Putting Your Love of Food to Work for You
January 11, 2016
Do You Start A Restaurant Or Buy A Franchise When Putting Your Love For Food To Work?
At one point in your life, blending ingredients to create sensational tasting food became a passion. Maybe it was the scent of fresh ingredients. Perhaps you enjoyed the smiles your tasty treats earned. Maybe you simply enjoyed sinking your teeth into your hearty creations. Whatever the trigger, you fell in love with food preparation and service.
Now, you’ve decided to put that passion to work for you. The question is how? Future restauranteurs have a myriad of options available to them – from launching their own brand to buying a restaurant for sale to investing in a food service franchise. There are, of course, pros and cons to pursuing each option. The right choice for you will depend on your circumstances and interests.
When considering your options, there are a number of areas you should fully investigate, including:
- Personal business expertise. If you have previously owned a business, you understand the vast amount of knowledge required for success. As such, you may be ready to buy a restaurant for sale and/or strike off on your own. Many people, however, open a restaurant as their first business, and the business-ownership learning curve becomes overwhelming. As a franchise owner, you are able to take advantage of training programs, ongoing operational support and established processes, like those we offer at Blimpie, to help ensure your success as a new business owner.
- Marketing support. If you are buying a restaurant for sale, you’ll need to create your own marketing collateral and develop promotions yourself. This allows for a great deal of freedom, but it also requires a great deal of time and money to market yourself well on your own. Investing with a franchise includes ongoing marketing support from the corporate office, allowing you to focus on your passion of creating craveable food. Of course, as a franchise owner, you also have built-in brand recognition, too – an all-too-critical component of business ownership that’s all-too-frequently undervalued.
- Expenses. When it comes to expenses, they vary significantly throughout the food service industry. Of course, the physical location will impact the cost of ownership. After that, entrepreneurs must consider their ongoing operational costs, including individual salaries. When considering a restaurant for sale, the previous owners should be able to provide much of the data for evaluation. When opening a franchise restaurant, the brand typically offers real estate and operational support to help you minimize startup costs.
- Risks. Each person has a different threshold for risk, and you should evaluate yours before making any decision about business ownership. More than half of all restaurants close within three years, so there is risk involved in buying a restaurant for sale. Help yourself limit this by honestly evaluating why the restaurant is being sold – is it because of location, the food quality or the owners simply don’t want to run a business any longer. Some of these can be overcome while others simply cannot. In the franchise world, quality brands help you avoid this risk. In a franchise system, the franchisor thrives when it’s franchisees thrive – so the corporate team will work with all franchise owners to mitigate risk before/after the grand opening.
There are thousands of financial, operational and personal questions for future restaurateurs to answer before diving into business for themselves. This requires many months of hard work and due diligence on the business owner’s part. However, the reward that comes from putting your passion for food to work for you can be life changing. Explore your options fully before getting started, and when you consider franchising, talk with a Blimpie representative to learn more about the process.