Tips for Success: 5 Tips All First-Time Franchise Owners Should Know
Starting a business is an exciting venture that comes with several factors to consider carefully. This is especially true for first-time franchisees. Buying into a franchise is an excellent source of income for business-minded individuals who want to be their own boss. Franchising can be overwhelming for first-time owners though, so we at Santucci’s Pizza compiled this list for tips that all first-time franchise owners should know.
1. Identify your passion: While you don’t necessarily need business experience to own a franchise, it is important to select a model that aligns with your passions. Do you enjoy working in a restaurant? Is providing excellent service important to you? By identifying your passions, you can narrow down the right franchises to research.
2. Do your research: After you determine what industry is most appealing to you, it is vital to research several different franchise brands. Do they have opportunities in your area? Does their mission align with your personal goals? Once you narrow down the franchises, you can begin to reach out to each and obtain more information.
3. Consider your budget: All pizza franchise systems require a certain buy-in fee, as well as monthly or yearly royalties. Consider your available funds or potential to obtain them through a business loan and then see which franchises make the most sense for you financially.
4. Get references: Once you have your top choices of pizza franchises narrowed down, contact current franchisees to get references. Ask them what they like about the system and what they wish was different. Current franchisees will be able to give you the best information you need to know about the franchise.
5. Ask questions: After selecting the franchisors you want to speak with, contact each and ask them all the questions you have about their model. Inquire about ongoing support, training, site selection, help with staffing, and ask to see their Franchise Disclosure Document.
Would you like more information about our pizza franchise opportunities with Santucci’s? Contact our friendly team to learn more about our pizza restaurant businesses for sale.