Considering starting a fast food franchise? We’re sure you’ve been doing a lot of research to help familiarize yourself with what’s needed. We’d like to add one more item to your list of things to learn before your venture: researching the flow of your business as it grows and develops.
The first five years of your fast food franchise are arguably the most important years. In fact, statistics say that many new businesses fail within the first five years. That’s why it’s so critically important to put in your due diligence beforehand so you can hit the ground running and continue gaining momentum for the full lifespan of your business.
The first is certainly the most formative year, especially if you’re new to the fast food franchise industry. This year is characterized by a lot of learning, a lot of hard work, and a lot of excitement! It will be critical for you to spend this time making sure that you’re setting up the right systems and processes to keep your fast food franchise afloat.
It will likely be a trial-and-error game for certain aspects, working until you find what’s just right for you and your team. We hate to break the news, but you should definitely be prepared for some late nights at the office, wherever that office may be.
Once you’ve made it past the one-year mark, your business will have a more steady flow of things. When all the excitement and commotion settles down, you’ll most likely have more time to spend specifically on setting up systems for growing your business. There’s no cookie-cutter approach to this – each fast food franchise will be different for a number of reasons.
Here are some tips to help grow your business while keeping it stable:
Contact us for more information on starting your own fast food franchise with Pretzelmaker.