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. For people in the fields of restaurant consulting, franchise consulting, or hotel management, growing a business thus becomes difficult because the overhead management has become more complicated.
It’s therefore important to get a clear idea of just what is possible for you and your business. If you would like to offer new food or drink at a restaurant, that is a brilliant idea because you already have experience in the food service industry. If you run a hotel, choosing a franchise that can be incorporated in the physical space of the business would be great because you can utilize customers you already have.
If you have no experience in the industry but would still like to get involved in the world of franchises, remember to do your research and consider hiring professional help. There are a variety of consulting firms out there willing to lend their expertise to ensure your endeavor is successful.
So, once you’ve put your mind to the idea of franchising, the next actions are clear. Make a simple list of what skills you possess, and then identify your available resources. Do you have the money to franchise? What about the time to find employees and property? This will help you during the next step: Locating the actual franchise opportunities.
Where to Find Franchises
There are tons of journals, magazines, websites, and even books made every year that list a variety of franchises available to the average individual and current business owner. Some of the easiest to use resources are websites like Entrepreneur.com, Franchise Direct, and Franchising.com. These resources identify some of the most profitable franchises each year and rank them so new investors can identify the best opportunities each year.
At present, some of the most reliable franchise opportunities are those related to restaurants and food, which is great news for people already in the hospitality industry. Everybody needs to eat, after all, and people on the move are always looking for great food from a brand they recognize. Some of the best are below.
Dodo Cookie Dough
Dodo Edible Cookie Dough and Ice Cream is an up and coming franchise that focuses on offering sweet and delicious treats to people throughout the United States. The dough and ice cream are bestsellers, and the company is always looking for new franchise owners to sell scrumptious sweets.
Chaps Pit Beef
Chaps Pit Beef is famous for its Maryland style barbecue sandwich and is a restaurant chain new to the franchise business. The owners are looking to broaden their franchise into new states and are thus willing to cut great deals with interested business owners in the country.
Tony Luke’s Cheesesteaks
Restaurants are one of the hottest franchises hotel managers, current restaurateurs, and other people in the hospitality business can get into. Tony Luke’s is a cheesesteak chain known for its freshly prepared meat and sandwiches in Pennsylvania and New York, but the business is looking to expand its franchise.
Zac’s Burgers is another small but surprisingly far-reaching franchise that makes fresh burgers topped with high quality ingredients in Pennsylvania. The franchise is unique in that it is perhaps the only business that offers hamburgers packed in donut-style boxes for on the go munching and also does local catering.
This Floridian style bagel shop is one of the only ones that makes its own eleven flavors of cream cheese to serve with New York style bagels, making this franchise one of the up and coming options in the last couple of years.
Use a Franchise Consulting Firm
Once you determine which franchise you would like to incorporate in your business, you have to consider what the requirements will be to run this new branch. Do you want it to be part of your current business? If you aren’t currently in the restaurant or hospitality field, do you know what it takes to make such an undertaking successful?
If you’re worried about finding the right opportunity or are scared about the requirements of management, you’re not alone. Several new businesses have sprung up and employ people who work as franchise consultants.
Franchise consultants are ideal if you are the type to worry about the extra management and work that will come with the licensing and implementation of a franchise. When this is the case, it’s possible to hire a franchise consulting and management firm to seamlessly implement the new franchise while reducing your personal workload and stress.
Companies like MBB Hospitality hire skilled employees to help identify the right franchise for your restaurant, hotel, and other businesses. These companies help grow your business and its financial opportunities by going through the process of franchise identification, incorporation, and overall management so you spend less time trapped behind spreadsheets and in meetings and more time doing what you love: Running your own business. The firm can be contacted through its website at the following link: https://www.mbbmanagement.com/contact/
Companies that aid with franchise consulting and management are increasingly becoming an excellent way for professionals to diversify their business portfolio and find new ways to improve income and customer attraction. A professional franchise consultant can help you find the right investment for you while also addressing future managerial concerns.
Why not hire the best to help you expand your business?