Are you entrepreneurially spirited with a vision to break into the fast-food franchising industry? Well – you might have the passion, you might have the time, but do you have what it takes to be a franchise owner?
Here’s a quick quiz to determine whether you’re cut out for the franchise industry:
1: Why do you want to run your own business?
a. To make my own money.
b. To spend more time at home.
c. To be the big boss.
2: Are you fully committed to running your own business?
a. More committed than I’ve ever been.
b. I’ll commit whenever I have spare time on my hands.
c. I’ll do the easy and nice parts and let someone else do the rest.
3: Do you enjoy working with other people?
a. I’ll work with others if they can add value to my business.
b. I’m neutral – It doesn’t bug me; I don’t mind.
c. I’m starting my OWN business, so they must be enjoy working with me.
4: Why do you want to own a food franchise?
a. It’s tried, tested and if I put in the work I will reap the awards.
b. I have a passion for food and love everything about it.
c. Everyone eats food so how can I not make money?
5: How are you going to make your franchise the best of the best?
a. I’ll maintain the franchisor’s standards and listen to my communities’ needs.
b. Everyone knows the brand; it speaks for itself.
c. If it’s the best of the best, it will always be expected.
6: How are you going to increase sales?
a. I’m going to use all the necessary marketing tools.
b. I’ll have a few specials, but not too many as it may cut into my profits.
c. I’m sure the brand will sell itself.
7: How are you going to deal with competitors?
a. I’ll offer my customers value for money.
b. If my competitors offer a special, so will I.
c. They don’t offer the same meals that I do so why worry.
8: What is your main goal for opening your franchise?
a. I want to be the best the brand has to offer.
b. Money, money, money.
c. I want recognition for owning my own business.
9: How much do you know about franchising?
a. I have experience in the restaurant industry.
b. I read a few articles, and did some research so I have basic knowledge.
c. Not much; how hard can it be?
10: Is opening a franchise your current goal?
a. Yes, yes, yes – let’s do this!
b. It’s an easy job; let’s see how this goes.
c. Why not?
Now, tally up your As, Bs and Cs . . .
Congrats! Franchising is the perfect field for you. With your willingness to learn and take advice and your dedication, you should do well! It’s a lot of hard work but if you’re willing to put in the effort, you’ll reap the awards.
You could make this work, but think it through. Make a list of all the possible pros and cons you can think of and then weigh them up against your personality type and business expectations. Franchising might just be for you but remember: if you want your franchise to grow to its full potential, you’ll need to put in the time and effort required to prosper.
Franchising isn’t the walk in the park you may think it is. Even though you’ll be your own boss, there are rules and regulations you’d need to follow, and there are people who you’d need to answer to.
You may want to think twice about entering the fast-food franchising industry if you’re not interested in being a hands-on operator who works long hours, is prepared to serve and protect the brand, and who’ll always put the customer first.
Source: Scooters Pizza
Picture: Quazie on Flickr