Nikonomics - The Economics of Small Business

96 - Don't Miss Out On The $150 Billion Pet Industry Boom: Ideas You Can Start Today with Chris Koerner

Dec 13, 2024

Chris Koerner, an entrepreneur with a track record of generating over $100 million, joins to uncover the booming $150 billion pet industry. They discuss using farmers markets to test innovative products while gaining direct consumer feedback. The duo explores niche business ideas, like unique jerky flavors and pet-focused ventures. Chris shares strategies for scalable community-based businesses, as well as insights into leveraging e-commerce for niche pet products. Tune in for a mix of creativity and actionable business strategies!

26:56

Episode guests

Chris Koerner

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Episode notes

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Quick takeaways

Farmers markets serve as effective testing grounds for food-related businesses, allowing entrepreneurs to gather direct customer feedback for product validation.

The pet industry offers significant growth potential, especially in pet supplements where entrepreneurs can capitalize on rising consumer investment in pet care.

Deep dives

Pet Spending Surge

In 2023, American spending on pets reached a staggering $150 billion, a significant increase from $34 billion spent in 2004. This rise is attributed not only to a growing population of pet owners —from 66 million households in 2004 to about 87 million today—but also a shift in consumer willingness to invest in pet care. The podcast highlights the burgeoning market for pet supplements, projected to double in the next decade, presenting ample business opportunities for entrepreneurs. With the growing concern for pet health, tapping into the pet supplement industry could lead to lucrative ventures.

Intro

4min

The Science Behind Taste: Exploring Flavor Differences in Popular Foods

2min

Innovative Food Business Ideas and Scalability Challenges

5min

Exploring Farmer's Market Opportunities

5min

Booming Pet Industry Insights

11min

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨

Join me, Nik (https://x.com/CoFoundersNik), and my business partner Chris Koerner (https://x.com/mhp_guy), as we dive into another episode of HoldCo Bros! Chris and I have generated over $100 million across our companies, and every week we get together to brainstorm and share insights into our businesses.

In this episode, we explore the idea of using farmers markets as a way to test products, get direct customer feedback, and validate concepts. Then, we talk about the opportunities for creating and coordinating farmers markets, including strategies for scaling and building community. Finally, we talk about the pet piggyback idea - leveraging pets as a niche for innovative business opportunities.

Chris's YouTube: http://tkopod.co/p-yt

Questions this Episode Answers:

How can farmers markets be used to test and validate new products?
What are the business opportunities in creating and coordinating farmers markets?
How can pets be leveraged as a unique angle for niche business opportunities?
What strategies can help scale small community-based ventures?
What insights can entrepreneurs gain from direct customer feedback?

Enjoy the conversation!
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Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
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YouTube: https://tinyurl.com/nikonomicsYT
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This week we covered:

00:00 Highlights
00:34 The Quest for Authentic Texas Brisket Jerky
04:02 The Secret Behind McDonald's Coke
06:38 Pizza Oven Business Idea
08:45 Scaling Food Businesses at Farmer's Markets
12:13 Exploring the Farmer's Market Concept
12:35 Building an E-Commerce Platform for Local Markets
14:28 Understanding State Laws for Farmer's Markets
15:14 Pet Industry Insights: A Growing Market
16:24 Leaky Gut in Pets: A Business Opportunity
17:26 Marketing Strategies for Pet Products
18:07 Leveraging Email Lists and Facebook Groups
19:35 Exploring E-Commerce Business Opportunities
22:56 Shopify Marketplace and Business Listings
25:50 Concluding Thoughts and Reflections

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