What it takes to open a Fast Food Franchise

Step by step guide to start a Fast Food Franchise

  Fast Food Franchise, In the present fast paced life, everything is getting fast paced and people hardly find time to cook for themselves. This is how; the concept of Fast Food has come forward as it is the most convenient food to be prepared. That is why the concept of Fast Food Franchise is increasing in the country. For chains with many big restaurants, franchising is an important part of the business. If you go to a popular brand, it is likely that you eat at a store owned by the franchisee, not the company whose name is outside of sign. For McDonald's (MPCD), 81% of its world system is owned by the franchise. At Burger King (BKW), it is 97%. Domino (Dp), 96%. According to the CAGR report, by 2020, the fast food market is expected to grow at the rate of 18% and will be of worth US$ 27.57 billion. The vegetarian fast food business solely consists of 45% of the entire fast food market in the country. Remember, The restaurant chains often make sure you have at least an average amount of money to your name before you even fill out a franchisee form. Most national and international fast food chains want the franchisee to have hundreds of dollars,if not millions,he should have liquid assets to his name. Thus, fast food is a great business to invest in India as it full of profits and has a great market. One should consider the following points before starting the fast food business:

Know Your Skills :

It is important to know your skills, market and                             resources before considering opening the restaurant.               You need to assure whether: a. you have enough money for opening a business b. you are really interested in starting a business c. you are ready to face the problems d. you are prepared for the struggle and initial losses

Find a Location :

An important factor for starting your fast food franchise business is finding the ideal location. If you open a franchise at a low traffic area your business might not be successful.

• Look for traffic patterns and access to customers. Analyze your site including demographics and future expansion plans.
• Analyze the economics of the situation including rent clauses,common area maintenance, real estate taxes, landlord insurance and other expenses.
• Find out about the local competition your fast food franchise business might receive in accordance with the growth of the community.

Build a business Plan :

Going through the building process and continuously clashing your plan opportunities will help you to cope with the strength of your Fast Food Franchise business. A business plan should consist of -:

• Products & Services
• Market Analysis
• Strategy and Implementation
• Management
• Financial Plan
• Legal Entity & Ownership

To learn more about Making A Business Plan read our blog.

Research :

• Do proper research before bringing up your business in the market. Look at the demand and what type of fast food do people in your area really like and last but not the least, take a look at the competitors. For any business, a complete market research is essential. Study the market, where its requirements, supply, and analyze it thoroughly before jumping into the line.