Tips to Decide If Pet Franchise Opportunities Are Right for You
You love animals, and you want to start a business. What better than to open a pet-related business? How about considering pet-related franchises? Is there a better way to make money than doing something you love, for creatures you love? Like pet grooming, or a pet store?
This type of business sounds idyllic, but to avoid doing something you may regret later, you should take a strategic approach. Learn how pet franchises work, the services you could provide, and the key questions you need to answer before you make your move.
What are pet franchises?
Pet franchises operate in the same way as other franchises ─ and of all business models, franchises are among the most popular.
There are a lot of advantages to the entrepreneur who buys a franchise business, though there are a few disadvantages, too.
When you buy a franchise business, you don’t need to worry about branding, and you’ll receive training and support. Because it’s a known brand, people know what to expect from your business and it should be easier to market your business. Therefore, you should have a better opportunity to have positive cash flow and profits faster than if you start a business from scratch.
As for the disadvantages, these include that you must follow the franchisor’s processes and methods, and the franchise fees you must pay.
Almost as many pet franchise options as there are pets!
The variety of different businesses you could own in the pet industry is vast, and many services you could offer to sell. A few examples include:
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Pet care services
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Pet sitting
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A pet training franchise
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Dog training
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Pet boarding
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Pet supplies
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Full-service pet care
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Mobile pet grooming
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Pet cremation/pet funerary services
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Pet wellness
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Pet foods
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Pet training
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Litter removal
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Pet stores and retail stores
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Pet clothing, toys, accessories
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Vet supplies
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And more
And you thought dog and cat daycare, dog grooming, and dog walking were the beginning and end of franchising opportunities in the pet industry!
What should you consider before buying a pet franchise?
There are plenty of opportunities to make a profitable business from your love of animals and people’s love of pets. Many pet owners will pay handsomely for their pet friend to be walked, groomed, and cared for. We all have that one friend or relation whose dog eats better than they do.
Running a pet business must be right for you. If you are considering buying a franchise in the pet industry (and there are some great businesses in the Franchise 500, like Camp Bow Wow as an example), here are three questions you should discuss with a franchise consultant:
How is the pet industry?
The pet industry in the United States is big business. In 2019 it was valued at an incredible $118 billion. But it only gets better. Morgan Stanley forecast that this will more than double by 2030 to a colossal $275 billion, fueled by increased ownership and higher spending on pets.
What is your level of knowledge, and how much support do you need?
Not only about pets, or the specific pet business sector in which you would like to start a business, but also your business knowledge as well. Do you have what it takes?
Most franchises provide training to their new franchisees, but not all training is the same. You should be aware of your strengths and weaknesses, and ensure that the training offered is adequate for your needs.
This goes for ongoing support, too. You should consider things like marketing and advertising, and what support you will need to market your business. And ask yourself if you will need help in hiring and training employees, also.
Does the franchise model support your goals?
You should be certain that the franchise you buy will support your goals. Have a conversation about why you want to start a business, and set out your personal business goals before starting to look for a pet franchise to invest in. What do we mean? Here are a few examples:
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You want to run a business as an investor
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You’re not ready to retire
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You want to build something for your future
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You want a better work/life balance
When the business you own aligns with your ‘why’, you’ll be more likely to be successful.
How do you get started? Take our franchise assessment – it takes less than five minutes, and you’ll be stunned by how much information it provides.