What Makes a Successful Restaurant Franchisee?

The setbacks and obstacles that have popped up for the restaurant industry since the COVID-19 pandemic have changed the way many businesses operate, but the steps to success are largely the same.

As a restaurant franchisee, you have the business model laid out in front of you. What’s required of you is to follow that model and remain dedicated to your operations, with other steps sprinkled in along the way.

“People are looking for flexibility, a better quality of life, being their own boss and the ability to build a legacy, to name a few,” said Corey Elias of Franchise Captain. “There is data that shows business owners are happier and much of it goes back to them becoming the captain of their own ship and taking a risk on themselves.”

How To Successfully Operate a Restaurant Franchise

The first thing you want to do on your way to becoming a successful restaurant franchisee is to look at your own skills, interests and financial resources. It’s not easy or cheap to take the leap into franchising and open up a restaurant. However, if you take a good look at the capital you have available to you and what you may be able to access, you can gain a better view of where you stand financially in terms of opening your own restaurant franchise. 

When you find the brand that you are looking for, you want to make sure that it’s something you can be committed to. 

Jack Armstrong, President and Owner of franchise consulting company FranNet, said that it’s important for a franchisee to be committed to the success of their franchise unit, or units, as well as the franchisor. 

“I recommended that those interested in becoming franchisees speak with other franchisees in the brand, so that they have an opportunity to ask questions and really get a look at what they’re getting into,” he said. 

To be successful in running a restaurant franchise, you also need exceptional management skills.

“In today’s labor market, franchisees need to know how to manage people,” said Armstrong. “With COVID, it’s become an issue of supply and demand. You have high demand for products and services, but not always the employee to fulfill those requests. So you want to be able to manage properly, without a high turnover rate.”

Although you may receive help from corporate on marketing and other support avenues, knowing your business plan and keeping your mind focused on the goals you set for yourself will help keep you on a pathway toward success. 

Becoming a franchisee may also show to be a better business investment than opening an independent business. Elias said that many franchise owners see a higher success rate than those who go it alone.

“Business ownership is difficult and it is not for everyone,” he said. “However, owning a franchise lowers your overall risk significantly when compared to those who decide to go into independent ownership.”