3 Questions To Consider Before You Purchase a Franchise
Last December we celebrated ‘Write a Business Plan Month’ – the perfect time to take a step back and assess your potential future franchising endeavors. Whether you’re considering joining the Camp Bow Wow Pack, or have your sights set on another franchising opportunity, these three questions-to-self are a great way to start your planning process.
1. What goals are important to me personally?
While making money is the bottom line, there are other important reasons why you may be choosing to get into the entrepreneurial spirit. Perhaps you’d like to free up some of your time spent behind a desk to do more of what makes your heart flutter and your tail wag. For us, that means spending time with four-legged friends who love unconditionally and absolving their hard-working pet parents of any guilt.
2. What is the demand like in the location I’m considering?
Check out the demographics of your area and do some research to see if people are actively looking for the products and services your new franchise will provide. For example, if your proposed location is in an area where dog-free apartment buildings are predominant over single-family homes, you may have a hard time attracting clientele with dogs for a new Camp.
3. What does my investment budget look like?
So, you’ve identified your goals and found the perfect market to capitalize on. Next up on your agenda should be a little bit of budgeting. Figuring out how much you have to invest can indicate whether or not you’re ready to dive right in and start your new adventure. With regards to Camp Bow Wow, startup costs typically range from $412,201 to $1,095,359,* depending on the size of the facility and the local market itself. Generally, owners will invest anywhere between $80,000-$200,000.
When it comes to becoming a franchise owner, these considerations are just the tip of the iceberg. There are tons of factors and research items that come into play throughout your decision-making process. That being said, the best way to get all the facts straight away is to request an executive summary. This details the “who, what, when, where and why” of the brand you’re interested in becoming a part of… Luckily, here at Camp Bow Wow, we offer executive summaries for free!
Looking to learn more about pursuing a franchising opportunity with Camp Bow Wow? If so, it’s simple! Just fill out the form below to receive your complimentary executive summary, or give us a call at (870) 600-2713.
*For more information on these costs, please refer to Item 7 of our 2016 Franchise Disclosure Document. Your costs may vary depending on a number of factors.