Entrepreneurs looking to invest their money often research deep into their intending markets before taking action. While some business ventures and industries may appear ordinary on the surface, they’re a powerhouse of many billions of dollars. One of such is the pet franchise. If you’re asking why pet franchises are the safest investment? it’s because it is a $99 billion economy that doesn’t seem to be slowing down now or anytime soon. Pet franchises leverage people’s love and compassion for pets and the companionship returned to sell their market.
With pets being at the center of most homes and the increasing rise of service animals, one can only expect the industry to keep growing, thus giving a positive indicator of the industry’s strength. Further backing the industry’s growth is a statistic released by the American Pet Products Association (APPA), which revealed that about 68% of American households own a pet.
Pet franchises eliminate the usual variables that may affect a business, especially as the target audience is more likely to make decisions based on their emotional ties and specific preferences. These preferences can also be driven by their income, a good indicator compared to other businesses that may be affected by political leanings, geographic variations, and other factors.
Pet franchises also enjoy more flexibility with regards to expansion into more areas. With over 76 million dogs, nearly 32 million cats, and more than 82 million homes in America having pets, one can expect to hit a goldmine anywhere the business expands.
Reasons to Invest in the Pet Industry
If you’re still considering investing in the pet industry, the chances are high that you’re crunching the numbers, and it looks good. However, asides from the numbers, you’ll love to know that there are many more opportunities to explore in the pet industry. Buying a pet franchise can tap you into the pipeline, enabling you to open a veterinary clinic or pet shop to meet the needs of pet parents in and around your location.
There are other added benefits of owning a pet franchise. They include;
Pet franchises are diverse
One of the biggest advantages of buying into the pet industry is the diversification of it all. Speak to an average pet parent, and you’ll be amazed at how much supplies and attention they need to give their pets. These supplies and attention may include visits to the veterinary clinic, pet food, toys, and treats purchases, dog training services, pet boarding and grooming services, etc. All of these provide a potential avenue for you to plug into the pet market and start making money.
Buying one or multiple franchises in the pet industry offers you a chance to leverage an established name and brand loyalty. This saves you from the rudimentary groundwork required to market your brand and make good impressions on customers.
No prior knowledge required
Pet parents will trust you better when you have the training and knowledge required to recommend pet products or address their specific health or physical needs. By buying into a pet franchise, you get a chance to learn more about the industry and bring a known standard and quality of service to the market, allowing more pet parents to trust you.
Investing in a pet franchise does not require you to get a degree in any pet-related fields. However, it offers you the knowledge needed to better manage the team of professionals and knowledgeable staff that will be managing your customers and their pets.
With pet franchises, the barrier to entry is low on the education and experience side. The franchise will offer all the information you need to know, provide training materials, and also ensure ongoing quality control to improve your customer service and revenue.
Increased chances of success
Business success and profitability are two important considerations for any entrepreneur. However, investing in the pet industry through a pet franchise offers a higher chance of profitability, especially considering the statistics of pets in America and households with them.
The pet industry is continually growing, allowing more franchises to come into the business while remaining profitable. Your investment in the pet industry has a better chance of recouping profits and matching your expectations when done right. You also have the advantage of not worrying about how geographical placement, religious or political leanings can affect your business.
If you’re looking to buy a pet franchise or invest in the pet industry, the chances are high that you have made the right decision. If you already own a pet, consider your income and the percentage spent on caring for your pet. It’ll clarify how roughly 92% of pet parents continue to spend the same or higher amounts on their pets despite economic tides.