As consumers, we frequently assess if what we are about to purchase is worth the price. Even after purchasing, we tend to ask, “Does the taste of this coffee deserve its six-dollar price?” We, then, develop our set of criteria to quantify the value of a service or product.
This level of evaluation is exuded further in the other areas of our lives. What will it cost me to make this career move? Is the relationship worth saving? We question for the sake of one thing– certainty. When starting a business, the cost of franchises, especially restaurants, make us raise our eyebrows. Surely, it shouldn’t cost that much to serve food?
In a way, the reaction is understandable. On top of the franchise fee that comes with the brand are the royalty and marketing fees. Albeit this fact, we see entrepreneurs choosing to be franchise owners than start-up business owners. Between a start-up and a franchise, the certainty of success is more feasible for the franchisee. But is it really worth it to pay for those fees for some level of assurance?
Here’s a brief list of what makes a restaurant franchise worthy of its price:
They say knowing your history is priceless. In this case, history itself is priceless. Every successful brand was once a neophyte in the market. It could be a small town family-run restaurant or a bakeshop based in a home kitchen, and after three generations, they found their place all over the country. But we don’t need to wait for decades to see the result of our labor.
Surviving in the competitive and ever-changing market is proof of a brand’s strength. By franchising, you are taking the brand’s strength and history with you.
Instead of spending your time and resources doing trial and error, owning a franchise means having a ready-made template to follow, a template that has proven its effectivity. Administrative and service training that comes with the contract is based on years of experience. You are saved from making basic mistakes before learning what works or not. Learning comes first, so you can be ready to face and address any mishap. an economical choice if you want to save time and money.
An existing brand already has a faithful following, especially ones that have been around for long. We are talking about a habit that is passed down by the father to son and the son to his child.
When it comes to food, people instantly connect with the familiar. You can focus on tapping the interest of a new target market when you are no longer thinking about ways of introducing your brand to the general market. As long as you maintain a consistent brand of service that your customers grew up to, they will remain devoted to your brand.
Building your own business from scratch can cost as much as a franchise, if not more. We easily assume otherwise. When you pay for a franchise, you pay for peace of mind. More than anything, a franchise offers history and nostalgia, both of which are priceless.