Americans eat an average of 46 slices of pizza every year. While old-fashioned mom-and-pop establishments are not as common as they once were, the rise of the restaurant franchise has proved promising. Franchise opportunities have been around since the 1880s, but perhaps none so tasty as the pizza franchise.
How to Find Franchise Success: Pursue That Which You Love.
The business world abounds with advice. One piece of advice sometimes given is to do what you love, and you’ll find success. It turns out there is some truth to this suggestion. The reason comes down to the details.
Love Is Not Blind, But It Is Discerning.
Anything you love can become an obsession. When it comes to your business, this could prove to be a saving grace. If you obsess about the quality of your product, the dedication of your team, and constantly strive to offer the best that you can your company is likely to succeed.
Let’s say you own a pizza restaurant franchise. If you love pizza, and become obsessed with it, this could take many forms. Perhaps you want to have the best authentic Italian pizza in town. So you find a franchise that aligns with that goal, and strive to be perfect in each step of the production process.
Research Is a Vital Component of Any Family Franchise Pursuit.
As mentioned above, if you decide to take on a franchise in an area you love it is likely that you’ll have a successful business eventually. Let’s continue with the pizza example. A vital component of the process would begin before you sign any paperwork. It begins with doing your research.
If you want to serve the best pizza at your restaurant franchise, then you need to research pizza franchise opportunities. Consider first what you want to sell to customers, but also the amount of time you plan to devote to this business. Find out how many other restaurant franchises exist in your area, as they will be your competition.
The People You Hire Matter Greatly, Almost as Much as the Location of Your Franchise.
Customer service is the lifeblood of any product-based business. Many customers can forgive a company for a lackluster product if the customer service is good. It’s not always about avoiding all problems but by knowing how to fix them.
A good location is incredibly important to the success of any business, but especially those that rely on impulse buys for a chunk of their profit. A pizza franchise is more likely to sell pizzas if they are located in a prime area. People often choose the food that they are in close proximity to, so a busy shopping center can be ideal.
Starting a franchise can be tough work. The average business fails due to lack of planning, poor customer service, bad location, and lack of heart. Don’t let your franchise ambitions fail from lack of preparation. It’s a growing industry, with about $800 billion on average in total annual sales. In fact, it is estimated that about 50% of all sales are made at a franchised location. That number is expected to increase to 70% as the franchise industry grows over the next decade.