Tips for Expanding Your Restaurant Franchise

12.23.20 | Business Planning
expanding restaurant franchise

If you’ve successfully franchised your restaurant, congratulations are in order. You now have the stable foundation you need to take things a step further. Of course, upping your number of locations comes with some challenges. By knowing what they are and how to tackle them, you can ensure that growing your business goes smoothly.

Here are a few quick tips for expanding on your existing restaurant franchise…

Planning makes perfect!

From site selection to staff training to marketing strategy, there’s a lot that goes into opening new locations. That’s why planning is so crucial. Creating a document that outlines all of the steps involved is one of the keys to success. While many franchisors don’t bother compiling this information, doing so can prevent a lot of stress (and heartache) later on.

Engage in goal setting

One of the most important steps towards making progress is setting specific goals—and creating timelines. By thinking ahead (and knowing what success will look like for you), you can help ensure that you’re happy with what you achieve—and that you know when to move on. What milestones do you want to meet before you sell? How much time do you need (and how much is too much)? Do you hope to sell in ten years? Less?

Choose the right vendors

The vendors you partner with will play a critical role in your success. For this reason, performing research, checking references, and advocating for your interests during negotiations with them is key. Make sure you know all the potential implications of any agreement you’re considering (the right lawyer will be very helpful in this respect). The smoother these relationships are, the more time you’ll have to manage the process.

Don’t try to set it and forget it

Depending on your management style, owning a growing franchise can be a (somewhat) hands-off experience. Of course, you’re selling more than your business’ reputation. Setting operators up for success, offering ongoing support, and ensuring that standards don’t slip is essential. Make sure franchisees know your recipe for success—and have the right connections. Check in regularly, and be ready to listen!

Expanding a restaurant franchise is the perfect way to build on your success. With a bit of forethought and some sound advice from the right professionals, you can take your business to the next level!

READY TO FIND YOUR IDEAL RESTAURANT SPACE—AND START CARVING OUT YOUR NICHE IN THE TORONTO FOOD SCENE? REACH OUT TO LEARN HOW I CAN HELP YOU MAKE THE SMARTEST PURCHASE POSSIBLE!

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