How to Buy a Franchise: Looking to Buy a Pet Store Franchise?
Start Now! Five Directions to Get Started on How to Start a Franchise that is Successful and Filled with Your Passion
The push toward franchising in the U.S. economy has been expanding hugely in the last decade. Fueled by The Great Recession, minorities and women finding deserved equality, and the financial freedom of owning a profitable business makes starting a franchise a popular business move these days. With the 2016 fiscal year predicted to end at $62.75 billion in consumer expenditure, many are also flocking to own a pet store franchise for financial stability.
What makes franchising popular is that it is a more calculated risk than going with a solo business. The investment pays off. Franchise owners are working with already proven materials. The brand is already built and recognized. Products are already tested in a marketplace. Marketing platforms and business models are already prepared. Basically, the fundamentals of business have already been outlined for you.
Franchises like 7-Eleven, Jimmy Johns, and Orangetheory Fitness have carved their way in their own respective sectors. The owners are these franchises are reaping huge entrepreneurial rewards. But if you’re more of a pet person, maybe you should consider the pet store franchise?
So, how do you get started?
This article discusses five directions on how to start a pet store franchise.
Find the Right Industry for Your Franchise
To find out if you have what it takes to succeed in the pet franchise sector you need do a self-evaluation. Find out if you’re a person who is passionate about animals and helping pet parents. What are your goals for owning a franchise?
Workers look for five things in a passionate career.
- Work-Life Balance
While researching into all your options of pet store franchise opportunities let these five things act as guiding force. We at Splash and Dash Groomerie & Boutique also urge prospect investors to seek out their passion over anything else. You should love what you do!
You can never burn out on something that you’re truly passionate about. This passion will give you the drive to reach financial success and gain all the things that inspired you to begin creating a franchise in the first place.
Know Your Budget
This is the latter half of a self-evaluation, but equally as important to realistically purchase a small business. Find out your net worth, investment range, and all liquid assets that you can bring to the table.
Franchisors always have a franchisee fee and usually a royalty fee. Opening a franchise varies, so franchisors can provide a price range. Discuss thoroughly all your options and goals for your shop with CEOs and corporate teams. A good pet store franchise will not lead you astray.
Splash and Dash Groomerie & Boutique is able to boast one of the lowest franchise fees in the industry and aims to have franchisees break even after only six months. We do this through proven business concepts of recurring revenue, strong marketing campaigns, and low-cost franchise opportunities.
Conduct Your Research
Once you have established exactly what you’re looking for, you need to find the best partnership to make this happen. Say you have decided you want a brick and mortar pet grooming business that has strong retail sales rates and is under $50K.
Begin weeding out franchises that are not in your financial bracket. Franchisors should be straight-forward with the investment range provided. Many pet store franchises like Dogtopia have a high-end investment range of $735,275. If this is out your financial budget, cross it off the list.
Also while doing your due diligence, be cognizant of company culture and brand. You are appraising your future business partners so look for transparency and business models that align to yourself. Make sure the core values of a company are something you support yourself. Is the brand appealing to you? If you invest in a pet store franchise, you will be a representative of their brand. Make sure it’s one that suits you.
This is a two-way-street. As much as you are looking for the right fit in a franchise, CEO’s are also ensuring that you will be a strong addition to the company.
Reach Out to Your Prospect Pet Franchises
After reading through a company’s website, pamphlet literature, and media you should be closer to narrowing down a few franchises that you have deemed worth your time and investment.
This is the stage in which you need to reach out to franchisors. You will want face-time with CEO’s who can put you into contact with veteran franchisees. You will go through an interview process initially through conference calls, then in-person meetings. Gather as much information as you can about the long-term aspects of owning a small business and day-to-day operations.
Part of Splash and Dash Groomerie & Boutique initial training is an on-site training at a current shop. Franchisees in the beginning stages of owning their own franchise will visit a seasoned shop owner to absorb applicable information. The veteran franchise owner walks you through the whole process. This makes doing the job much easier when you’re running the show.
Techniques on retaining customers or how to secure your recurring revenue are taught during these training sessions. Also part of the training session is Splash and Dash University—a week long training workshop that covers all the ins and outs of franchise ownership.
Sign the Paperwork
All franchises, have, what is called a Franchise Disclosure Document—FDD. The FDD includes any information about previous CEO, litigation, financial agreements, restrictions, etc.
An FDD is a very complex contract between you and the franchisor. Think of the franchise disclosure document as the constitution of your small business. It protects you and the company.
Many FDDs can be over 300 pages long and written in dense legalese, or what people who are not franchise attorneys would call ‘jargon.’ Chances are you’re not going to be able to digest all this information in one sitting. Take your time with this paperwork. Ask for the guidance of the pet store franchise you’re working with for support in deciphering all the integral details.
The Final Stages
Once you have signed, you’re now on board. Congratulations! The work is just getting started. But if you’ve made the right decision within the options of franchise opportunities then you should be in good hands.
Depending on the franchise you’ve selected now is the time to begin construction. During your conversations with the franchisor, you will have found an ideal location for your pet store franchise. Splash and Dash Groomerie & Boutique supports shop owners through a variety of territory selection methods that will place Splash and Dash shops in key locations. This gives our shops a huge competitive edge.
Splash and Dash also support you with ensuring that your store’s build-out is completed in the cheapest and most effective way. We work with an estimator that can verify that contractors aren’t taking advantage of you. Once construction is complete you begin the stages of local marketing. Corporate also has a schematic to launch this process before your grand opening. This helps shop owners secure a clientele base. Since Splash and Dash Groomerie & Boutique also takes advantage of retail opportunities with group-purchasing discounts, your initial stock order is also facilitated by corporate.
Supplies, equipment, and inventory are also supported by headquarters.
Are you Ready?
Owning a small business is a risky and exciting business adventure. Many who want to seize their dreams by the scruff and go into the pet store franchise have access to much-needed help through different option in pet store franchise opportunities. Don’t do it alone. Do it right!
If you are one of these people, Splash and Dash Groomerie & Boutique hopes you find the right fit! For more information please visit us below.
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