Investors in the Pet Franchise Should Consider 5 Things Before Going Solo
More than 90% of franchises renew their contracts at the end of their terms, according to Steve Caldeira, former President and CEO of the International Franchise Association. Forbes also stated in 2012, that the pet franchise industry was one of the strongest prospering industries that were not affected, and even showed significant revenue growth, during the recession. This data trend is continuing to grow.(Link to previous blog article 4 signs the pet franchise industry is continuing to grow) In the midst of the recession from 2007 to 2009 expenditures jumped from $43.2 to $53 billion, and the projection for the end of this year are at $62.75 billion. In 2019 the projections are $91.72 billion. On the other side of the statistic drawing pull, investors observe lone start-ups failing. In the first year, 25% of startups fail. In four years this number nearly doubles.
Splash and Dash Groomerie & Boutique offers training both on-going and pre-opening. Splash and Dash University (SDU) is an in-depth training and workshop program that helps both experienced and new franchisees gain knowledge on a myriad of aspects of owning a pet franchise. Both integral business practices and pet grooming training are included in SDU. When going solo, the advice and mentorship available with a pet franchise is much more scarce, and usually not free. It is nice to have support from experienced franchisors when beginning as a novice entrepreneur.
Brand recognition has repeatedly been proved to work on a psychological level for consumers. Even if the franchise prospects are researching does not have the visibility of Mcdonalds or Walmart, it still gives credibility and relevancy to consumers. Splash and Dash Groomerie & Boutique is google-able and was listed in Inc. Magazine in 2015, 2015 & 2016 as one of America’s fastest growing companies. Brand templates, logo, and interior design are also resources pet franchisees can access. Any marketing projects help the franchise on a holistic level and benefit the entire franchise. Online resources that provide brand design are also available to investors at every level of the franchise and are provided and handled by the franchisor.
All franchises opened within the United States are governed by the Federal Trade Commission. Regulations protect both franchisees and clients from unethical business practices. Beginner entrepreneurs cannot make uninformed mistakes that could be harmful or deceptive to consumers. Also, state requirements must be acquired and upheld like permits and licenses which are detailed out when investing in a franchise. Regulations should be viewed as protection, not an inhibition to ethical business within the pet franchise industry.
The camaraderie that is affiliated within franchises is a valuable tool. Franchise newsletters keep franchisees updated on new information within the pet franchise industry and their specific company. All marketing campaigns are inclusive and beneficial for every storefront operating in the franchise. Insight is provided by different location owners which help when fiscal snags occur. Along with a convivial culture, a little bit of healthy competition can be a major incentivization for employees and franchisees. All of these perks are reasons why investing in Splash and Dash Groomerie & Boutique is a safer alternative than going solo.