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Planning for Franchise Ownership

Pet Wants Store Front

Planning for Franchise Ownership

If you’re itching to run your own business but want to avoid starting from scratch, franchise ownership could be just the solution you’re looking for.

In a franchise, the franchisee, AKA franchise owner, pays an initial fee and ongoing royalties to a franchisor in return for being able to use the trademark to sell its services or products, with access to ongoing support. With a franchise, you get a proven business model and in-depth operational training.

In planning for franchise ownership, there are a number of things to consider. The more research you do, the more you’ll set yourself up for success as a franchisee.

Track Record

One of the first things you’ll want to investigate before buying a franchise business is how successful the brand has been. What is the current financial condition of the franchisor, and what is the business experience of its directors and officers? How are other franchisees performing?

Commitment Required

What type of background experience will you need to be successful in running the franchise? How many hours and what other personal commitments will be required to run the business?

Cost

Not only will you want to determine how much it will cost to get into the franchise, but how much you’ll have to pay for the continuing right to operate the business. Other potential costs include any products or services you’ll need to buy from the franchisor.

Business Plan

Once you’ve made the decision to leap into franchise ownership, you’ll want to prepare a franchisee business plan. This type of business plan takes a different approach than the traditional business plan, which is at its heart a financial plan.

Here, the startup financial risk is considerably lower, so while a franchisee business plan will include all of the expected financial elements, it will also go beyond just money to be a comprehensive plan designed to get you successfully through the critical start-up period and prepared to grow your business.

The plan will outline knowledge of the local marketplace and explain the franchisor’s vision, mission, philosophy, operating procedures, and experiences. A franchisee business plan should include local market information as well as location characteristics and type of franchise arrangement (such as single unit or multi unit).

Pet Wants Mobile Unit

Pet Wants offers an opportunity to tap into the growing demand for fresh, custom-made pet food and to build a hub for pet owners and their pet-loving friends to connect. Pet Wants is one of the fastest-growing pet food franchises in America, with more than 100 locations. Contact us to learn more about our two franchise models—a mobile, event-based franchise and a retail pet store model.