Are you ready to become the boss of your own franchise restaurant?
Are you ready to be your own boss restaurant franchise? Before you fire up the grill and heat up that pan, take a moment and run through this checklist to determine if you’ve crossed all your t’s and dotted all your i’s. Then you’ll be well on your way to realizing your dreams of being a restaurant owner.
Put in search?
Franchising your way to restaurant owner has many advantages over starting your own commercial kitchen from scratch. You won’t need to come up with a brand concept, plan an entire menu of items, or establish a network of local vendors and suppliers to meet your needs. With a franchise operation, everything is included – but that doesn’t mean you’re exempt from doing your due diligence in researching different restaurant concepts. Before you’re ready to don a chef’s hat and start running kitchen-related operations, you need to research restaurant concepts that fit well with your own goals, income preferences, and lifestyle. According FTC guidelines for franchise industryyou must request, receive and review the Franchisor’s Franchise Disclosure Document (FDD). At this point, you should have participated in several validation sessions, where you can ask the tough questions of brand representatives and other franchisees in the system. There should have been a discovery day, during which you visited the franchisor’s head office and spent a busy day in final meetings, visits and interviews. And hopefully by this point you will have reviewed your franchise agreement with a lawyer and an accountant – just to be sure you have found the best deal.
Related: Thinking of Owning a Franchise? Start now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.
Have you found your funding?
With the variety of thousands of franchise concepts, you should have reviewed the restaurant brands that fit your financial tolerances. I hope you have been prequalified to study a specific concept or two. If you haven’t secured your own financing from your commercial bank or credit union, we hope you’ve had the opportunity to review alternate financing possibilities. You should have searched for the best deal and the best interest rate you could find, whether through the SBA, one of the franchisor’s approved lenders or even funds raised from peers, friends and family members. Before you’re ready for your grand opening, you’ll need to pay an initial franchise fee and be ready to make your monthly royalty payments.
Have you been well trained?
You might think you know a thing or two about running your own restaurant, but with franchising, you can’t get away with it. Franchises require strict adherence to their Company models and following user manuals. Following their instructions begins with your training as a franchisee in the system. Corporate training is your opportunity to learn how to do things the right way, their way. Under the watchful eye of their trainers, you’ll learn everything there is to know about how to manage day-to-day kitchen operations, ordering supplies, accessing vendors, preparing savory dishes from the brand, while offering your customers the brand’s products. version of the ultimate customer experience.
When it’s finally time for your VIP pre-opening for special guests – and then for your official grand opening as restaurant owner, you’ll take some final assurances with you. You can rest assured that as a franchisee you are in business for yourself, but never by yourself. It is because the franchisor supports you, which you have probably experienced as you approach the opening of your establishment. Chances are you had some help finding your restaurant location from their site selection help. You’ve probably been visited by their team of field reps, who have probably been involved in an inspection of your restaurant, quality control just to make sure everything is in shape and ready for dinner parties. And when you cut that ribbon, under the watchful eye of your local Chamber of Commerce members, you know in your heart that even when things get tough, you have ongoing support in various forms that you can count on. That’s the beauty of the franchise model – everything from the time you select their concept to study, through your first year in business. Are you ready to be the boss of your own franchise restaurant? As part of the turnkey franchise system, of course you are!
As for the best franchise concepts by category, Entrepreneur got you covered. We have business opportunities to share in over a dozen industries. Everything from automotive, home services and childcare to food, health and beauty, and everything in between. To see what’s in our franchisor database, be sure to check out Entrepreneur Best of the best Rankings.
Related: So you want to open a restaurant?