When evaluating the opportunities available for your franchise purchase, there are many obvious factors that a person will look at. For instance, they may look at the brand recognition, the revenue potential of the pet franchise and any sort of niche aspects the company has that make it stand out from the competition. However, this is not all that you want to look at. There are a few more subtle aspects you want to consider before you make your decision on the pet business opportunities you have to choose from.
Talk to the Right People
A common mistake franchise prospects make with pet business opportunities is not talking to the franchisor themselves, but rather just the sales team or franchisees. These people may have a basic understanding of the business but they will not be able to go into as much depth as the franchisor would. While you may not talk with them at first, you should be able to sit down and talk with them at some point in the sales process.
Talk to Dissatisfied Franchisees
Most people who talk with franchisees about how owning the franchise is working for them will only talk with happy franchisees. While this can give you an idea of the benefits and positive aspects of franchise ownership, you need to also understand the negative. Talk with franchisees who are not happy and find out why. Is it a lack of support from the franchisor? Are they in over their head and why? You want to understand this so you can either avoid the mistakes they made or understand if the pet care franchise is as good as it leads on.
Discovery day is the day you get to see the way the day to day operations work with the pet business opportunities you are considering. You can go to one but many times this does not give a complete look at average day. This is why it is helpful to attend more than one at different locations. This will give you a better picture of the franchise operations. While you are here make sure you ask plenty of questions to really understand what these franchisees go through. Find out their biggest challenges on a daily basis as well as how their relationship with the franchisor is. You can get a better understanding of the struggles you will face as a franchisee this way.
Know What’s in the Legal Documents
The legal documents such as the FDD are essential to understanding whether these pet business opportunities are right for you. These can be very difficult to understand. This is why you need to have a franchise attorney who can help you go over this information and understand whether this is what you are looking for or will just be more of a headache than profit in the long run.
The idea with these aspects is to look at the pet business opportunities critically. Do not be so caught up in the hype that you can only see the positives. Know the negatives of the business so that you will know if this is something you are ready to take on. Go into it with an open mind and think carefully about the good and bad aspects you find.