New Business Pick Of The Litter
Are you looking to start a new business? Have you ever thought about being your own boss? Here is a business opportunity that you might want to look into. As it turns out, America is obsessed with pets. We love our four legged friends so much that we spend some big bucks on these furry creatures that we typically wouldn’t spend on ourselves. That is why anything in the pet industry is an ideal way to be your next source of income. Here are five statistics on the outlook of this home business.
ONE OF THE FAMILY
As any pet owner will tell you, their pet is more than a friend, they are a part of the family. According to Kristen Levine of Fetching Communications, “The humanization of pets (being a part of the family) is popular, especially among senior citizens and Baby Boomers. Those segments of the pet-owning demographic are more likely to spend on items that are ‘nice to have’ vs. ‘need to have’.” This means that a product that you make or produce is more likely to be purchased without the need of the consumer. The pet owner doesn’t need to have a new chew toy for their dog, but they will buy it anyway because their dog may like it.
INTERNET OR CATALOG SALES
According to Experian Simmons 2010, a global consumer and business reporting service, in the past year, 23% of all pet products purchased were from an internet order from a catalog. Additionally, 20% of households owning pets placed a mail or phone order from a catalog or the internet. Those are some pretty substantial numbers and show that the specialty pet industry has some pull when it comes to making sales.
THE PERFECT MARKET
This is a dream market segment. Pet owners bought $47.7 billion dollars last year in the United States alone, states the American Pet Products Manufacturers Association. That was up from $45.5 billion dollars spent in 2009. In 2011, that number is expected to grow even more, making the pet industry ideal for you to get involved. It appears that even in a tough economy, people are buying for their pets.
BY THE NUMBERS
When you start looking at the statistics on pet owners, it becomes apparent that there is something to getting into this industry. Here are a few numbers you might want to consider.
62.0%: Number of US Households that own a pet.
22.5%: Baby Boomers own a pet.
30.0%: Pet owners are in the $100K+ Income category.
65.0%: Pet owners that have a dog.
54.0%: Pet owners that have a cat.
25.0%: Pet owners that feel their pet listens to them more than their spouse.
WHERE TO START
So where do you start when wanting to get into the pet industry? The first place I would suggest is to start with an idea. Make it your own, unique idea. Don’t just rip off the Wubba or a Catnip toy already being mass produced in China. You can’t get the distribution or the price that companies enjoy that are already selling those products. Your idea needs to fill a niche that is absent in the marketplace. Take a look at your own pet and see what he/she loves that you can’t find. Maybe it is a special treat that you make for them. Pet owners love to immortalize their special companions. Making something that they can always remember their pets by might be a huge seller. Bandanas, picture frames, dog tag displays, or yard signs warning the unsuspecting mailman of your pet are all great ideas. Whatever you decide, you are in the right business at the right time. Good luck!
Some statistics taken from Deliver: The Magazine For Marketers.
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