What You Should Know Before Taking the Leap
If you’re trying to figure out how to start a dog daycare business, franchising might be an option on your list and with good reason. Dog daycare franchises are one of the most popular businesses in the pet care industry today. Pet owners understand that their furry friends are social creatures and dropping them off to play with friends all day is a better choice than leaving them home alone while at work or away. If you’re a dog lover and want to open your own business, investing in a dog care franchise is a great idea! However, there’s some legwork that needs to be done before jumping into an agreement to ensure that the fit is right for your vision and goals. Not all franchises are created equal and reading the fine print can save you from a risky endeavor in the long run. Here are some important steps to take before investing in a dog care franchise of your own.
Read the FDD
The first step in determining whether a franchise is right for you is to review the Franchise Disclosure Document or FDD. This document contains 23 items that review the specific franchise’s information as well as the standard franchise agreement. Every franchise company is required to provide you a copy of this document in order to comply with FTC rules. You should take enough time to thoroughly review the document and ask questions if you have them.
The FDD includes the following information about the franchise you’re considering investing in:
- An overview of the executive team and experience.
- Info on partners and affiliates or predecessors.
- Any bankruptcy filings.
- The franchise’s litigation history.
- The franchise fee.
- Estimated total investment.
- Additional costs for things like training, permits, travel, etc.
- Vendor restrictions.
- Trademarks, patents, copyrights, and proprietary info.
- Restricted territories.
- Goods and services you’ll be allowed to offer as a franchisee.
- Previous financial performance of the franchise as well as current financial status and statements.
- Legal contracts.
- List of all current and former franchisees and reasons any former franchisees are no longer affiliated with the franchise.
- Acknowledgement of receipt.
If there are things you don’t agree with in the FDD, you do have the option to address them with the franchise, though changes aren’t typically done. But, by carefully reviewing the FDD, you’ll know whether or not you’re interested in investing in that particular franchise. This is a crucial step in any exploratory phase of franchising as you’ll be required to sign the FDD if you choose to pursue opening your own location.
A franchise’s FDD is very important when going through the franchise buying process. Click to learn more about it, and why it is so crucial:
Visit a Location
Before investing in any franchise, you’ll want to visit an actual location. You’ll want to get familiar with the operations and get a sense of if the vibe is right for you. Additionally, set up a Discovery Day with your desired franchise. Participating in a Discovery Day provides a lot more background information and face-to-face interaction than just reviewing the FDD. K9 Resorts offers a Discovery Day to its potential franchisees that allows them to visit the company’s corporate office in Fanwood, NJ. During this meeting you’ll interact with senior management and staff, view the operation, and learn more about their vision for continuing to be a best-in-class dog care franchise. Getting to know the brains behind the franchise you’ll be investing in is key to ensure that you’re comfortable with the operation and processes as well as the business practices and vision for the future.
Talk to Owners
Another important step in figuring out how to start a dog daycare business and whether a franchise is right for you is to talk to people who’ve already done it. Seek out some owners of the particular franchise that you’re interested in pursuing to get a sense of what’s required, what you can expect, and what they may do different if they had to do it over again. Nothing provides more information than actually talking to those who have gone through the process and opened a successful dog care franchise of their own.
K9 Resorts offers an award-winning dog daycare and boarding franchise that provides you with proven processes, state-of-the-art technology, and continued support so that you can provide best-in-class dog care service. Investing in any business can be scary, but partnering with a proven model like K9 Resorts is a smart business move for those who love dogs and want to run their own business.