Have you ever wanted to be your own boss? Own your own business? Some of you may think, “Yeah, I’d like to but I don’t know how.” Or you might feel, “Starting a business from scratch is hard and I don’t know how.” Here’s a secret for you – who says you have to start from scratch? What if you found a way that you could be your own boss and a proud business owner but able to use a model and a brand made by someone else? This is the world of franchise opportunities.
What is a franchise?
A franchise is an outlet like a restaurant franchise or café franchise where you invest some of your money to open a brand name store like a Coco Cubano. Royalty fees are paid from your sales for the use of their brand name and business model, and profits made above and beyond the cost of operating the business is yours you keep. This is a really great way to own your own business at an affordable rate. Hundreds of thousands of dollars go into making a recognized brand name, building it up, and winning customer loyalty. You then can simply buy in and invest in an already winning company.
What kinds of franchise opportunities are there?
There are many thousands of franchise opportunities out there. You need to decide which one works for you. Two of the most popular though are a restaurant and café franchise like Coco Cubano. When it comes to selecting a franchise, no one can offer you a model that guarantees success but they should be able to offer you the tools you need to be successful and a framework for how to achieve this. Coco Cubano offers prospective franchisees the experience, support, systems and business model required to run their business.
Worried that you may not have the cooking skills or experience to work in your franchise? Don’t worry, no one said you had to work in the franchise you own. Many of the restaurant franchises for example are run by a manager who can assist with hiring and training the staff and ensuring that your restaurant franchise operates smoothly. After all, your manager will also have a vested interest in seeing your restaurant succeed.
Why own a franchise?
There are many good reasons why you may be interested in a franchise. Maybe you like a challenge? Many business owners-to-be simply like the thrill that comes from overcoming difficulties and making something profitable through their efforts. Or perhaps you enjoy working for yourself? Being the owner of a franchise makes you your own boss which is a great feeling to know that you are in control while not having to spend time thinking of building a brand name because you smartly bought an established one.
Then there is also the stability that goes with a buying a tried and true business model that the franchise opportunities offer. What’s also a benefit is that the mother company, to ensure their brand’s continued success, will often offer training for the franchise owners on how to make their stores more successful. This means that if you owned a café franchise or some other business that the parent company would help teach you how to run it better, what things are popular elsewhere that you may want to incorporate, and how to leverage a base of support for your business. They will also likely provide you with many useful figures like prices of items, ways to get deliveries, and average amounts of paper used at their restaurants. By having these stats in front of you it helps give you a huge insight into what you will need to do to be profitable. Speaking of which…
What to know…
Of course all noble intentions of hard work and determining your own destiny aside, you may well simply be in it as a source of income. There is nothing wrong with that as just such a mindset is the driving force of many economies and if you are willing to learn, work hard, and take the risk of an investment, then your investment can pay itself back.
Before you do invest in a café franchise, you should ensure that you have some working capital already saved up and some living income set aside so you don’t have financial stresses while setting up your business venture. You should have about a year of capital and income available to you to use during the time you are setting up your new restaurant franchise.
If your first restaurant franchise turns out to be successful, consider buying another one. What’s nice about your second one is that you can begin to close on a certain corner of the market, as it builds your local name recognition and allows customers who enjoy the food but not the distance to get it somewhere closer to them and they can bring their friends! By owning two restaurant franchises, you begin to build a loyalty among your fans.
Some restaurant franchise owners have taken the daring challenge to bring the franchise internationally where it had never been before. Again, this involves big risk but the potential for growth is also there. If you have a successful restaurant franchise or café franchise then you have already mastered the learning curve on how to run it. Starting to get too many ventures on your plate? Then hire a professional to manage your affairs. That way you can let him or her handle the day to day operations and you can focus on the creative side.