For any aspiring franchisee, the prospect of owning an established, profitable business can be very appealing. Taking the first few steps towards ownership can sometimes feel daunting but it doesn’t have to be. Franchise models appeal to entrepreneurs because many of the operational and marketing aspects of the brand have already been established. In other words, you don’t have to do the heavy lifting of building brand trust with consumers, the franchisor has that covered. While it’s still a lot of work to own your own franchise, working with a company like Recipe Unlimited has its benefits.

So what should you look for when deciding if franchising a restaurant is the right fit.

Know yourself and the business model you’re after

Research what restaurant franchise model will be the right fit for you.There are unique differences between owning a Full-Service Restaurant versus a Quick Service restaurant. The demands are different, the hours are different, as are the regulations. Which one best suits your lifestyle and secondly what are you passionate about? Do you love mentoring people? Do you love providing your staff a safe, supportive place to work? Do you enjoy working on the business rather than in the business? Asking yourself these core questions can help guide you to your decision.

Know your budget

Budget and investment play a large role in the type of business you want to open. Different restaurants have varying investment levels as well as profitability, and you need to decide what suits your end goal best. Are you looking to open a full-service restaurant with an investment of $200K or would you like to aim higher and put down $750K. Working with our experts, you’ll be able to determine the tier and costing that will work for you.

Know your location

 Knowing your surrounding area and picking the right location is crucial to the success of your business.

Here are some questions to ask yourself when choosing a location.

• Are there other restaurants similar to your franchise nearby?
• Can the population sustain your restaurant franchise at that location?
• How visible will your restaurant be from major roads and highways?
• Will it realistically get walk-in traffic?
• Is the surrounding area more residentially focused, or industrial?
• Are there office buildings nearby?
• Are there any building conversion opportunities in the area (from businesses that have closed or relocated)?

Know your options

When it comes to your franchise there are many options to identify. Is the franchise you are researching set up for omnichannel? Can you offer your guests takeout, drive-through, delivery and dine-in options? How about order automation? Can your customers order meals through a mobile app, or digital display? Do you have loyalty options for your customers? Are you able to send your dedicated customers push notifications about special offers and discounts? How about payment processing? Do you have streamlined options for your customers to pay via mobile app or digital wallets? Working closely with the Recipe franchising team will allow you to answer all these questions and be set up for success.

Considering opening a restaurant? Reach out to our franchising team and we’ll give you all the information you need.

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