When it comes to low-cost franchise opportunities, it is important to note that the pet industry is one of the best places you can be. Not only will you find lower startup and maintenance costs than just about any other industry, which also allows for greater income potential. This is why it is helpful to know a few of the trends with these low-cost franchise opportunities.
Just as wearable tech is huge for people, it is also becoming huge for pets as well. In fact, a report released by ID Tech Ex shows that wearable pet tech sales should reach $2.6 billion a year within the next 10 years. The wearable tech gives pet parents the ability to know more about what is going on with their pet and tracks their stats with a mobile or desktop app much like the FitBit app for humans.
People are Paying More for Pet Food
Another trend worth noting when you are looking for low-cost franchise opportunities is that people are spending more on pet food than ever before. The figures on pet food have been on the rise for a while and are set to rise by 3% to 4.5% over the next couple of years. This is because people have embraced healthier foods for their pets. More people than ever are focused on wellness for themselves as well as for their pets. Paying more for high-quality dog food means that the pet will be around longer and in better health.
Pet Services are Hot
When looking at low-cost franchise opportunities that pet service franchises are hot at the moment. There is a definite shift towards focusing on the pet and how people can improve the quality of life for pets. This is why many pet services are flourishing right now. People want services that pamper their pets and make life easier for them.
The Boom in Economy
At the end of the day, most people looking for low-cost franchise opportunities want to know how much money they can make. While there are many aspects that go into this, understanding where the economy is projected to go can help with this. According to a report from Kipler, the pet industry is forecasted to continue to grow at a rate of 3% per quarter over the next year. While 3% may not sound impressive, when you are looking at a $73 billion industry, it is easy to see the difference 3% can make.