How I Became An Expert on Franchises

5 Points To Remember Before Getting Into Restaurant Franchising Are you interested in opening your own restaurant but you just don’t know where to start? A franchise is basically offering turnkey opportunity in owning a restaurant that has built-in name recognition and at the same time, a proven track record of success. Keep on reading to learn about the most important things that you ought to know in relation to restaurant franchising. Number 1. Franchising a restaurant is not that cheap – many restaurant franchises do come with hefty price tag. To give you an example, one restaurant may require their prospective franchisees have minimum of 1.5 million dollars net worth as well as 750,000 dollars cash reserves while the other may need a million dollars net worth and half a million in liquid assets. There are lots of franchises that are requiring previous restaurant or various business related experience before enabling you can represent their brand. Remember as well that even if you are planning to open an independent restaurant, expect your investors to look for experience in restaurant industry too. Number 2. Restaurant franchises are turnkey operations – one of the common reasons to why it is extremely expensive to get restaurant franchises is that, they’re turnkey ready. From dining room design, menu, kitchen layout and even the marketing campaign, it is all done on your behalf. You don’t necessarily need to think of ways or work hard to build name recognition as it is part of what you’re buying already.
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Number 3. Restaurant franchising have specific rules – when it comes to franchising especially in restaurants, having consistency is extremely important. Customers are expecting to receive the same food, atmosphere and service regardless which state or part of the world they are. In an effort to keep everything consistent on units, the franchises also come with a rule book which describes the do’s and don’ts of owning a franchise. The moment you agree to buy the franchise, you’re agreeing as well to follow the rules they have set.
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Number 4. It don’t leave much to your imagination – if you like cooking and creating new foods and planning out every aspects similar to dining room design, menus, pricing and so forth, then the structured set up of the restaurant franchise might not be the one that you need. If you want to do things in your own terms, you’ll do better in investing in a standalone restaurant. Number 5. You still need a business plan – whether you believe it or not, even if restaurant franchising is turnkey operations, you will still need to present a business plan.