One of the most reliable and cost-effective ways to do that is by working with an established Restaurant Platform Company (AKA Franchisor.) While the initial investment is higher compared to working with an emerging brand, we’ll explain why the ROI can be a safer, and more secure, investment for your future.
Here’s what’s on the menu…
- The Pros & Cons Of Working With A Franchisor
- The Specific Advantages
- The Specific Disadvantages
- How To Get The Most Out Of Your Franchising
The Advantages (and Disadvantages) of Working with a Restaurant Platform Company (Franchisor)
Becoming a restaurateur means a lot of decision-making. You need to be intentional with every dollar and have a clear picture of exactly what you want to achieve with your business. It can be overwhelming, and even a bit lonely if you don’t have a circle of support who understands your passion.
However, here’s the good news… while there are many ways of becoming a franchisee—running a successful restaurant usually comes down to four key (but beautifully simple) pillars:
- Serve great food
- Provide great service
- Create great ambiance
- Be great consistently (from dining in to ordering out)
Working with an established restaurant platform company means those four legs are already on a solid foundation before you even join the team—here’s why:
The Advantages
Established experts who know how to help you succeed.
Working with an established franchisor means working with people who have a lot of experience in the franchising industry. They know what works and what doesn’t because they’ve tried a spectrum of strategies until they found the paths that equaled the greatest profit and peace of mind.No wasted money on ineffective restaurant technology.
Restaurants today spend less than 2% of their gross annual revenue on technology, according to Hospitality Technology’s 24th annual tech study. The sudden influx of innovation in restaurant tech can put pressure on franchisees to invest—and that can be quite the risk with potentially expensive repercussions.But you don’t have to guess (or waste money on a bad investment) because an established franchisor provides you with a stack of tested restaurant tech that is proven to optimize your specific franchise workflow. If you’d like to learn more about choosing the right tech, check out this post about the right amount of restaurant tech and who should pay the cost.
A team of experts is there when you need them—no matter what.
Working with a larger franchisor means more access to help (and community) when you need it. Success is a team effort, and it’s a huge leg-up to have a support system you can always count on for advice, motivation, and direction throughout your journey.A C-Suite who’s actively in the business and running their own franchises.
One thing that sets Craveworthy Brands apart is our C-Suite. We’re actively operating franchises right alongside you. We experience the ups, downs, and everything in between—so we get it, and know how to help our franchisors navigate the industry with the least amount of strife.
The Disadvantages
A larger upfront investment.
The biggest “downside” to working with an established franchisor is the upfront costs. It definitely requires a larger investment (upfront) than working with an emerging brand… but the key word here is investment. The money you put in isn’t based on guesswork and potential.
Your ROI is a great deal more secure and efficient because established franchisors demonstrate a track record of success.
You get what you pay for, and if you want your franchising future set on a solid foundation, a restaurant platform company is your best bet.
Less influence over the brand.
There are those who enjoy the added control that emerging brands can provide. Whereas established platforms have a firm direction, policy, and strategy, emerging brands can (sometimes) be more malleable to your influence as a franchisee.
You may be able to impact decision-making, but you also have to remember that this illusion of control actually comes with a lot of risks, too. If you don’t mind giving up some brand influence for a tried and tested blueprint for success, this might not be a con at all.
How To Get the Most Out of Your Franchise
Operating your first franchise is an exciting and overwhelming new venture. It takes someone with great vision, passion, and perseverance to even think about entering the restaurant business. So, take this moment to give yourself a major pat on the back for being one such individual. After all, you’ve already proven your ability to succeed just by opening this blog post and learning about your options.
And, while the restaurant business can be challenging—when you prime yourself for success by surrounding yourself with people who know what they’re doing, and want to see you thrive… that sense of challenge becomes just a gratifying stepping stone toward your dreams coming to life.
If you’d like to learn more about working with a franchisor who knows exactly how to help you reach your goals—and understands the business because we’re actively IN the business—speak with one of our franchising experts today!
We’ll help you see just how easy a successful franchising recipe can be (in this case, there’s no such thing as too many cooks in the kitchen!)
Sources:
https://www.restaurant365.com/blog/must-have-restaurant-technology-for-2023/
https://www.restaurant365.com/blog/must-have-restaurant-technology-for-2023/
https://www.craveworthybrands.com/our-leadership
https://www.craveworthybrands.com/contact-us