Growing Your Pet Industry Business: Know your Options and How to Evaluate Them
We’ve all heard about the growth in the pet industry and the projections that it will continue to rise with no end in sight. In 2020, pet industry sales surpassed $100 billion for the first time. With that type of increase, there’s no denying the abundance of opportunity for business owners, both seasoned and new.
Behind the numbers, though, are pet owners who are investing in their pets. Whether it be the more traditional offerings like daycare, obedience training, grooming and boarding or the newer considerations, like waste removal services, fitness trainers and dieticians, pet owners are willing to spend their hard-earned income on their beloved animals. And while there are a variety of diversification options, what is right for your business depends on your current offerings, where you want to take your business in the future and how you define success.
How Can I Grow My Pet Business?
- Follow your passion – First and foremost, you’ll want to have passion for what you’re doing. You certainly don’t want to add on a service offering that will be a distraction or take your focus away from your existing business and customers. Find an add-on service that you and your team can get excited about.
- Synergize with your existing business – Choose a service that complements your existing business model, clientele, staff and facility. For example, if you’re a dog walker, consider offering pet waste removal services to your current customer base. If you own and run a doggie daycare, you could begin by offering pet waste removal services or in-house dog grooming services to your already existing, loyal clients.
- Consider cost – It might go without saying, but be sure to consider what it will cost your business to add a new service to your offerings. Determine the necessary overhead costs and decide if you’ll need to hire additional employees. Once you’ve crunched the numbers, you’ll know if it’s doable and if you’ll be able to profit.
- Align with your definition of success – Does this new pet industry business opportunity align with your vision for your current business, the lifestyle you want to uphold and your definition of success? Are your goals strictly money-oriented? Do you want to work overtime to increase your income, or does having scheduling flexibility to attend a family event take precedent? Whatever is most important to you as a business owner, be sure to define your definition of success and how a new business opportunity will allow you to achieve it.
- Make your next move – While there are several services you can diversify your pet industry business with, you don’t have to commit to everything at once. Identify services that will be of value to your existing customers, consider the impact on your current staff and the market you serve and determine what will allow you to reach your definition of success.
If you have an existing pet industry business and are interested in learning more about ways you can grow, get familiar with our franchise opportunity.