March 12, 2010, Newsletter Issue #195: Starting a Restaurant Franchise

Tip of the Week

Interested in opening your own restaurant franchise? The first thing you’re going to need is cold hard cash. If you’ve already got in mind a specific franchise, don’t just visit their website for information, make sure to have a look at the American Franchise Association’s website. At least at that particular site you’ll get some good unbiased advice and information to get you started.

Which franchise you buy and the franchise location are two things that will determine the success of the business. Before signing on the dotted line, it’s important to have an understanding of the local market, interest, demand, economy, and reasonable expectation of success.

Prepare to work long hours as you get your restaurant franchise established. Every restaurant management skill you learned in culinary school is going to be exercised with this new venture. Once the walls are up, the staff is hired, and restaurant supplies are in place, it’s time to hit the streets. Visit local businesses with coupons to get people in the door. Don’t be the franchise owner who hides out back or worse, at home. Make yourself visible; take a walk through the restaurant to check on patrons. Roll up your sleeves and make yourself visible. Beating the competition can be as simple as good old fashioned customer service.

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