The 3 most important elements when doing a caricature are..
Likeness: If the viewer is going to respond to a caricature, they have to understand who the artwork is about. Context is very important to establish so that the viewers can be in on the joke. A Coke can be like a Pepsi, but a Coke is not a Pug
Exaggeration: We are not distorting. We all have an uncle that tells an amazing fishing story. In fact, we know that maybe that last fish he caught wasn't the size of a oil tanker, and may have resembled more your pet goldfish. However, that great exaggeration makes for a better story.
Sometimes an exaggeration feels more real than reality. Think about when it rains really bad, do you really want someone to describe how precipitation works, or do you relate more to the old it's pouring cats and dogs? Think about exaggerations that you use to describe your life. What are they? Why do you use them?
Statement: You need to be actually saying something. Artists are not copy machines. If you want to make a perfect reproduction why not just take a picture? You need to have an opinion, this will engage your audience. Think of your work as a persuasive case of how you feel. Your ideas matter! People will care more about your work, if they feel you actually have something worth saying. So take up the challenge of visually speaking by demonstrating why what you think matters.
These are the basic components of the face you will need to understand and manipulate to create an effective caricature.
Don't forget to have your realistic Animals drawn!