When most people think of franchising they think restaurant. They think McDonalds, Burger King, Sonic or Checkers. There are over 500 different franchised restaurant options to choose from. Some that have a better ROI than you would get from a major brand. But owning a restaurant franchise takes a special kind of person that can operate and manage the business properly.
Interaction with the public helps grow your business. A restaurant is part of the hospitality section. You need to work with people of all shapes and sizes and you need to be able to deal with upset customers. Knowing how to handle complaints and work effectively to defuse a situation leads to better long-term success for your franchise. Bad reviews can cost you business.
Employees are the face of your business. They interact with every customer and are the ones that will have a direct impact on customer experience. Knowing how to hire and train the right people is key to owning a successful restaurant franchise. You will have a lot of staff come and go from your restaurant. Building a culture of success and creating a safe environment for your employees to work in is critical.
You will have great times and bad times when running a restaurant. Being resilient and having the tenacity to fight through the down times is key to growing your restaurant. The challenges and adversity only make you stronger and you learn from them instead of run away from them. Setbacks are temporary but you need the strength to power through them to succeed.
You need to be a jack-of-all-trades. When a problem arises you need to be able to deal with it quickly and decisively. This will happen on your days off and even while on holiday. Owning a restaurant means never truly checking out of the business. This can put pressure on your family because you may need to miss a dance recital or soccer game if your manager is sick or your pop machine breaks down.
Growing your new franchise into a successful business takes time. Unlike stories you hear on the news, most franchise owners don’t become millionaires overnight. They work hard and patiently grow their empire one dollar at a time. Their success came from patience and perseverance. The early years of owning a restaurant are tough. It’s 80 hour weeks, no holidays and slugging away at all of the job. You’ve got business loans to cover and your employees, utilities and franchisor royalties get paid first and whatever is left is your profit and take home. Some weeks it might be nothing. Being patient and slowly building your business is a recipe for success.
Owning a restaurant franchise is a great way to build a successful future for you and your family. It’s not a sure thing and there are no guarantees of success when investing. Have the right temperament and being true to who you are can help you grow your business. Before investing, make sure you do your research and find the best restaurant franchise for you.
When it comes to franchising, Murphy’s Law comes into play more often than desired. In many cases, a new franchise takes off slower than anticipated.
The emphasis on franchise system growth is as old as franchising, having been accepted as the indicator of a quality franchise.
After owning 4 successful businesses, in different business sectors, there are two common attributes my good hires have shared; Curiosity and Tenacity.
In the franchise industry, franchisors can view comparisons and relationships between consumer satisfaction for the products or services a franchise offers.
These traits lead to low franchisee turnover, an attractive investment opportunity, outlet growth and brand recognition and consumer satisfaction.
Owning a business is hard. Each venture has its differences – different customers, different go-to-market strategies, different business partners.