How To Make Money In The Multi-Million Dollar Dog Accessories Industry

How To Make Money In The Multi-Million Dollar Dog Accessories Industry

Okay. We actually have a
surprise for you. Oh my God. There’s going to be dogs on set. Oh my god this is amazing. Look, there’s some over there. No more. You’re so cute. There’s a billion dollar industry
because of these good boys and girls. This is a lady. She’s a lady. Hey, I’m Neha. I’m an officially certified
accountant and your unofficial money master. And welcome to New Money. This is a place where each week I
look at interesting ways people are making money in the world today and
how you can make some of that new money. Today’s topic is dog accessories. Let’s dig in. Oh my Dog. We’re going to cut that one out. Dog Toque. Oh my gosh. Over $75 billion was spent
last year on pet accessories. So now we’ve gotten to a point
where we acknowledge that dogs are more than just our pets. Right? I mean, I have a lot of friends
who have dogs and just like 82% of millennials, they feel like having
a fur baby is practice for having a real baby. It also means that people, again,
mainly millennials, are now spending the money they would spend
on their children, on their pets. I don’t have a dog or a child. The closest thing I have to either
of those is this little guy up here. So if dog owners are spending
a lot, what exactly are these business owners selling? Let’s take a look. A, what do we have here? Oh my goodness. It’s a dog portrait. Oh my gosh. I just banged it against here. Apparently the dog owner is
very protective about this. I will not breathe. It’s fine. Oh, it’s a portrait. Cute. Oh my God. This is a winter jacket. This is nicer than my
winter jacket, Alex. Ooh, look at this
cool little outfit. Rock on. These are dog leggings. Okay, that’s cute. Woo Pawdicure. Nail polish for dogs. Oh, and there’s a pillow. A dog bowl. Of course. So edgy. What I’m kind of seeing here is
that basically anything that humans have for themselves
just make it for dogs. And that’s the secret
to this industry. Looks. Who would have thought. But there’s so many
other things too. There’s camping gear for dogs. There’s CBD treats for dogs. Dog booties. There’s Halloween
costumes for dogs. The list goes on and on. Okay, so think about
this for a second. What percentage of people do you
think would rather snuggle with their pet than their partner? So your options are 83% 42% and 9%. Andy, what do you think? 83%. 83%. That’s wrong. It’s actually 42% yeah,
83% that’s so sad. No one likes to partner. 42% only 42% like roughly half of
people don’t like their partner. What a world we live in. So as millennials are having
pets before babies and people are snuggling with their pups instead
of their Bae, treating our pets as human is becoming more
and more kind of the norm. According to Sandy Chung, the owner
of Spotted by Humphrey, this trend is not going anywhere. Roll the tape. Honestly, I wouldn’t have my
business if it wasn’t for Humphrey. And the whole concept of the shop
is that the items that I carry are spotted by Humphrey and it’s,
it’s like it’s curated by him. So the whole business kind of
humanizes Humphrey in a way, and people feel like they’re purchasing
these items from Humphrey. I’m curious to see what
Humphrey would pick out for me. I mean also, how does Humphrey
even indicate that something’s been spotted? Is it like with a
paw, it’s like woof. Woof woof. Anyways, the point is, the more
you care about something the more you’re willing to invest, right? So when it comes to fur parents,
just like regular parents, they want what’s best for their kids. And it’s that very idea that’s
inspired so many entrepreneurs to break into the biz. Because if you need something for
your dog, there’s a chance that other pet owners need it too. And with 63% of millennials saying
that they find expertise lacking in big box pet stores and mass
retailers, these dog owners are now turning to independent businesses. Like Rex Specs, which is obviously
exactly what it sounds like. It’s sunglasses for dogs, duh. So Aiden, Jesse and their dog spent
a ton of time outside and they noticed their dogs eyes were very
sensitive and needed protection from the sun. So living in Jackson, Wyoming,
there was obviously a lot of discarded ski goggles around, so
they just chopped them up and then made them the right size to fit
their pooches and like humans started using them to protect
their eyes from the glaring sun. So they were number one,
resourceful in using whatever material they had lying around. And number two, they were trying to
solve a problem for their pet, but it’s also still super Instagram
worthy, which they said is great for their online marketing. So with 84% of millennials worrying
about their pet when they’re not with them, any products that give
