Have you always found yourself floating away from your desk by the early afternoon, wondering what life might be like on the other side of the fence? Affordable restaurant franchise opportunities might just be your ticket out of the boring rut you’ve found yourself in, but where will you start? You can’t just slap a burger on a bun and call yourself a restaurant. Additionally, some restaurant franchises can cost as much or far in excess of a million dollars just in start up costs alone. So, what are you to do? Would you believe that there does exist a handful of restaurant franchises with solid customer base and real brand awareness that truely are affordable? Maybe you wouldn’t, but the truth is that affordable restaurant franchises like that do, indeed exist, and you may just find that one of them could be your one-way ticket out of cubicle land.
How to survive owning a cheap restaurant franchise
An affordable restaurant franchise opportunity can take several forms. For purposes of this instruction, we’ll divide them into three categories: Hot dog stand type, fast food type, and sit-down restaurant type. If you’re looking for an affordable restaurant franchise, though, forget about the third type, because they’re far from affordable. On average, sit-down restaurants such as Ruby Tuesday,Applebee’s, or even McDonalds can require substantial cash outlays just to get started. It isn’t uncommon for these franchises to incur costs far exceeding a million dollars, in fact. A less expensive option is usually a much less well-known brand, such as a local establishment which may be considering expanding as a franchise.
In many cases, relatively new businesses or businesses which are new to the franchise game may be willing not only to help you get started, but may provide some startup capital, as well. Often, these affordable restaurant franchise opportunities are right in your own backyard.
The startup of an affordable restaurant franchise
Not all affordable restaurant franchise opportunities are unknowns, however. 7-eleven franchises are available for under $50k. You can also hit the sub shop trend head-on with a Subway franchise, which will only set you back a hair over $84k One of the best sources of information for startup costs of cheap restaurant franchises is Entrepreneur magazine’s annual list called the “Franchise 500.” This listing includes their annual picks for the best franchise bang for your buck, including not only restaurant franchises, but all other affordable franchise opportunities, as well. You may also find a franchise that you could step into for as little as $25, yes, that’s twenty-five dollars.
Choosing a location for your affordable restaurant franchise
Once you’ve found out what sort of restaurant franchise you’re interested in, you need to find a location. Strip malls work well, as long as they’re not ghost towns. Be wary of places situated across from new, shiny shopping centers, parking lots in poor repair, or a general state of disrepair. While these locations may well be far more affordable than the shiny new shopping center, they’ll also have a lot less traffic, which means that you’ll have to do a lot more advertising to make up for the difference, and you may end up having to deal with a less-than-savory landlord, so don’t skimp just because the rent’s the cheapest in town.
Many restaurant franchises offer assistance to new franchisees, so don’t be too proud to ask for help. Take their guidance and wisdom, and make your affordable restaurant franchise the very best that it can be!