Investing in the restaurant business is a huge opportunity but also a huge risk. You must know the advantages of your particular business if you can expect to be successful in opening or franchising a restaurant.
You have to know yourself and your own limitations in order to know if you can handle the investment in the first place.
Whether you’re wondering how to open a BBQ restaurant for yourself or get on board with a BBQ franchise already established, the BBQ business is a great investment in 2020. Depending on your individual means and goals, you could find yourself finally owning the restaurant you’ve always wanted.
Here’s a short guide on why you need to invest in a BBQ business.
Should I Franchise?
This first question is a huge deal. Whether you invest in your own BBQ business or invest in the franchising rights to someone else’s will have a major impact on how successful you are in this endeavor. You have to know the differences between these ambitions.
Let’s start with becoming the franchisee of someone else’s BBQ chain.
With your goal of operating your own restaurant, you’ve done the research to figure out which is the best franchise to own within your limitations. You’ve contacted the company (in this case we’ll call them the “franchisor” and you the “franchisee”) and you’ve figured out how much it will cost to franchise their business.
When you pay that franchise fee, you’re paying for the right to operate their license. That comes with a lot of responsibilities.
You’ll be responsible for being formally trained as an employee of that BBQ business and for training your own employees within it. You’ll get an operating manual (some of them are hundreds of pages long, by the way) and access to their business systems, marketing strategies, and brand.
Basically, by paying the franchise fee, you’ve paid to make their brand your own.
This can be an amazing investment, provided that you’ve done the appropriate research beforehand into what’s required to run a BBQ restaurant. You must know your own limitations to know if you’re the right fit for their business before you make any kind of investment.
Should I Start My Own Business?
Maybe you want your investment to be more personal. You may have a fantastic new idea for a BBQ business that you want to own and operate yourself. This kind of investment is even riskier but can be even more rewarding if you make it happen.
Comparing the total cost of starting a business with the total cost of franchising someone else’s brand (remember that it costs more than the franchise fee to buy everything you need) will result in a different conclusion depending on the location and the businesses in question.
What you do know is that everything that you paid the franchisor for – operating manuals, training procedures, marketing structure – will be things that you’re responsible for if you start the business for yourself.
As with franchising, it’s imperative to ask yourself if you’re right for the task of drawing your own blueprints, hiring your own contractors, and creating your own business model. You may have more control, but you also have more responsibility.
Let’s say you’ve figured out whether you’re going to franchise or create a restaurant business. Now you may be asking, of all the types of restaurants out there, why are BBQ chains the best investment?
First is the unique menu. A BBQ business stands out among all the surrounding hamburger joints as having a great selection of flavorful choices that are rustic and charming. People who know how much salt goes into a Big Mac or how much saturated fat goes into a serving of fries are always on the lookout for better options.
BBQ is a tried and true alternative to other quick-serve restaurants, offering fresh, flavorful meat and homemade sides. There are rarely any fatty fried foods at a BBQ restaurant, and this makes it an even more significant restaurant investment in 2020, as health in this country declines and more and more people are seeking out flavorful, healthier alternatives to fast-food.
Next, you need to consider that BBQ provides a taste that’s unique depending on which restaurant you visit. Everyone knows that the conveyor belt Whoppers will taste the same no matter which chain they visit. However, a BBQ business always has its own unique preparations and flavors.
This is because BBQ is personal food, unlike the factory-made burgers at other chains. The skill required to cook the meat and sauces tells people to try out your BBQ business on the promise that it will be a unique experience packed with its own individual flavor.
Finally, even though BBQ is an art that each franchise will do slightly differently, a BBQ franchise is also a strong support group to help you run the business smoothly and effectively. The ongoing support you’ll get from your franchise will help you make this investment as profitable as it should be.
Whether you want to invest in one of the biggest BBQ chains or start your very own BBQ business, doing so will continue to be a great investment. The uniqueness of the food and the supportive nature of your franchise will help you get started on your dream of owning or operating your restaurant.
If you’ve done the proper research and discovered that you’re a good fit for this business, start looking for BBQ businesses in your area to invest in. It could be as easy as a Google search (for instance, “BBQ near me” or “Baltimore barbecue”).
No matter what you decide, investing in a BBQ business is an investment for your future. As people become more cognizant of their health and look for more variety in the food they get when they eat out, BBQ will remain a time-honored alternative to the bigger chains and a terrific opportunity for savvy investors in 2020.