Deciding to turn your restaurant into a franchise is a tough decision with many aspects to consider.
Below are 15 questions to consider BEFORE turning your restaurant into a franchise:
- Are you profitable?
- Do you have a well-defined Operations Manual?
- Is your business systematized or does the business depend on you being there?
- Are you operating more than one location?
- Have at least 5 people asked you about opening a different location?
- Do you have a crystal clear understanding of what your customers love about your restaurant?
- Do you have high turnover and difficulty replacing staff?
- Do you have a handle on inventory and stocking?
- Is the Signature item on your menu marketable?
- Do you have a Signature Item on your menu?
- Is your name protected with a federal trademark registration?
- Do you have a functioning, organized, practical and helpful operations manual outlining every aspect of your restaurant?
- Are you sure on size, space, locations, build out, and staffing for your restaurant?
- How many of your restaurants could survive and thrive in the 100 mile radius surrounding your current location?
- # of locations you wish to expand to and where you would like to expand?