Many pet owners and a true fans of dogs dream of creating their own pet business. Given how the pet industry continues to grow at staggering rates, there's always more space for ambitious people to get into. But how do you know when it’s time to start your own dog business? Here are the 9 signs I recommend you keep an eye on or work toward if you want to create a pet related business today.
1. You’ve grown sick of your current occupation.
Many of us grow tired of our jobs at some point; however, there’s a difference between becoming tired of your job and being absolutely sick of it. You should keep in mind that starting a new business is almost always much harder than it seems at first.
So while creating something of your own is a good way to leave your current occupation at some point, remember that you're likely to work double shifts during the launching phase of your pet business.
2. You have an undying passion for pets.
You love your dogs and cats, but how far does your passion actually go? Do you simply like pets and enjoy spending time with them? Or are you willing to get up several hours earlier and invest that extra time researching and working towards something new? Creating a business often requires extraordinary levels of dedication, and you should make sure your desire matches what the business will ask of you.
3. You’ve identified a lack of a specific service near you.
The key to every successful business is locating the right opportunity. There’s little point in creating a business in a niche that’s already filled to the brim. Instead, look for pet related services and opportunities that are missing around you.
Is there a lack of fresh pet food in your area? Do you have a concept of a unique online pet service? Are there many pet owners in your neighborhood that are looking for dog walking or pet sitting services? It’s important that whatever you decide to work on has a customer base.
4. You have the financial means to do it.
Businesses require money even if you’re planning a small online enterprise at first. It may not require a huge investment but you want to make sure that your financial situation is stable enough before diving in. Having some savings or minor passive income set up can be a great benefit for any future pet business enterprise.
Having a financial stability will keep you calmer and more focused as you’re creating and establishing your new business. In a lot of situations it pays to spend a little more time securing your finances before you jump into the unknown.
To achieve such a financial stability, you need to adequately plan all your future expenses. You’d do best to calculate your startup costs, evaluate your future living expenses and consider your taxes. While doing all this, it’s wise to be as conservative as possible to compensate for things you might have missed.
5. You see a way to gather outside investment for the idea.
Depending on how big your business will need to be to sustain itself, you may need outside investment. Don’t just wait for an opportunity to fall in your lap – look around and research different opportunities.
You can review professionals’ profiles on social media, you can examine your potential customers for executives who might be interested in your offer, or you can make contacts in the industry or reach out to friends and family. Even crowdsourcing and crowdfunding sites can work, depending on your business idea.
6. You’ve gathered a vast amount of knowledge.
No business enterprise can be successful without the right know-how. If you’re simply fond of pets and have just looked after a couple of dogs or cats, you may not have the necessary knowledge to create something successful. However, if you have the extra skills and have done the research that others haven't, it may be time to start putting it all to good use.
7. You’ve made helpful contacts over the years.
Most successful businesses are created on the back of good networking. Depending on what your business idea is, the type of connections you need may differ. Maybe some online bloggers and influencers to help you get your online venture on its feet? Or someone in logistics who can help you establish a delivery network in your area? Or maybe a vet, a shelter or a pet rescue center?
8. You're comfortable with running a business.
As with any other business, it’s important to realize that regardless of the passion that drives you, there will be other activities that you’ll need to do as well that may not be as enjoyable or even pet related. Accounting, networking, finance, logistics, PR, and so on.
Additional tasks will vary from business to business, but you can be certain that simply “dealing with pets” isn’t going to be all you’ll need to do. If you are willing to commit to going through the extra work that isn't as enjoyable for the potential reward in the future, then you may be ready to start your own pet business.
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