Pet Franchise

8 Tricks to Get the Franchise Funding You Need

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The most important aspect to opening your franchise is having the funding you need. You cannot get the business off the ground without the money to do so. This is why so many entrepreneurs seek lenders to help them with this. Whether you are looking for a small amount or the majority of the dog grooming business to be financed, it is helpful to know a few tricks to help ensure you get the financing you need for your pet care franchise.

 

Improve Your Credit Score

The better your credit score is, the better your chances are at receiving the loan you need for the pet care franchise. This means establishing a good history with lenders through making payments on time. You can always talk with a credit counselor to understand the best ways to improve your credit.pet grooming

 

Have Good Credit References

Most lenders will  call your credit references to ensure that you are a creditworthy individual. This is why you want to choose good people for this. You can go with friends, vendors, customers and much more. The idea is to choose people who will give you a glowing reference.

 

Fully Complete Your Credit Application

A mistake many people make is not filling out every line of the credit application. While you may think something is insignificant, the lender probably doesn’t. This could cause your application to be rejected. A good tip with this is to go over the entire document before you submit it to ensure that you have filled it out completely.

 

Either Choose LLC or C-Corp for Incorporation

Some people make the mistake of making their pet grooming business a sole proprietorship. While there may be some tax benefits to going this route, you will find that you are less likely to get the funding you want for your pet care franchise.

 

Take Care of Outstanding Debts

This could be lumped with building good credit but it is worth noting on its own. The less debt you already have, the more likely you are to receive the financing you need. This is why you should take the time to look at the debts you have and see what you can get rid of.

 

Tell Your Storyfire-your-boss2

Whether you include this as part of the business plan or as a section on the application, you want to make sure you tell your story. Tell the lender why  you chose this particular pet care franchise, what led you to the industry and what motivates you to keep going. If you know someone who has great writing skills you should ask them to help you write it or at least proofread it for you.

 

Have Projections Ready to Go

You want to be able to show the lender where you are going with your pet care franchise. This is why you need to create projections for your revenue over the next year, five years and ten years. This is usually part of the business plan most lenders require but it is worth noting on its own.

 

Contact Several Lenders

The best way to ensure you get the funding you need is to talk with multiple lenders. You want to get out your application with several companies. This will give you the best chance of finding the funding you need. More than this, you may even find that you have lenders competing for your business.

5 Daily Habits to Make You a More Successful Pet Grooming Franchise Owner

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Whether you’re looking to become the owner of a pet grooming franchise or you’re scouting out various industries, one thing stays the same: the rich in every industry have a handful of daily habits that they suggest every business owner do. As the owner of a pet grooming franchise, you’re cheating yourself out of greater success if you don’t make these 5 things part of your daily routine. In a report done on the difference between the “rich”, those who make more than $160,000/year and have $3.2 million or more in net liquid assets vs. the “poor”, those who make $35,000/year or less and have less than $5,000 in liquid assets, these are the things they found that made the biggest differences:

1. Daily Reading is a Must

According to the study, those who fell into the 88% wealthy bracket read for 30 minutes or more every day while only 2% of the poor class reported to daily reading. 86% of those who read said they loved doing it. Reading can make all the difference in the way you run your pet grooming franchise and greet other people. Studies have been done that show a greater level of compassion and critical thinking skills in those who read more, regardless of whether they read fiction or nonfiction.

2. Maintain Good Health

30% of those in the rich category ate less than 300 calories of junk food on average per day while 97% of those who fell into the poor category did the same. On top of that, 76% of the rich class were part of some aerobic exercise program four days a week. This statistic is a little more difficult for individuals whether they own a pet grooming franchise or not. The rich often have more time and more money to devote to specific eating programs and workout clubs. Whereas those in the poor category often work long hours for little pay and may not have the time or energy to live the fittest lifestyle. With that said, those who eat better and do a minimum of 150 mild cardio workouts a week feel improved energy all day long which helps to make them more productive overall.

3. Make Lists and Keep Them

It turns out that those who are considered rich believe in list making because 81% of them keep daily to-do lists while only 9% of those in the poor category feel the same way. Making lists, especially residual lists that can help keep you on track daily is a great way to increase productivity and keep your mind on track, just ask the owner of any pet grooming franchise and you will find the benefit in list making very quickly.

 

4. Set Goals for Your Pet Grooming Franchise

While lists are helpful to completing tasks on a regular basis, they will do little for you if you do not have an end goal. In order to make your lists or activities feel like they are doing something, you should always be working toward something. By having a goal, you have a way to measure your daily, monthly, and yearly activity and growth. When you set goals, you should put them in an easy to read place in your pet grooming franchise to refer back to them as needed to remind you. By the way, 80% of those who are considered “rich” set specific goals while only 12% of those in the poor category did the same. On top of that, over 80% of those in the “rich” category set life goals for self-improvement, education, and their future while only 5% of the poor did the same. If that doesn’t say that success is a mindset, what else possibly could?

5. Turn Off the TV

The study found that only 6% of those who fell into the rich category watched reality TV and 67% of the entire category watched an hour or less TV per day. Meanwhile 78% of the poor class watched reality television and just 23% watched less than an hour of TV per day. While the news and other television programs can be great for learning or to take your mind off of stress, many pet grooming franchise owners find themselves less productive when a TV is present. Instead of using it as a way to fill time, consider using television as a special treat to yourself after a particularly productive day.