India has become the fastest-growing pet care market in the world. According to a report, in India, the pet care market is expected to grow at 14% annually to become a $490 million market by 2022. Read on to know more...
In recent times, the changing attitude of people towards pets like the humanization of pets and treating them as part of the family have led to a record double-digit value growth in ownership of pets. India has become the fastest-growing pet care market in the world.
According to a report, in India, the pet care market is expected to grow at 14% annually to become a $490 million market by 2022. The pet care industry is driven by a change in the lifestyle and consumption pattern coupled with a rise in disposable income, following an upsurge in the number of double-income households.
Meanwhile, with the increasing number of pet owners, the opportunities for professionals have grown multifold. The pet care industry is segregated into diverse segments, thereby paving the way for professionals to start their entrepreneurial journey.
There are many advantages to investing in a pet franchise instead of starting a pet business from scratch.
1. Well Recognized Business:
It is easier and less expensive to attract customers when you invest in an established pet franchise brand. In addition to the brand being recognized, you will benefit from any national advertising campaigns that your franchisor engages in. Unknown businesses have to build their brand from scratch
2. Grow Your Business:
If you were to start a business on your own, you would have to come up with a business plan and become an expert in the many areas in addition to the core service you will be providing. These areas might include lease negotiation, build-out, IT, bookkeeping, sales, marketing, and more.
3. Minimum Risks:
You will be able to build upon the success of the pet franchise you choose, which entailed it is having to struggle through the trials and errors new businesses face in order to have devised the proven successful business model you will be investing in. The likelihood of an established and successful franchise model failing is far less than that of most new businesses. You just have to follow the guidelines your franchisor provides.
4. A Specific Skill Set May Not Be Required:
It is likely you will not need to have had specific education or experience in order to successfully grow the pet franchise business you are interested in because many franchises provide extensive training in addition to the procedures you should follow and tremendous support.
5. Support from Various Sorts:
Good franchise systems will support you in a variety of ways ranging from IT and marketing support to ongoing training and sales support. In addition to receiving this support from your franchisor, you will be able to reach out to other franchisees within your pet franchise system for advice.
6. Unlimited Income Potential:
If you are working for someone else, you likely have a fixed income. As a pet franchise owner, you will have unlimited potential for income. Be sure to have a rough idea of how much you might earn prior to investing in a pet franchise, the information you can gather by carefully reading the franchisor’s FDD(Franchise Disclosure Document) and by speaking with many of their franchisees.
Since being a franchisee means you are your own boss, depending on the pet franchise business model you invest in, you may have very flexible hours, somewhat flexible hours, or at the very least be able to step away from work for brief periods when you need to. If you have staff who can run your business while you are away or invested in a business model that you can temporarily close for certain periods of time, you’ll be able to take time off when you would like within reason.
8. Financing is Easier to Obtain:
Many lenders don’t approve loans that they deem to be risky, and an unproven business falls into this category. Your investing in an established franchise, however, is often viewed as less risky by lenders since the franchise is a proven successful system that is less likely to fail. This increases your chances of obtaining financing.
As you can see, there are many advantages to investing in a pet franchise. The important thing is to do your due diligence in order to ensure the pet franchise concept you are interested in will likely provide you with what you need to accomplish your goals. A good place to begin your pet franchise research is by exploring the multiple pet franchising categories you have to choose from.