General Business

5 Successful Brands Founded During the 2008 Financial Crisis

In the height of the 2008 economic downturn, while many industries crippled and mitigated all risk, other entrepreneurs uncovered opportunities and therefore entered a market many feared. During the gloom of a global financial crisis, some of the world’s leading brands were born.

 

  • Splash and Dash Groomerie & Boutique 

    Petrepreneur Dan J Barton opened his first pet store in Palm Desert, California in 2008 amid the turn of the U.S. economy. Barton quickly realized that he was fortunate to have found a niche that had little to no impact from such a global crisis. After noticing the influx of pet-parents cutting costs elsewhere to maintain a certain quality of life for their dogs, he launched the Splash and Dash Membership Model, a first for the pet service industry. From there he allowed other boutique pet groomers to license his predictable business model. Today, the Splash and Dash concept has been franchised in communities across the nation.

 

  • Groupon 

    Entrepreneur Andrew Mason founded Groupon in the middle of the 2008 recession. Groupon is a web-based service that promotes companies by offering exclusive discounts on their products and services. During a difficult time, Groupon was able to deliver value to both financially conscious consumers but also brands that struggled to generate new customers.  Groupon strategically allowed consumers to softy ease back into discretionary spending in a time of great financial uncertainty. Groupons efficient use of technology and transparency gave them great stability far after the recession passed.

 

  • Uber 

    Travis Kalanick and Garrett Camp founded Uber in 2009 after they couldn’t hail a cab on a cold evening. Today, Uber is valued at $47 billion. The ride share giant has expanded internationally and across various platforms, including food delivery, bike and scooter rental, and temporary professional staffing. Despite the decline of nonessential spending, Uber’s great know-how, logistical brilliance, and overall convenience of the service trumped any doubts of cautionary spending from its user base. Uber continues to earn rank as a leading brand far after 2009.

 

  • SmashBurger
    Smashburger was founded in 2007 by restaurant industry veterans Rick Schaden and Tom Ryan. The chain was founded in Denver, Colorado and serves “smashed” burgers and a specialized process of cooking them. The restaurant saw rapid growth and almost immediately. They added several hundred locations during the financial recession, 370 of them to be exact. Customers invited and enjoyed the premium offering and with little push back about higher pricing than popular burger chains. This high market hamburger franchise continues to gain market share today and they are the most notable disruptor of the traditional fast-food model.
  • WeddingWire
    Founded in 2007 by Timothy Chi, WeddingWire is a web-based platform that connects engaged couples and wedding-industry professionals and vendors. The database spans 15 countries across North America, Latin America, Asia and Europe. Today WeddingWire is the leading name in wedding planning. From the humble beginning during a financial recession, WeddingWire carved out an entire segment to simply empower engaged couples to discover business and essentially spend more. The technological ease and convenient usability has cemented this service as a staple within the billion dollar industry.

4 Factors Contributing to Pet Services Industry Growth. Why You Should Invest in a Pet Business Today.

According to a report by Grand View Research, the global pet care market is expected to reach USD 202.6 billion by 2025. The rise in the adoption of pets, changes in consumer trends, and the growing demand for premium care products are a few factors expected to drive that market growth.

American pet spending has continued to rise every single year since 1994 – even during the 2007-2009 recession – reaching an estimated $72.13 billion in 2018 and almost $100 billion by the end of 2019. China, Brazil, and India are also experiencing exponential industry growth and a rise in pet ownership.

Within all of the pet spending, the global pet grooming segment alone is expected to reach USD 14.5 billion by 2025

Why Such Steady Pet Industry Growth?

Shifts in Culture

Over the last 30 years, pet ownership has gone from 56% to 68% of all U.S. households. Socially, over the past century, the culture of being a pet-owner has greatly shifted. Dogs have always satisfied that need for companionship, but historically many of them were seen as tools or aids – meant to sleep outdoors, in dog-houses. As time progressed this need for a working dog has diminished and in many cases, they are now solely seen, as companions. As millennials and Generation Z consumers enter adulthood, they strengthen and embrace the pet-owning lifestyles and now dictate the market. While baby boomers account for 32% of pets owned, households headed by younger cohorts account for 62% of pet ownership.

Ease of Technology

Advances in technology are disrupting traditional views of the industry. With subscription-based retail taking over traditional pet supply stores and app-based companies bringing convenient alternatives to pet care. The innovation has been endless and pet owners are enjoying the conveniences. According to Wakefield Research, 69% of millennials are likely to use technology to keep track of their pets.

Tastes & Preferences

Traditional pet foods and treats are not up to snuff for modern and more conscious consumers. Today’s pet-owners demand healthy ingredients and they want to understand the brand’s ingredients and supply chain values. Although these products cost more, consumers have no hesitation and expect the same quality assurance they receive with their own human grade goods.

Increased Market Diversity

Pet service offerings are becoming as vast as the trends of human counterparts. Businesses with a close focus on niche segments of the industry including, daycare, grooming, pet care, pet transportation, end of life services, pet-friendly eateries, hotels, and walking services, are all establishing a unique place in the market and minds of pet-loving consumers.

3 Reasons to Consider Owning a Business in the Pet Service Industry

Finding Balance

Achieving a true balance of work and life looks different to everyone. Whatever that vision is for you is certainly valuable and we want you to know it’s achievable. As an industry that is built on emotions and affection, we understand the love that exists outside the 9-5 hustle. Invest your time and energy into something that excites you, the rest will fall right into place.

Uncovering Passion

Passion comes in many forms and faces. It is unique to the beholder and it is a powerful yet lesser considered business tool. We all know that skills, behaviors, and experience, weigh heavily in professional development but why don’t we place that same focus on emotion? At Splash and Dash Groomerie & Boutique, we do! Passion populates profits and we’ve proven that one true!

Reaching Stability

The world of business is complex and constantly evolving. With that said, starting a new one can feel awfully daunting – so we’ve taken the guesswork out of it. There is no need to re-invent any wheels. There are methods that are proven to work, proven to increase revenue, increase profits, and increase your happiness. Business is strategic and we’ve established a roadmap that could work for you and your community!

Find out more about what makes a good Splash and Dash Franchisee and let us know if we align well with your current values and future aspirations.