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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
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Morgan’s Answer
Hi Ethan, before starting your own franchise - fast food or otherwise - I would advise you to get as much experience as possible in that industry, so you can understand what is involved not only with entry-level employees (who you will be hiring and training as a franchise owner), but also what is involved in managing the business. So if you are passionate about fast food, have you worked in fast food before? Do you understand what all the roles are in the operation - not just making food, but customer service, shift scheduling, ordering supplies, paying vendors, dealing with health and other building inspectors, and doing the books to understand if you are operating at a profit or loss, as well as paying taxes on the income earned from the business. In other words, there is A LOT that goes into owning any business, but I'll tell you what I told my own sons who wanted to break into different industries - get a job in that industry, learn all you can, offer to do any/all roles to gain valuable experience before deciding to invest a lot of time and money in something you might not fully understand, so you can reduce the risk and increase your likelihood of success as an entrepreneur.