As you may be searching for a possibility of picking a dynamic franchise brand with extraordinary potential, this article will give you a gainful plan of action and crucial intuition examples to starting a franchise business. Most fast food business sells like crude oil around the globe and most investors rakes millions of Dollars annually. This comes with some responsibilities and are subject to approval by existing government laws on foods and beverages in your country though.

Starting up a fast food franchise business is a big means of generating sure income. And before you can start generating continous stream of income in the food sector. Today, most people are making millions of dollars through fast food franchise business and the most popular and lucrative franchisors are McDonalds, Subway, KFC, Tantalizer, Mr Biggs etc.

But how can you start a fast food franchise right without the basic guidelines to helping you get the necessary information, document and probably, cost of running it.

Evaluate your skill

The first thing you need in this process is to evaluate your strength. Evaluating your strength in terms of capability, enthusiasm, management skill, and financial capacity will help you know how to prepare yourself and decide on whether or not you can do the business. This also includes doing a proper research on the fast food franchise and the acceptance in that new location. Before you buy a fast food franchise, please take inventory of your skills and interests.

Calculate Your Financial Strength

It is very important to always know the total estimated cost of the business you about venturing into properly before you start writing a business plan. Understanding your financial situation will help you narrow your options to what you can afford. Most fast food franchise are cost intensive (costly to run), but at the same time, it is profit oriented if properly outsourced. To do this business, you must consult your professional accountant/financial expert to help you analyze the total cost expected. You should also know your purse (account) before you finally jump into buying any fast food franchise.

Research The Fast Food Business

When you have made the decisions down to a couple that match your aptitudes. Request a duplicate of the franchisor’s Franchise Disclosure Document (FDD) and monetary proclamations, and audit them with your accountant and lawyer. You also need to do a proper business plan that will guide you in securing a loan from banks or other financial institution to do the business.

Get Loan

In other to be successful in fast food franchise in addition to having your personal money, you must also seek people that can lend you money. This will serve as a guarantee, and coupled with your experience in business stated in your business proposal, securing the loan wouldn’t be a serious problem. Once your bank have seen your business plan, that may go a long way in granting you a loan.

Choose From The Available Fast Food Franchise

Before you can start anything, weigh the available franchise in the fast food sector. Some have flexible terms, while others have rigid modules oprandi in their business system. But this varies in terms of their after ‘purchase’ support services and other value added services they offer. The most popular fast food franchise is Mc Donalds based in US. McDonald’s restaurants are found in 118 countries and territories around the world and serve 68 million customers each day. McDonald’s operates over 35,000 restaurants worldwide, employing more than 1.7 million people. The company also operates other restaurant brands, such as Piles Café.

Do A Proper Analysis Of Your Search

After checking the available fast foods operating franchise, choose the best which offers the most flexible and after sales services for the business to grow in the next few months. This will help you in growing the business in your new location and making a substantial profit thereafter.

Consult Your Lawyer And Franchisor

After making series of consultations with your lawyer, and you have agreed to do the business, then you need to meet with the franchisor who is willing to offer the business as franchise to intended investor like you. Discuss extensively with the franchisor about the terms, agreement, intellectual property rights, documentation, and total payments to be made. To own a franchise in MR BIGGS (UAC FOODS), you will needs to sign the following contracts.

1. Your Initial Franchise Fees

A franchisee shall pay a franchise fee inclusive of 5% VAT for each brand.

This fee covers the following:
• Initial Training Program
• Full Set of Franchise Manuals
• Rights to use of Intellectual Property & Business System for 5 years
• Legal (Franchise Agreement & Lease/Sub-Lease)

2. Franchisee’s Initial Investment

Typical start up costs for a shop will cover:
• Franchise fees
• Sites acquisition/leases
• Construction/Fixtures & Fittings
• Brand Equipment
• General Machinery/Plant
• Personnel
• Working Capital

3. Obligations Of Franchisee

• Uphold brand standards & terms/conditions of franchise
• Reporting of Income, Sales, Turnover & operating costs
• Quality assurance requirements
• Continuing Fees
• Marketing
• Pricing structures
• Stock control, inventory requirements and reporting of this information
• Protection of identified location to avoid encroachment of market share between franchisees
• Franchise corporate image requirements and branding
• Business Growth

All these above terms and costs must be properly perused and agreed upon before purchasing a franchise right.

Time To Purchase The Fast Food Franchise Right

The next in the agenda after knowing your obligations, initial fees and investment, is to purchase the right to take the fast food franchise to your new location where you want the business to be. It is important to critically understand the above terms and condition discussed with the franchisor before purchasing. You must also understand your profit margin, so as not to go bankrupt.

Now, You Should Open Your Door For Business

By now, you should have finished all documentations and all franchise terms, its okay to open your fast food outlet for business. Have in mind the basic advertising and promotional gadgets to put into consideration while starting that. It is also expedient at this stage to hire the good hands to help you achieve your goals in the fast food business success in your chosen location.