How to be successful as a new restaurant franchise owner
So you are thinking about buying your own franchise, congratulations. You have no doubt done the research and know the benefits of owning one. You also know what you need in order to run a restaurant successfully. But while a franchise is a restaurant, it is not like any other restaurant.
A franchisee will typically get not just a trade name but also development support, training, a marketing strategy, business advisory, brand standards to adhere to and so much more. However, running a franchise can still be taxing, especially at the start. We share a few tips to help you get through those first months and run your franchise business with success.
Location really does matter
Take the time to really think about the location before renting or buying a space for your new restaurant. The look of the space matters. You might have dreamed of owning a restaurant with big windows, right next to an intersection. But what the space looks like isn’t all that you should take into consideration.
Look at the demographics of the residents in the area and surrounding areas as well. They should be people who will enjoy the type of cuisine you are offering. If you ideal location is too far from your prospective customers then it might not be that ideal after all.
Remain hands on
A new franchise is like a baby, it needs a lot of attention before it can get on its feet and begin to run. Even with a good manager and business experience of several years, it is important that the owner is hands on at least at the beginning. This will set the tone for the business. It will also ensure that the day to day running of the business is streamlined. Here is a testimony from a first time owner, detailing the importance of his presence in the first days of setting up the business.
Keep in touch with the mother company
The success of a franchise comes down to a mix of things. Financing, customer loyalty, great food and service, adhering to contracts and relationships are just a few. One thing new franchise owners should not neglect is the last one, relationships, specifically with the franchisor.
The franchisor is invested in the success of the franchisee. That is why they agreed to license them to the use of their brand. New franchises should nurture and take advantage of this relationship. Don’t get stuck in the weeds, reach out for assistance.
Share downturns and wins. You are likely going through something other franchisees have faced and the franchisor can offer support. There are benefits to being part of a family.
Learning should never end. Keep up with changes in food regulations, trends in the business world and more. By remaining open to learning more, you will be able innovate, deliver value to customers and keep your franchise running well past its first birthday.
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