A franchise is a branch of a larger organisation that has been allowed to use branding, marketing techniques, and a proven business model that will allow an individual to grow and develop their own small business to reach its full potential.
It is incredibly important to exercise due diligence before going into franchising; thoroughly research and analyse the company before buying into it, making sure that you understand what it means for you and your future.
What to consider before buying a franchise.
There are many advantages to joining a franchise, you will likely know many of them if you are considering it. However, there are also disadvantages that you must take into account when looking into it.
Advantages
- A franchise is based on a proven business model. It’s is simply using the product/ service idea of a company that has already been successful in setting up and running many many times before. A good franchisor will be constantly looking for ways the business can be improved upon and you don’t need to do the research for that improvement yourself. And you can check with existing franchisees about the success of the business and the ease with which it can be run.
- It may be a recognised brand name, which makes it easier to sell to customers. As a consumer, if you have the choice between a service you have never heard of before or one that you know and trust to do what is best, you would likely choose the latter. You will also have access to any of the trademarks the franchisor owns.
- A good franchise will give you plenty of support from introductory training, to helping set up the premises you will find all the support you need. And a franchise will likely give you ongoing support and advice throughout your time spent with them which allows you to continue to run your business smoothly and efficiently.
- You will usually be given exclusive rights to franchise in your chosen area of business so you won’t be pushed out of business by someone offering the exact service just next door, in a building that happens to appeal more to customer eye. You may still have competition from other companies, but yours will be the only branch of yours in the area.
- Financing is usually a little simpler than setting up your own business from scratch. It is often easier to get funding when your business has already been proven as successful elsewhere, and some franchisors will have relationships with banks, meaning their method is almost guaranteed to getting you the funding you need.
Disadvantages
- Initial start-up costs may be higher than expected. If you have to pay for a building, equipment, uniforms, etc. It can start to build up in costs, and sometimes it is essential for you to purchase these things, otherwise your business won’t run as efficiently. You may continue paying royalties or a management fee for the honour of using the skills and talents of the people they employ to maintain the upkeep of your business from their end.
- You have to agree to certain limitations, such as locations, product changes etc. You will only be allowed to sell your franchise to a buyer approved by your franchisor too, which can be potentially difficult should you want to leave.
- You could potentially fall victim to risks that are out of your control. If you franchisor fails to maintain certain obligations (advertisement, etc.), or they go out of business, or the franchisor has been sold to a more difficult owner, or even bad reputation from other franchisees’ actions, you could also be affected by it.
You should always fully evaluate a franchise before going into it. If you have decided that you are definitely going to go into a franchise, make sure that you know all you can about your chosen one before actually buying. Research is important.
Look for testimonials from existing franchisees and find out how they feel about the franchise they work under, if they don’t have much good to say why would you give them a try? If testimonials are a little trickier to find, or you want more of an in-depth view on the company as a whole, try to talk to several existing franchisees both in person and on the phone to get a better idea of what it is like to be part of this company.
Consider reviews of both the company, and perhaps even the competition companies since you will get an idea of whether your chosen franchise is handling themselves well in regards to the bigger picture of the industry. Make sure you understand the industry and the market it is in for the most beneficial research of this.
Ask about the social side of the franchise. Do franchisees get a chance to communicate? Both with each other and various head office staff that handle all the franchise branding? If you feel that you would be going into a network of people but have no real connections, it may become daunting very quickly. Your franchisor should be supportive of you and you should feel a connection to the company before going into it.
It would also be hugely beneficial to consider the financial side of things. Don’t just pick a franchise because the start-up fees are relatively cheap (consider why this might be, if that could actually mean something bad), and think about what further running costs might be too. Ask about how payment is made, and the flexibility your franchisor has. Knowing and understanding how your finances will be affected is important.
Is We Love Pets the franchise for you?
We Love Pets is proud to offer a market-leading franchise package which gives you everything you need to launch a successful business straight away, and become part of a national brand with a brilliant reputation and award-winning service.
Our amazing team of head office staff are attentive and supportive, giving our franchisees everything they need to truly get their business to thrive and encouragement whenever they need it to take a leap of faith in themselves. We Love Pets sees each one of our franchisees as part of our huge extended family (over 140 branches), and all their achievement and excitement is something we feel too.
Our franchisee training days usually last around a week, but the skills and tools we provide in them are forever. Our franchisees leave feeling confident that they know how to run, advertise and support their own businesses, but they also leaving having met the entire team that will help them should something go wrong, or they need some added help with anything. No matter how long or how little you have been working with us, we will always support you through any challenges. You are never alone in our wonderful network.
Our franchise has won multiple awards throughout the years and we are proud to have our successes and our drive recognised by the more general public this way.
Pet care brand franchising
We Love Pets is a welfare-first pet care brand, everyone in the franchise is united under the same goal. To provide love and expert care to all pets, promoting safety and wellbeing along the way! A We Love Pets franchise is the perfect opportunity to enter the pet care industry, one that has been growing steadily for the last few years.
There are 17+ million households in the UK that have a pet, and that number just keeps on growing constantly. At We Love Pets we get 46+ thousand enquiries each year from these new pet owners that trust our amazing franchisees to look after their pets while they are unable to. This number too keeps on growing.
With such a huge growth in pet related numbers in the UK, it has never been a better time to join We Love Pets as a franchisee. If you are as passionate about making a difference and setting the bar for pet care, then We Love Pets would be a perfect opportunity to grow, develop business skills, and create your own flexible work schedule that suits you. We provide all the difficult part, the marketing and branding development, so you can do what you do best. Provide quality pet care to quality pets around the UK.
You can find great franchise testimonials on our YouTube and Instagram socials.
Find out more about becoming a We Love Pets franchisee here.
