How to Run a Successful Restaurant Franchise
Opening a store of a popular Ben et Florentine franchise restaurant can be a great investment. Of course, in order to succeed in this highly competitive and tightly-wound industry, you need to make sure you make the right moves at the right times. As such, here are some hints to making the right kind of progress:
Weigh the Advantages and Disadvantages
It should be obvious, but the first thing you need to when looking to open a restaurant franchise is comparing the advantages against the potential disadvantages. The advantage of opening a business, of course, is that you have some control over making your own money. But opening a franchise from an already successful company also gives you the benefit of an established and proven system as well as brand recognition
Find the Right Company For You
Once you have decided that opening a franchise is the right choice for you it is time to find the right company. Buying a franchise involves, first of all, understanding your own financial and personal flexibility so you can determine what you can afford and how much time you can commit. More importantly, though, you will find the right company for you: one you can afford—both in money and time—but also one that you will enjoy managing. This involves investigating the company’s proven success and, hopefully, taking some time to personal dine and experience the brand’s service and quality.
Location! Location! Location!
After you know which company suits you best, you will need to find the right location for this restaurant. You need to research the competition and the potential for success. Look for things like: similar businesses, alternate competition, local traffic, tourism and visitor traffic, etc.
Develop a Business Plan
When opening a franchise, some of this may be done for you; regardless, if you want to be successful you will need a business plan. This is a document (or series of documents) which details your budgetary goals, staffing needs, and of course, your fiscal expectations.
If you want to operate a successful franchise you need to comply with two things:
- Franchise regulations
- Food service health codes
When you set up your franchise, the company will explain their operations and expect you to adhere to their policies. Should you violate them you could lose your franchise.
Similarly, though, you will need to comply with state and/or federal health codes. These are law, which means that violation could result in financial penalties and, perhaps, even the revocation of your business, the suspension or loss of your business license, and even jail time.