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Restaurant Franchising – Important Things You Must Know Are you interested in opening your own restaurant but you just don’t know where to start? 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 on reading to learn about the most important things that you ought to know in relation to 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. Remember as well that even if you are planning to open an independent restaurant, expect your investors to look for experience in restaurant industry too. Number 2. Restaurant franchises are turnkey operations – one of the common reasons to why it is extremely expensive to get restaurant franchises is that, they’re turnkey ready. The dining room design, menu, kitchen layout and even the marketing campaign are all done on your behalf. You don’t necessarily need to think of ways or work hard to build name recognition as it is part of what you’re buying already.
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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. The franchises come with rule book which outlines the do’s and don’ts of owning a franchise in order to keep everything consistent on every unit. The moment you agree to buy the franchise, you’re agreeing as well to follow the rules they have 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. You’ll do better in investing in a standalone restaurant if you wish to do things on your own terms. Number 5. You still need a business plan – you still need to present a business plan before investing in restaurant franchising, regardless if it is turnkey operations.