About 85 million families — that’s 67% of American households — own a pet. It’s a noticeable increase from the 56% of American households who owned pets in 1988, the first time that the American Pet Products Association conducted the National Pet Owners Survey.
According to the 2019-2020 survey, 63.4 million households have dogs while 42.7 million own cats. The next most common pet in American households is freshwater fish, which is in 11.5 million households.
The same survey says that the total number of pets owned in the United States includes 139.3 million freshwater fish, 94.2 million cats, and 89.7 million dogs — and these numbers only include the top three types of animals. Other common pets include birds, saltwater fish, small animals, reptiles, and horses.
Taking these numbers into account, entrepreneurs might find a potentially huge market by investing in a pet business. Consider your possible opportunities in this industry.
Pet Business Opportunities You Can Explore
The American Pet Production Association’s 2019-2020 survey conducted on U.S. pet owners shows a steady increase in pet industry expenditures. From $48.35 billion in 2010 to $60.28 billion in 2016, the estimated pet expenditures in 2019 are $75.38 billion. That’s more than a 150% increase in just 10 years.
Let’s break it down further into the basic annual expenses. Dog owners spend an average of $426 on surgical vet services, $212 on routine visits, $259 on food, $76 on treats, $58 on vitamins, $48 on toys, and $73 on grooming services. Meanwhile, cat owners spend $214 on surgical vet services, $160 on routine visits, $228 on food, $58 on treats, $54 on vitamins, $31 on toys, and $43 on grooming services.
Given this information, it’s safe to say that people are willing to spend money on their pets. Lucrative pet business ideas range from local pet grooming stations to taxidermy services for pet preservation.
Take a look at the different types of pet products and services that you can build a business out of:
Pet Blogging Business
If you enjoy documenting adventures with your pet, and if you have a knack for writing, you might consider building a business by sharing proven tips and advice with other pet owners.
Pet Coaching and Training
You can introduce a pet training course or a pet workout program to your local community. Pet owners will appreciate you taking some time and training efforts off their shoulders.
Pet Health Care and Veterinary
Animal health care and veterinary services could be tricky since you have to be a veterinarian — or you should have a veterinarian team — before opening this type of pet business.
Pet Grooming Services
Many people don’t have the time, tools, or experience needed to groom pets. You can put up a physical office or you can explore the added convenience of mobile pet grooming services.
Pet Spa or Hotel Services
Pet owners want their pets to feel pampered, too. Consider opening a pet spa with health and beauty services. Or, you can open a pet hotel for extended luxury services.
Pet Daycare or Pet Sitting
One of the most common concerns of pet owners is who’s going to take care of their pets when they’re away for an extended period. Your pet sitting service could be the solution they need.
Pet or Pet-Friendly Restaurant
Many dining establishments still don’t allow pets inside. But for pet owners that want to arrange a special day for their pets, your future pet restaurant might be their top choice.
Pet Photography and Portrait Services
If you’re an artist or a photographer, or you know people who are, you might want to open a pet photography studio or pet portrait business that will delight doting pet owners.
Pet Supplies Delivery Service
Take the pet supply store idea one step further by delivering pet food, medicine, treats, toys, clothes, and other items directly to the doorstep of your clients.
Many American households already have pets. But there are still people who can’t have animals at home due to time, resources, or allergies. Give them the pet owner experience in a pet café.
Factors to Consider Before Starting a Pet Business
Opening a pet business sounds refreshing. But for your business opportunity to thrive, you have to think of the following factors, too:
- Conducting market research to understand the industry and your target audience
- Getting adequate capital and human resources to kick start your pet business
- Registering your pet business and securing the necessary legal certifications
- Identifying the most suitable marketing strategy for your new pet business
- Understanding the risk that comes with every new business venture
Of course, it’s important for you to have a background in animal handling. This automatically increases your chances of establishing authority and credibility as a business. Good luck!