Imagine owning your own business and having full control over when and where you work. Most people strive for a lifestyle like this one, but starting your own company can be notably difficult. Approximately 20% of small businesses fail within their first year, and this statistic is often enough to kill someone’s ambitions.
Becoming a franchise investor is an amazing way to reap the benefits of business ownership while minimizing the risks. This is especially true for restaurant franchises.
Not everyone understands the best restaurant franchises to focus on, though. We’ve written a brief guide that outlines the key information to consider. Let’s explore what you should know.
Taco Bell
Taco Bell is renowned as being one of the world’s most popular locations for Mexican fast food. While the potential for substantial profitability is high, the chain is notorious for providing little information on how to open a location.
You can request more info by filling out an application, but this adds unnecessary wait time you won’t experience with other options. If you’re able to move forward, this is an amazing opportunity when investing in a franchise.
Negranti Creamery
Having stemmed from a love of farm life and high-quality food, Negranti Creamery prides itself on sourcing only the freshest, real, and most wholesome ingredients for its unique ice cream shops. Featured in the New York Times, MarthaStewart.com, and Condé Nast Traveler, Negranti is growing and expanding in multiple avenues providing exciting revenue stream opportunities for franchisees.
Those interested in the brand are encouraged to submit their information via the Negranti Creamery website.
Auntie Anne’s
These kiosks are one of the best parts of visiting malls and airports, and there’s no shortage of customers lining up to get a taste of their fresh-baked products. As with most options on this list, you’ll need to have substantial business experience before you can obtain approval for opening an Auntie Anne’s franchise.
They’ll also examine your net worth when reviewing your application. If you’ve never owned a business before, it’s recommended to look for alternatives.
Papa John’s
Papa John’s easily contends with Pizza Hut and Domino’s, which are its primary competitors. The chain can even rival local pizza restaurants in larger cities.
Before opening a Papa John’s location, you’re expected to have previous experience in restaurant management. Those who don’t satisfy this obligation should look elsewhere.
Those who do, though, are encouraged to leverage this opportunity. It can quickly become a lucrative business endeavor if you handle it appropriately.
Denny’s
Also known as “America’s Diner,” Denny’s is one of the most notable breakfast restaurants in the country. One of the most notable franchise owners even started as a server at one of their locations.
Denny’s is an option on this list that requires a net worth of at least $1 million, meaning it’s an option most suitable for those experienced with business ownership. Location will also play a large role in how successful Denny’s franchise is.
They’re more popular in certain regions of the United States, particularly the Southwest. Be sure to consider this so you don’t commit to a franchise that requires relocation to achieve the best performance.
McDonald’s
This is by far one of the best opportunities for those looking to maximize their profits as a franchise owner. The brand has facilities in nearly every country, so there are ample opportunities regarding location.
Due to how large the organization is, you’ll need to adhere to a large number of rigid guidelines. This means it’s not an ideal option for everyone, especially those without experience running a business.
McDonald’s provides comprehensive training to franchisees to help them hit the ground running. These programs last anywhere from 12 to 18 months and aim to refine the key skills required to succeed.
Gyro Shack
This restaurant is a premier choice for those looking to open a location that serves Greek food. It’s also an amazing opportunity in general regarding franchise ownership.
Gyro Shack offers multiple revenue streams that are designed to maximize opportunities for owners. The chain also has a catering program, allowing you to take your performance to new heights. You can learn more about this opportunity by submitting a request on the company’s website.
Making Your Choice
When searching for a franchise to open, there are certain attributes to consider. One of the most notable is the amount of training they provide.
Without the right resources, it can be difficult to reach your target metrics as a franchise owner. This is true even for people who have a substantial amount of experience managing businesses.
You should also check to see if the franchisor has unnecessarily rigid requirements. These can make it difficult and even unpleasant to operate a location. Running a franchise is stressful enough, and there’s no reason to add unnecessary complexities.
Are there fees associated with opening the franchise? Some franchisors require you to pay a certain amount of money before you can open a new location.
This will vary depending on the brand you choose and the location of the facility. In some cases, it may not be worth opening locations that have substantial fees. Research the franchisor’s term length, as well.
The last thing you want is to commit to a franchise that doesn’t meet your requirements. In general, franchisors have terms that last 10 years or less.
If you don’t meet the franchisor’s requirements, they may decide to terminate the agreement early. This can cause a substantial amount of financial distress for those whose main source of income is running the franchise.
Don’t Overlook the Best Restaurant Franchises
At first, it can be difficult to determine which restaurant franchise is best for your needs. This list of best restaurant franchises will ensure you make the right choice.
Gyro Shack prides itself on being a premier option for franchise owners. We offer double-lane drive-thrus, dine-in options, and online ordering to maximize convenience. You can learn more about the benefits of opening a franchise when you get in touch with us today.