Franchise Information

Tips for Success with Your Pet Franchise Business

/in /by

Success is the goal of any business and pet stores are no different. Sure going with a franchise can help you to be more successful because you will have a blueprint of how to be successful from your franchisor. You will also have support to help you through. However, this does not automatically make you more successful with your pet franchise business. Here are some ways you can help improve your business.

 

Improve Yourself

This may seem like a no brainer but there are many people out there who think that once they are a business owner they can stop learning. They think they will just get the skills and understanding through trial and error. If you want to be successful with your pet franchise business then you need to be actively working to improve yourself for the sake of your business. Maybe it is taking marketing classes or business management classes. It could even just be taking classes on people skills. To do this, you need to first recognize your weakness. Then find the classes that will work best for this.

 

Stay on Top of Trends

Another thing to keep in mind for the success of your pet franchise business is to keep up on the newest trends. This means reading magazines and posts about the newest pet industry trends. You want to know what people are looking for so you can tailor your business to this. You may even want to set a Google alert to help you find this information. Along with this you want to make sure you are utilizing pop culture trends in your marketing to reach a greater audience.

 

Don’t Skimp on the Marketing

Some pet franchise business owners think they do not need to spend any real money on marketing because word of mouth is enough. Sure this is a great form of marketing but it is not all you need. Even if your franchise is not doing as well as you had hoped this does not mean you should cut back on marketing. In fact, this is where you need to ramp up your marketing efforts. Keep in mind that not all marketing costs an arm and a leg. There are many low cost or free ways to market your store. You just need to create a marketing plan for your franchise and stick with it.

 

Have the Right Team

There is not enough that can be said about having a good team at your pet franchise business. They are the people who keep your store up and running. In many cases they are the first person your customers will see when they walk into the store. This is why you need to take the time to find the right people for your team. More than this, you need to invest in your team. Do more than just train them on your policies and procedures. Make sure you cultivate their customer service skills. Work on their marketing skills, especially when it comes to upselling. It may be as simple as  having classes in store before or after hours to teach them or even taking them to classes. This is where regular evaluations are beneficial. You can see how a person is performing and where you can work with them.

 

Are You Financially Prepared for a Franchise Opportunity?

/in /by

The American dream of owning a business and making it big is something most people want. However, the truth is that it is not always the right time. There are many aspects to think about when it comes to finding the right franchise opportunity. While you may be looking for something to make you wealthy, the first thing you need to assess is whether you are financially prepared to be a franchise owner. This is not as easy as you may think. Here are some aspects you need to think about to determine whether you are ready or not.

 

How Much Capital Do You Have?

This is an important aspect of finding the right franchise opportunity. Sure many franchises are fine with a person getting a loan for their franchise, but they expect the person to be able to come up with at least part of the money on their own. The amount of capital is dependent on the franchise, but usually a person needs to have several thousand in liquid assets for any franchise to consider them.

 

Can You Get the Financing You Need?

Another aspect to think about when finding the right franchise opportunity is whether or not you can get the financing you need to take care of the franchise. This starts with evaluating your credit. If it is less than stellar you may want to take a little time to improve your credit. You should pay down on your existing debts, make sure you are paying bills on time, and not add any new credit accounts to your name. It may also be helpful to ask a financial advisor for help. You can also use this time to save more money and plan for your future as a business owner.

 

Do You Have Some Stability?

If you have a spouse or partner, you want to make sure at least one of you has a stable income before you jump the gun with a franchise opportunity. Even if you have money saved, assets and other capital you can draw from, this will make it much easier on you. If your partner or spouse does not currently have a stable job, then this may not be the best time to open a franchise.

 

Are You Prepared for the Start Up Phase?

The other aspect of franchise ownership many people fail to account for is the start up phase. Even if you have an amazing marketing plan and get your marketing going months before your franchise opens, this does not mean your business will take right off. It takes time to build up your clientele. You need to be prepared for this by having sufficient funds to cover you financially as well as cover the expenses of the business.