Joel Libava
I wish that I was able to somehow collect $100 every time I heard someone at one of my presentations on franchise ownership say the following;
“I’m thinking of buying a food franchise because people have to eat.”
And, if I was able to grab that $100 over and over again, my lobster intake would increase, for sure…
Seriously; I hear that statement a lot, so it must be important, right?
Working In The Food Business
My first job as an acne-encrusted teen was at Lyndhurst, Ohio’s Golden Dragon Restaurant. I was hired on as a Dish Sanitizing Technician. (Dishwasher)
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It was the grossest job I ever had. And, in hindsight, it was a really poor choice for that particular job. I wasn’t thinking, I guess. I forgot that Chinese food was multi-course. Every damn customer had soup, appetizers, tea, beverages, a main course, and sherbet or ice cream to top things off at the end of their meal. Lots of dishes were used. Lots of dirty dishes came back into my area. Lots. More than any other type of restaurant, actually.
The Golden Dragon was located towards the back of a nice office building. A nice office building with a very famous parking lot.
While this restaurant wasn’t a food franchise, it was a food business. I learned a lot, even as a teen. The most important thing I learned was preparation; food businesses need to be highly organized to work right. Management has to always be prepared to be busy.
- Employees need to be trained properly
- Inventory needs to be right
- Cleanliness has to be job #1
- Cost controls need to be tight
Should You Buy a Food Franchise?
People do have to eat, for sure. I’m not sure if that’s the right reason for future franchise owners to pursue a food franchise, but who am I to say?
Of course, talking about, looking at, and buying a food franchise are all so different. So. Different.
If you’re seriously considering food franchise ownership as your path, please make sure you know-or kind of know what you’re getting into. Being the owner of a business that serves food to the public has many, many, challenges. As far as I’m concerned, the food business is the toughest business in the world to own and operate. The amount of things that can go wrong are mind-boggling.
You don’t have to believe me. (Even though I’m one of only a handful of franchise consultants-advisors that have actually been in the food business.)
Food Franchises Can Be Lucrative
There are lots of very successful food franchise owners, and they aren’t all owners of one of these, either. You’ll find them if you’re looking at the great ones. While it’s true that the work is really hard, and the challenges, especially having to do with staffing are huge, if you’re focused on bringing a quality experience to the table, (so to speak) you could end up a winner.
Just don’t buy a food franchise because people have to eat. You need to also.
Work with me to find some of the great ones. My franchise consulting-advisory services are guaranteed.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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