5 Things to Know Before Becoming a Franchise Owner
You finally did it — you’ve decided to take the plunge and become your own boss! But instead of starting a business from scratch, why not join a company with a proven record of success and loyal customer following? That’s right, we’re talking about a franchise — specifically, the largest, fast casual Italian restaurant chain!
Being a franchise owner gives you certain freedoms that you’ll never find in another job. So, as you start your franchise search (which hopefully ends with Fazoli’s!) here are a few things you should consider…
1. Why Fazoli’s?
If you’re a fan of tasty Italian food, fresh ingredients, togetherness and family, then Fazoli’s is the right choice for you! We’ve recently renovated several of our restaurants to provide the most comfortable and accommodating atmosphere for families to enjoy a delicious meal together.
2. The Startup Costs
Owning a Fazoli’s restaurant is an incredibly lucrative and rewarding experience, but like they say — it takes money to make money. Before you look into becoming a member of the Fazoli’s family, it’s important that you have a good understanding of your own finances. Potential Fazoli’s franchisees must have:
- An investment capability of at least $750,000 per unit.
- The ability to invest a minimum of 20-percent of the total project costs.
- Liquidity of $250,000 per unit.
3. The Franchise Model
There’s a reason why franchises have been called “the greatest business model ever invented.” After all, franchises have given hundreds of thousands of people the opportunity to own their own business in as little as a few months. Part of what makes Fazoli’s so unique is that we believe when one of us succeeds, we all succeed. That’s why we provide each of our franchisees with training and support — from the time they inquire about a franchise opportunity to years after they’ve oped their doors.
4. You Need a Business Plan
A successful franchise already comes with a proven track record of success (in Fazoli’s case, 17 consecutive quarters of success!) and brand recognition. But, that doesn’t mean all of the work is done for you. It’s important that you have a detailed business plan that outlines your short and long-term goals and objectives.
5. Location, Location, Location
Once you’ve decided on the perfect franchise for you, have your finances in order, have your business plan perfected, and understand the franchise model inside and out, it’s time to pick out the perfect location! To ensure your success, Fazoli’s requires a space between 2,800-4,000 square feet, and suggests franchisees choose a location in a well populated urban or suburban, residential area.
- Trusted and experienced leadership
- Strong Brand reputation
- Stable and growing System Performance
- High Growth Potential
- Attractive Financial Performance
- Operational & Portfolio Compatibility