If you are considering becoming a franchisee or just starting out in your franchising journey, you may be curious about the key factors contributing to long-term success. Like any business venture, franchisees aspire to achieve sustainable success. However, it can take time and effort to get there, and making the right business decisions can go a long way in helping you reach your goals.

Unfortunately, there is no crystal ball that can tell you the future, but making predictions and factoring in potential outcomes can be particularly helpful in your decision-making process. Here are some key elements that can offer insights into the future and impact your success.

INDUSTRY DATA & BUSINESS GROWTH PLANS

A significant amount of data exists online that offers a snapshot of where an industry or specific market is heading. Searching terms like “market size of [industry]” or “market projections in [industry]” can be a great place to start to see what information is out there and available to you. These projections use past data, the rate at which an industry grows, and other factors to help make predictions. Reviewing this can be an asset when evaluating a franchise business to pursue and offer a sense of confidence that you’re not investing in a slow-moving or declining industry.

It may also be a good idea to research how a particular franchise plans to grow over the years. This information may be accessible to you via the franchise’s website. However, you can also seek out information from a general standpoint by searching for the yearly trends of a given industry. If that insight is available, pair it up with the franchise business you’re interested in; are there similarities in the trends for the industry and the products/services the franchise offers? If there are, the franchise business is likely receptive to the growing wants and needs of its consumers.

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FRANCHISE LOCATION

Site selection is a crucial step in the franchising process that usually comes a bit later down the line. However, it’s important to keep in mind that selecting the right location for your franchise is crucial to its future success.

Key factors such as accessibility, foot traffic, parking, competition in the surrounding vicinity, and street visibility should be considered during this process. Most franchisors will provide support and expert guidance during site selection, but it is important to keep in mind that the decisions you make when you reach this stage may impact your future success.

CUSTOMER SERVICE

One of the great aspects of franchising is the built-in brand recognition granted to franchisees that they can leverage to attract a local customer base. However, retaining these customers requires, in part, providing a positive experience. Since 92% of consumers agree that a positive customer experience makes them more likely to make an additional purchase, franchisees should be taking into account the future of their customer base with every interaction they have. Providing exceptional customer service now can lead to long-term, loyal customers.

FRANCHISE WITH DOGTOPIA

When you invest in a Dogtopia daycare, you join the fast-growing pet industry, which is expected to reach $500 billion globally by 2030. We are always looking to the future with the latest developments in the industry and finding innovative ways to support our franchisees. If you are interested in taking part in our ongoing growth plans, review our franchisee requirements and use our online inquiry form to take the next step in your franchising journey.