Starting a business is not an easy task. It will take a lot of your time, resources, and effort. However, these sacrifices will be worthwhile if you start the right type of business in the right location. For example, Ohio is the perfect state for you to start a business because of its impressive growth in the last few years. More specifically, the total output of the state increased from $501 billion in 2011 to about $526 billion in 2013. Unemployment also went down from 10.7% in 2010 to only $5.2% in 2015. These statistics show that Ohio is now a good environment for business because more Ohioans are working today than in 2010. It is also an excellent place to start a business because Ohioans have an increased level of income.
The question now is why do you start the business in Ohio and the answer is simple. Start a business in Toledo, Ohio (start-up capital can be taken at any lending agency, for example, in “24Biz”). Toledo has a high number of people who can sustain your business. In fact, it is the 67th most populous city in the US and the fourth most populous in Ohio. That means the business idea you have has a good chance of success because a high population increases the likelihood of you finding customers for your products or services. You can start a home-based business like catering, virtual assistant work, or selling products online. You can also go for a cleaning business or a senior care center. However, these businesses do not offer as much benefit to you as a pet store would. Here are some of the benefits that you can derive from such a business.
- The Market for Pets Exists In Toledo, Ohio
Toledo has a unique population demographic that makes it highly suitable for a pet business. For example, it has a high number of families. More specifically, it had more than 68,000 families in 2010. The number of households that had children also increased from 29.8% in 2000 to 30.4% in 2010. Children love pets and as such, the number of pets in Toledo, Ohio will increase as long as the number of households with children remains high. Additionally, the market for pets is likely to increase because the population of the city is aging. In 2000, people living in the city had a median age of 33 years while their median age was 34 years in 2010. As the population ages, then the demand for companions such as service pets increases. Start a pet store business so that you can supply the community with such helpful animals.
- Pet Care Businesses Are Profitable
People spend a startling amount of cash on pets in the United States. In 2004 alone, US citizens spent about $34.5 billion on pets. In 2005, the amount spent on pets increased by $1.4 billion to stand at almost $35.9 billion. Currently, this figures stands at $55.7 billion. Industry analysts estimate that these stores will see an average revenue growth of 2.7% in the next 5 years, which is higher than the projected economic growth rates for the entire country over the same period. It is also important to note that pet stores should focus on the selling of premium products such as high-end food for pets as a way to supplement their income. Doing so will increase their profit margins substantially.
- Owning a Pet Store Is a Fulfilling Experience
A pet store combines two beautiful aspects of human life i.e. interacting with other people and taking care of animals. The joy you will feel after uniting a family with a pet is unforgettable. You will be helping the new pet owners and the pet to find happiness and doing so is a good thing. You may even spot one of your customers walking his pet in the R. Stranahan Arboretum or the Toledo Area Metroparks. Go on. Open a pet store today. It would be beneficial to open such a business in Toledo, Ohio.