Investing in a franchise business is already an exciting venture, but when it is in a lively and expanding market, such as the pet industry, the experience can be even more appealing. Owning a pet franchise can offer pet parents, pet lovers, and passionate entrepreneurs alike a rewarding business opportunity that comes with several perks. Below we review why owning a pet franchise could be the right step for you.
INTERACT WITH ANIMALS
This is one of the more obvious benefits of owning a pet franchise, but it can’t be overstated. Whether you have a pet yourself or have a passion for animals, working alongside them and interacting with their parents can be a great perk, particularly if you have chosen a franchise ownership model that involves a day-to-day, hands-on approach where you directly interact with your customers (and their furry family members).
If you are stepping out of a corporate career and into a franchising role, owning a pet franchise can be a refreshing change of pace, as you could be swapping boardrooms for doggie playrooms. Choosing a franchise industry you are passionate about can offer perks like greater motivation, a sense of purpose, reduced workplace stress, and more.
ENTER A BOOMING INDUSTRY
When you invest in the pet industry, you are investing in a multibillion-dollar market that is exponentially expanding year over year. The global pet care market currently sits at $246.66 billion and is expected to reach $368.88 billion by 2030—an incredible compound annual growth rate (CAGR) of 5.92%. What is helping fuel this growth? The rise in both pet ownership and spending. Approximately 86.9 million homes in America have a pet, which is 66% of households, with the millennial generation leading the charge. It is projected that there will be over 100 million dogs in the U.S. by 2030, which is a significant jump from 85 million in 2020. The rise in yearly pet spending is also increasing; it is expected to reach $1,320 by 2025 and $1,897 by 2030.
For prospective franchise owners, these statistics help illustrate the popularity and profitability of the pet industry, and it’s showing no signs of slowing down. While every business opportunity comes with some level of risk, owning a franchise in a booming industry can be a major perk.
PROVIDE PRODUCTS AND SERVICES THAT MEET CUSTOMER NEEDS
The majority of pet parents want the best care for their pets, as evidenced by the increasing total amount spent each month. Millennial and Gen Z pet parents are leading the way in average yearly pet expenditure in the U.S., largely due to the “humanization” of pets. 18- to 34-year-olds are more likely to treat their pet like their child, take on debt to pay for their medical expenses, and put their pet’s needs above their own. Therefore, a pet franchise that caters to this demographic is well-positioned to attract their loyalty.
VARIOUS LEVELS OF FRANCHISE EXPERIENCE WELCOME
Many franchisees enter a franchise investment with little to no business or franchising experience. While some franchises may require prior experience, there are various opportunities within the pet industry available to those interested in pursuing franchising without experience.
The majority of franchise businesses in the pet industry offer various levels of training and support that can assist passionate franchise owners. After all, pet parents leave their trust in pet franchise owners to ensure their furry family members are expertly cared for. Therefore, adequate initial training is often necessary for franchisors to impart to franchisees. This training is particularly beneficial for those without prior experience, as it equips them with the necessary knowledge to run a successful franchise.
OPPORTUNITY FOR FLEXIBILITY
The pet industry is expansive, but several pet franchises offer flexible opportunities for their franchisees to choose just how involved they want to be in business operations. This can be a perk for those looking to add franchising as a side hustle or as a second career option and is not always a given in other franchise industries that may limit their franchisees to only a full-time, all-hands-on-deck type of investment.
Part of what can help make this possible for pet franchises is the team often required to run a pet business effectively. For example, dog daycare requires multiple employees to care for dogs and run operations. For those looking at a semi-absentee or absentee model of franchising, these employees would be the ones to run the daily operations. Therefore, flexibility is built right into the franchise opportunity.
FRANCHISE OPPORTUNITIES WITH DOGTOPIA
If you are considering owning a pet franchise, we encourage you to see if Dogtopia is the right fit for you. Our About the Pet Industry page is full of details that can help you make an informed decision, while our FAQ page offers answers to our most common franchising questions.