Pet owners will pay a lot for this service

GM. This is Work "After" Work, where we serve up business ideas like a master barista—strong and to the point.

Happy Friday Eve! Here’s the docket for today:

• 💸  A business that can make you $50k in year one

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HELP ANIMAL LOVERS WITH THIS SERVICE

Alrighty, ladies & gents. I’ve got a great (but sad) business for you today.

One that I think can do ~$50k profit in year one and double in year two.

What’s the business? 
A mobile animal euthanization service (mostly for dogs or cats) since those are the most common.

Why this business? 
Because it’s going to ride a massive wave and here’s the thing about waves: you don’t need an amazing business, hell even a good business when it’s this big - you just need to have a seat for the ride.

Let me hit you with a few stats:

1. 66% of U.S. households own a pet, which equates to 86.9 million households (that means there are more households with a pet than a kid)

2. Pet expenses hit an all-time high last year at $147 billion

3. Studies are starting to come out that show some people have stronger attachments to their pets than human family members

4. Pets are considered family members by almost every pet owner

All this points to one thing 👉️ people are becoming increasingly more dependent on animals and actually opting for them over kids. 

Now obviously, it goes without saying, no one lives forever, and neither will these animals. 

With this business there are 2 big pros:

1. You don’t have as much overhead (like rent or building expenses) so you can charge less and undercut your competition

2. You can go to people’s houses, which is exactly what they want anyways but often can’t afford since it’s so expensive. No pet owner wants their pets scared at the vet in their last moments

So how can you make $50,000 a year?

Scope out the vets in your area. Call around and figure out how much it costs for them to come out and provide this in-home service. In my area it’s $400 - $500. Undercut them.

Remember, vets have a ton of overhead that makes this at-home service unaffordable for many.

My friend just got his dog of 16 years put down. They wanted to do it at their house since their dog was deathly afraid of the vet but it was too expensive at $400 so they had no choice. Instead, it went to the vet frightened in its last moments.

There is a huge gap in this market.

Here’s the math to prove it:
At 2 euthanizations per day with an average price of $400 is $800/day.

Per month that’s $24k. A regular vet would profit around 15% of that but since you don’t have any overhead (besides paying a vet) you’re probably looking at around 30% - or $7,200 a month.

And these are only Year 1 numbers. I could see this doubling in Year 2 once you have more of a reputation, online presence, word-of-mouth referrals, and trustworthy testimonials on your website.

So did I do enough convincing on why this would crush? I’m even considering starting this business myself in a few years for my area.

Here’s exactly how I’d do it:

Step 1: Build your brand and service

A name doesn’t break a business but it can make it 10x better.

“Gentle Goodbye Pet Care” or “Eternal Loving Pet Care” both sound really nice to me. Definitely keep it compassionate and heartfelt.

Next, you need to create your service.

I know a family who had a full on beautiful funeral for their dog. House full of 10+ relatives gathered together and said prayers and sang religious songs as the vet put the dog down. They even carried “Sparky” out to the car like his pallbearers 😢

Remember when I told you people consider pets as family members? This is what I mean.

Even “Dog birthdays” are a big thing. This “10 ways to celebrate your dog’s birthday” gets 34 million monthly views.

And this business has tons of upsells:

1. Cremation ashes

2. Custom Urns

3. I’ve never seen this but a casket to place the animal in when it goes to get cremated

Step 2: Hire a vet

In order to provide an amazing service you need to hire a compassionate and experienced veterinarian. You can’t be doing this yourself for legal reasons.

No matter what, ensure the vet you hire can handle the emotional toll this will put on them and is extremely compassionate. Even if the better vet is more expensive, hire them. It will pay dividends with referrals and reviews down the line.

The average vet salary is $100k. That means you have to make more than $8.3k a month plus other expenses to make a profit, which as I showed you can do with 2 euthanizations a day.

Step 3: Get customers

There are tons of customers out there who would use this service. But if you do a bad job marketing, they’ll never know you exist.

First, do as much free marketing as possible. Go into Facebook groups, subreddits, Quora, and Nextdoor. 

Many people have questions about what happens during the process, after the process, etc. Help answer these questions. Gain the trust of the community and then let them know you provide in-home “funeral” services so their cat or dog can feel comfortable in their last moments.

If you do free marketing right, you should be able to get your first few clients and get the ball rolling.

If not, you’ll need to be in the top Google rankings for “dog euthanization” in your area. Meaning your website is one of the first to pop up on Google.

Besides these tactics, you could experiment with giving referral bonuses to shelters and animal clinics who refer you customers. Say $50-$100 for every one.

Step 4: Make your service special

The biggest aspect of this business is the customer experience. People are going to be sad. There’s no getting around that.

But that doesn’t mean you can’t explain what’s going to happen to their beloved pet and have care and compassion for the animal when your vet is putting it down. 

You need to instill this culture in every employee you hire. 

Besides this, you need something to get people talking about how great and over-the-top your service is. Something your clients will tell their friends about.

This could be saying prayers for the animal or your vets bringing treats and toys when they arrive. Anything that’s a surprise that the client wasn’t expecting and gives them the feeling of wanting to talk about it because it was that great.

And of course, I think this business would do extremely well but that doesn’t mean there aren’t cons.

The cons:

• This is sad af. But if you look at it with the view of you’re helping an animal feel comfortable in their own home, in their last moments, I think there’s some pride in that

• It will take time to get customers in the beginning since it’s all up to your marketing abilities. No one is going to see your building on the road and stop in

And that’s all I had! If you have any questions respond to this email I reply to everything! Have a great weekend! 😊 

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That's all I got for ya today folks!

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.