WHAT MAKES A GOOD FRANCHISE: FIVE KEY THINGS TO LOOK FOR
Understanding what makes a good franchise can confirm your path to financial freedom through business ownership is smooth.
Achieving entrepreneurship through franchising allows business owners to be in business for themselves, but not by themselves. Propelled by the rollout of the vaccine, a new administration in Washington, D.C., and high personal savings among consumers, franchising is slated to add nearly 800,000 new jobs and contribute $477 billion to the gross domestic product in the United States this year, according to a report by the International Franchise Association. Franchised businesses are on track to open more than 26,000 locations in 2021.
In addition to a positive economic outlook, franchising helps potential business owners achieve financial freedom and self-sufficiency. A good franchisor provides ongoing product development, allowing you to provide customers with high-quality options featuring the latest innovations. Franchisors offer highly visible marketing strategies and a growing network of franchise owners to help fuel your business. Starting a business can be overwhelming, but a good franchisor will help guide you by assisting with your real estate search, providing a comprehensive onboarding program, business coaches, marketing and technology, and a playbook for business growth.
SET GOALS TO SUCCEED
Taking time to understand your goals is the first step to finding a good franchise opportunity. It’s important to determine your short-term financial goals, as well as your long-term equity needs. Do you plan on playing an active role in the operations of your business, or do you want to outsource day-to-day processes? Franchising offers numerous opportunities for business owners in a variety of fields and price points. Planning for your future will ensure you make the right business decision today.
HALLMARKS OF A GOOD FRANCHISE
Once you understand your budget and your goals, here are five key things to keep in mind when searching for a good franchise.
- Support. One of the primary reasons you opted to purchase a franchise is for the support system it offers. A good franchisor has the ability to respond to low-level needs within 24 hours and even faster for high-priority concerns. If a franchisee is struggling, the franchisor has the support team in place to assist and analyze challenges. They also make it a priority to offer regular training webinars, business coaching, and conferences to share best practices. Additionally, each franchisee benefits from an extensive peer network which can offer guidance and advice on variety of topics. This provides a level of reinforcement that does not exist outside of a reputable franchise system.
- Collaborative. When you purchase a franchise, it’s your money on the line. Franchisors need to be willing to collaborate with their franchise team. Franchisees offer a pool of talent and are on the frontlines of the business. Collaborating helps the brand stay relevant and progressive. Good franchisors make personal site visits to franchisees a priority to gain valuable feedback and create a positive work environment.
- Focus on Marketing. A reputable franchise will offer a strong marketing plan across multiple channels. Knowledgeable franchisors combine digital marketing, collateral materials, grassroots marketing initiatives and networking strategies to drive sales. Having a robust online presence is imperative to remain competitive. Customers use mobile phones like mini personal computers, and they use social media to stay connected. Research conducted by Google reveals nearly 83 percent of United States shoppers who visited a store in the last week used an online search to conduct research before visiting the store in person. Internet users spend 144 minutes on social media each day, Statista reported. A good franchisor will have a digital marketing specialist on hand to help you generate local Facebook content and PPC campaigns. They will help you post about your business, showcase customer testimonials, and show off your products and services to the local community. If you’re new to grassroots marketing, a good franchisor will teach you how to network with local leaders and showcase how sponsoring community events builds goodwill and sales.
- Franchisee Satisfaction. Talking to current franchisees is one of the best ways to learn about the brand you are considering. Take time to chat with franchisees who are advocates for the brand, as well as business owners who may have complaints. Understanding the day-to-day lives of franchise owners will give you unique insights to determine if the franchise will be the right fit for you.
- Honest. Good franchises are honest about challenges and willing to jump in and help franchisees overcome hurdles. Take a look at how the brand you are considering treated its franchisees during the initial outbreak of the pandemic or other recessions. Knowing how a franchisor behaves when sales are slow can help you pick a business partner that shares your values and vision. Good franchisors will work together with their franchisees to pivot the business model during tough times to help them stay afloat. Some franchisors offer mentoring programs for new franchisees to teach them how to play to their strengths and overcome potential weaknesses.
PET WANTS IS AN IDEAL FRANCHISE
As you wade through the numerous business opportunities, consider turning your love of pets into a profitable career. As one of the best pet franchises, Pet Wants checks all the boxes for future business owners. The market for pet products is booming, and most Americans are willing to open their wallets for their fur babies. The global pet food market size was valued at $83.02 billion in 2018 and is expected to grow by 4.5 percent from 2019 to 2025, according to Grandview Research.
The humanization of pets is ensuring Pet Wants is a recession-resistant investment option. Pet adoption rates surged during the Covid-19 pandemic, according to a survey of more than 1,000 adults conducted by TD Ameritrade. As Americans were forced to spend more time in home teleworking and attending remote school, families decided the pick-me-up they needed during this dark time was a new pet. Nearly 33 percent of Americans considered adopting a pet during the pandemic. The number of pets adopted from shelters increased 12 percent after remaining flat for a number of years. At least 88 percent said their pets brought them comfort during the unique time, and more than 79 percent of people surveyed consider their pet their best friend, TD Ameritrade revealed. Dog owners spend more than $1,200 per year on their fur babies and are willing to splurge on special treats for their pets, including holiday gifts, Halloween costumes, and birthday celebrations.
As a top-ranked pet food franchise, Pet Wants offers the support you need to open either a brick-and-mortar location or one of our mobile franchises. Pet Wants is an affordable option for people who have a passion for animals and a desire to educate consumers on the value of fresh pet food and is the country’s fastest-growing pet food franchise with more than 100 locations.
If you are interested in entering into the pet food industry with Pet Wants, please fill out our form to learn more.