Become a Pop-A- Lock Franchisee
This article discusses the step-by-step process in becoming a Pop-A-Lock franchisee. Also, it gives an overview on the investment requirements for doing so.
It was in the year 1991 when Pop-A-Lock was born out of the need of law enforcement officers for car locksmiths in Lafayette, Louisiana.
This has become the start in the growth of Pop-A-Lock as the biggest locksmith services provider in the United States. It provides a wide array of services covering the various locksmith aspects. It started franchising in the year 1994 and had 158, 183 and 187 franchises all over the country in 2006, 2007 and 2008, respectively. Also, it was listed #47 in Top Home-based Franchises for 2007. Because of its evident success, many aspiring entrepreneurs wish to become a Pop-A-Lock franchisee.
Becoming a Pop-A-lock franchise owner requires for investment and a working capital. The franchise fee is estimated to be $29,000 exclusive of a territory fee which depends on the population of the target territory ($66/1000 population). In a territory of 500,000 populations, the initial investment required totals to $62,000, inclusive of franchise and territory fees. That being said, franchisees must be able to raise a minimum of $250,000 as net worth. There is also a 6% on going royalty fee. The franchise agreement expires in 10 years.
A pre-requisite to a Pop-A-Lock franchise is the territory to which the business will cater its services. Pop-A-Lock places a prime consideration on the exclusivity of territories which is often delineated by the terms of the concerned county or area. It is wise to check on the existing locations of already established Pop-A-Lock enterprises. The next step requires the completion and submission of a Request for Consideration. The potential franchisee then fills in all necessary information. The Pop-A-Lock management evaluates the given information. Should the franchisee qualifies for the requirements and that the target territory is found to be good, then, a Uniform Franchise Offering Circular is sent and issued.
Once qualified, the new franchisee is sent to train at the Pop-A-Lock’s training facility in Lafayette, Louisiana. This one-week training involves the introduction to the actual run of the business and includes standard procedures, staffing, operations, advertising and marketing. Also, the franchisee’s staff is also trained technically in the utilization of the customary equipments of Pop-A-Lock and various techniques in handling locked-out vehicles. This usually takes one to two weeks to be completed.
To check for the franchisee’s compliance to the set standards of Pop-A-Lock, compliance specialists are usually sent out for on location inspection. They are tasked to provide assistance to franchise owners in the operation of the business. Should there any problem arise, they also give help in troubleshooting and finding out the best solutions for your franchise. Also, they encourage feedbacks and insights from franchise owners which may be helpful in the further development of a better Pop-A-Lock.
Continuous support is also provided for during the entire course of the franchise term. This comes in the form of updates which are accessible through a confidential site, newsletters, phone lines and other cooperatives.
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