If you don’t want to worry about developing a concept for your restaurant, why not just start a franchise? Like anything, running a franchise comes with risks, but anything entrepreneurial does! Here are some of the benefits of owning your own!
Competition – part of being a franchise means that there are tens, if not thousands of the same thing dotted around the country. You never know when someone wanting a slice of your pie sets up shop right down the street from you. Try to build some non-competes into your agreement with the franchiser. Now you won’t have to look at another McDonalds across the street that’s out to crush your business.
Marketing – being a new restaurant owner is not easy for marketing and recognition. New restaurants want to put their name out their fast and get the customers, but marketing plans can cost a fortune. But, when you own a franchise, the name is already out there. All people have to do is look up and see your business. If they are hungry, and want your style of food, you can bet they will swing their car in and have a meal. Knowing how to take advantage of the marketing behind your particular franchise will help you get that return on investment (ROI) really fast.
Cost – since the franchise knows that you will have an easier time getting a return on your investment, you are going to have to put up some money. Restaurant equipment, rent, utilities, and other business costs are still going to be there, so be careful. You are going to need a very detailed budget for any business you decide to start. Also, securing a loan to start a franchise is usually much easier since it is a proven model.
Hard work and Big Success – you are going to have to put everything you got into running your franchise. Many sleepless nights and hours later you will start to get the hang of things. Once it’s off the ground, you will have a much easier time of it, and might consider opening new locations. This will allow you to be a huge success, but it comes with drawbacks, such as the workload. To make your vision a reality, you just have to start.