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Many of the terms surrounding the purchase of a hotel business can sound familiar--"franchise," "turn key operation" and "operating results" are all terms that are used in business fields outside of the hospitality industry, so you're likely to have encountered them if you're a business owner. Happily, in the hospitality industry, they generally retain the basic meaning that you're familiar with. Read More »
Business professionals who are interested in the hotel industry and intend to buy hotel business locations will have many choices to make. You will need to pick the right location for your establishment, decide whether you want an independent hotel or a franchise opportunity and come up with a realistic budget for your purchase. Read More »
Starting a McDonald’s franchise can be an exciting idea if you’re interested in running your own business while reaping the rewards of a food goliath’s power and prestige. To be sure, there’s much to be gained from associating yourself with such a successful company, but you’ll want to think carefully about whether it’s the right decision for you – and whether you’re up to the task of joining such a large and demanding brand. Let’s consider what some of the pros and cons are, so you can better decide whether it’s the kind of franchise that’s right for your goals.
McDonald’s is probably the most recognizable food brand in the world, so you’re likely to find customers wherever you happen to be. The client base is deep, and even in a recession McDonald’s serves some 27 million Americans a day. People like their food, and are willing to pay for it even at the leanest of times. That’s good news for you as an investor.
You’ll also have the backing of a world-class team for your business operations, so you can be assured of the kind of cutting-edge equipment, facilities, and training that puts you in a position to compete at the highest level.
Owning your own franchise, especially one as reliable as McDonald’s, is the kind of lifestyle that many people of independent spirit and committed working lives appreciate. You get the chance to earn a good living, and despite the parent company’s presence, you’ll be working for yourself. That’s the kind of satisfaction that few other ventures can give you.
If you’re dedicated to the success of the company, and you’re willing to invest the kind of money and time they require, there’s a great deal of potential for growth. A few years down the line, you could end up very well-off.
Startup costs are high for those interested in owning their own McDonald’s franchise. To preserve the value of the brand, they don’t like to see their branches fail, and they demand that their operators be solvent and dependable. Those without extensive experience in management and business need not apply, and even those who do must come to the table with at least $300k of personal assets – not loans. Besides your own net worth, the investment capital to get up and running can end up clearing a million dollars, so make sure you’re in it for the long haul.
Owners are expected to conform to very specific guidelines, and very little of your own choices regarding day-to-day operations will be considered. The company expects you to invest deeply, not just in money, but in time – no owner absenteeism is permitted. You must be dedicated to the success of the business, and be willing to back it up at every stage of the process.
Owning your own McDonald’s is a weighty decision that requires a high level of commitment and the ambition to succeed at a high level. It won’t be easy – especially considering how much you’ll have to invest up front – but it has the potential to transform your life dramatically for the better.