pampering.
Per household, Morgan Stanley forecasts spending to increase to more than $1,300 per pet by 2025, climbing to almost $1,900 per pet by 2030. So if you are an entrepreneur with a love of animals, you wouldn’t be wrong to think there’s no better time to establish your own pet-related business.
Why a Pet-related Business?
Obviously, the demand is high and continuing to grow for businesses that cater to our furry friends. But that is just the tip of the iceberg regarding why a pet-focused franchise is a smart move for your future.
People today have much different attitudes about pet ownership than they did 50 years ago. Most people today view their dogs and cats as members of their families. And many people are even opting for pet ownership over having children. A recent survey by
Rover found that about 25% of Generation Z and millennial pet parents either delayed having a child or decided not to have children altogether and instead opted for a dog because of the lower total cost involved.
If that weren’t reason enough to consider turning your love of animals into a business opportunity, there’s also the fact that historically the pet industry has felt less of a pinch during recessions. This makes it a more consistent and reliable industry. People need to buy food for their animals and want to provide toys and other services to keep Fido or Fluffy happy and healthy. It also isn’t a business prone to seasonal fluctuations, and most pet products and services don’t require sales pitches.
Types of Pet-related Businesses
Another advantage to pet-related franchises is that there are so many different types to choose from — in fact, you may have a hard time deciding! Here are just a few examples:
What’s more, new services and care offerings are always coming available, especially in terms of health care. People want to keep their pets healthy and active as long as possible and are willing to pay for treatments, special diets and more to facilitate better lives.
Why Invest in a Pet-related Franchise vs. Starting Your Own Business?
Even with all the positive expectations around pet-related businesses, there are always risks involved in hanging out your own shingle. One way to further mitigate the risk of starting a business is by opting for a franchise.
A pet-related franchise provides a strong brand with a proven track record of success. As a franchisee, you will have less concern over ‘Will the public have heard about my business?’ and ‘Will I have the framework to make it?’ Franchises offer training programs that help you learn the ins and outs of running the business and marketing to assist you in spreading the word in your area. They also guide their franchisees in finding the best location, securing space, or building out a location.
When it comes to the franchisor’s history, they must disclose a great deal of information before you sign on so you can investigate and verify the results with existing franchisees. This assures that you understand the financial obligations and risks — and benefits — of joining their team.
Finally, as a pet-related franchise business, you can take advantage of much greater purchasing power thanks to the franchisor’s much greater influence. You will benefit from this in terms of initial equipment and other purchases as well as ongoing supplies, inventory, and whatever you will need regularly to run your franchise.
Start Exploring Franchise Opportunities in the Pet Industry
What are your next steps if you’ve decided that your entrepreneurship dreams lie with owning a pet-related franchise?
You need to investigate the franchises you are interested in to see if the franchisor’s model supports your business goals. It’s essential to have a conversation about why you want to start a business and set out your personal business goals before even looking for a pet franchise to invest in. What do you need to consider?
Ask first if you want to run a business as an investor only or do you want to be involved in the day-to-day operations. If you aren’t ready to retire, are you looking to build something for your and your family’s future? Or maybe you want to find something in between that allows you to achieve a better work/life balance. Whatever your goals, be clear before you sign on the dotted line.
If caring for all creatures great and small sounds like the right career path for you, it’s always a smart move to consult with an experienced franchise advisor. Not only can one of these experts save you time and money, but they also can assist you in determining the best franchise match for your needs, putting you on the path to being your own boss and a successful business owner.
Contact Franchise Consultant Seth Lederman if you want to learn more about how to get started pursuing your pet-related entrepreneurship dreams today.
About the Author
Seth Lederman, CFE, a Franchise Acquisition, and Development Specialist, is a multi-faceted entrepreneur with over 30 years of experience in small business success, including ownership and sale of his business enterprises. He is a frequent contributor to The Franchise Journal and is on the exclusive Forbes Business Council. Contact Seth at seth@thefranchiseconsultingcompany.com.
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