Furry Friends Niche Opportunity for Accountants| |
Have you considered developing a niche within your accounting practice? And struggling with ideas for a good niche...
In developing a niche, it is important to:
-identify a niche that is growing and has staying power (not a fad)
-know that the business owner has more needs than just tax (accounting and some advisory)
-have the right personality type to work with your staff
-choose an industry that you enjoy and would be willing to learn more about
The Veterinary and Pet Care industry has been growing for quite some time. Throughout Covid, pet ownership thrived. And 60% of all US households own a pet. That's right, 60% of people own a pet and need veterinary care.
To illustrate, here are several reasons why the veterinary care and pet hospitals are a growth market worth targeting:
- as we live longer lives, many pets become companions for elders who live alone
- pets used to be a family staple after we got married, bought a house and had kids. Today, pets precede marriage, home ownership and kids.
- pet insurance helps defray the expense for medical expenses and veterinary care
- pets are now considered part of the family so medical procedures like chemo, stents, stem cell implants and medical procedures are commonplace
- wearables (smart collars) measure sleep patters, steps/activity, and vital signs
- air travel with pets has taken on new heights
- pet friendly hotels are also in vogue
- pet telehealth is now common
- mobile vet care is also common
Looking ahead, the veterinary industry is expected to grow 8-9% CAGR through 2030.
While the owners of furry friends are taking on new norms, the supply of veterinary care providers limited. That's right, there is actually a shortage of veterinarians because the cost of education is high and there are only 32 accredited colleges in the United States.
If you like furry friends and/or exotic pets, then you should consider rolling out the red carpet for veterinarians.
Below are several examples of accounting firms who love servicing veterinarians.