The pet industry saw a huge spike in adoption to combat the loneliness and boredom when the Covid-19 pandemic started and people were spending more time indoors. The rapid growth in pet ownership during that time made pet supplies franchises a strong investment for the coming years.
According to the statistics, in the year 2009, pet owners spent $45.5 Billion approx, with the most expenses in the following order, food, vet care, and medical supplies. And if you are an animal lover and had a keen interest in building a business around your passion you might have sensed that it’s never been a better time to tap into the market. However, with the several types to invest you are confused about how much it costs and the many factors that come into play.
A person with franchise expertise, knowledge, and resources will help you throughout the whole process while giving you a better understanding and some things you should and should not do.
What is a Pet Supplies Franchise?
It could be anything ranging from:
- Providing foods and other supplies for pets such as dogs, cats, fish, birds, reptiles, and many other animals.
- Offering pet essentials for grooming, pet health products, and guidance.
- Categorizing products to specific animals and their needs.
Why Invest in Pet Franchise?
While any business in today’s world might be subjected to the same ebbs and flow of any industry, there is one category in the pet business, you can rely on a pet supplies franchise as people are not going to stop spoiling their pets.
These kinds of opportunities are hard to pass, though building the same business from scratch costs more than the opportunity. But with a franchise, the right set of tools, and an understanding of how to use them- it becomes easier than you think. We have listed below a few reasons to invest in a franchise:
- Profitable: Some provide services like walking and grooming, while others provide services like bowls, chew toys, treats, and other pet supplies. In the pet world, it is key to find a niche that would be large enough that it provides you with stable cash flow. Adopting a franchise model puts you in competition with big, corporate pet stores and offers a chance to brand yourself in a most distinct way.
- High customer retention: If you start a business from scratch it is impossible to match your customer service and the level of personalized details a well-established business provides. The brand name will influence everything from the way your employees communicate with people to their overall aesthetics. And these aspects are highly important to stand out and show your potential customers that they are valued.
- Quality training and support from experts in the field: To get your business up and running at full capacity, franchises provide you with training and support throughout the process. With this, people new to the franchise world, allow you to experience the brand beforehand and truly understand what it takes to run a business from an operational perspective.
Cost Of A Pet Franchise: Staring a Supply Store
A viable pet supply franchise would sell anything and everything related to pets from fish food, to dog toys and cat grooming products, a pet supply store offers the products needed to keep the pet happy and healthy. While you can opt for an all-in-one store or just focus on one niche.
- Investment of time for researching a viable brand: There is a certain amount of time that must be put upfront, when it comes to a pet store franchise or if you expect to get the highest possible financial growth. This devotion of time will definitely pay off in the long run. The first thing you want to do is understand why do you want to own your own franchise and then choose an industry or pet supply niche you are passionate about and something you can get the support of. If you have no idea or knowledge about the potential, your experienced consultant will help you find a lucrative option with potential rewards.
- Check the associated costs: Starting a franchise involves several costs which cover everything from the opening fee, equipment, marketing fee, license, insurance, taxes, location, and much more. Because you have to compete with your location’s biggest companies, you need to make sure you are stocked with enough knowledge, products, and employees to keep up with the competition. So it totally depends on the franchise you opt for, some might have a weekly fee of operating while some might require you to pay the full breakdown amount annually. Another thing you need to consider is ongoing costs which will be related to paying employees, leases, other additional expenses, and inventory of your store. Also behind every successful brand, marketing plays an important role but it also takes a lot of time and resources.