Choosing the Right Franchise for You
Deciding to invest in a franchise is a HUGE decision. You’re taking a big chance on yourself and your future. That’s why taking your time to figure out the right franchise business opportunity for you is an essential step toward your entrepreneurial success.
Below you’ll find a few pointers to consider:
- Identify Your Interests & Passions: Choosing a franchise that aligns with your interests and passions is important, as this will increase your motivation and commitment to the business.
- Conduct Thorough Research: Research different franchise opportunities, their business models, profitability, and industry trends. This will help you make an informed decision.
- Consider the Franchisor’s Reputation: Ensure that the franchisor is reputable and has a strong track record of success. Check online reviews and speak with existing franchisees to gather information about their experience.
- Analyze the Financial Requirements: Ensure you can afford the initial financial investment and ongoing fees associated with the franchise. Consider the potential return on investment and ensure it aligns with your financial goals.
- Seek Professional Advice: Consult with a franchise attorney and accountant to review the franchise agreement and financial statements. They can help you understand the risks and opportunities associated with the franchise.
Recently, Sean Peek, a contributing writer for Business News Daily, wrote an excellent article about choosing the best franchise to invest in.
Personal Goals
He begins by outlining what questions a future franchisee should ask themselves before starting the journey. First, they need to identify their personal goals. Do you want to make money, spend more time at home, or take an entrepreneurial step in your career?
After pin-pointing your goals, the process becomes much easier.
What Kind of Mogul Do You Want To Be?
Next, Sean details how to find the right business to become a Franchise Owner. Many people think a franchise business can only be fast-food chains and coffee houses, but they couldn’t be more wrong. There are craft beer breweries, home remodeling brands, pet services — Hounds Town USA, and sit-down restaurants, among others.
The choice is yours, after due diligence of course.
What to Look for In a Franchise
This may be the most critical part of your vetting process outlined by Sean. You don’t want to get involved with just any franchise business. There are A LOT of shady and less reputable franchise brands out there that don’t have your best interest at heart. The brand you’re looking into MUST have a robust support system. Good franchises give their owners all the support they need, from marketing promotions and helping to hire staff to cold-calling for new clients, depending on the business.
Be On the Same Page
If you and the franchisor don’t have mutual expectations, there’s no point in moving forward. Be clear about what you’re looking to get out of this partnership — and this is a partnership — and make sure they are clear about what they want from you. Think about this as a long-term partnership because it’s essentially what it is.
Miscellaneous Information to Know
As you move further in the franchise-buying process, you’ll come across something called a Franchise Disclosure Document (FDD). It contains 23 sections that outline key points about the franchise, including the franchisor’s obligations to a franchisee and all possible fees. The franchisor must legally provide to a franchisee before any money is handed over.
Some important things to look for within an FDD:
- Items 1-4: This will inform you if the franchisor has ever been involved in bankruptcies or litigation relating to the franchise brand.
- Revenue Model: The revenue model explains how much money you will pay the franchisor and affiliates and how much they rely on franchisees for profit.
- Item 20: This section of the FDD provides a list of currently operating franchisees and a list of those who left the system or stopped communicating with the franchisor all together.
What About That Franchise Agreement?
This is a binding legal contract between the franchisor and the franchisee. It details obligations, expectations, permissions, and restrictions of operations. There’s also a schedule of fees that are due to the franchisor.
These agreements allow you to use the franchisor’s intellectual property (IP) for an agreed upon amount of time. The rights are very specific with very little wiggle room for change.
Other Resources to Check Out
If you’re looking for other reading material about picking the correct franchise to buy, here is an excerpt from franchise expert Mark Siebert’s book The Franchisee Handbook, featured on Entrepreneur.com.
Let’s Get Back to Hounds Town USA Dog Daycare Franchise
The pet industry is worth A LOT of money. How much exactly?
It’s expected to reach $283 billion by 2023! And recent studies show that it’s only going to increase year after year. A significant portion of those dollars was spent on doggie daycare, boarding, and grooming, which we at Hounds Town USA know a lot about. So, you’re saying investing in a pet service franchise like Hounds Town USA is a good idea?
Yes! And you should consider getting your piece of this gigantic pie as soon as possible.
By investing in a franchise business, you’re investing in yourself to become your own boss. It allows you to enjoy all the advantages of being a business owner without many of the same stress and risks.
Look, you’re investing in an already wildly successful dog daycare business, so half the work is done! With all the support from our corporate leadership team, your path to entrepreneurial success is halfway paved.
We’re A Paw Above the Rest
Hounds Town USA is unique because of our massive success and the industry-leading support we offer our Franchise Owners.
We take the training of our Franchise Owners very seriously. The initial training program is split between 40 hours at our corporate office in Ronkonkoma, New York, and an additional 69 hours at the Franchise Owners’ location once they are open. Owners learn dog handling techniques, grouping, and managing methods, as well as business stuff like liability issues, administrative responsibilities, employee hiring and training, facility operations, and customer service.
But the support doesn’t stop when you open. Hounds Town USA’s ongoing support includes improving business operations, incorporating new training techniques, adding new vendors, and more. Our owners are invited to seminars that are held several times a year at the corporate headquarters in New York.
Giving Back
We’re incredibly passionate about improving our local communities, so we started Hounds Town Charities. We have six programs at the moment:
- Handcuffs to Healing: The goal is for inmates to train “unwanted” dogs so they can find their forever home.
- Rehabilitation & Training: A lot of dogs are misunderstood and labeled “red” for behavior issues; this program aims to change that through compassionate training so these dogs scheduled for euthanization can be adopted.
- Fresh Air Fund: Many dogs in shelters miss out on socializing with other dogs. Through this program, Hounds Town Charities work with local shelters to get the dogs out and about.
- Bucket List: Senior dogs need love too. We love to take older and special needs dogs and give them the day and experiences they deserve outside of a shelter.
- Community Outreach: We offer several outreach programs to help people in our local communities learn how to care for dogs.
- Educational Seminars: Our Founder and President, Mike Gould, conducts training seminars nationwide, educating people about dog training skills and techniques to shelter staff so they can successfully manage their resident canines.
We’d Love to Talk
Hounds Town USA dog daycare franchise is always looking for new Franchise Owners, but our territories sell fast. If this sounds like the perfect business opportunity for you to strike out on your own and become your own boss, let’s chat! Discover all of our franchising opportunities HERE.