Investing in a franchise is an easy and effective way to build a successful business. As a franchisee, you’ll have the benefit of a proven business model, an established brand, and ongoing resources and support. With swimming pools increasingly ranking among the top luxury additions to residential properties, purchasing a pool franchise can prove lucrative. But which pool franchise is right for you? The following are five tips to help you decide.
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1. Consider Brand Recognition
In any industry, among the safest options in franchises are brands that are already well-known. Look for a pool franchise that you’ve seen advertised before and that locals are already familiar with. When you align yourself with franchisors who have done the foundational branding for you, turning a profit can be as easy as opening your doors. You can capitalize on existing goodwill, limit your marketing costs, and enjoy a steady stream of loyal customers.
2. Assess the Level of Market Saturation
Before choosing a pool franchise, find out whether your targeted location is saturated. For instance, if you intend to open a pool maintenance and repair business, make sure that there aren’t too many companies already claiming their market share. In any given area, there are only so many homeowners with swimming pools who need these services. If there aren’t enough customers to go around, someone’s company will fail. As a newcomer in a saturated market, your risk of experiencing consistently low profits could be the highest.
In addition to counting the number of identical pool franchises in your area, check for similar businesses that aren’t franchises. If there are several “mom-and-pop” companies in the region providing pool maintenance and repair services, make sure that the franchise you choose offers something a bit different. This could be lower prices, affordable preventative maintenance plans, or a more comprehensive range of pool services.
3. Ask About the Training Provided
Among the many benefits of opening a pool franchise is being able to own and operate your own company with little to no business experience. With a ready-made business model and the right level of support, even first-time business owners can succeed. However, the training and support provided by franchisors isn’t always equal. Look for a brand that offers marketing programs, product and operations training, onboarding training, and leadership development training among other things.
4. Determine the Initial Investment Cost and Overall Value
Don’t jump on the very first franchise opportunity you stumble across. Instead, compare initial investment costs and the tangible and intangible resources you’ll gain access to. In addition to your franchise fee, you’ll need rented or owned commercial real estate, equipment, a business license, transportation, insurance, legal representation, and more. Although some franchise opportunities cost more than others, you may find that their franchise fees cover more of these and other business essentials.
5. Research the Franchisor’s Reputation
It’s not enough to choose a franchise that’s already well-known throughout your location. You must align yourself with a brand that’s known in a positive way. Look for brands with solid reputations for customer service, value, convenience, and dependability. Ongoing reputation management, positive online feedback, and histories that are free of major legal issues are all signs of worthwhile pool franchises.