The pet industry is a fast growing market that promises to help more than a few entrepreneurs rake in a tidy sum of money if they play their cards right. But simply knowing which way the money is flowing doesn’t guarantee you a share in the profits. In this post, we’re going to look at a few ways to secure a slice of the soaring profits in this burgeoning industry.
Business Is Booming in the Pet Industry
In Australia, alone, the pet industry injects some $8 billion into the economy each year. And that’s barely a drop in the bucket globally. Americans spend upwards of $60 billion on their pets per annum, with a growth trend that shows no sign of abating. Similar trends and figures are seen across much of the developed world, with pet owners purchasing everything from gourmet pet treats to pet healthcare insurance.
In other words, business is booming in the pet industry. For savvy entrepreneurs, this begs the question: What could we be doing to cash in on the average person’s willingness to spend money on their pets? At Money for Lunch, we’re never ones to back down from a compelling business opportunity. With that in mind, we’re going to look at a few entrepreneurial ways to make money from the pet industry.
Lucrative Ways to Capitalize on the Pet Boom
Upon first consideration, you may assume that most of the money that is going to be made from pets has already been pocketed. However, it’s important to consider that the industry’s growth trends continue to move forward. Entrepreneurs who are able to develop new and novel services – or even to refresh existing ones – stand to make a great deal of money.
Here are four potentially lucrative ways to capitalize on the pet boom:
- Launch a Clean-Up Service
It’s dirty work, but someone has to do it – seriously. For all the joys of pet ownership, nobody enjoys cleaning up after their furry friends. The beautiful thing about this entrepreneurial endeavor is that it features incredibly low start-up costs and overheads. All you need is a pooper-scooper, a supply of plastic bags and a willingness to get your hands dirty. But to be fair, you’ll be wearing gloves, so it’s not like that really matters! Of course, you could also hire employees to do the scooping for you. Offer your clients paid subscription services, in which your crew will stop by their house once or twice per week to clean up the garden or premises. You can also consider a similar model for litter box cleaning services.
- Open a Doggy Day Care
Dog boarding is already a popular business idea, with plenty of people taking advantage of this for holidays and weekends away. But as pets become an increasingly important part of the family, a growing number of people are sincerely worried about how their dog is feeling during the day whilst they’re at work. This is leading to a new type of boarding – doggy day care. If you choose to go this route, consider installing IP cameras throughout your facility so that the owners can check in to see how their pet is doing during the day.
- Innovate with Accessories
There is so much potential when it comes to pet accessories. In certain ways, the market is already saturated. After all, there are only so many vanity collars, doggy tees and cat tiaras that a person will buy. But there’s always room for innovation in this department. Take Roni and Ken Di Lullo as an example. Featured in Business Pundit, this couple noticed that their border collie struggled to catch a Frisbee at certain times of the day because the sun was getting in its eyes. Whilst most people would either give up (or perhaps schedule their Frisbee throwing for a different time of day), this entrepreneurially minded couple invented ‘Doggles’ – which are literally sports goggles designed specifically for dogs. The company they founded is worth millions now.
- Become a Pet Chef
Today’s pet owners are acutely worried about the health and wellness of their pets. This has paved the way for everything from protective pet insurance policies to specialised pet diets. Some pets are fed raw, all-natural diets. Others go vegan or gluten-free along with their owners. And that’s without even considering the assortment of premium kibble for which owners are willing to fork over substantial amounts of money just to keep their pet full and satisfied. It’s actually quite easy to make cat and dog biscuits at home – and pets generally love them. With the right package and solid marketing, you’ll have no problem selling a product like this.
What about you – have you had any success capitalizing on the international growth of the pet industry? Let us know in the comments below.
