Why Now Is the Perfect Time to Open a Pet Franchise
Pet businesses are thriving in a way that few industries can match in the current post-recession economy, and franchises are a big part of that success, said Andrew Hill, co-owner of Pet Assist, a provider of pet care services based in Sharon, Mass.
According to a report by the International Franchise Association, Franchise Business Economic Outlook for 2015, from 2013-2014 the U.S. saw the following franchise increases:
- 11,826 franchise establishments were added
- Employment percentages rose from 2.5 percent to 2.8 percent
- Outputs rose by $40 billion
- GDP rose $22 billion
While these statistics refer to franchises in general, the largest number of which are restaurants, pet franchises are clearly on the up and up. If you look at the growth in pet ownership over the past few years, as well as the increasing willingness of owners to spend on their pets, it’s clear that this franchise trend will certainly extend to the pet sector, Hill said. For instance, according to the American Pet Products Association’s 2015-2016 National Pet Owners Survey, 65 percent of U.S. homes have a pet, up from 56 percent in 1988. More pets mean more sales, Hill added.
“More and more people consider domesticated animals as a part of the family,” Hill said. “Pet owners have become increasingly willing to spend extra money on not only health care costs, but day care, grooming, obedience training, accessories and clothing, and other specialty products and services.”
Thus, the industry has seen higher profits in those areas than ever before, and will continue to do so in all types of business, from national pet product chains to smaller dog walking and pet sitting franchises, Hill said.