Need a Small Business Idea? Pets Are a Great Bet
Of the 76 million baby boomers who don't have grandkids, many fill that gap by lavishing their money on their animal companions.
Some observers call this humanizing of pets among the over-50 without grandchildren an "epidemic," reports Newsweek,. The U.S. human birthrate has dropped to 13.5 per 1,000, which is down from the 2007 record low of 14.3 per 1,000.
That means if you target your products and services in the $45.5 billion pet industry specifically at these indulgent grandparents, you are going to sell more and higher-end pet strollers, holiday costumes, catered birthday parties, disco exercise time, portable beds for sleepovers and play dates, and low-calorie cuisine. Crafts folks can launch a line of greeting cards and gifts grandparents can exchange among themselves as well as have the grandkids give each other.
Based on that platform, you can then branch out to the other niches among the 71.4 million households with pets. There can be specialty products and services for college students who are now allowed to take their animal companions to the dorm (vets making house visits), dual-working couples (lots of quality day care, along with pick up services), and road warriors (tracking hotels accepting pet guests).