So you’ve decided you want to throw off the shackles of the 9-to-5 lifestyle and invest in one of the many available fast food franchises. Congratulations! Get ready to be your own boss, call your own shots and chart your own course.
But before you jump in the deep end of the pool, there’s a lot of prep work to tend to first. A franchise food business can be very profitable, but only if you do your due diligence and create a solid foundation upon which to build. This will ensure that the surprises and unexpected twists of running your franchise will be kept to a minimum.
First you need to decide which of the myriad food franchises you want to invest in. Do you want to open a hot dog stand franchise or would you rather sell ice cream? This is where early research can really pay off.
Find out if there are any current fast food franchises that sell what you’re thinking about selling and talk to the owners. See what kinds of seasonal highs and lows there are. Ask about any special promotions that might kick-start sales.
You can also get loads of information from the franchisor themselves. The franchisor wants you to succeed, because your success is their success, so they’re more than willing to fill you in on everything from prime locations to hot dog cart business profits over the years. Take advantage of any research you can get your hands on.
Then there’s the money. You’re going to need some upfront money to invest into your fast food franchise, and you’re also going to want to have enough money to cover living expenses for a while. At least until you start turning a profit.
If you feel your dream of being a fast food franchise owner slip through your fingers because you haven’t got the funds, don’t give up just yet. There are plenty of financial institutions out there who are happy to discuss small business loans. And as it happens, since franchises have built-in brand recognition, banks and credit unions are more likely to back them than a business that needs to build up from scratch.
Once you’ve got all of the preliminary stuff out of the way, just be forewarned that when the time comes to sign on the dotted line, there are going to be plenty of dotted lines – that is to say, a lot of paperwork. Don’t let this throw you off either. Every franchisee signs the same documents, so just bring a pen with plenty of ink and keep your dream fixed clearly in your mind.
Owning a fast food franchise is a lot of work, both before you actually buy it and afterward. But whether you’re pursuing hot dog franchise opportunities or ice cream franchise opportunities – or something altogether different – the chance to own your own business is, for many, the American Dream. Go after it.