Small Business Working Capital: Pet care (except veterinary services)
We all love our pets. For many people, pets are dearer to them than their children. The Petcare industry is worth billions of dollars in the US and that is not an exaggeration. Close to three-quarters of all households in the US own a pet. These numbers are staggering and they show no signs of abating. That is why pets and pet care have become a very profitable industry.
What is Petcare?
When we think of pet care, we immediately think of veterinary services. It is not like that anymore. Pet care is more than just taking your pet to your nearest vet in need of medical care. Pet care comprises a whole lot of services and activities that people tend to obtain for their furry (and not so furry) friends. Let’s take a look at some of the popular ones below;
Boarding facilities: It can be both for a day or on a long term basis. Pet owners like to lodge their pets in a safe, friendly, and hygienic place while they are away for work, holidays, or other commitments.
Pet Spas: Pet spas have caught on in recent times. They offer a host of services that include regular to luxury baths, manicures, pedicures, trendy haircuts, and whatnot.
Gyms and playlands: Pets can get bored with their daily routines and environment. They need a healthy dose of exercise and playtime daily. So, gyms and play centers have sprung up that cater to them exclusively.
Training centers: These are especially popular for dogs and cats. We all want them to be obedient and behave properly. A training facility with trained staff would help them become just that.
Opening a pet care center:
As you can see there are plenty of options when it comes to pet care. You can be innovative and come up with an entirely new idea when it comes to pet care. If your idea clicks, then you can be rolling in money very soon.
Cost of opening a pet care center:
The cost of opening a pet care facility comprises of a piece of land, located at a suitable place, hiring of trained staff, toys, equipment, and other supplies for the pets, and lastly, you will have to set aside a budget for advertising and marketing. If you do not own land, then you will have to lease a place and pay for its rent. Once you have drawn up a business plan adding up all the expenses you would know how much capital you need to start this business. You would also factor in your expected income and find out your working capital requirements for every month or so. Once you have the financial figures, you can start looking for a source to arrange finances for it.