the owners peace of mind, like UV sunglasses, for example,
are usually big sellers. Okay. So millennials love their dogs like
they’re babies, but when exactly did dogs become such big business? Great question. Lights. Well, it all began a long, long
time ago as people have been keeping pets for tens
of thousands of years. But anthropologists today believe
that the dog was the first domesticated animal. As European royalty started owning
small dogs and commissioning everything from custom garments
with special pockets to carry their pooch., to portraits of their
precious pets, an industry started to develop around spoiling
our non-human companions. As the middle-class emerged and
grew, pets, like cars and TVs, became something that
everyone could have. And it turns out the future of the
dog, this is kind of futuristic. Between 2012 and 2016 nearly $500
million was pumped into pet tech startups. Take DogTV, for example. It’s exactly what it sounds like. It’s a channel for dogs to
calm their separation anxiety. Or Furbo, which is a device and an
app that lets you communicate with your dog and feed them remotely. So all of this stuff sounds pretty
useful, but what if you’re like me and you can’t code, but you still
want to make some of that money? Well, good news on that front
because the basics are still super popular. People still Google “dog beds”
about 250,000 times a month. So there’s definitely
a market there. And Eric Shannon, this guy from
Philadelphia, saw a gap in this market. He noticed that there weren’t many
dog beds for sale for bigger dogs. So he started Big Barker to make
orthopedic beds for heftier dogs. That’s like a California
King for canines. I don’t even have a
California King for me. And now it’s time for tip time! So we’re going to share with you
three tips that can help you break into the dog accessory industry. Tip number one. Check out what terms
have high search volume. So when Eric, the guy just
mentioned earlier with Big Barker started his first pet supply
busines, he noticed there were high search terms for dog
supply related phrases. So by leveraging Google Adwords,
his company ranked number one on Google for “dog
bed” for five years. That’s so long. Tip number two. So it’s not just about creating
products for the pooch, but also for the owner as well. After all in the U S are
over 60 million dog owners. So having the pooch in mind as well
as the person who owns the pooch really broadens your market. And finally, tip number three. As we learned earlier, millennials
are obsessed with their pets and millennials posts a lot online. So making a product that’s super
social media-esque can save you some marketing dollars. Okay, so time for an unboxing. Like every week my producer Alex
has found me a super cool product to take a look at. So someone who’s having real
success in the industry that we’re talking about created this product. I’ve been told that this product
is going to bring me joy all year long. Alex. I’m waiting. Okay. What is this? Oh my gosh. It’s a Dogstagram. It’s a 2020 daily dog calendar. Oh my goodness. Alex. This is so cute. There’s a different, there’s a
different dog on every day of the year. Oh my gosh. This is adorable. I feel like you want to
tip number two, right? Like create something for the dog,
but also the dog owner or the dog lover. This isn’t, I feel
like now I want a dog. This is making me, this is going
to like just stare they’re goint to stare at me every day. Buy a dog. Thank you, Alex. You’re so sweet. So this really goes to show you
that there’s so much you can make. Just put “dog” in
front of anything. Dog calendar, dog flare bartending. Dog diaries. Dog bell-bottoms. Dog cameras. Dog braces. Oh my gosh. Dog umbrella. Dog Toque. Dog lipstick. Dog mirror. No, we’re going to
cut that one out Alex. What do you all think of this? Could you make a go of the
dog accessory business? After all it’s predicted to be
a $269 billion industry by 2025. And although I don’t have a dog, I
learned a lot about what some dog owners want and can see some real
opportunity for some profits. Pawfits. No, no, no. Edit that out. Profits, profits, for sure. Profits. Thank you so much for tuning
into this episode of New Money. If you like what you saw, comment,
like, subscribe and hit that bell icon for notifications. And let me know in the comments,
what dog products did we not mentioned? And what do you want to hear
me talk about next time? Until then I will see you
next time on New Money. Bye everyone.

30 thoughts on “How To Make Money In The Multi-Million Dollar Dog Accessories Industry

  1. Dog fitness trackers! We've used the Whistle, it was awesome and has so many new features for health tracking too!

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