According to WebFX, most franchises operate for around 10-20 years, offering significant job security for anyone looking to leverage such an opportunity. If you want to invest in a healthy franchise, such as a nutritious and popular food business, ensure you do it right to have the best chance of hitting that two-decade mark. However, what does doing this take, and how can you give yourself the best chance of success?
In this detailed guide, you will learn the steps you need to take to become a Gyro Shack franchise owner and what you need to do when you are up and running, including:
- Initial research
- Market analysis
- Legal considerations
- Financial options
- Marketing methods
By the end, you should know the next steps you need to take to get a healthy food franchise location off the ground. So, pull up your bootstraps and start a franchise business today.
Initial Research and Market Analysis
Before you touch an application form or start considering your budget, you must ensure you know the likelihood of your success. Look at the locations you might want to open your business in and learn as much as you can about the area, including:
- Demographics
- Existing food categories in the area
- Socioeconomic status of the population
- Possible competitors
- The area’s profitable franchise options
Much of this information is available from the U.S. Census Bureau, which regularly updates its data on the latest changes in the business world. Also, once you start working with a franchise, you can instead ask them for any research they have to give you a leg up.
You may also want to look at reviews for franchises in the area to discover whether businesses such as these generally receive a warm welcome. For example, some locations may be more interested in local businesses, and many will express that preference online.
After you have all this information, conduct a SWOT analysis of the area to assess how successful your chosen franchises are likely to be in the local market. This step is crucial in ensuring you do not waste your time.
Meeting the Financial Requirements
Once you have chosen a healthy franchise, you must match the financial requirements to work with the franchise owner before you stand a chance of successfully applying. Start by reviewing your financial situation and how much the franchise owner requires you to set aside to start the business. You should ensure you have information about your:
- Assets
- Liabilities
- Credit score
- Borrowing power
Discuss the situation with a financial advisor to see if they can help. Then, collect and prepare your financial documents to supply to the franchise owner. For the sake of argument, we will assume from now on that you are discussing Gyro Shack for obvious reasons.
If necessary, get pre-approval for a business loan, which you can then use in your application to Gyro Shack to assure them you have the funds to start a business.
Submitting Your Franchise Application
Complete the official Gyro Shack franchise application, double-checking all details as you go to assure them of your professionalism.
Franchising with Gyro Shack will necessitate an investment of around $172,400 to $518,900, depending on various factors. However, if you only want to create a single-unit agreement, this will take $34,900.
When you send this, you must also submit all requested documents alongside the application. These will likely include:
- Financial statements
- Credit evaluations
- Background check permissions
- Resume of prior experience
A location such as Gyro Shack will likely want to see a lot of managerial experience in the past to reassure the franchise owner you know how to handle the role’s challenges. When you receive the initial review, however, you will have an opportunity to answer any follow-up questions and let them know you are the best person for the job.
Securing Funding for Your Franchise Business
After a financial review, investigate different financing options if you need help securing the money to start the franchise. Franchise financing opportunities may exist with several institutions, such as banks, so make sure that you investigate all the possibilities.
Consider bringing in business partners with mention of franchise investment opportunities. When this occurs, however, ensure everyone is clear on the expectations of one another’s role moving forward. The last thing you want is for the organization to break down due to difficulties regarding communication and management.
Legal Considerations When Starting a Gyro Shack Franchise
Consult with an attorney who can evaluate the Franchise Disclosure Document and help you understand it. They can help you meet all your obligations under the agreement. Some of these may even include performance goals and territorial limitations.
You should also check for:
- Whether your state or region has any specific franchise regulations
- Zoning laws related to businesses
- How to follow health codes
- What it takes to receive an inspection
- Steps required to receive a business license
Together, this can take a long time. However, a qualified franchise attorney may be able to help you with these steps and get you set up faster.
Developing Your Business Plan
Once you receive confirmation that you can start the franchise, you must plan your specific business objectives and strategy. Ensure this is very detailed in the run-up to opening and shortly following, although you can eschew specifics the further in the future you get. You should be able to follow it step-by-step moving forward.
Include information such as:
- Location plans
- Market analysis
- Financial projections
- Project staffing and training needs
- Planned Gyro Shack menu
- Equipment and supplies required
You can then start preparing for your grand opening.
Ready to Start Your Healthy Franchise Journey?
Starting a healthy franchise can benefit you by both promoting healthy eating and helping you enjoy the returns from a profitable business. The above advice should support you as you go from the initial steps until you are comfortable with the regular operation of a franchise location.
Take the first steps toward owning a successful business. Reach out to Gyro Shack via our website today and turn your entrepreneurial dreams into reality. What have you got to lose?