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5 Points To Remember Before Getting Into Restaurant Franchising Are you planning to open a restaurant of your own but not sure on where to start things? A franchise is basically offering turnkey opportunity in owning a restaurant that has built-in name recognition and at the same time, a proven track record of success. Keep reading to know more about the most important things about restaurant franchising. Number 1. Franchising a restaurant is not that cheap – we can’t deny the fact that restaurant franchises come with a big price tag. So to give you an example, one restaurant may demand prospect franchisees to have minimum of 1.5 million dollars net worth as well as 750,000 dollars cash reserves while others need franchisees to have a million dollars net worth and half a million in liquid assets. There are many franchises that require requiring previous restaurant or various business related experience before they allow you to represent their brand. Always keep in mind that even if you’re about to open an independent restaurant, the investors might be searching for experience in restaurant industry too. Number 2. Restaurant franchises are turnkey operations – among the reasons that restaurant franchises are extremely expensive is the fact that they’re turnkey ready. Starting from the dining room design, menu, kitchen layout and even the marketing campaign, it will be done on your behalf. There’s no need to work hard and even think of ways on how you can build name recognition as it is already part of what you’re buying.
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Number 3. Restaurant franchising have specific rules – with regards to franchising most especially in restaurants, being able to have consistency is so important. Customers expect to get the same food, atmosphere and service regardless whichever state or part of the world that they are in. In an effort to keep everything consistent on units, the franchises also come with a rule book which describes the do’s and don’ts of owning a franchise. By the time you’ve agreed to buy the franchise, you are also agreeing to follow the rules they’ve set.
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Number 4. It don’t leave much to your imagination – if you like cooking and creating new foods and planning out every aspects similar to dining room design, menus, pricing and so forth, then the structured set up of the restaurant franchise might not be the one that you need. If you want to do things in your own terms, you’ll do better in investing in a standalone restaurant. Number 5. You still need a business plan – whether you believe it or not, even if restaurant franchising is turnkey operations, you will still need to present a business plan.