How to Ensure You Buy the Right Pet Sitting Franchise
You’re considering buying a pet daycare franchise. It’s a business that’s made for you. Or is it?
This is exactly the sort of business in which you will excel. But a word of warning: buy the wrong franchise and it could become one of the biggest regrets of your life. These 13 questions will help you to avoid such a mistake, and buy the perfect pet sitting franchise for you.
How’s the market going?
Choosing a market in which your business has the potential to thrive can be more difficult than choosing the right franchise. Franchisors with long-term ‘growth potential’, rather than only short-term ‘hottest’ concepts, are more likely to provide a successful business experience.
Is the franchise’s culture a good fit for me?
It’s crucial to select a franchise that fits your values and purpose. If you don’t, you’ll soon be at loggerheads with the franchisor, you won’t be a happy franchisee, and you will be less likely to achieve the profitability you should.
What sets this brand apart?
Is a larger franchise better? If you are looking to start a business or expand an existing business portfolio, it’s crucial to choose a franchise with a great reputation. This should help in promoting your business from day one and will also provide more opportunities for new customers to find you.
What’s my competition?
You’ll want to know about the potential competition for your business in your chosen location. You’ll need to get your hands dirty and do your research! When you understand your competition, you can choose the best pet sitting franchise to invest in.
What is the initial investment range?
Just as you would when you start a business from scratch, expect costs related to opening and running your new location including franchise fees, equipment, build-out, licenses, etc. There are many distinct types of pet franchises available, and the amount of your initial investment will depend on which type you choose, the franchise itself, and the location, among other factors.
What return on my investment can I expect?
It’s natural to wish to know the size of your potential return, but this is a number that cannot be accurately discussed. Your position is unique, and there are too many factors that come into the mix. However, when you review the Franchise Disclosure Document (FDD) you will find details that include a financial performance representation that will give you an idea of what other franchisees are making.
How big a net worth do you expect me to have?
The franchisor will assess your ability to manage and operate the business, and this includes how you manage your finances, and if you have enough capital to cover things like cash flow in the first few months. It gives them a sense of whether you will be successful.
What is the franchisor’s financial track record?
It’s worth doing research on a franchisor to see if they’ve been able to maintain profits from the past and where they’ve had problems in the past.
Just like the franchisor wants to understand your personal record of success, you should make sure that the franchisor has been able to maintain sales and profits through all market conditions.
What kind of training support will I receive?
All franchisees’ backgrounds are different. You may not have specific experience in pet care, marketing, sales, managing a business team, and so on. You’ll want to choose a franchisor that offers you the initial training and ongoing support that will help your business to be successful.
What is offered to help in the marketing of my business?
A big benefit of being a franchisee is having the marketing power of the franchise behind you. Will you have the support of an experienced marketing team? What marketing materials will the franchisor provide?
Are your franchisees satisfied?
The happiness of existing franchisees is a good indicator of how satisfied you will be in the business. You should speak to as many franchisees as you can. Another indicator is how many franchisees own more than one location, and how long they have been a franchisee.
Has the franchise been involved in litigation?
It’s crucial to know if the franchisor has ever been in litigation with other franchisees, how often, and why. If you discover a history of litigation, this should be a warning to you. You should find details of any existing litigation in the FDD.
What is the process of termination or transfer?
Occasionally, despite all of your research and investigation, things don’t go quite as planned. This can be for several reasons, including ill-health, unexpected events, or other personal issues.
Good business planning will mean that you are prepared for this. You should ask about selling your business, or transferring it to another person, and how this can be done, including any clauses that may affect your ability to move on. You should also become acquainted with any actions by you that could give the franchisor cause to terminate the franchise agreement with you.
Are You Ready to Own a Profitable Pet Sitting Franchise?
Franchising is a popular strategy for new (and existing) entrepreneurs and business owners. Is it a business model that will suit you? These 13 questions will help you decide, but your real potential is also dependent on one other crucial factor. You!
Take our franchise assessment test. It’s the first step to discovering if you have what it takes and the kind of pet daycare franchise business that will suit you best.