International Boarding and Pet Services Association, in conjunction with business consultant Crystal Canine, recently commissioned Researchscape to conduct an online financial survey of pet care service business owners.
Highlights of the survey of 193 pet care service businesses, conducted from April 26 to May 27, 2015 and comprised primarily of American businesses showed businesses can generate $1 million a year in sales. On the other end of the spectrum, 14 percent reported that their business brought in less than $150,000 last year. The median annual revenue was $300,001-$500,000.
In 2014, 63 percent of multiple-location businesses made more than $1 million. Those keeping with the seven-figure revenue include the businesses that have been open for 11-20 years, a total of 38 percent.
The average owner compensation was $101,353 with a median of $72,000. The maximum compensation reported was $450,000.
“This industry is booming and that’s very exciting,” said Carmen Rustenbeck, CEO of IBPSA. “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, 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.
