How Do You Buy A Restaurant Franchise?
For many would be restaurateurs, a franchise presents the perfect opportunity to open their own restaurant. There are a lot of benefits of restaurant franchises, such as instant name recognition and built in marketing. However, buying a restaurant franchise is not always as easy (or as cheap) as one might think. Here is a step-by-step guide to finding and buying a restaurant franchise. 1. Understand What Defines a Restaurant as a Franchise Not all restaurant chains are franchises. For example, Starbucks is one of the most recognized chains in the world. But it is not a franchise. It is corporate owned and operated. Applebee’s is a restaurant franchise. Owners, called franchisees, purchase the rights to open and operate an Applebee s. As part of the deal, the franchisee pays royalties to the head offi
Purchasing a restaurant franchise rather than starting a restaurant business of your own is a very good idea. The business model is already proven to work. Plus franchisors receive support and training from the company headquarters. Restaurant franchises may be more expensive to buy than other types of franchises; however, they can also be very lucrative. The process of purchasing a restaurant franchise is not an extremely difficult one. Decide which type of restaurant franchise you will buy. Search classified advertisements and franchise directories for information on restaurant franchise opportunities in the geographical area of your choice. Evaluate the initial costs and other factors, in order to select a few franchises that you are interested in purchasing. Request a franchise application. Review all the documents provided by the franchisor, including financial statements. Ask for details about the company training and support program. Talk to current franchisees. Talking to someo
