Many who would love to finally “be their own boss” and get their foot in the door in the quick-serve restaurant industry are needlessly held back from pursuing their dreams based on irrational fears. Fear can be a good thing when it is based on facts and prevents you from running recklessly ahead in the wrong direction, but when founded on myths and misunderstandings, it can keep you from “answering the door that opportunity is knocking on.”
Food franchise opportunities abound, you can seek to be a franchisee with a respectable amount of investment capital and a well-thought-out business plan. But it is also true that many who go into franchising end up closing their doors or selling out in a few years. Thus, it is critical you put your best foot forward when you seek to capitalize on food franchise opportunities.
To help you accomplish that end, following are a few helpful pieces of advice on how to get started at being a food franchise owner:
1. Choose your franchisor carefully.
First of all, you should seriously examine your own expectations, desires, and resources to determine if franchising is right for you. But the very next step is to select your food franchise from the plethora of available options. Look for a food franchise with a product you truly like, a large and loyal customer base, and a proven business model. One example might be Great American Cookies, which has over 300 locations, a unique, delicious product, and many franchisees across the country.
2. Have a detailed start-up plan.
Before you sign on the dotted line, you need to think long and hard about your business’ future location, how you will finance the real estate and operating equipment you will need, how you will advertise for your grand opening and beyond, and how you will “build presence” in your local community.
Many franchises, like Great American Cookies, will offer you a lot of help and insight in these areas and will even have specialized staff to assist you with site selection, building layout, marketing, and more. The unpredictability of the business world means you need to counter and minimize that unpredictability with a solid business plan.
3. Have a long-term vision.
Although a short-term plan for immediate start-up and operations is essential, you also should consider looking beyond just the first franchise you open.That is likely why multi-unit franchising is so popular these days—because it maximizes your growth and the return on your investment within a given level of operational costs.
4. Focus on food franchise opportunities training and support.
Global Franchise Group (GFG) franchises does not always require you to have prior experience specific to the exact type of business you plan to run. Business experience is helpful, but even that is not absolutely necessary if you are ready to listen and learn. Extensive training at GFG University in Atlanta, on-site training and help with the grand opening, and ongoing support and educational opportunities will help you get started on the right foot.
To learn more about food franchise opportunities with Great American Cookies, see their online Start Up Guide.