The Minimum Budget: It Varies Opening a new business entails a great deal of planning, and having a sense of what you need to get off the ground will prepare you for how much money you’ll need to spend and how and where to spend it. The minimum cost of opening a restaurant can vary…
Franchise Business Pros and Cons Pros Established brand recognition: A significant advantage of choosing a franchise vs. an independent restaurant is the built-in brand recognition. When you join a well-known franchise, you benefit from the existing customer base and the trust the brand has established. Proven business model: Franchises come with tried-and-tested business models already…
Basic Practices Understanding how to manage restaurant staff means understanding how to communicate effectively, and demonstrate strong leadership. Here are some essential strategies to consider: Clear communication: Effective communication is the foundation of how to manage restaurant staff successfully. Clearly define roles and responsibilities, set expectations, and provide regular feedback to your team. Encourage an…
An Expanding Industry The franchise industry has been experiencing steady growth over the years, and there are several reasons for this upward trend. One primary factor is the appeal of proven business models. Franchises offer a ready-made framework for success, reducing the risks associated with starting a business from scratch. With a strong brand, established…
1. Keep Track of Your Inventory One of the biggest challenges for restaurant owners is managing inventory. To keep your costs low and your profit margins high, it’s important to keep a close eye on your inventory levels. Make sure you’re ordering the right amount of supplies and ingredients and keeping track of expiration dates.…
Buy a Restaurant Franchise Instead of Going It Alone If owning a restaurant is your dream, doing it on your own may feel daunting. Buying a restaurant franchise can be rewarding, offering a proven concept and an established brand. Even with the support of a franchisor, the process to buy a restaurant franchise can be overwhelming…
A Quick Look at Fast Casual According to a report from Expert Market Research, the global fast casual restaurant market was valued at close to $189.7 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% between 2023 and 2028 to reach a projected value of around $364.52…
How Does Buying a Restaurant Franchise Work? The first step in buying a restaurant franchise is to express your interest to the current owner or the franchise company. They will provide you with the necessary information, including financial details, franchise agreements, and any other documentation related to the sale. You’ll want to carefully review these…
The Red Robin Franchise Story Founded in 1969 and franchising since 1979, Red Robin is a recognizable name in the world of fast-casual burgers. They operate full-service restaurants offering a large and varied selection of customizable burgers in a fun environment for guests of all ages. The initial investment for a Red Robin franchise ranges…
Understanding Major Costs Before delving into the lesser-known restaurant expenses, let’s first address the major costs associated with running a restaurant. Initial investment: This includes expenses such as leasing or purchasing the property, renovations, permits, licenses, kitchen equipment, furniture, and décor. The initial investment can vary greatly depending on the location, size, and concept of…