Starting a business is harder than it looks. But in franchising, you are given a success and proven validated model to follow with higher success rates than independent businesses. That’s why franchising is such an attractive option, especially for first-time owners.
Experts agree there is a very thin line between businesses that fail and those that succeed. And, that’s why owners are perpetually in search of secrets to success. Here are a few of our favorite secrets, but don’t worry about keeping them to yourself. Success should be shared.
Choose an industry in which you have an interest
It makes life and work a lot easier if the interests of the owner run parallel to that of the business. Owners spend a considerable amount of time working on the success of their business, so an emotional investment, or a tactical one, with the industry is a huge advantage.
Have a plan
Franchise owners need to have roadmap in mind for their own business, just like any other business owner would, to elevate his or her chances for lasting success. A thorough business plan helps with operations and goal setting, but it also could play a role in financing on the front end. And, once finances come into view with real numbers, it is important to draw up a fiscal plan to have a clear path for fund allocation and expenses. Most top franchisors will help you build your plan.
Do your research
Before selecting or opening a franchise, do a little leg work. Talk to other franchise owners in the industry you’re considering and beyond. Dig into the success of the brand you’re considering and examine the viability of the market you’re trying to enter. Look at the leadership and their track record. Discuss trends with those who work in the field, and those who patronize the brand you’re considering, and build a 360-degree view of the investment you’re about to make.
Scout the perfect spot
If a brick and mortar concept, consider every variable that could impact the location or locations you are considering. Examine traffic patterns, the type of people who could be potential patrons and the cost of running a business in that location. Don’t overlook the availability of parking, and be sure to gain a good understanding neighboring businesses, which could be complementary to yours or detrimental. Again, most franchisor should be assisting with site selection.
At Dogtopia, we understand you are in business for yourself, but not by yourself. Interested in joining the fastest growing company in the pet industry? Contact us today!