🦎 4 niche ways to slither into the $143B pet industry

Happy Trends Tuesday!

Last weekend I adopted a fantastic pup named Dalí, who's now the proud little brother of my two goofy parakeets. 

Left: Dalí on his first day. Right: The birds (Chicken and Limón) plotting as usual.

You know how most folks go for Fido or Fluffy as pets? It seems like American families are bringing home more birds or other small, exotic animals as their new babies. 

This is a trend we’ve called before, but the interest in unique pets just keeps growing. To satisfy my curiosity (completely selfless, of course), I did some digging into potential opportunities in this space. 

In today's email…

• Non-traditional pets are on the rise, and their owners need specialized services
• My First Million producers dish out their podcasting secret sauce 
• What we’re surfin’, from unsexy businesses to credit card points. 

P.S. We promised you operator wisdom from time to time, and today we got a good one for folks who want to finally start a podcast in 2024! 🎙️

🧰 BUSINESS STARTUP KIT

🚀 WHERE TO BUILD NEXT

Signal refresh: The billion-dollar opportunities in serving specialty pet parents 

When it comes to furry friends and pet ownership, it’s dogs and cats galore.

But there’s a growing population of underrepresented small animals, from fish and birds to lizards and ferrets, that made their way into pet parents’ hearts. 

You can finally call yourself “mother of dragons.” Source: Subreddit Stats

Ownership of these critters has grown steadily in the US: 

• Fish: 13.3m households
• Birds: 6.1m
• Reptiles: 6m
• Other small animals (think rabbits, ferrets, hamsters, and gerbils): 6.7m

In 2023, a total of $143.6B was spent in the pet market, and small animals got their fair share. 

But don’t let their size fool you: There are big opportunities to provide products and services to the owners of these pint-sized pets who represent an overlooked and underserved multibillion-dollar industry.  

1. Telehealth for exotic pets

Pet medication is a $12B+ industry in the US, and vet care is still one of the highest costs associated with pet ownership. 

Small animal vet care can be even more costly because of the specialized knowledge required and lack of geographic availability. 

Business builders can bridge this gap by offering on-demand telehealth to small, exotic, and avian animal owners. 

Pawp, a subscription that combines pet insurance and telemedicine to deliver on-demand care for dogs, raised a total of 16.3m and scored a Walmart partnership last year. 

A similar model could be reproduced for specialty animal care. 

2. Personalized subscription food

The largest category spent in pet expenditures is food. Many companies have started offering personalized fresh food for dogs, allowing owners to create a blend specific to their pet.

The billion-dollar fresh pet food industry attracted serious money in 2023:

• Smalls raised $19m in March
• Butternut Box raised $354m in September
• FreshPet raised $156m in its IPO in November

And it’s not slowing down. There’s an opportunity to provide the same personalized, fresh food experience to the world of small pets, who are known to be much harder to care for than dogs and cats because of their specific nutrient needs.

3. Financial planning 

While pet parents are willing to make financial sacrifices to give their fur (or scale) babies the best lives, the costs can add up. 

Source: Money Management

Build a niche pet cost calculator and give small animal owners insight into their spending. Add in an AI feature to suggest areas to optimize or cost-cut.

Or, create a marketplace where exotic pet parents can exchange used clothes, toys, tanks, and other accessories. There are dozens of online communities but none are very organized or convenient for beginners. 

4. Care education

YouTube videos about small and exotic animal care can get thousands, if not millions, of views:

• Bearded dragon care: 188k views
• Bonding with a parakeet: 1.4m views
• Taming bitey hamsters: 2.5m views

There’s clearly demand for content (videos, newsletters, tutorials, and virtual or in-person courses) on how to care for and bond with small, exotic animals. 

Kid-friendly content is especially important, since owners of fish, reptiles, and small animals are much more likely to have children under the age of 18 in their households. 

If you happen to be a parent of these animals, you can always take’em to social media stardom, a lucrative path in itself. 

🔎 OUR LATEST OBSESSION

Three Tips on Launching a Podcast That Doesn’t Suck — from a My First Million Producer

The pandemic birthed a rise in puppies, planting flowers in Animal Crossing, and podcasts — with 1.1m+ shows launched in 2020 alone.

But soon, the podcast phenomenon plateaued. New podcasts decreased a year later, and in 2022, fell by 80%. 😬

Would you ride this rollercoaster? Be honest. Source: NiemanLab

Does this mean the podcast train has left the station? No more tickets available to savvy hosts and sultry voices?

Not at all — your podcast just can’t… suck.

Luckily, podcast geniuses Darren Clarke (executive producer of My First Million) and Kal Elsebai (HubSpot’s senior manager of podcast strategy) shared their tips on how you can create a killer show. The two broke it down into three distinct parts:

• Ideation
• Launching
• Monetization

Here’s how you can turn your business or niche hobby (ever wanted to listen to 49 minutes of stationary fangirling?) into the next big thing in podcasting:

1. Create the podcast you want to listen to

If you’re launching a podcast to make a quick buck… think again. 

Instead of finding a profitable niche, start with your passions. If you can rave about a topic for hours, chances are your enthusiasm will come through, and people will pay attention.

If you’re starting from scratch, conduct your research, identify your niche, and figure out your unique take on that topic. 

“Niche down until it hurts,” as Darren lovingly suggests.

Consider the podcast Beach Too Sandy, Water Too Wet. As the name suggests, this widely popular podcast explores the most dramatic one-star reviews ever written. And that’s it. The hosts simply use their cracking wit and high-class Karen’ing to create a niche, comedic podcast.

Remember to ask yourself — what will listeners take away from tuning in to your podcast? Will they whip out the Notes app? Will they chuckle at your wit throughout?

Whatever emotions listeners experience from listening to you, identify the promise your podcast makes to them.

2. Launch with slingshot momentum

Before you launch your podcast into the ether, set it up for success:

📅 Figure out a realistic cadence

🎙️ Record several episodes before launching

🎨 Design compelling podcast art

✏️ Write a snappy description

📺 Create an attention-demanding trailer

A mixture of cool art and cool headshots seems to be the winning formula. But you do you! Source: HubSpot Podcast Network

It might feel strange calling up the parents and seeing if they can promote your new project. But the moment your podcast launches, put aside that ego and beg your family and friends to share, share, share.

Why suffer the embarrassment? Because you have only 48 hours to make platform algorithms work in your favor.

Continue reading to learn other ways to keep that momentum going and of course, how to turn your beautiful voice into cold, hard cash.

OPEN TABS

🤯 Mind trick: 4 ways to “brainwash” yourself into better financial decisions

💳 Watch: A crash course on the inner workings of credit card points 

🛠️ r/$$$: Need inspo? Here are 600+ unsexy businesses that print cash

👀 ICYMI: The ultimate guide to make AI work for your biz this year

Got 15 seconds? Please share your feedback by hitting the smileys below. 

25 First Street, 2nd Floor, Cambridge, MA 02141 | USA | 888.482.7768

Never want to hear from us again? Break our hearts and unsubscribe.