Once you have decided that owning a franchise is the preferred method for you to launch your own pet care business and before you hand over your hard earned money for a Home-Based Franchise in the Pet Industry, perform your due diligence and understand the intricacies about the business you are looking to invest in.
Consider whether the business model is scalable and whether the franchise opportunity allow for multiple streams of income. The answer to this question will help you determine whether buying the Franchise Opportunity means you will be self-employed or a business owner. If the franchise model requires that you personally do most or all of the work then you are buying a job. Great if that is your goal. But if you want to be a business owner earning your income through employees and multiple service offerings then a franchise that limits your ability to do this may not be what you are looking for. And if you do want to grow your business, make sure any Franchise you are considering includes the systems and processes to support you in your business growth. Check to see if the franchise you are considering offers systems such as business development training and employee tool kits to make recruitment and management of employees seamless.
Consider what total investment will be required to open your franchise. Understand and reconcile all the franchise fees so you are aware of the full cost to you.
In addition to the royalties what other ‘ongoing’ fees will you be responsible for?
Find out if there is a separate training fee in addition to the franchise fee and what is included in each.
Determine which fees are mandatory and which are optional.
Ask the questions upfront so you are able to determine the true cost of starting your business.
Ask what is covered in franchise training. Ask about the franchise training, how long the training is, where the training is performed, who is conducting the training, where you will stay and what kind of expenses will you incur during the training period.
Does your franchise training include finance training? Learning operational skills is just part of the necessary skills needed to run a successful business so find out what is included.
Ask whether the franchise offers a purchasing and fulfillment system. One of the benefits of joining a franchise is being part of a business community that has the power of many. This should translate into preferred vendor purchasing agreements, lowered operating expenses and thus more profitability for your business.
Find out if the franchise system is proprietary. Find out if the franchise system includes customer service data base management systems.
Determine what is specifically unique about the franchise you are considering.
Ask how the franchise and franchise owners can stay current with industry developments and innovations. When purchasing a pet care franchise recognize that the industry is continually developing so any franchise business you may be considering should have a process to help you stay at the forefront of the industry.
Is the franchise allied with the leading professional organizations and affiliations in the pet industry?
Find out how the franchise will help you develop your operational and business skills once you’ve left training.
Be very careful that you don’t find yourself part of a franchise system that is using methods that that are not supported by leading professional organizations. A franchise that is aligned with the leading players in any business sector recognizes the importance of research and development. Continued education must be available to you so you can continually grow within your industry sector.
Webinars, educational workshops and annual seminars must be a key component of the culture of any franchise you are seriously considering.
Ask what website presence there is in existence for the franchise. Find out whether you are provided with a landing page to promote your locally owned business. A marketing driven service business must have strong web presence not only for its corporate office but for each of its franchise owners.
The website must be professional and attractive for your clients and not just a tool for the franchisor to sell franchises.
Learn from the franchisor what components of a website they provide to you and what efforts they make to collect and analyze website traffic so you can enhance your marketing efforts and attain more clients profitably.
Ask whether you are provided with the use of a unique toll free number. A strong toll free number adds value to your franchise, especially a vanity number.
Ask if the toll free number is answered by real people during business hours?
Does the system allow for your business to have its own extension?
Does the toll free system capture important client data for you such as incoming numbers and locations?
Fins out a start-up package. When you purchase your franchise are you provided with a franchise start up package. Make sure the franchisor provides you with a start-up package with everything you need to open and launch your business. You don’t want to be left to determine what you need in terms of equipment, tools, marketing collateral and retail items when you need to be focusing on building your business.
Find out what the Franchise Marketing Plan is. The greatest products and services in the world will not succeed without an effective marketing plan. Determine how extensive the franchise prescribed marketing plan is. A strong franchise operation will not only provide you with a prescribed tactical marketing program they will also review the strategy and tactical marketing activities with you.
The franchise operation should guide you through monthly marketing activities and provide you with analytics so you can calculate how effective your marketing is by cost per customer, referral method, e-commerce traffic and much more.
The pet care industry covers many different services and products. Understand which services and products you would like to be involved in and check their profitability
Speak to at least two of the current franchise owners, ask them if they would buy their franchise again
Franchises range from being exceptional to being very poor. Talk directly to the franchise owners, ensure they have the skills and experience to support and mentor you through your business growth
Things You'll Need
The franchise FDD document and ample time to read it, question it and understand it
Help and support choosing your franchise territory
A detailed report on the training you will receive, before you open and as ongoing development