How do you become a franchise owner? what is required of them?

Question

My husband and i are considering buying a franchise of a fast food chain....is just money required? are we expected to run the place? hire staff or does company do that? do they do interviews for franchise owners prospects? do we need prev. fast food/retail experience? how do we get a loan/grant?


sorry so many subquestions, any advice will be appreciated in this matter

thanks

Answer 1

Entrepreneur.com is the ONLY answer you need! They have ALL the info you will need for ANY franchise opportunity. The reason I say this, they are ALL a little different with their requirements! Check out the website or go buy the magazine, you WILL find what you need.

Answer 2

Each company has its own rules. Most post the basics on their website of what they require for someone to purchase a franchise. You don't need previous fast food experience, but if you don't have it, you'd probably want to hire someone who does if you're going to have a chance of succeeding. The chain usually provides training, sometimes quite a bit, as part of your initial fee.

Yes you need money, lots of it - and a large amount of it usually can't be borrowed money. You won't be able to get a grant for opening up your business, but might be able to get a loan, either through local sources like your bank, or sometimes the company selling you the franchise will lend you some of the money. You need money for the franchise fee, and also to build and equip the building, buy supplies, and hire staff - it'll probably be awhile before the business is self-supporting.

It would be your business, so you'd be expected to run the place, hire staff, do the ordering, etc. You'll pay them an up-front franchise fee, and then a percentage of what you take in.