Pet Franchise I 5 Tips for Getting an SBA Loan for Your Small Business

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When it comes to owning a pet franchise you will need to have adequate funds. If you do not have all the initial investment now, then the best thing you can do is secure a small business loan. Keep the following tips in mind.

 

1. Before You Buy a Pet Franchise, Get Things in Order

The first thing yo have to do in order to buy a pet franchise is get your documents in order. You will need to have the right applications filled out appropriately and neatly per lender request. Each lender will have different requirements. Two things that you will definitely need for all of them is a compilation of financial information and references.

 

2. Prepare for Your Interview

You will have to interview for the small business loan in order to receive a loan for a pet franchise. The thing to remember is that you are selling yourself. Make sure you look like a successful business owner. Be prepared for all the questions they will ask. Take the time to practice the interview so you are not stumbling all over yourself as you defend your pet franchise loan.

 

3. Create a Financial Plan

While not all lenders will require you to have a business plan, it is a good idea. The nice thing about a pet franchise is the business model is laid out for you already. This will take care of a good portion of the work. Do not forget to focus on your goals for the future in your business plan.

 

4. Don’t Quit Your Day Job Yet

While it may seem like a great idea to quit your job in anticipation of opening your new pet  franchise, lenders do not like this. You will come across as flighty and a bad investment risk. Wait until after the loan is finalized and you get things moving with your store to quit your job.

 

5. Talk with an Expert About Financing Your Pet Franchise

Your local SBA office can help you get the information about securing your loan. It does not cost a thing to talk with them. They have a wealth of information they can share with you to help you through this process.

 

Why Buy a Pet Business for Sale When You Can Have a Pet Franchise?

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When looking for the right business opportunity there are many aspects to consider. Many people think the only way to be successful is to buy a business that is already established. However, you will find that a pet franchise can be just as lucrative as a pet business for sale.

What a Franchise Can Offer

There are several ways a franchise can offer you more than an established business This includes aspects such as :

  • Cost- The cost for starting a franchise, especially if you find the right one, will be less than what it costs to buy a business that is already established.
  • Support- While there may be a little help from the previous owner when you first buy, most of the time they will simply hand you the keys and that is it. When you buy a franchise though you will have continual support because when you do good so does the franchise.
  • Business Model- Unless you have an MBA with a background in the pet industry, you will find that running a successful pet store is difficult. With a franchise you will have the business model already laid out for you.
  • Branding- Unless you are going with a pet business for sale that is a staple within the community, you may not have a well branded company. Branding will make a huge difference in the business you receive.
  • Marketing Assistance- Most franchises offer pre-designed marketing materials, such as shirts, print materials and more. You know that these are designed by marketing professionals and designed for your success.
  • Know Exactly What You Are Getting– When you buy a business, there may be inherent problems with it that you simply will not know until you buy it and get started. With a franchise you will know exactly what you are getting before you purchase.

Overall you will see that you are set up for success better with a franchise rather than a dog grooming business that is already established. This can help to take away some of the anxiety you have when going into business for yourself. You will have peace of mind when you choose the right pet franchise.

 

Splash and Dash- the Best Choice for a Pet Store

If you want a lucrative franchise that is unique, then Splash and Dash Groomerie & Boutique is the way to go. Our founder, Dan J. Barton revolutionized the pet industry a recurring revenue stream. However, this is only one of the many reasons to choose us when searching for a pet business for sale.

 

Recurring Revenue Stream

With our monthly bath membership, members pay dues to bring their pets in for unlimited baths with brushing. While this seems like it may be costly, it has actually been shown to improve revenue.  This is because customers are being driven into the store where they are more likely to buy additional products and services.

 

Technology Driven

There are many ways that we have have embraced technology to make the store easier for you and the customers as well. This is done with technology we already have and we are prepared to integrate future technology such as Google driverless vehicles and drones among others.
Proprietary Software

When looking at a dog grooming business you may have found the company had software in place. However, there are no cookie cutter software programs, even for the pet industry, that can compare to a software program that was designed by pet store owners for pet store owners. You will find it to be intuitive, easy to use and comprehensive.
The Support You Need

There are many ways that we help you with your franchise. For one, we offer our Splash and Dash University where we come to you to train you and your team. We also have vice presidents who are in the field and ready to get out and help you at a moment’s notice. We consider ourselves your partners in success.