As a franchise, you gain the use of a trademark otherwise known as an existing successful BRAND.
A brand is a name, term, design, logo, or any other feature that identifies a business’s goods and or services. I would also add that a brand could create a feeling or emotion associated with that particular business, which also helps it stand out from the competition.
A well-known BRAND name offers many advantages that an entrepreneur is starting a business from scratch has to develop, and that can take some time.
If starting a restaurant from scratch sounds intimidating and buying an existing business doesn’t seem right for you-you could be more fitted for franchise ownership.
When starting an independent restaurant, your brand development process begins before the restaurant opens, along with many other tasks.
A franchise avoids a lot of the mistakes start-up entrepreneurs typically make because the franchisor has already made them and has perfected the business.
The most significant aspects of purchasing a franchise are you get a proven system and how to use it, and you already know that there is a demand for the food and service.
A franchisee pays an initial fee and ongoing royalties to a franchisor.
A successful and reputable franchisor will have conducted market research before selling to a new franchise.
Not doing adequate market research is one of the most prominent mistakes restaurant startup entrepreneurs typically make. But as a franchise, it’s done for you.
The myth that food franchises are less prone to failure than independent is just that. Believe it or not, they go out of business at the same rate.
Be careful and do thorough research on the specific franchise you are considering. Find out how many franchise owners are still in business through the full terms of their franchise agreements.
Most importantly hire an experienced franchise attorney before you sign a contract!
You’re most likely making the most significant financial commitment in your life.
You are putting hundreds of thousands of dollars up front; you may be securing it with your house, you’re sometimes committing for the next 10 or more years of your life.
PLEASE hire somebody who is experienced in franchising to explain what is in agreement before signing it.
If franchising, isn’t for you and you’re the independent entrepreneurial type, who likes to be creative and not be under any one’s thumb or strict specifications of a franchise, you may want to go in another direction.
If that direction is starting your own food business and you want the advice and help of startup up specialists contact us TODAY.
Brand Awareness is one of our services!
Our restaurant branding services strategically plan and customize to your specific type of restaurant concept.
Since you are a new restaurant, we will show you how to get in front of your target audience. We help you develop a strong brand, personality, and strong identity.
You can still have a successful brand even if you’re not a franchise!
Our team offers in-depth expertise in starting restaurants.
There is so much involved in starting a restaurant; it’s easy for entrepreneurs to lose focus unless guided.
Our restaurant startup services will take you through laser-focused tasks during the early stages.
We help you get your restaurant off the ground and moving in a fruitful direction.
As a subscriber, you will have access to information on the trends in this rapidly changing industry-with practical knowledge, insights from leaders in the field, best practices, research, and tools you can use every day.
We offer you the opportunity to learn through a variety of methods. Most importantly, you receive a toolkit of educational resources and a higher capacity for addressing the challenges of starting a restaurant and running a successful one.
To franchise or not to franchise?!
Good luck and much success either way…