Entrepreneurship is part of the American dream. Making the decision to start working for yourself, rather than for a boss, can be one of the most liberating choices you ever make. It can also be one of the most daunting because of the risks that come with business ownership. One of the biggest risks with fast food franchising is the risk of failure.
According to the Small Business Association (SBA), approximately one-third of small business do not survive beyond their first two years. This fact alone can scare off a prospective entrepreneur and keep him or her from ever pursuing that dream of business ownership.
But there’s another, safer way to become a small business owner: fast food franchising. Instead of taking the risk of starting your own company and failing, opening a fast food franchise can be a smart way to reach your goal of becoming your own boss.
By partnering with a nationally or regionally recognized brand, you get the support of the corporate office and other franchisees, a proven business model, and an already-established clientele. You don’t have to take the time to build your brand’s name, you just have to be willing to work hard to be a part of that brand.
But how do you know if fast food franchising is the right business choice for you? Ask yourself if the following statements apply to you. If so, you might have what it takes to run a profitable franchise.
Owning a business is a popular goal among Americans. For many, it’s a symbol of self-sufficiency; a break free from the corporate grind.
You might be worried that you can’t own your own business if you don’t have an original business idea. This is absolutely incorrect. With fast food franchising, you can become a business owner without having to develop and implement an original concept.
With this type of business model, you can purchase a franchise and operate your own business under a recognized brand.
One of the concerns keeping you from starting your own business might be a lack of confidence in your own skills as an entrepreneur. Maybe you’ve never owned a business before and you think your lack of experience will keep you from reaching your goal. News flash: most people who thrive in fast food franchising have never owned a business before.
What you need to do is assess your skills:
If so, you have the skills to be a savvy small business owner.
This one is more concrete: either you have the capital to start a business or you don’t. Every company that franchises its brand has a set of requirements for prospective franchisees, and this set of requirements includes a financial baseline.
For example, to open a Pretzelmaker franchise, you’d need a net worth of at least $250K, with $100K of that in liquid assets. Like the old adage says, “You’ve got to spend money to make money.” Even with an established brand, you need to be able to cover your startup costs and enter the business world knowing that you will likely not see a profit for a year or longer.
If this sounds like the perfect fast food franchise opportunity for you, then don’t hesitate to visit our website today!