Restaurant business is great and people are starting to ask if you’re gong to expand to any more locations. You think that it might be a great idea, but you’re worried that your customer base might not extend to the few towns that you’ve thought about expanding to. Then someone asks you if they can outright buy the right to open your restaurant in a different location. Franchising is a business in itself, so you should do your research and prepare before you make any decisions. Here are some tips below:
Protect Yourself and Your Brand
Register your brand as a trademark in order to protect yourself from someone copyrighting your images. Potential franchisees don’t want to work for someone who doesn’t have the rights to their logo and other images that represent their brand.
Operations Manual
You need to prepare an operations manual for your franchisee. You have the expertise and know exactly how to run your restaurant so that it’s successful. Teach your franchisee how to do the same.
Growth Plan
A growth plan will help guide you to future decisions and keep you focused on your goals. Develop short-term and long-term goals that can easily be measured in terms of success. For best practices, it’s best to build new locations close to your original location and stay within a certain radius.
Franchising is a Business
Franchising is a business in itself. You have to decide what level of support you’re going to provide to your franchisees and what your role will now be. Your role is not just a restaurant owner anymore, but that of someone overseeing multiple locations.
Franchising your restaurant can be great for your business, your bottom line, and for garnering recognition across a wider stretch of people and locations. Make sure you’re prepared before you jump into franchising and get all your ducks in a row to make sure that the transition from restaurant owner to the new role of now overseeing franchisees and multiple locations is flawless.
