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Recently, Todd Haavind, our Vice President of Development, spoke with 1851 about what he’s learned over the past two decades of successfully helping franchise brands expand to new markets and attract qualified owners.
Todd started his career as a small business lender and quickly found himself working with prospective franchise owners. He was then approached by a large franchise and asked to help its franchise owners secure and manage the start-up financing process.
Today, Todd has over 20 years of franchise sales and development under his belt, with both start-up and experienced companies.
The Secret to Franchise Success: Happy Franchisees
The Two Keys to Consistent Franchise Growth
In Todd’s experience, there are two keys to healthy and consistent growth:
- A solid unit-level economic model. The most successful franchises have a detailed plan for new owners to follow.
- Positive franchise owner validation. The beauty of the franchise model is that people can own their own business without really being alone. As part of our process at Camp Bow Wow, owners are encouraged to call existing franchise owners and ask them how our model and support systems worked for them and aided in their success.
Common Mistakes New Franchise Owners Make
According to Todd, one of the biggest mistakes people can make when entering the world of franchising is to sell multi-unit franchise packs to underqualified and inexperienced prospects.
“It seems great to sell a five-unit development agreement, but without all the units opening in the timeline required, the brand suffers from overreaching and could realize a drop in overall brand performance. If you stretch a franchise owner too thin, the unit performance will suffer and the development timeline will be affected, resulting in many unopened units,” said Todd.
Operating a Franchise in the Wake of COVID-19
Currently, the biggest hurdle facing any business or franchise owner is the COVID-19 pandemic. Naturally, potential franchise owners are worried about how current and future economic conditions, as well as state regulations, could affect our business model.
Regarding how Camp Bow Wow was affected last year, Todd said, “While our system did have a few temporary closures, after 100% reopening we have seen a reinvigorated demand for our services and many returning customers. This has validated the success of our business model and proved that our services are essential to the community and important in customers’ lives.”
Are you looking to be a part of a low-risk, high-growth industry with high rates of repeat customers and a business model that ramps up quickly? If so, we think it’s time you joined the Pack!
To receive your complimentary executive summary and learn more about franchise opportunities, fill out the form below or call us at (870) 600-2713. We’re looking forward to having you join the Camp Bow Wow family.