In the wake of the pandemic, the pet care industry is booming. Don’t believe us? Take a look at the statistics.
Globally, according to Common Thread Collective, the market has grown from $245 billion in 2021 to $261 billion in 2022, and is believed to grow again to $350 billion by 2027!
In short, if you’ve ever thought about getting into the pet care-based industry, there’s never been a better time to get started. So here are some tips from Pet Atelier to kick things off.
1. Types of Business
Pet care is a multifaceted sector with a wide range of business types. If you want to succeed in this industry, it’s important to narrow down an area of interest early on. You might, for example, want to focus on selling products (such as specialized dog brushes, cat toys, or bird cages) - in this case, an ecommerce store will help you to manage your business from a centralized hub.
Alternatively, you may be interested in providing a service (this could be dog walking, pet sitting, grooming or something else). Depending on the type of business, your structure and plan are going to look very different — before you proceed onto the planning stage, make sure you have a clear USP and you know exactly what you’ll be selling from the offset.
Before you can begin to think about setting up shop, Growthink notes that it’s important to nail down a business plan. This should contain an executive summary, a marketing and sales plan, a financial plan, and any additional research into the market and/or competitors. This essential document can keep you streamlined in your objectives, as well as help you to secure funding further down the line.
Of all your considerations, budget and finance should rank amongst the most pressing. The amount of personal capital you’re willing to invest can greatly affect the early trajectory of your business.
If you’re unable to fund the venture yourself, you may decide to seek external investment - this could come in the form of an angel investor, a venture capitalist, or even crowdfunding (if you’re able to assemble a convincing campaign). Wherever your financing is being sourced, just be certain that you can launch the project and remain within budget.
4. Administration with Project Management
Within your budget, you’ll also want to consider administration costs such as business licenses, legal formation, and operational expenditures. You may, for example, want to create a DBA (“Doing Business As”) name for your company — this will make it easier to branch out into new services if you want to sell products or market your services under a different name.
If you want to ensure prompt payment, you may also want to explore some of the online services that will help you with your invoicing process, ensuring you get paid on time, setting clear payment terms, and accepting a variety of payment methods.
5. Creating Contracts Using PDFs
Creating contracts for your pet care business ensures that all parties involved are aware of their responsibilities and expectations, which helps to establish trust and minimize potential misunderstandings.
It’s a good idea to use PDFs, which enable parties to e-sign documents. This offers numerous benefits including increased efficiency, faster turnaround times, and reduced costs when compared to traditional paper-based signatures.
6. Marketing Funnel
An idea is important but, arguably as important, is the way you market this idea. Make sure you include a marketing funnel strategy in your business plan and cover this in your budget.
These days, it’s possible to manage cost-efficient campaigns that can reach a wide range of potential customers. For the best result, make use of paid social media tools, and don’t be afraid to foray into search engine advertising — if you can identify high-value customer demographics, you can target these directly. To find out more about how to build an executable marketing funnel, this is a good option to consider.
Pet care businesses face the same challenges as any others, but if you love animals and you have a strong idea, you may be able to ride this surging industry and set the foundations for long-term success.
Follow these suggestions above — including researching business ideas, utilizing PDFs for contracts, and digging into marketing — and you’ll soon find success in running your own pet care business!