Why You Need To Be In The Pet Business And Not Just The Vet Business!

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In our book we talk about how the entrepreneurial veterinarian has other pet related satellite businesses orbiting around his/her main veterinary business. Veterinarians who disregard this type of expansion, preferring to concentrate only on their core veterinary business, could be making a big mistake.

That’s because, just as veterinarians can easily add non-veterinary related pet services to their veterinary business, pet businesses can conversely add veterinary services to their business. With a surplus of veterinarians it is now easier for pet hotels, daycares, grooming salons and even pet shops to expand their business into veterinary.

In fact, at time of writing we encountered a successful pet store franchise owner who has seen his business move from being just ‘pet products’ to ‘pet products and grooming’ to now opening their first full service veterinary practice incorporating all three. We have also seen pet hotels and daycare services expand their operations by introducing limited veterinary services such as exams and vaccinations.

In order to combat this competition you have three choices. One is to do nothing and hope it doesn’t happen in your area. That’s not an option we would recommend. There’s a surplus of veterinarians and they have to go somewhere!

The second option is to partner with other good pet related businesses. You become their veterinary arm and they become your grooming/boarding/pet supply arm.

Your third choice is to see if you can use any redundant space in your practice to create these pet related businesses under your roof. This may mean bringing forward or rethinking any planned expansion you might have had.

The message though is clear, competition is coming, you must prepare for battle!

 

 

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