Pet Franchises: Avoid These Mistakes
Article by Bob Richman
In the world of pet franchises there are some things to consider. First-time franchisees have many details to finalize before hanging out their shingle and welcoming customers. Just because your business deals with pets and their owners doesn’t mean you won’t have the same worries as any other franchises out there. Before you sink your nest egg into your pet-oriented franchise, here are some mistakes you’ll want to avoid.
It All Starts With Money
Any pet franchise you look into will come with a disclosure document. This paperwork will give you an upfront view of all the costs of the particular opportunity you are looking into. Starting capital, overhead costs, insurance, and other expenditures will be outlined. Along with this document, you’ll have many conversations with your franchisor to qualify that you are in a financial situation to responsibly handle a franchise.
You will also have meetings with your bank to complete your financing and iron out any discrepancies that would cause a rocky start to your pet franchise. You may feel like you are being put under the spotlight, but this is all to ensure your success. The trail of pet franchise success is littered with people who didn’t have the funds to run their businesses properly.
Marketing, Marketing, Marketing
For the first-time pet franchise owner, the need for marketing may not seem to be an important part of your business strategy. Many who embark on this journey are content with a phonebook ad or a weekly spot in their local newspaper. You need to know that this is just the tip of the marketing iceberg.
A marketing budget should be one of the first things you figure into your expenses. An effective plan should take into account the best way to reach your target customers. Knowing who you will sell your services to will help you flesh out a marketing strategy that is both budget-friendly and worthwhile.
Become familiar with your franchisor’s marketing policies. Many franchisors will have a monthly quota for marketing and will include which mediums are the most effective for your market. Why reinvent the wheel?
Stick to the Plan
Pet franchises are successful for one reason – the system. Successful franchisors have honed their business strategies down to the essentials. You may feel like you are being boxed in at the beginning. Understand that these are just training wheels to help you along the way, especially during the crucial first quarters.
These franchise systems are constructed to leave little or nothing to chance. This makes a lot of sense. If you are chosen to represent the pet franchise you will be responsible for ensuring its success or its failure. Going out of business is not only bad for you but it also wreaks havoc on your franchisor. Let’s face it – nobody wants a losing business on their books.
Franchisees that follow the system carefully laid out for them by their franchisors have the edge over those who want to “wing it”. In many cases, your ideas can be incorporated after the first year, depending on the guidelines you agreed to at the time of your contract signing. If you are diligent in all aspects of your pet franchise, success is yours for the taking.
About the Author
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