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How can I open a fast food place?
#entrepreneur #business #business-development
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M’s Answer
Hi Ethan, If you choose the franchise route, do research on the exclusivity of the brand. It can be a highly profitable route, but some companies are strict with how many brands you can have or even how many locations you can max out in for their specific brand. There is also a considerable start up cost as a barrier to entry. On top of a franchise fee, you will need to buy all of the equipment and rent a location that the company frequently decides on. Generally companies have financing options to alleviate this problem to a certain extent.
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Canan’s Answer
Hello Ethan, This sounds like an exciting opportunity. As a first step you should consider performing research to understand the legal and regulatory requirements and obligations you will need to comply with as a business owner to ensure you protect yourself and your customers. One avenue to explore which you may find beneficial would be to become a franchisee of an existing franchise, as the franchisor will likely be able to guide and support you in areas such as market research, how to deliver marketing, assessing feasibility of your place of business for customer flows, income, supplier and equipment considerations.
If you do pursue becoming a franchisee, research many different types of restaurants. A few big names might come to mind sooner than others, but perhaps the price point and the type of food served by a smaller name company might be a better starting point.
Jay (Brett) Jenkins
