If you’ve been thinking about becoming a restaurant franchise owner, you’ve probably also been wondering about the benefits of taking this route in comparison to starting your own original restaurant. Although there is a significant initial investment required, owning a restaurant franchise is a great way to generate reliable residual income on an ongoing basis, and once you’ve launched one franchise successfully, you can always start another to increase your annual profits. A lot of entrepreneurial restaurant franchisees wind up owning more than one location, and for good reason. Here are just four of the perks that go along with becoming a restaurant franchise owner:
1. It’s a Turnkey System
Building and operating a restaurant franchise may require an investment of time and money in the beginning, but even with the upfront investment and hours you’ll have to put in, the process itself is much easier than starting your own restaurant from scratch. Launching your own restaurant carries a number of challenges that you won’t have to face as a franchise owner. Franchise owners don’t have to formulate original menus, create entirely new accounting and training materials, orientate their employees with entirely new food preparation and delivery methods, or do any of the other pioneering acts required to bring a new restaurant into existence.
2. Free/Wholesale Meals at Your Favorite Restaurant Chain
While the meals you eat at your restaurant technically won’t be free, as there are costs involved in owning a franchise, you won’t have to pay at the register and you’re getting the food at a wholesale price. Plus, since you’re the owner, you can easily step in the back and prepare it for yourself, which would eliminate the labor cost. For example, if you love eating subs, and you make the decision to own a Quiznos, you’ll be able to get behind the counter and make yourself the most deluxe Quiznos sub you’ve ever seen, whenever you want, or have one of your employees make it for you.
3. Branding and Advertisement Is Taken Care of for You
We’re sure you’re aware of the fact that restaurant chains have some of the most ubiquitous advertisements out there. Every time you turn on the TV you’ll see ads for fast food chains, steakhouses, and local restaurants. Marketing your own restaurant would cost you an advertising budget and in most cases it simply won’t provide the same kind of business rush that chain franchises receive when they run advertised specials. As a franchise owner, you won’t have to worry about advertising your new restaurant, as that side of the business will be handled for you.
4. You Won’t Have to Wait on Business to Pick Up
Again, you’ll be opening a restaurant that most people are already familiar with, thanks to the built-in branding that franchises inherit, so there won’t be much downtime in the beginning while you “wait for business to pick up,” as is the case with many original restaurants. If you choose to start a franchise, you’ll have customers walking in the door one after the other, right from the first week of business.
Becoming a restaurant franchise owner may just be the best decision you ever make. And, it’s certainly a lot easier than setting up a new business from scratch.