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The Top Ten Questions You Must Ask Before Buying A Pet Care Franchise
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Before you hand over your hard earned money for a Home-Based Pet Industry Franchise, perform your due diligence and get the answers to the following ten questions. 1. Is the franchise business model you are considering ‘scalable’ and does 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 leveraging your labor through employees and multiple service offerings then a franchise that limits your ability to do this may not be what you are looking for. If being a business owner is your goal then 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. 2. What is the total investment required to open your franchise?
It is critical that you understand and reconcile all the franchise fees so you are aware of the full cost to you. This will allow you to accurately compare one opportunity against another. In addition to the royalties make sure you know what other ‘ongoing’ fees you will 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.
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3.What is covered in franchise training? Again, this will help you accurately compare one opportunity to another. This information will also help you understand exactly what you will be getting with your training. So ask about the franchise training, how long it is, where the training takes place, who conducts the training, where you will be staying and what kind of expenses will you incur during the training period. Does your franchise training cover financial management and marketing? Learning operational skills is just part of the necessary skills needed to run a successful business so find out what is included.
4. Does the franchise offer 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.
5. Are the franchise systems proprietary? Determine what is specifically unique about the Franchise you are considering. Ask about things like customer service database management systems, marketing programs and operational programs.
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6. How will the Franchise and Franchise owners 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 must have a process to help you stay at the forefront of the industry or you may find yourself becoming outdated. Is the franchise allied with the leading professional organizations and affiliates 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 in your industry and stay current. Webinars, educational workshops and annual seminarsmust be a key component of the culture of any franchise you are seriously considering
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7. What is the website presence like for the franchise and are you 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. Make sure the Franchise website is professional and attractive for your clients and not just a tool for the franchisor to sell more 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.
8. Are you provided with the use of a unique toll free number? A strong toll free number adds value to your franchise, especially a vanity number. Determine 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?
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9. Does the Franchie provide new franchises with a 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.
10. What is the Franchise Marketing Plan?
No matter what your business is – every business is a marketing business. The greatest products and services in the world will not succeed without an effective marketing plan so it is important that you 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 on a regular basis. The franchise operation should guide you through monthly marketing activities and provide you with the measurements so you can calculate how effective your marketing investment has been.
Summary If you get the answers to these ten questions as part of your due diligence then you will be better informed about the investment you are about to make