At Dank Burrito, we cherish our franchise owners and managers! We care for each franchise manager and their team to ensure your business is a growing success. This blog post will discuss managing a franchise and why it may be the best route for you! We believe it’s better to be supported in your business than be left alone. At Dank Burrito, we are here for you!
Franchise Management 101: Do Your Due Diligence
What is due diligence, and how does it pertain to franchise management? Due diligence is another word for homework. There are always plenty of things for you to research, learn, check out, and explore when it comes to franchising! For instance, the franchisor (to simplify things in this case, Dank Burrito) must disclose all relevant information to help you make an informed decision.
Aside from that, due diligence allows for validating any information with current franchise owners. You can talk to the highest or lowest performers to find out exactly what it is like to be a franchise owner.
Receive and Review the FDD
One of the first things that happen when you get serious about exploring a franchise opportunity is the receipt of the Franchise Disclosure Document (FDD). This legal document, drafted and finalized by a franchise attorney, takes you into the weeds of the business. You must sign a piece of paper that says you have received it as part of the legal agreement.
There is no obligation with this signature. It keeps the franchisor compliant and gives you the correct information to manage a franchise with the brand under review (which should be Dank Burrito because we’re awesome). The document was designed with you in mind, so there are no surprises.
Sign the Franchise Agreement
The Franchise Agreement is the contract that seals the deal between the franchisor and the franchise owner. Every detail of the agreement is in this legal document. Once you sign it, not only will you be learning how to manage a franchise business, but you’ll also own one! It’s the most incredible feeling ever when you become a business owner for the first time. It can be scary too, but at Dank Burrito, we are with you every step of the way!
Get Training and Train Your People
When you are awarded a franchise, you get to open an established brand, follow its system, and utilize its name and logo. The training you get for yourself and your team is even better than all that. We will show you everything you need to know about opening a restaurant with our brand, answer all your questions, and be there to support you through your business life.
Follow the System
You have done your due diligence, signed the agreement, and become part of the Dank family. Franchising is replicable. Any good franchisor will have an established system that works well. You’ll be guided through everything from restaurant buildout to recipes, processing payroll, and posting to the Dank Nation on social media!
You can learn how to manage a franchise when you have an excellent franchise model to work from. A franchise system like the one we provide at Dank Burrito makes it easy for our franchise owners to do what they do best – build the Dankest business in their community. And we love to help them do it!