If you love to work hard, food franchises may be your ideal business opportunity. But there is a lot that goes into working in this exciting, yet demanding, industry. Before investing in one of the many food franchises available, it is important to do your research to determine if an opportunity is right for your personality and work habits.
The following are the top 10 questions that you must answer before making the important decision to invest in a food franchise.
- What is the potential for income with this franchise? You need to know what you can expect to make by owning this franchise. After all, you have to earn a decent living while you work.
- What is the total investment required for this franchise? Often times you will only see the minimum investment and there are other factors you may not be aware of. This question will help you get a more realistic understanding of what you can expect to pay up front and over the years.
- How long can you expect it to take before breaking even? This will give you an idea of the type of volume you can expect to sell with this franchise. This is also important for understanding how hard you will have to work up front to start your new business.
- What kind of support will you receive with this franchise? Franchise support is one of the biggest benefits to starting a franchise instead of your own company. Therefore, it is important to know how much support you will be given throughout your partnership.
- What type of initial training will be given? The training you receive up front will directly impact how well you are able to recoup your costs quickly. This training will also determine how successful you will be.
- How is the franchise rated against the competition? The brand you invest in will become your brand. You need to be sure that you are confident in your franchise’s brand against its competition.
- What type of marketing and sales promotions can be done? To be successful, you need people to know you exist. Ask how you can market and sell your franchise to grow quickly.
- How will you spend the majority of your time? You may have a different image in your mind of how you will spend your day than what you can actually expect. Find this out before making your investment.
- What will the most difficult part of owning this franchise be? You must understand if you can overcome the worst part of your new job. If not, find another franchise.
- What sets this franchise apart from others? You need to be confident there are no better offers available. Ask this to know why you should choose this franchise over another.
By getting these important questions answered, you will have a better understanding of the type of business you will be entering. These 10 questions will give you the answers you need to know to find out if one of the many food franchises is right for you.