The post 5 Keys to Maintaining a Booming Pretzel Business appeared first on Pretzelmaker Franchise.
Familiarity and comfort with a well-known brand—that is, brand recognition—is perhaps the most decisive selling point for potential fast-food investors.
Simply put, the more familiar customers are with a franchise like Pretzelmaker (home of the world’s best soft pretzel!), the more likely they are to stop by on a whim.
This pretzel business has already taken all the necessary risks so that investors can benefit from a proven system, high brand recognition, streamlined site selection, and ongoing assistance.
5 Keys to Maintaining a Booming Pretzel Business
The fact that fast-food franchisors have already assumed a lot of the early risk—for example, in financing, finding the optimal price points, selecting sites, and streamlining hiring and training processes—has a lot of implications for Pretzelmaker investors.
Take Financial Assistance and Advice
The primary benefit when you start out is that private banks and government-backed loans from the Small Business Association (SBA) are more likely to work in your favor.
Because there are many owner-operator businesses in all possible fields, banks can sometimes have a difficult time interpreting your business model, even if you furnish them with a comprehensive business plan.
You sidestep that problem by investing in a fast-food franchise. Everyone understands fast-food businesses (and probably eats fast food from time to time!), so it is easier to find investors and lenders for businesses in this industry than in many others.
Look into Market Segmentation and Social Media Engagement
Market segmentation is using empirical data—surveys and demographic studies looking at things like age—to locate key buying groups in your area.
Once you know more about the customers who are seeking out your pretzel business location, then you can better engage with pre-selected local customers on social media.
Attend Regional Meetings and National Conventions
Pretzelmaker national conventions are often the first place that new products, services, and improved training procedures are discussed, so attending these makes a lot of sense.
Further, regional meet-ups can put you in touch with other franchisees who might already have tackled the financing and logistical issues you’re facing right now.
Rely on Advice and Mentorship from Fellow Franchisees
This one is really cool, and it points to a benefit specific to fast-food franchising. Pretzelmaker franchisees who are little more seasoned have a lot to offer newer franchisees because they’re working with the same brand and likely overcame the same early challenges that new franchisees face.
Consider Becoming a Multi-Unit Franchise Owner
Working with your franchisor to develop a franchise business plan is a great way to ensure that you have enough startup support.
Doing so will also facilitate ongoing access to loans from lending companies or private lenders should you need financial assistance when you become multi-unit or seek expansion.
You could potentially run up to five Pretzelmaker locations without the need for extra administrative staff. Scaling up is easy with the help of experienced area developers and streamlined training and hiring procedures.
Multi-unit franchise owners in the fast-food sector also have an easier time securing financing since they’re more experienced and command a larger share of the local market than someone just starting out.
Interested in learning more? Then contact us today to find out how you can get in on the growth of opening up a Pretzelmaker franchise of your own.
The post 5 Keys to Maintaining a Booming Pretzel Business Appeared first on Pretzelmaker Franchise.
