For some restaurant owners, the freedom to build their own business from scratch is appealing. Although the business model doesn’t typically offer the same freedoms as running your own restaurant, buying a franchise comes with a long list of perks.
When you own a franchise, there are a few things that will be out of your control, like what’s on the menu, the prices, or how the space is branded. That said, operating a franchise doesn’t mean having zero autonomy over your business.
In this blog, we’ll explore a selection of some of the most common franchise elements that are up to the discretion of the franchisee (you).
Before we jump in, remember that every brand in franchisor is unique. If you have specific questions about what’s in your control as a franchisee owner, be sure to ask them when you interview potential franchisors.
Your Team
As a franchisee, there will be plenty of key business decisions that will come down to you. One of the most important and influential towards the success of your business is your team.
As the franchisee, it’s your responsibility to staff the business. This means that the process of sourcing, interviewing, hiring, and retaining labour is entirely up to you. Beyond just the financial success of your business, choosing a team that matches your vision for success will also make your workplace much more enjoyable.
Once hiring a manager or leadership team, some franchisees are fairly hands-off in everyday operations, instead focusing on the financials and the bigger picture. In these cases, it’s important to be discerning in who you choose to hire as your manager as they will take on various responsibilities that directly affect your bottom line.
Thinking about buying a franchise restaurant? Check out these blog posts for helpful info and advice.
- Is it Cheaper to Run a Franchise?
- Jump Start Your Canadian Entrepreneurial Career By Buying a Franchise
- How to Interview a Franchisor
Your Workplace Culture
Even if you hire a dedicated management team, the overall atmosphere and culture of your franchise business will ultimately be at your helm. Beyond just making the workplace more enjoyable for you (and your team), maintaining a positive, team-oriented culture is an important part of ensuring your business is successful. In Ontario, many businesses, especially those in the restaurant field are struggling with labour shortages and staff retention. With economic challenges like inflation impacting Canadians more than ever, staff members are being selective in where they work, forcing business owners to be competitive in their compensation and workplace environment.
With all that in mind, maintaining an enjoyable workplace culture can greatly reduce staff turnover – which can save you both time and money.
Curious about what franchise opportunities are currently available? Click here to browse our franchise listings.
Your Location*
Another major element of your franchise that will be up to you is location (with some caveats). Of course, this applies to entrepreneurs launching a new franchise business rather than purchasing an existing one.
One of the unique aspects of the franchise model is that many franchisors have restrictions in place regarding where you can open up shop. Location is an extremely important factor in any type of business, and big-name brands are typically very cautious about where they allow individual franchises to operate. This caution both encourages profitability and reduces inter-brand competition or potential conflicts of interest between locations.
As a franchisee, it’s important to ask your franchisor about location restrictions (or requirements) during the interview process – especially if you have an ideal space already in mind.
Searching for other franchise-related resources? We’ve got lots! Explore these other posts from our site.
- Buying a Restaurant Franchise? Here’s What You Should Know
- 5 More Things You Should Know About Opening a Franchise
- Tips For Signing a Franchise Agreement
Your Success
Finally, as a franchisee, the main thing that’s within your control is your success. Although you’ll get plenty of assistance and resources from your franchisor to launch and operate your business, it’s up to you to ensure it thrives. This means putting in all of the time and effort it takes to build a strong business, from hiring staff to staying on budget and everything in between.
Along with running a profitable business, it’s up to you to maintain a healthy working relationship with the franchisor, your team, and your community. As a respected and reputable entrepreneur, you’ll have more opportunities to expand your business (or businesses) long-term.
Considering the purchase of a franchise? As restaurant real estate experts, we’re here to help. Send us an email or give us a ring at 416-618-0054 to get started.
