Is the Pet Industry Worth Investing in?
Choosing the right business to go into is essential when you want to break the corporate hamster wheel and gain the financial freedom and independence that starting your own business can afford you. While you may already know you want to go with a franchise because you will have all the tools you need for success, you still need to figure out the industry. If you are wondering whether the pet industry is worth getting into, there are a few things you should know.
It is Recession Proof
This is one of the biggest things to keep in mind with your franchise purchase. You want to choose an industry that will not crumble if something happens with the economy. While most industries took a hit during the recession of 2008, the pet industry was one of the few that didn’t take a hit. Rather they saw an increase. When studies were done about this they found that people were willing to forgo their own luxuries when money was tight so they could provide them for their pet.
The Pet Industry is Continuing to Rise
Just a couple years ago the pet industry revenue was set at $53 Billion. Just a few short years later and the projected revenue of the pet industry for this year is $73 Billion. That is a huge jump over a few short years. This shows how the industry continues to rise. The trends show that it should continue to rise over the foreseeable future. So if you want to have a pet franchise, the best time to get in on it is now.
The Industry is Branching Out
Just a couple of decades ago there were not many different options for businesses in the pet industry. Today there are many different options, from doggy daycares to running a dog grooming business. You can find the one that is right for you. There are even businesses that combine different pet services, such as Splash and Dash which combines both a full-service pet grooming salon and a pet boutique.
These are just some of the many reasons to consider going into the pet industry with your decision to become your own boss. If this is something you are interested in, then you should consider going with a franchise. Not only will you have all the tools you need to be successful but you will also have the support of the franchisor and corporate team behind you. This can help you to have the most success in the pet industry and gain the financial freedom you are looking for.