Regardless of how tight money gets, people need to eat, and fast food restaurants at least give the impression that you are saving money when you take the family out for dinner.
Owning your own fast food franchise can be a good idea, if you have the cash, the experience in the restaurant business, and the stamina. In fact, the fast food business may just be one of the few businesses that actually prosper during a recession.
The first thing you need to decide is what kind of franchise you want to own. If you have any experience in the restaurant business, you have no doubt made your choice, and there are a lot of them out there. From doughnuts, to pizza, tacos, to chicken or burgers, there is something that will interest the budding entrepreneur.
If you have an establishment picked out that is up for sale, so much the better. If you are approved by the parent company, you can take over operations once you have assured them that you have the funds. There is a minimum with all companies that you must invest, and that you must have on hand. These amounts can be well into the hundreds of thousands of dollars. Most companies will also ask you to sign a 20 year renewable contract.
The location you choose is all important. Take your time and look at the traffic, competition, and neighborhood. If it’s already established, look at their past records.
Keep in mind that even though you own the franchise, the company controls many aspects of what you do, and when. The product line you sell is sometimes up to you, as far as new features, but often it is up to the company to give the final go ahead. That is true of pricing, sales, advertising, and even upgrades to the building itself. If the company decides to changes the style or furnishings, you will be responsible for the alterations.
Even though you don’t have all the decision making power, you do have the responsibility. You are responsible for maintaining your building, meeting local requirements and inspections, and for hiring, both managers, and workers. This in itself can be an exasperating experience. You are also responsible for worker safety and dealing with customer problems.
It takes a special person to own their own franchise, but if you can do it, and you have the funds to give it a try, it is a money maker.
- Things to Consider Before Opening a Fast Food Restaurant | Chron …
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- What It Takes to Start a Fast-Food Franchise – Yahoo Finance