If you are a restaurant owner, you probably already know that there are a couple of different models for business growth. In the restaurant space, franchising tends to be one of the more popular models. From fast food joints to fine dining experiences, a lot of our favorite restaurants utilize the franchise model. But, what do you need to know before you franchise your restaurant?
Let’s be honest – franchising can be scary. Deciding to franchise your restaurant is a big decision that takes a lot of time, money, and commitment. As a restaurant owner, there are a lot of unknown elements that might keep you from entering the franchise space. Some people may be uneasy about the prospect of giving up control over a business or brand they’ve worked so hard to build. Some may be worried that they will be unable to run a successful franchise system. Others might just be afraid to step into a field they are unfamiliar with.
So, in this episode, I’m covering the three things you need to know before you make the decision to franchise your restaurant!
- Working with a knowledgeable attorney is invaluable – starting at 2 minutes and 45 seconds;
- Clearly defining your processes and procedures will make franchising easier – starting at 4 minutes and 30 seconds;
- Operating multiple locations before you franchise may help you work out problems with your business model – starting at 6 minutes and 52 seconds.
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