Starting a Popeyes franchise has it’s pros and cons. And it involves a series of steps and requires a significant investment. Here are the general steps to start a Popeyes franchise:
1. What’s needed.
Review the franchise requirements: Visit the Popeyes website to review the franchise requirements, which include financial qualifications, business experience, and other criteria.
Every franchise will have guardrails in place. Take a close look at them and make certain you’re okay.
2. Review Your Cash.
Determine your financial qualifications: To start a Popeyes franchise, you must have a minimum of $500,000 in liquid assets and a minimum net worth of $1 million.
From building out a store location to hiring employees, you’ll need cash. If you have been diligently saving and investing for moments like this, now may be the time to go for it.
3. Send In Your Request.
Submit an application: If you meet the financial and business requirements, submit a franchise application on the Popeyes website. Simple enough right?
The powers that be will review your qualifications and make a decision on whether to move forward with you as a partner.
4. Discover Popeyes Culture.
Attend a discovery day: If your application is approved, you will be invited to attend a discovery day, where you will learn more about the franchise opportunity and meet with franchise representatives.
5. Finance Options.
Secure financing: If you are approved to become a franchisee, you will need to secure financing to cover the franchise fee, initial investment, and other startup costs.
A deep dive into every penny that will be needed to make your franchise wildly successful. Get this right, and you’ll smile all the way to the bank. Miss something and it may cost you additional monies.
6. The Agreement.
Sign a franchise agreement: Once you have secured financing, you will need to sign a franchise agreement that outlines the terms and conditions of your franchise agreement. This full-on commitment part legal binds you both together.
7. Train. Train. Train.
Attend training: Popeyes requires all franchisees to attend a comprehensive training program that covers all aspects of operating a Popeyes restaurant.
More than a side hustle from home, opening any kind of food franchise will take hard work and knowledge.
8. Groundbreaking Time.
Site selection and build-out: Once you have completed training, you will need to select a site for your restaurant and work with a contractor to build out the space to meet Popeyes specifications. Don’t forget that hardhat!
9. Build Your Team.
Hire and train employees: Hire and train employees to staff your restaurant, following Popeyes guidelines for hiring and training.
Your restaurant can take on its own personality based on who you decide to employ. Bring on the right team and customers will return again and again.
10. Open Your Doors.
Open your restaurant: Once your restaurant is built and staffed, you will need to open your restaurant and begin serving customers according to Popeyes standards.
In a nutshell, starting a Popeyes franchise can be a lucrative opportunity for those with the required financial and business qualifications, but it requires a significant investment of time, money, and effort. It is important to carefully review the franchise requirements and perform due diligence before making a decision to invest in a Popeyes franchise.