Let’s face it: things are absolutely crazy right now for everyone, and our pet care business is no exception. The novel coronavirus has thrown us all a curveball that we must deal with, and we at Hounds Town USA are taking great measures to prioritize the health and safety of our Franchise Owners, Team Members, and customers alike.
However, at times like these, it’s important to remember that this is all just temporary, no matter how it may feel right now. Certain industries are considered by experts to be more “recession-resilient” than others, and we are happy to say that the pet care industry is one of them!
What makes a pet care business more likely to thrive in the aftermath of a financial crisis? Simple- we love our pets! According to Entrepreneur.com, “in good times and bad, people will spend large amounts of money providing for their kids or pets.” We can certainly agree that there’s nothing we wouldn’t do for our four-legged friends, even if it means having to do without a non-necessity item for ourselves! Since many dog and cat parents feel this way, a pet care business stands a better chance of generating revenue and retaining customers, even in times of economic downturn.
In fact, the pet care industry has not only stayed afloat during past economic low points but has actually thrived! Marketwatch reports that pet care grew by 21% during the 2001 recession and by 17% following the stock market crash of 2008- a period that is often referred to as the biggest financial crisis since the Great Depression. Now that we are facing another recession, we see this as a great opportunity for our Franchise Owners who wish to start a pet care business in their communities, based on what we know from history.
Hounds Town USA is no stranger to the ups and downs of our economy- since we opened our first facility nearly two decades ago, we have seen our fair share of trying times, and are happy to say that we’ve always come out stronger on the other end! In a recent email to Franchise Owners, Hounds Town President Jackie Bondanza wrote, “I think it’s a good time to remind everyone that in the 20 years since Hounds Town has been around, we as a collective business have survived the 2008 Recession, massive layoffs, Hurricane Sandy, snowstorms, gas shortages, week-long school and business closings, floods, tornados, and other natural events that have threatened our business. We have always not only survived but thrived, through all of Mother Nature’s challenges.” Our resilient track record gives us confidence that we have what it takes to weather the current storm and emerge even better for it on the other side.
For business professionals who have been looking for a way out of the corporate grind, this unprecedented event may even provide the opportunity they need to change their careers and their lives. As companies begin layoffs across multiple industries across America, this may be an ideal time to reassess your current career and ask yourself whether there isn’t something else you would rather be doing that can bring you greater flexibility, on-the-job enjoyment, and a sense of purpose and fulfillment. Our Franchise Owners get to spend each day playing with and caring for dogs (and sometimes cats!) and we personally can’t think of a more rewarding or fun job than that!
In addition to providing them with an emotionally rewarding career, owning a Hounds Town USA puts our Franchise Owners in the driver’s seat, allowing them to take control of their financial future- not to mention their future happiness. When you invest in a franchise, as with any small business opportunity, you control all aspects of revenue production, operational expenses and how big the upside is for the business; however, you also receive a level of corporate support that alleviates a number of the typical headaches that can come from starting a business from scratch. It also helps that, when it comes to owning a business, franchising carries significantly less risk than starting an independent business from scratch.
One of the more significant silver linings that have come from this dark cloud we are currently under is the Federal Reserve’s decision to slash their benchmark U.S. interest rate to zero for the first time since the stock market crash in 2008. This means that people who otherwise may not have been able to raise the capital to start a small business may now apply for a business loan at a substantially lower interest rate than they would have gotten just weeks ago. For those who are already looking ahead to the future, entrepreneurship may be the key to prosperity in the coming years.
The COVID-19 outbreak will go down in history as a pivotal point in the personal and professional lives of millions of people in the U.S. and across the globe. If you are thinking about investing in a recession-resilient industry like pet care to shape your future, we want to hear from you! Visit us at https://www.houndstownfranchise.com/ to learn more.
And now, in case you needed a laugh today, please enjoy some adorable puppies: