It?s really not hard to determine which franchises will be the most successful. You see them advertised on television and on billboards, hear them advertised on the radio, and cannot drive by way of a shopping center anywhere in the US without passing a number of of them.
Not only do you know who they are, you likely have been in a number of them so many times that you know exactly what they must offer. These franchises, in other words, have succeeded wildly in branding their products. What exactly are they?
Franchise restaurants, of course. Anybody borne after 1955 probably cannot remember a global in which McDonald?s didn?t exist, and they were only the beginning. For anyone who is one of the millions of people thinking about breaking away from the nine-to-five routine and starting your own business, you could do much worse than a franchise restaurant.
Why? Because given the choice of trying to establish a loyal customer base for a fresh, unfamiliar product of your choosing, and choosing a restaurant franchise with food already familiar and proven to keep the customers returning, the odds are definitely on the side of the franchise restaurant.
The Pros and Cons
There are, of course, big risks in starting a restaurant of any kind. Only those who have a genuine love for the business usually stay with it long enough to make a profit; while having a franchise restaurant may ease a few of the concerns, there are several realities you need to face before you start.
First, buying a franchise restaurant can be quite expensive; they are able to include actually purchasing the land on which you will build your operation. You might be able to get help with your financing from the franchisor, and banks also realize that a restaurant franchise is one of the less risky small businesses, so may be ready to give you favorable terms.
On the positive side, you should have the advantage of selling only those foods which are proven moneymakers, so you can limit your inventory, which is ordered from the parent company?s preferred suppliers. You as well as your company?s other franchisees in the area can share the expenses of joint advertising. For more info see http://www.startfranchisehelp.com/Franchise_Broker/ on Franchise Broker.
On the downside, be prepared for long hours at your franchise restaurant; as a franchisee you will have certain standards, both service and financial, to maintain, and you’ll be giving regular reports to your franchisor. In case you have personnel shortages, your household members will have to fill the gaps.
You can almost count on having personnel problems; low pay and unchallenging work can make it hard to help keep employees for extended periods. Restaurant employee turnover is extremely high. But if you as well as your family are willing to provide you with the elbow grease, your likelihood of succeeding with a well-established franchise restaurant are better than they would be in any other business you could start.