For serious entrepreneurs investing in a food franchise, the key is to hit the ground running. For investors seeking to minimize risk and avoid impediments to a smooth and efficient opening, it’s important to find a business that’s turn-key. Here are signs to look for in a company’s infrastructure that signal a recipe for success.
- Systems Documentation: Look for a business that offers a host of advanced technology options to ease expansion such as electronic training programs, credit card/technology security standards, portioning standards, and extensive recipe documentation.
- Management and Reporting Tools: To track your business’ performance, a franchise business should provide software for accounting, management, and inventory that allows franchisees to drill down into details by individual food and sales items.
- Master Vendor Agreements: Companies can improve their franchisees’ competitive advantage and profitability through contracts with a single food purveyor for acquisition costs comparative to larger chains.
- Food Preparation Standards: For consistency customers rely on, try to find a company that has standardized food preparation processes and, ideally, video instruction for added reinforcement.