We’ve all heard the rumors of how top QSR franchisees have achieved incredible profitability.
Ever wondered what their secret was? How are some owners able to rapidly expand to 50+ locations, while others have their hands full with one?
We spoke to over 100+ thriving franchisees across the nation, from Domino’s, Chick-fil-A, McDonald’s, Subway, Carl’s Jr, and more. And we’ve got the answers.
In this complete QSR Franchising Strategies eBook, we explore:
- What it takes to succeed as a QSR franchisee and entrepreneur
- How to identify the best location and talent
- The latest technological innovations in the QSR industry
- The key partners every franchisee should have
- How to grow your personal brand
- The best practices leading to massive growth in profit (even during COVID-19)
- And more!
Increasingly, we are seeing more entrepreneurs who want to open a franchise for a simple reason: franchises are thriving. And if you’re looking to beat the competition, you’ve got to understand the QSR game in 2020.
This ultimate guide is your one-stop-shop in understanding what it takes to succeed in QSR franchising. We hope to help those who are committed to embarking on their own QSR franchise journey crystalize what they will have to do, and the considerations that they will have to make, to become a success in this industry.
Section 1: Introduction
In this introduction, Workstream's CEO & Co-Founder, Desmond Lim, explores his passion for franchising, and why we put together this ultimate guide (with the help of dozens of top QSR franchisees) on opening a franchise from scratch.
Section 2: Location, Location, Location
In this section, we walk you through the key considerations when selecting a location for your next restaurant. Location is the key success factor for any fast-food franchise, and we want to make sure you chose wisely. We explore the need for real estate agents, as well as the type of leasing terms to consider.
Section 3: Raise Capital and Funding
In this section, we explore the options you have for gathering the funds needed to establish or expand your business. Raising capital is a constant area of concern for prospective entrepreneurs, and investing in a franchise can sometimes be tricky. We walk you through how to source for funding from your personal network, angel investors, private equity, institutional funds, as well as via crowdfunding.
Section 4: Build a Great Team and Culture
In this section, we explore the importance of building a great team and restaurant culture from Day One. Here, we share some of the top company values that many franchisees often espouse for their multi-location franchises. Having a strong team culture can be pivotal in retaining talent, which many entrepreneurs fail to recognize is PARAMOUNT to the success of your daily operations. Start off rocky, and you're going to have major headaches down the road.
Section 5: Align Closely with Your Franchise Corporate Partners
In this section, we discuss the role of the corporate franchise in relation to your business. Every brand is different - some corporate headquarters are extremely hands-on with your operations, while others may adopt a passive master franchising approach. Here, we share with you the key corporate personnel you should try to keep in close contact with, and how to build strong relationships that will help elevate your personal brand within the franchise.
Section 6: Build a Great Hiring and Onboarding Process at Your Location
In this section, we uncover some of the hiring secrets that have enabled top franchisees from Chick-fil-A and McDonald's to outperform other owner-operators. Having a robust hiring and onboarding process translates to significant time and cost-savings for yourself and your GMs. Here, we share the best sources of job applicants, candidate screening & engagement tools, as well as onboarding platforms.
Section 7: Leverage Technology to Improve Efficiency
In this section, we explore the technological solutions that can modernize your daily operations and employee management. We share some best practices by other QSR owners on optimizing their employee retention and morale.
Section 8: Upgrade the Skillsets of Your Employees
In this section, we touch on the key areas of employee training that will elevate your team's competency and motivation levels. Employee upgrading is a major factor in retention - the lack thereof might result in lower levels of employee loyalty and affect performance in the long-term.
Section 9: Join Local Franchise Groups and Communities
Franchising isn't a one-person show. All of the successful franchisees we've met have had some sort of a support group - other franchisees, fellow local business owners, and even restaurant associations. In this section, we share with you some key avenues that you can seek help and advice from, which can be crucial especially during a crisis like COVID-19.
Section 10: Leverage PR, Media, and News to Your Advantage
In this section, we explore some of the key marketing strategies you can undertake in order to grow your brand presence and reach out to a greater audience. Some potential channels include your own personal branding via social media, local journalists, reporters, and even the QSR Magazine.
Section 11: Give Back to the Community
In this section, we discuss the importance of giving back to your local community. The longevity of your business relies heavily on local support, and being involved in your area can help you forge strong ties with some of your biggest customers.
