If you want to set up your own business but don’t like the trouble of building a brand name, consider owning a franchise. With a franchise store, your business is identified with an already established name, so all you need to do is look into the other aspects of business operation. There are several businesses that are open to franchisees, and one of which is Cinnabon. Cinnabon is a popular bakery in the US and other parts of the world, and because of its global visibility, a Cinnabon franchise is almost certain to become a success. Here’s what you should do if you want to start a Cinnabon franchise.
- Meet the requirements. The requirements generally aim to prove your financial capability to own and start a franchise. You will have to disclose your assets, liabilities, and net worth, among other things. For the full list of requirements, visit the official website of Cinnabon.
- Prepare your funds. Investment capital generally varies. Factors such as staff, store location, and rent have a bearing on the capital. But generally, the capital is around $175,000 to $360,000. Aside from the capital, you also have to pay the initial fee of $30,000. If there is a need, you can arrange for financial assistance with some lenders. Remember that Cinnabon doesn’t provide financing.
- Apply for a franchise. You will have to submit the Request for Consideration form, which will basically express your interest to start a Cinnabon franchise. If you are found to have the capacity to own a franchise, you will have a series of meetings with Cinnabon representatives. The application process will then follow, which includes the submission of requirements and other legal documents, payment of the application fee, review of the application, and approval. Make sure to involve your lawyer all through the stages of your application. Remember that more than a business deal, opening a franchise is a legal procedure.
- Attend the training. The training, which usually runs for three to five days, is designed to prepare Cinnabon franchisees for the business. Impartation of skills, knowledge, and methods is done in the training and focuses basically on Cinnabon operations. Even if you are a seasoned business owner, attending the training is beneficial because it will help you understand the unique challenges of a Cinnabon store.
- Get the store ready. This includes hiring employees, prepping the actual store, setting up the equipment, and preparing the supplies. Months leading to the opening of the store, expect to face several kinds of difficulties. Opening a store is never easy, even if it is a franchise. But the nice thing about owning a franchise is that you get all the support from the mother company—from the planning stage to the operation, from marketing to employee training.
For more information about Cinnabon franchising, please visit the official website of Cinnabon or contact the main office. Try to get as much information as you can, so you can determine if it is indeed the business for you.