Considering Franchise Opportunities? Assess Yourself to Make the Most Advantageous Decision for Success
Since 2008, there has been a steady increase in franchise opportunities within the American economy with a projected 5.6 percent change from last year, according to IHS economics. Many in the workforce are changing plans. Becoming a small business owner presents a freedom that diverges from the barriers of the traditional workplace.
The reason people are making the switch is because franchise owners experience improved work-life balance, control their schedule, have more job stability, get to use their creativity and employ their own ideas, and are able to remove income caps.
With the fiscal year for pet franchise industry estimated to end $62.75 billion, many animal lovers are exploring franchise opportunities in this sector accounting for 11.2% of total franchise establishments.
This article outlines 5 tips for those seeking a new future in franchise opportunities.
What Is Your Passion?
As a child you are asked the fateful question, “What do you want to be when you grow up?” A pipe dream begins to shape in your mind of the future of your adult life. Next, college. You pick a major which will extend to your career, but then you enter an over-saturated workforce, and the pipe dream fades.
According to a Gallup survey, 70 percent of Americans are disengaged from their jobs, meaning 52 percent go to work, but are “less than thrilled” with their jobs, while 18 percent outright hate their jobs.
This is not an inevitability.
If you are researching franchise opportunities, pick one that you will be excited to work on everyday. Work on the company, not in it. Splash and Dash franchisees don’t have careers, they have passions–a passion for business, and more importantly a passion for animals.
Splash and Dash Groomerie & Boutique shop owners can’t wait to get to their shop.
“I worked in corporate America for about 20 years, had enough, and wanted to do something that made me happy,” said John Neugebauer–shop owner in San Diego California.
Whatever your niche is, find it, and make the change to work with your passion. This can lead to financial success, but more notably happiness.
What is Your Skill Set?
The day-to-day operations of a franchise require various professional skills and each franchise opportunity will demand a different model of owner expertise to ensure success. When picking a franchise you want to invest in, know what their business model is, and how you fit into the model, and how you can help innovate the model with your shop.
In the pet franchise, many of our shop owners are very personable and great with people and animals, but aren’t the strongest with back office operations like accounting, or vice versa. Delegating these responsibilities, or hiring a certified professional accountant is part of owning a small business.
Do an assessment of yourself. What are your strong suits? What do you want to develop more of? If you’re very knowledgeable in retail and merchandising, but don’t know much about marketing, choose a franchise whose corporate office takes care of the marketing company wide, or hire a manager with marketing experience.
The franchise you choose should align with who you are, and what you can bring to the table.
Does the Franchise Assist New Franchise Owners Comprehensively?
Many big-box franchise opportunities rely on quantity over quality. Their business model is to open as many franchise units as possible without worrying about congesting territories, or individual franchise success. If a franchise fails, these big-box stores will simply turn the failed location into a turnkey and bid the location out.
Splash and Dash Groomerie & Boutique does not operate in this manner. We aim to ensure success for our new shop owners. Corporate provides management training, business training, terminal software training, brand training, retail and merchandising training, and all marketing and promotional packages are for the benefit of the company holistically.
Ideally, a franchise opportunity (in every sector) should have an open door policy concerning new franchisees. From research, to due diligence, to your grand opening, a franchisor should walk you through the process–ensuring that you are ready to be the most successful small business owner you can be.
“I went with a franchise over starting my own pet store because I have no idea what I’m doing. Having the support of the franchise behind me felt basically like they handed me their model said ‘If you follow this, you should be successful,'” said Neugebauer.
Do Prospect Franchise Opportunities Facilitate Conversations With Previous Franchise Owners?
Paul Hawker–environmental entrepreneur–puts it simply, “Don’t go to business school.” This is blunt, but does carry truth to the matter. There is an inflated bubble surrounding MBA programs in this country, and many venture capitalist are advising against getting the degree–it may not be worth it.
What is worth it, is learning from those who have already gone through the process of owning their own small business.
One of the most valuable things you can do when researching a possible franchise opportunity is to speak with current shop owners. A good corporate office should promote training and a dialogue between soon-to-be franchise owners and the veterans.
Operating a business takes a trial and error educational process, and the best teachers of this process are the ones who have previously made the errors. Shop owners that have already faced the challenges, and found what works best, will be able to give you these valuable insights, helping you to avoid unnecessary challenges after opening.
Once a Splash and Dash Groomerie & Boutique prospect franchisee has completed their due diligence, corporate trains and assists through every step, including making sure new shop owners can communicate with seasoned shop owners. Ask questions and gain beneficial advice no matter what franchise you decide to go with.
Also, an annual training workshop called Splash and Dash University takes place where business coaches and shop owners offer seminars for new shop owners to learn from the experts.
If any franchise opportunities you are interested in do not offer this in some capacity, this is a red flag.
Shop Around; Do Your Homework
So, you’ve made a decision. You chose a franchise sector that you find fulfilling and are passionate about. You’ve analyzed your skills, decided what areas you are strongest in, and what you’ll need to delegate to others, or improve on. The franchise you’ve selected will walk you through the process ensuring your success. You got a chance to speak with current franchise shop owners to gain advice, and for assurance you’ve made the right choice. Now what?
Splash and Dash Groomerie & Boutique maintains transparency in this regard. We want franchisee prospects to do their homework. Make sure you are making the best decision for yourself.
Compare all your options.
Not solely price points, but the overall support structure of the franchise’s business model. Even in a franchise, company culture is imperative, and if a company’s core values are not congruous to your own, this is also a red flag.
Do you have the capital to make the investment? Is the company wholly successful? Will they invest their resources in you, as much as you have in them? Will you grow professionally, and maintain happiness as a franchise owner?
Splash and Dash Groomerie & Boutique urges all those interested in franchise opportunities to make wise and informed choices, and above all, be passionate about what you do.
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