The American Pet Products Association (APPA) indicates that total pet industry expenditures in the United States reached $60.59 billion in 2015. Americans spent a total of $23 billion on pet food, $14 billion on supplies and over-the-counter medicine, almost $16 billion on veterinarian care, $2 billion on live animal purchases, and a little over $5 billion on pet services like grooming and boarding. Currently, 56 percent of American households have pets, with that number expected to increase.
With an industry that appears to be recession-proof, there are many opportunities for an enterprising business person to capitalize on the willingness of individuals and families to own and care for animals.
If you are an animal lover yourself and have thought about starting your own pet business, here are some things you will want to consider.
Keep “business” in the pet business. Remember that starting a pet business is like any other business. Becoming an entrepreneur means that you will need to accomplish all the tasks required of any other business, regardless of whether it will be a traditional stone-and-mortar storefront or an ecommerce business conducted solely or primarily online. At a minimum, you will need to: