With the start of the New Year, you are probably telling yourself it is time for a change and pet store franchises might just be that change. While starting your own business might seem frightening, there is no better business to start right now than a pet store franchise and let me tell you why.
Expenditure on Pets is Growing in the US.
Americans spent $73 billion on pet service and products in 2014. This is due to the fact that more and more Americans are choosing to own pets. People are also more likely to forego luxuries for themselves so they can pamper their pets. This means more money people are willing to spend in pet store franchises.
Pet Ownership is on the Rise.
In the last 25 years pet ownership has gone up by 6%, taking the number from 56% of households to 62%. While this doesn’t sound like a lot, it accounts for more than 7.1 million homes in America alone. With pet ownership on the rise pet store franchises are also seeing a boost in sales. More and more pet owners treat their pets more like family members and less like animals. This has created a rise in sales for things like holiday presents for the pet, designer outfits, and specialty snacks and shampoos.
Pet Store Franchises Can’t be Stopped.
The recession saw a spending freeze for many industries though it did not slow pet franchises at all. In fact, while other other industries saw losses, the pet industry saw gains during these years, showing that it is indeed recession proof. The stats reveal a compound annual growth rate of 6.7% from 1994 to 2010 with a 4.8% growth in 2010 alone!
There is a High Demand for Varying Pet Services
The pet industry is a great investment, as the numbers show. Aside from great financial stability, providing products and services for your local community is an added bonus. Pet store franchises not only help pets, but the pet parents as well. There are a few options available to you when looking at pet store franchises, such as boarding, retail shops, grooming and more. Splash and Dash has combined a grooming salon and boutique with a unique business model to provide owners of the pet store franchises with recurring revenue.