It?s really not hard to determine which franchises are the most successful. You see them advertised on television and on billboards, hear them advertised on the air, and cannot drive by way of a shopping center anywhere in the US without passing one or more of them.
Not only do you know who they are, you likely have been in a number of them so many times you know exactly what they have to offer. These franchises, basically, have succeeded wildly in branding their products. What 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 personal business, you could do much worse when compared to 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 which can keep the customers coming back, the odds are definitely privately of the franchise restaurant.
The Pros and Cons
There are, needless to say, big risks in starting a restaurant of any kind. Only those who have a genuine love for the business enterprise usually stick with it long enough to generate a profit; while having a franchise restaurant may ease some of the concerns, there are a few realities you must face before you start.
First, buying a franchise restaurant can be quite expensive; they can include actually purchasing the land on which you will build your operation. You may be able to get help with your financing from the franchisor, and banks also recognize that a restaurant franchise is among the less risky smaller businesses, so may be willing to give you favorable terms.
On the positive side, you should have the benefit of selling only those foods which are proven moneymakers, so that you can limit your inventory, which will be ordered from the parent company?s preferred suppliers. You and your company?s other franchisees in the area can share the costs of joint advertising. For more information see http://www.startfranchisehelp.com/Franchise_Broker/ on Franchise Broker.
On the downside, be prepared for extended hours at your franchise restaurant; as a franchisee you will have certain standards, both service and financial, to maintain, and you will be giving regular reports to your franchisor. When you have personnel shortages, your household members must fill the gaps.
You can almost count on having personnel problems; low pay and unchallenging work will make it hard to 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 chances of succeeding with a well-established franchise restaurant are much better than they would be in any other business you could start.