The Step-By-Step Guide to Owning Your Own Restaurant Franchise

Being a great cook is something that is sure to please your friends and family. It is also, however, a talent you can create a very profitable enterprise on. People love great food and great service, and if you have the know-how and will to turn your cooking skills into a business, there should be nothing holding you back. Build not just a restaurant, but a franchise, and you can then secure your future, your children’s future, and even your grandchildren’s future. All you need to do to start is to follow these steps:

1.   Start Your Own Restaurant and Make it a Hit

The first step to owning a franchise is to start your first restaurant. Create a menu, a business plan, and take these two items to investors. You can either take out a personal loan from a bank or rely on capital investors or angel investors in order to get the funding you need.

To save costs, it is wise to then rent out an existing restaurant space so that you do not need to pay for the high costs of installing a kitchen, and can instead work on creating the atmosphere that will initially bring guests in.

Great customer service and great food will go a long way. Once you are a success, you can then start the process of selling your brand and building a franchise.

2.   Hire a Lawyer to Start the Franchising Process

There are a lot of different legal processes and requirements when it comes to creating a franchise. Not only do you need to adhere to the law, but you also need to create the contracts that your new franchisees will follow. Your franchises are your brand, and creating a consistent brand is how you all will succeed.

3.   Be Very Selective with Your New Franchisees

The reason why franchises are so lucrative to the owners is that it means other businesspeople come in and invest in you and your company. This allows you to grow profits and reach without putting up the cash in front. Just because someone has the money, however, doesn’t mean they will always be a good fit. You want to carefully vet each new franchise owner before you sign a deal with them.

4.   Build a Network System for Your Franchises

One part of a consistent brand is to provide consistent service. This is best done when all of your franchises operate under one program. Having the same POS system and set of rules and regulations will help each franchise continue your high level of quality. When you create this program, you will also want to invest in a Network as a Service (NaaS) like Masergy in order to sync up all systems, even from remote areas. Linked systems will allow you to monitor quality control and offer help and assistance to your franchisees as required.

Owning a franchise can be very lucrative, but it is a never-ending job. Not only do you need to operate your own business, but you also need to support your franchisees to promote consistent service and quality.