Taking a new restaurant can be a discouraging task, partying in a place that has seen a failure before. Then, turning that restaurant concept into a prosperous franchise network is a feat at another level.
Abhishek Measuretta, founder and managing partner of Fresh Burrito, was not intimidated before that dilemma exactly. When his first fast -service restaurant failed, he began again with a fresh burrito location in Kitchener, Ontario, in exactly the same space as his previous business. But with change strategies, the Mexican food chain toke, and now has 36 Canada voltage locations. Share the lessons he learned and what is needed to recover from the setbacks and continue growing.
What was the secret for you successive in the same place that another fast service restaurant failed?
In my mind, thinking, I already have access to this space and I have a business idea for a restaurant. Why look for another space? Then, I convinced the owner of the property, and we reached an agreement.
The secret here was some things: having the confidence and knowledge that the new business idea, fresh burrito, can bloom in this place and identify the opportunity in front of me. Since Fresh Burrito is a franchise concept now, for each location, the secret of success lies in the footprint obtained by the area, competition in the area, the availability of raw material and the ease of accessibility for our target audience.
What would they say that they are the five factors that entrepreneurs should say before investing in a restaurant business?
These change over time, but from my 14 -year experience, here are some that are essential:
Have enough working capital. Sixty percent of restaurants fail because they have no patience or run out of capital to invest. Be sure to have enough working capital to last 12 to 18 months and be patient while waiting for results. You must believe in your restaurant and continue working hard while monone consistency and a positive attitude.
Investigate the market of the location of your restaurant. As owner of a restaurant, it must be well versed in the preferences of its customers when it comes to food, demography and trends.
For example, many customers now want fusion flavors in their food. If your restaurant will be located in a very diverse area, do you plan to offer merger food options? If you are not, what is the only thing you do better than all your competitors in that area? What is the size of the family, income levels, flavor preferences in the area that will open? This market research can help you gain an advantage when planning and marketing your restaurant.
Have clarity about what your restaurant concept will be. Will it be a QSR or full -service restaurant? For both thesis concepts, you need high traffic locations in general, but for QSR, you should consider how strong it is the presence of Uber Eats /Skip /Dordash, how much they charge and if they present any challenge.
Have a marketing plan for your restaurant. Reserve a budget and foretting that from your cash flow, even before starting your restaurant. Do not place marketing on the back of the burner as in the market influenced by Instagram today, you will need it.
Know who will be the operator of his restaurant. A restaurant needs a reliable and experienced operator. This person will direct the daily administration of the restaurant, including personnel management, guarantee quality control, finance management and the creation of a positive experience for the client. This will be one of the most critical resources that you will hire.
What is needed to lead a successful franchise business?
One of the most critical things that is needed to lead a successful franchise business is a scalable model. The goal of a franchise business is to climb it. To do so, you need systems that can be repeated again and again.
That is the menu, cooking methods, cleaning methods, inventory management, employee training and productivity management. Start creating SOP and start eliminating anything that cannot be doubled. The success of a franchise business depends on the consistency between the locations; This is how your client will remember and return to you.
What are the lessons you have learned duration of your career?
They are more than I can remember. But here are the ones that always had left:
Play the long game. Putting into failure is in business, waiting for short -term profits. Have a vision, believe in it and work towards her every day.
Always look for your team. They are the ones who direct their business. Your livelihood and satisfaction must be important to you.
Contract professional aid for the areas in which it is not competent. Either marketing, legal advisor or data analysis, do not escape from it and do not try to do everything on your own. It will save a significant time delegating these tasks, having professionals to turn to in case of crisis and using your experience to grow your business.
Stay optimistic. You must believe in your product or brand even when nobody does. You are your brand ambassador. A positive mentality can help you ride hard waves and motivate others around them.