So, you’re ready to start franchising, but you’re not sure what you’ll need. It can certainly be a bit overwhelming when you step back and take a good look at the entire picture; perhaps the question you may feel like asking is, what don’t you need?
While there are various tips and tricks that will come with firsthand experience, there are also three things you can have before getting started. Find out what they are and how they can help narrow down the best restaurant franchise opportunities for you.
Tangible Goals
What are your goals as the owner of a restaurant franchise? You may be looking for financial independence, the opportunity to own your own business and call the shots, or simply to try something new with a more flexible schedule. Narrowing down your goals can help you find the right franchise for you. Take a moment to reflect on what your goals are and search for franchises that give you the opportunity to pursue them.
Pursue Your Goals with HoneyBaked
At HoneyBaked, we make it easy for you to enjoy life with the freedom of flexibility and the opportunity to take on the responsibilities and rewards of business ownership. We want you to achieve your goals by owning a HoneyBaked franchise, so we offer initial and ongoing training for our franchise owners and provide access to specialized holiday training and shared resources.
Our stores are also open during peak hours and don’t operate early in the morning or late at night outside of our holiday seasons—so you can enjoy greater work/life balance. Your team will consist of trusted, full-time employees that’ll help share the workload, too. That way, you can still reach your entrepreneurial goals but don’t have to go it alone or work long corporate days.
A Persistent Business Mindset
When you’re joining the restaurant franchise industry for the first time, a business-oriented mindset can come in handy. It’ll not only help you narrow down the many options available to you, but you also have a head start on knowing which ones will suit your lifestyle and align with your business goals. While business experience is not always necessary, a background in management can certainly be useful to help you run your team and understand the mechanics of franchise operations.
Start Your Business with HoneyBaked
Why is it so important to be business-minded in franchising? By creating key store goals and anticipating any operational hurdles, you can stay on track to achieve so much more than you initially imagined. At HoneyBaked, we help our franchisees—with or without business experience—stay on the right path with franchise business training, customer networking and marketing operations. Our most persistent franchise owners may even move on to owning several stores.
Financial Readiness
Financial readiness can mean different things to different people and businesses. In franchising, this means you’re able to meet the minimum financial requirements for your preferred franchises. Be sure to look carefully at the Franchise Disclosure Document (FDD) and other resources for a better glimpse into the financial requirements of a given franchise, so you’re not caught off guard.
Financial Requirements with Honeybaked
For example, to franchise with HoneyBaked, you’ll need an initial investment from $292,900 to $567,600 which includes an introductory franchise and development fee of $30,000.1
We also offer a 33% discount on our initial franchise fee for qualified US military veterans. HoneyBaked even partners with trusted franchise lenders to help carry any financial needs during your entrepreneurial journey.
Next Steps in Restaurant Franchise Opportunities
Once you feel financially ready, have selected your tangible goals, and are in a persistent mindset, it’s time to make the next step. Contact us at HoneyBaked today to learn more about diving into restaurant franchise opportunities and how to get started as a franchise owner today.
- See Item 19 in the Honey Baked Ham Company 2020 FDD for more information. This information is not intended as an offer to sell, or the solicitation an offer to buy, a franchise. It is for information purposes only.
