Franchising offers a pathway to entrepreneurship with a built-in playbook for success. According to Statista, the number of franchise establishments in the U.S. has been steadily growing, reaching an estimated 790,500 in 2022. This business model appeals to individuals seeking control over their careers, those navigating career transitions, and even those who have been “outplaced.” But what exactly makes buying a franchise a potentially smart move? Let’s explore.
Who Might Benefit from Buying a Franchise?
Are you an aspiring entrepreneur eager to chart your own course? Perhaps you’ve been considering the idea of franchise ownership but aren’t quite sure if it’s the right fit. Well, here’s the scoop: buying a franchise might be a good decision for anybody wanting to take control of their careers, anybody that was “outplaced”, anybody going through a career transition.
 1. Anyone Wanting to Take Control of Their Careers
If you’ve ever dreamed of being your own boss and calling the shots, buying a franchise offers a structured yet flexible opportunity to do just that. As an entrepreneur, you can delve into a business venture with the support and guidance of an established brand, setting yourself up for success in an industry you’re passionate about.
  2. Individuals Who Have Been “Outplaced”
Over 305,000 U.S. workers were laid off in 2023 via a series of layoffs that started in the tech industry, but then spread across many others. Finding yourself out of a job unexpectedly can be disheartening, but it can also be an opportunity to explore new avenues. Buying a franchise allows you to pivot from traditional employment to ownership, leveraging your skills and experience in a way that aligns with your goals and values.
  3. Those Going Through a Career Transition
Whether you’re seeking a fresh start or looking to make a strategic move in your professional journey, buying a franchise offers stability and structure amidst uncertainty. It provides a clear path forward, allowing you to transition seamlessly into a new role as a business owner while tapping into the support network provided by the franchise system.
Understanding the Franchise Model
Franchising comes with a pretty impressive success rate, with 92% of franchisees still going strong after two years. However, the unfortunate reality is that some franchises fail, often due to a lack of adherence to the established playbook. Many franchise owners enter the business overly confident, believing they can blaze their own trail instead of following the proven plan. To be successful in the franchise business, there are some golden rules to abide by and understand.
  1. Follow the Playbook: That’s What You Signed Up For
When you invest in a franchise, you’re essentially buying into a proven system. The franchisor has spent years refining their business model and creating a playbook for success. It’s crucial to follow this playbook meticulously, as it outlines the strategies and tactics necessary to thrive in your chosen market.
  2. It’s a Process: Takes Time, Things Don’t Happen Overnight
Building a successful franchise business takes time and patience. Rome wasn’t built in a day, and neither is a thriving franchise. Be prepared to put in the effort and stay committed to the long-term goals of your business. Success may not come overnight, but with dedication and perseverance, it will come.
  3. Highs and Lows: Just Like Owning Any Business
Owning a franchise comes with its fair share of ups and downs. There will be moments of triumph and moments of challenge. Your business will be subject to seasonality. You’ll experience employee attrition. You’ll experience price hikes for products and services. It’s important to stay resilient during the tough times and celebrate your successes along the way.
  4. There is No Such Thing as “Passive” Investment: That’s a Myth
Contrary to popular belief, owning a franchise is far from passive. While you may not be involved in day-to-day operations, you must be actively engaged in overseeing your business and ensuring its success. You need to know your business inside and out, better than anyone else at your location.
  5. Franchising is All About People: It’s a People Business
At its core, franchising is a people business. Building strong relationships with your customers, employees, and fellow franchisees is essential to your success. Treat people with respect, provide excellent customer service, and foster a positive company culture to create a thriving franchise community.
Key Considerations in Franchise Ownership
Navigating the world of franchise ownership requires more than just a passion for the product or service—it demands a keen understanding of various aspects of business management and interpersonal relationships. Aspiring franchisees must get deep into the intricacies of their chosen venture, from legal obligations to customer satisfaction. Moreover, they must recognize the essential role that people play in the success of their franchise. Let’s explore two key components of franchise ownership: knowing your business inside out and emphasizing the people aspect.
Know Your Business Inside Out
Business owners will benefit by having a deeper understanding of their company. There are plenty of company owners in the market today who know the bare minimum about their business. This is because it’s so easy to set up a business these days anyone could do it. In the business world, entrepreneurship can happen overnight. And as we insinuated above, that’s not always a good thing. Consider that people with virtually no leadership or managing experience could end up at the head of the company. Understanding potential legal issues and liability, knowing what’s going on with your employees, comprehending the financials deeply, and understanding your customers’ feedback are critical. Have there been any complaints? What do customers love? What disappoints them?
Emphasizing the People Aspect: It’s a People Business
Franchise ownership is indeed a people business. Take Pet Evolution as an example. Customers frequent the store every day with their beloved pets. These individuals are not just customers; they’re your lifeline to prosperity and should be treated as such. Spend time getting to know your customers, whether they are regulars or first-time visitors. People love to be recognized and treated as special—so do just that. Furthermore, invest time in getting to know your employees. Even if you aren’t directly involved in day-to-day operations, make an effort to connect with each employee, whether full-time or part-time. Be actively engaged in recognition and motivation programs, and meet your employees where they are at in their professional journey. By fostering strong relationships with both customers and employees, you’ll create a positive and thriving franchise environment.
Franchise Ownership in the Pet Store Industry
Franchise ownership offers a pathway to entrepreneurship with a built-in playbook for success. By following the established model, individuals can take control of their careers, navigate career transitions, and find stability in an ever-changing market. Understanding the business inside out and emphasizing the people aspect are crucial components for success in the franchise world. For those considering franchising, take heart in the numerous benefits it offers: a proven business model, ongoing support, and the opportunity to be part of a thriving industry. At Pet Evolution, we’re proud of our well-established brand, providing an excellent franchise opportunity for aspiring entrepreneurs. With essential dog expenses alone averaging $1,533 annually and a large market of pet owners in the U.S., the pet industry presents endless opportunities for growth and success. So why wait? Click “Get Started” today and embark on your journey to franchise ownership in this booming industry.