Is your restaurant doing well and you feel like you are ready to expand your business, but not sure how? They are a lot of ways that you can do it and here at MBB Management we can help you develop a surefire plan for success.

Check out this Need to Know Guide on Restaurant Expansion for Restaurants.

Make It a Part of Your Business Plan

First things first, any plans for expansion should be thought through and put into your business plan even before you open your restaurant.

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We can all use a little help, especially when it comes to pay taxes on our business, right? Did you know that there are some small business tax dedications that you can take advantage of?

While you can’t deduct personal expenses like living and family-related expenses, for things that you use for both personal and business use, you might be able to. Here are some little known tax benefits of franchising to keep in mind.

You Can Deduct Franchise Fees

If you are a franchisee, you can deduct the fees such as the initial franchise fee and any annual residuals you pay to license your franchise unit.

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Have you been considering getting into the restaurant franchise business, but not sure if this is the right time to do it? Is restaurant franchising on the rise in 2019? Are you primed for success?

According to the International Franchise Association’s latest report which was in 2018, the overall franchise industry is expected to continue to do well all throughout 2019. They projected that the number of franchise establishment would increase by 2.6 percent this year. And all signs so far point to a successful year not only for all franchises, but restaurant franchises in particular.

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Your business is doing great so it seems like the perfect time to expand right? of course, there are different ways to do it, from opening up a second location yourself to franchising your business. With franchising your business, there is less hands on work for you to do then if you run everything yourself, but as with anything, there are always risks.

Here are 4 important things to know before franchising my business.

1. Perfect If You Don’t Want to Invest Too Much

On your own, opening a second location can cost a lot of money, but by becoming a franchisor, you will have franchisees who will pay you to establish their own franchise units.

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Joining the franchise industry can be an exciting and lucrative time in your life, but as with everything, there is a learning curve as you adjust to your new role as a franchise owner. To help you avoid some of the worst of the pitfalls, we have gathered a list of 10 franchising mistakes to avoid when starting a new franchise.

1. Not Getting Enough Financing

Unless you are independently wealthy, you are going to need to secure financing to fund your new franchise. It is important that you not only get the right type of financing, but also the right amount of money to not only cover all the startup costs, but also the cost of running the business for at least the first year.

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According to the International Franchise Association, the GDP (Growth Domestic Product) for the franchising sector grew by a little more than six percent to $451 billion in 2018. It is a great time to be in the business, but if you are a new franchisee, this world can seem a little bit daunting, with all the rules and regulations and the many facets to the business. Don’t worry though. We are here to help. Here are 12 smart tips for new franchisees.

1. Get Involved in Leadership Opportunities

Get involved in as many leadership opportunities with your franchisor as possible as a new franchisee.

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If you want to be an entrepreneur but struggle to create your own idea or would simply like some assistance in the form of a ready-made company, you can always buy a business. When you buy a business that already exists, you tend to invest more up front when it comes to money, but you also receive a ready-made business plan, as well as property and employees – depending on what you buy. If you choose to purchase a franchise, you will still need to hire your own workers and often find a place to establish the business.

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Finding a franchise opportunity can be important for the average small business owner in the restaurant and hospitality industries. Franchises allow you to be your own boss while making money through a trusted brand, earning you the automatic respect and credibility that comes with the franchise itself. Finding the right franchise opportunity, however can be difficult. To locate the best options for you, follow these simple steps.

Know Your Business and Industry

Diversifying one’s portfolio and services seems like a great idea, but many individuals interested in franchises soon find themselves over their heads because they jumped into an option that was too far out of their skill set.

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Investing in a franchise is a full-time commitment and it can seem a bit overwhelming if you have never done this before. Because starting up a franchise is a 24/7 operation, you need to be laser-focused and as productive as possible during your day.

Here are 11 productivity tips for franchise investors:

1. Keep Your Work Area Clean & Organized

In today’s world, there are always so many different distractions that keep us from being productive. Don’t let your desk or work area be one of them.

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It has always been your dream to own your own business, and now you are ready to do it. You are excited, but there are still so many decisions to make before you open your doors. For one thing, do you want to open your own independent business or a franchise?

While you would have complete creative control of an independent business, you will also be taking on all the risks by yourself too, and you won’t have an experienced company backing you up either.

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