LAS CRUCES, N.M. (July 21, 2015) – Pet care services is a multi-billion dollar industry and all paws point to it only getting bigger as Americans continue to spend big bucks on precious pets. As an industry projected to add at least 10,000 jobs and experience at least 15 percent growth in employment over the next five years (see CareerBuilder study released June 4, 2015), pet care services are “hot.” For more industry insight, International Boarding and Pet Services Association (IBPSA), in conjunction with business consultant Crystal Canine, recently commissioned Researchscape to conduct an online financial survey of pet care service business owners. The industry as a whole is making billions, but what about businesses, individually?
Highlights of the survey of 193 pet care service businesses, conducted from April 26 to May 27, 2015, and comprised primarily of American businesses, include:
- Pet-services owners may not be millionaires, but they can generate a million dollars a year in sales: 22% bring in that much. On the other end of the spectrum, 14% reported that their business brought in less than $150,000 last year. The median annual revenue was $300,001-$500,000.
- In 2014, 63% of multiple-location businesses made more than $1,000,000. Those keeping with the seven-figure revenue include the businesses that have been open for 11-20 years, a total of 38%.
- The average owner compensation was $101,353 with a median of $72,000. Maximum compensation reported was $450,000.
“This industry is booming, and that’s very exciting,” said Carmen Rustenbeck, IBPSA’s CEO. “But pet care is a serious business and jumping into it simply because you love pets is not enough, which is why IBPSA is committed to helping pet care service businesses actually succeed as businesses.”
As part of its commitment to the business of pet care, IBPSA holds its annual Pet Care Services Conference and Tradeshow, October 19-22, 2015, in Grapevine (Dallas), Texas. Speakers and sessions are dedicated to helping pet care services grow their business, plan for the future, and maintain balance. The association has also put together a suite of separate workshops including Pricing For Profit, Pet CPR and First Aid, and, for those brand new to the business or thinking about getting in, Pet Care Business Basics. For more information on the complete 87-page survey report and upcoming conference, visit www.ibpsa.com.
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