If you’re a career changer who’s looking to invest in a successful and profitable business, a franchise opportunity with a solid reputation might be the perfect option for you. Franchises provide the benefit of a proven successful business model, and with an already established customer base, you can quickly start gaining traction in your new venture. But before you take the plunge, you’ll want to be sure you understand the franchise and its associated fee structures – that’s why it’s important to do your research and ask the right questions. Here, International Franchise Professionals Group (IFPG) dives into the frequently asked questions from individuals looking to make a career change through investing in a sandwich franchise.
Overview of Sandwich Franchises
When people hear the term “sandwich franchise”, they usually think of familiar burger and pizza joints like McDonalds and Domino’s. However, the sandwich category is much broader than that, and there are plenty of business options to choose from. Sandwich franchises include all types of sub and deli stores, salad bars, gyro stands, and retailers who specialize in things like tacos, bagels, and burritos.
When considering a franchise investment within the sandwich category, it’s important to think about both the restaurant and retail side of business. If you don’t have a food-service background, it may be a better long-term business move to look at franchise options that don’t require the same level of restaurant experience. However, for investors who have prior restaurant experience and are looking to make a change, an established and reputable sandwich franchise could be an ideal opportunity.
Questions To Ask Potential Franchisees
When researching sandwich franchises, there are some key questions investors should ask in order to determine if a particular franchise opportunity is the right fit. These questions include:
1. What is the total initial investment required?
Most franchisees need to make an initial investment in order to get started. Ask potential franchisors about the estimated total cost required to open the business. This number should include the franchise fee, training costs, advertising, equipment, rent, and more.
2. Are there any ongoing costs associated with the franchise?
In addition to the initial investment, there are often ongoing costs associated with the franchise. Ask potential franchisors about these costs – such as royalty fees and advertising costs – to make sure you’re comfortable with the commitment.
3. What kind of training and support does the franchisor provide?
When investing in a franchise, it’s important to make sure the company has a comprehensive training and support system in place for franchisees. Ask the franchisor about the training and support they offer – and if any additional or specialized training is required to run the business.
4. What are the restrictions on where I can open the business?
Franchisors usually have restrictions on where their franchisees can open their businesses and the type of customers they can serve. Ask the franchisor about their specific restrictions so that you’re aware of any boundaries before you invest.
5. What is the franchise’s current success rate?
Before investing in a franchise, it’s important to research the company’s success rate. Ask the franchisor about the number of current and former franchisees, and what the success rates of those franchises are.
6. Are there any additional fees?
In addition to the initial investment and ongoing fees associated with the franchise, there may be additional fees associated with things like marketing materials, supplies, and more. Ask the franchisor about any additional fees so that you’re aware of all the costs associated with the business before you invest.
Is Investing in a Sandwich Franchise Right for Me?
Investing in a sandwich franchise can be a great way for career changers to make a significant change in their life. Franchises provide the benefit of a proven successful business model, and with an already established customer base, you can quickly start gaining traction in your new venture. However, it is important to do your research and make sure you understand the franchise and its associated fee structures before you take the plunge.
By asking the above questions, career changers can gain a better understanding of the overall franchise agreement and whether or not it’s the right fit for them. As with any major decision, it’s important to take the time to do your research and ensure that the franchise you’re investing in will provide you with the necessary resources to be successful. With the right franchise, career changers have the potential to thrive in their new venture.