toolate asked:
Red Lobster? My town needs thigns like this SOOOOO bad and its starting to come about we’re just getting a Wendys, how do people go about starting one of these restuarants? is it money or wits or both?
do you have to be rich and have a college degree to own a franchise restuarant like Outback Steakhouse or?
College Degree – no.
$$$ – yes, net worth needed to own a McD’s is $1.5 million.
Im not too sure of the details, but check out. It has all the information about starting up different franchise businesses.
The franchise fees are huge.
You will at a minimum need a huge amount of collateral to secure a loan and a kick **** business plan to convince someone to loan you the money.
Hint, 90% of all restaurants fail in the first 2 years.
Money is a factor, you need to show a big franchise company that you have the capitol to secure the business with some money down. Each franchise differs as to how they are run and what it takes to get your name on the license. For that, you need to research the individual companies you are considering. For example, Red Lobster would be different from Wendy’s, so on and so forth. The comparative research aspect of franchising can be accomplished over at Franchise Gator. It’s a great site I have used to compare and contrast different opportunities when I was considering starting my own company. Might be worth checking out. Let me say that you mention your town is in dire need of these franchises, that’s the most important part of a successful franchise, a good location. Good luck!