It is reported by the U.S. Department of Labor that the prospects for work in the foodservice industry are growing rapidly. Most successful first-time franchisees partner with a restaurant franchise consultant to avoid costly mistakes upfront. A credible consultant should have ample experience and a proven success rate. They can teach you how to franchise a restaurant and help you create a business plan that works best for you.
Do you have the skills necessary to make your franchise restaurant a success? It is very rare for a restaurant franchisee to be successful without having at least some experience in the food service industry (especially as an owner or manager). To evaluate whether you have what it takes, consider shadowing for a few weeks at a business you’re interested in. Some companies even require this before they will approve a franchisee’s application.
Halal Guys is a good example: What started out as a cart on the sidewalk has turned into an internationally recognized sensation. To capitalize on that popularity, the company partnered with a successful franchising company called Fransmart, which has facilitated the growth of the brand into new markets including Dallas, Chicago, and Orlando. Fransmart’s CEO Dan Rowe previously told Eater that a brand has to have its own soul and its own story,â€ meaning that potential franchisees must also embody and, once they sign on, project that same soulâ€ that initially attracted people to the brand.
Fitting right in with sustainability is the trend for hyper-local restaurants, which takes the concept one step further. Diners are looking for restaurants that grow produce in their own backyardâ€¦or rooftop. Growing agriculture is all dependent on space, but it can be as simple as growing herbs to use in cocktails or as expansive as growing tomatoes for fresh salads.
Whether it is private equity sponsors investing in established brands, owners growing their existing investments, or investors expanding new concepts or creating smart solutions for distressed credits, franchise and restaurant industry lenders continuously require access to debt capital markets. Katten’s restaurant and franchise finance attorneys are trusted advisers in these transactions because of our deep experience, creative counsel and adept structuring of optimum financing options for our clients, including banks and finance companies, private equity funds, and corporate borrowers.