Pet Franchise

3 Financing Tips for Your Pet Food Franchise Purchase

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Financing can be difficult with a franchise or really any business purchase. This is because it is very different from a home or car loan. There is generally more risk, which is why it is a little trickier. There are some tips you should know about financing your pet food franchise that can make the process much easier.

 

Get to Know the Banker

Having a relationship with the banker can make a huge difference. This does not mean that you have to take them out for drinks or invite them to a dinner party. Rather, you want to take a little time to talk with them and build rapport. They may have the final say on whether they will even consider a pet food franchise and having this built rapport can be just what you need. Getting to know them may even be enough to get theme to look at the franchise.

 

Ask if There is an Option for Expedited Approval

If you have never financed a franchise, then you may not realize that in some circumstances a franchise loan can take several months to go through. This is because the bank will want to look through all the financials of the pet food franchise to ensure that it is something they want to be involved in. Typically, to expedite the approval process, the bank will require a guarantee by the SBA. They have a list of approved franchises and if the franchise you are buying is on this list, then the process can run much smoother.

 

Don’t Stop Looking if You Get Rejected

Just because you tried and did not succeed with one banker doesn’t mean you should give up on your dreams of owning a pet food franchise. Remember that there are many other lenders out there. This just means that you have to keep searching for the one that will say yes. Find out why you got rejected so you can use this to help you find the right lender. It is also important to remember that there are many non conventional loan options that you can apply for as well. These may be easier for you get approved with. Also, if you find that this is related to your personal finances or even your credit, then work on improving these for several months and trying again. This can make all the difference in many cases. The main thing to remember is not to give up.

5 Ways to Succeed with Your Dog Franchise

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No franchisee goes into business to be mediocre. They want to be successful. Every one of them. With that being said, there is more to this than just sheer will. Yes being driven is important. Sure having sufficient funds will help. However, this is generally not enough to make a dog franchise the success the franchisee hopes it will be. This is why you should know five of the ways you can succeed with the business.

 

Network Whenever Possible

There is not enough that can be said for networking. It is a powerful tool for any business or professional. You can do this by attending networking events, joining your local chamber of commerce and so many other ways. This is important because you are forming business relationships within your community. It will be beneficial to your dog franchise in the long run. Also, remember that networking involves family and friends. Make sure they know what you are doing and have to offer so they can help you with promotion as well.

 

Create a Plan and Keep to It

This is one of the best things you can do with your dog franchise. There are many franchisors who will require you to have a plan before the franchise agreement is signed. Even if they don’t you should still do this for yourself. This will help you to have an idea of what you will do with your franchise. Keep in mind it is not enough to just have a plan. You also need to keep with the plan. One of the best ways to stay on track is to set short and long term goals for your franchise. Look at them often and adjust as necessary to keep you on track.

 

Make Customer Service a Priority

This should go without saying, but is something many people need to be reminded of from time to time. If you have a dog franchise, or really any franchise, then you need to make sure you are putting an emphasis on customer service. Your customers want to know that they matter to you. Make sure you show them this and you will see loyalty from them.

 

Utilize the Tools Your Franchisor Offers

Depending on the franchise, there are tools they will offer you to help you succeed. While they will not do everything for you, they want you to be successful. When a dog franchise is successful, so is the franchise. This is why you need to look at what all you can utilize from your franchisor. Use it all and see what helps you.

 

Get Involved Within Your Community

This cannot be stressed enough. If you want to make your dog franchise more visible then you need to get out in the community. Let the people know who you are and that you care about the community. This can be something as simple as sponsoring the local swim team. You could have adoption events at the store. You can sponsor a community event. There are so many different options with this. You just have to look at what your community has to offer and what will work best for your business.