Nov 01

If you’re thinking about starting a business now that you can grow throughout 2016 and beyond, there are a lot of decisions you need to make. One of the most important decisions is which industry you’re going to enter. A common mistake that people interested in starting a business make is assuming that competitive industries are the wrong ones to enter.

The reality of the business landscape is competition in an industry is generally a good sign. If an industry has very few businesses going after customers, it usually means that there’s not much opportunity. The one caveat to competition actually being a good sign is the industry needs to be expanding. Lots of competition in a shrinking industry often results in ongoing price slashing that ends up causing almost all of the businesses to lose.

The Pet Industry is the Place to Be
So, how do you find an industry that has a healthy level of competition and is continuing to grow? One industry that really stands out as a perfect match is the pet industry. Over the course of twenty years, the US pet industry has more than tripled in size! Currently, this industry is just below the $60 billion mark.

Although that huge figure may be hard to comprehend at first, it’s actually not that surprising once you stop and think about the behavior of an average pet owner. Dogs and cats are an important part of people’s families, and they want to treat them accordingly. Another factor that has played a role in the continued growth of this industry is the Internet. Given that dogs and cats make for some of the most popular content on Facebook, YouTube and reddit, huge numbers of pet lovers have been able to use social media to connect and share with each other.

Owning a Franchise Provides a Model for Success
There’s no question that the pet industry has all the marks of an industry that’s ideal for a new business to enter. That being said, it’s not realistic for someone with no previous experience to enter and expect to quickly make a big splash. Because competition within this industry is quite significant, a business needs a great product to sell. It also needs a sustainable business model and a way to reach customers.

Putting all those pieces together is where franchising comes into the picture. Instead of spending years trying to find the right path to follow, franchising allows you to start a business that’s already been proven to be successful. While being a successful franchise owner still requires a lot of hard work, all the pieces are already in place.

To learn all the details of what makes Pet Wants the ideal franchise opportunity, head over to our main pet franchise page and sign up for a free e-tour.

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