Do These Things First to Start A Pet Care Business

Are you overwhelmed on how to start a pet care business? In an earlier article we talked about the three questions to ask yourself before taking your first steps toward starting a pet related business. The first question was, “What’s your why?”. This was aimed at making sure you were starting a business for the right reasons. The second was “What’s your financial goal?”. This was aimed at narrowing down what shape you needed your business to take. The third was “What’s your risk tolerance?”. This one was all about how far and how fast your business would go.

If you’ve pondered the questions above and you’ve decided to move forward, congratulations! You are ready to kick things off but what exactly does that mean? What’s your first step, second step and so on to actually launch a pet care business?

Starting any business is no small feat. There are many steps involved and it can get overwhelming. In this article I’ll be talking about your first three steps. There is much to do so strap in and let’s get started!

1. Create a business plan

Not everyone is a proponent of business plans, particularly if you aren’t having to provide one to your bank to secure financing. I, however, think they’re a great idea. They help organize your thoughts and force you to think through all aspects of a business. This includes the ones that aren’t as exciting or interesting to you such as the administrative or financing needs of the business. 

There are hundreds of different business plan templates out there but all have some common characteristics. It should have a section on how you plan to finance the business along with financial projections. It should also include a description of your ideal target customer and a market/competitive analysis (more on that below). And finally, how the business will operate. 

You can add other sections but these will get you a good start. This will be your marching orders going forward. It will change as you go and that’s okay. It should be a living document that provides you with a framework for you new business.

2. Get to know the market

You know you want to work with animals. That’s the easy part. But what do you want to do with them? Maybe you already have a specific type of pet business in mind such as grooming or pet sitting or maybe you haven’t narrowed it down yet. It’s important to pursue a business that meets your personal needs but that is also viable in the market.

Here’s where you need to put your research glasses on. What does the pet care industry look like in general and what does it look like in your part of the world specifically? According to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association, 67% of U.S. households own a pet.  That’s 85 million families! The Pet Care Market was valued at over $223 billion in 2019 and is expected to witness 5.9% compounded annual growth rate from 2020 to 2026.

It’s definitely an industry that is growing rapidly! It’s important to understand what your area looks like. National averages are just that, averages. Your town can be anywhere on a continuum. You want to dig into not just the spending levels in your town but also the existing businesses that meet those needs. I’d also recommend breaking your research up into businesses that will directly compete with you and those that are indirectly related. For example, a boarding kennel is indirectly related to an in-home pet sitting service because, while they both watch dogs, they are different services.

3. Fund your business

Depending on the type of business you’re starting this may or may not be a concern for you. A dog walking or in-home pet sitting business requires little to no initial funding. A grooming salon on the other hand may require capital for securing a brick-and-mortar location for the business.

There are a wealth (no pun intended) of financing options available to small businesses. A good place to start is your local Small Business Association office. They will have information on various types of loans. While they don’t directly loan money to businesses, they can help you find an appropriate lender. Check out their tool, Lender Match, for help in this area at https://www.sba.gov/funding-programs/loans/lender-match

Other ideas include crowd funding, borrowing from family or partnering with someone who can provide financial backing. Finding funding is one of the more stressful aspects of starting a business but you can be successful by taking the time to do your homework. Check out several options before deciding what’s best for you.

 Every journey starts with a single step and you are up to the task! Take these first three steps to start a pet care business and you’ll be well on your way!

Other great pet business articles you might like:

3 Questions to Answer Before You Start a Pet Business

https://www.thepetbusinesscoach.dog/3-questions-to-answer/

About Eliza?

Eliza is the owner of two successful pet related businesses; Preferred Pet Partners, a pet sitting and dog walking company, and The Pet Business Coach, offering coaching and resources to aspiring or current pet related business entrepreneurs. She maintains two awesome blogs. One for pet parents https://preferredpetpartners.com/blog/ and one for pet business owners https://thepetbusinesscoach.dog/blog-page/.  Eliza also supports various animal rescue and shelter organizations. Eliza and her husband have three furry family members. Visit her websites: www.preferredpetpartners.com or www.thepetbusinesscoach.dog.