Since the time McDonald’s opened its doors to global franchising, it grew to more than 30 thousand stores in over 122 countries all over the world. With this number of stores, McDonald’s no doubt has carved its name as the most successful fast food chain on Earth. The success of McDonald’s obviously redounds to its franchise stores as its patrons increase worldwide each day. Because of this, more people in the business world opt to open a MacDonald’s franchise.
Here are tips to guide you should you decide to open a McDonald’s franchise:
- Make sure you qualify to be a franchise holder. The foremost requirement you should meet is money. Franchise fees for restaurant chains such as McDonald’s command quite a hefty price, so be ready with the money. Rough estimate of expenses you need to meet in opening a McDonald’s franchise is around 500 thousand dollars, plus 100 thousand dollars liquid cash. Apart from the monetary requirement, you should also have an experience in managing or owning a business, particularly in the food business.
- Be determined and decided. Dilly dallying in business is not a good attitude. Once you decide to open a McDonald’s franchise, go for it. Just be sure you have made a thorough study and consideration of the pros and cons of the business.
- Make a feasibility study on how McDonald’s will be received and patronized by the people in the area where you plan to put it up. Consider also, the other restaurant chains nearby. If there are similar restaurant joints around, try to look for another location.
- Go to the website of McDonald’s and apply for franchise. Do this by going to the application form page. Fill out the information as required. Wait for confirmation. If you have questions, go the FAQ or Frequently Asked Questions for clarifications.
- To finance your McDonald’s business, apply for a loan from a bank or government agencies such as the Small Business Administration if you do not have enough capital to start your business. With the latter scheme, you will be allowed to settle just 25 percent as cash down. The rest of the financing requirements may be paid in a stretch of seven years.
- Employ people (around 20 or more, depending on the size of your restaurant) to man the store. These workers should undergo proper training (in accordance with McDonald’s standards). They should learn waiting skills, competitive attitude and snappy moves as they go about the restaurant, kitchen and sales counter. Education is also important for your employees. They do not need to be college degree holders, but at least they should have enough educational background to help them cope in dealing with all types of customers.
- Undergo complete training as prescribed by McDonald’s. You may want to attend classes at McDonald’s University in Illinois of you can afford it. Training period may cover 12 to 24 months period.
- Interact with other McDonald’s franchise holders. This will give you more ideas on how to successfully run your business.
- Always attend continuing seminars and training programs offered by McDonald’s so you will stay updated about the current trends in the restaurant chain as well as in the restaurant scene as a whole.
It is said that operating a McDonald’s franchise is a sure way to make money. This restaurant is a hit all over the world, hence you do not need to worry about daily earnings. So, if you have the money to operate a McDonald’s franchise, you might as well act now. Good luck!