Ah, franchising. It's the market's solution to the conundrum of wanting to be in business for yourself, but not by yourself. As in, you have freedom and control over how you go about your day-to-day, but your jumping off point comes with the credibility of an established brand and they also give you their proven business model. Sa-weet! But when you're shopping for franchisors, there are a handful of flags you'll have to investigate before you can recognize them as red or green:
1. The Market
It is super duper important to research the market you want to enter as an up-and-coming franchisee. You've gotta look at general demand and the industry track record to get an idea of where things are headed. Loaded Pierogi's market is so, well, loaded, that we’re doubling our existing franchisee numbers in the next 6 months!
2. The $$$
A great thing about franchising is you can get a pretty good idea of the type of financials you're getting into--the company already has a history that you're definitely gonna wanna review so you get a firm grasp of how their revenue model works. Part of Loaded's model includes awesome profit margins and low labor costs!
3. The Differentiator
Let's cut to the chase on this one--an important question to ask any business with you're considering going into business with is what sets them apart? What's their edge? It's on you to identify the unique selling point and determine if it's enough for you to bring your own spin to it, because friendly reminder you are the most unique aspect of your business! Loaded Pierogi is a first-to-market concept drummed up by a coupla loaded chefs. The OGs, if you will.
4. The Franchise System and Model
The biggest benefit of partnering with a franchise is definitely the mentorship vibes. It goes back to that whole not having to go it alone thing we talked about earlier--you want to partner with a franchisor that lays out exactly how they will help get you trained and launched, and be there to carry on offering guidance. Loaded offers comprehensive training and ongoing support to franchisees for success in simple day-to-day operations and beyond.