All You Need to Know About Hooters Franchise
Hooters is a themed restaurant that is famous for its amazing food and unique female service. This is totally guaranteed to get customers always coming back for more and presents a very lucrative opportunity for investors who are looking to buy a franchise. Started in 1983, Hooters had its first outlet in Florida hiring only female waitresses who all wore uniform at work. This uniform was basically made up of short shorts and tank tops which had a huge appeal on the clientele. The restaurant franchise specializes in different kinds of shellfish and chicken wings. At the moment, they have an established presence in various places around the world with more than 375 stores in US alone and other countries including Taiwan, Singapore, Brazil, England, Canada and many more. Even though the staff is purely female, the franchise opportunity management is available for both male and female applicants.
Qualifications for Franchising
Now that you know all about the Hooters franchise and how they have gotten to be so successful, you are probably raring to get started with them and get a piece of the cake yourself. However, before you can get started, there are a number of qualifications that you will have to comply with first. For instance, you need to have the capacity to develop between 3 and 5 restaurants within your territory. The location of each restaurant also need to be in an area that has a population of between 100,000 and 150,000 people inside a radius of 5 miles, liquid assets worth at least $5 million and experience of at least 5 years as a restaurant owner or operator.
The investment you need to begin with is a franchise fee of minimum $15,000 per location, an option fee of $15,000 for each additional restaurant within a territory and a starting capital of between $o.8 million and $1.5 million for each restaurant. It is important that your liquid assets and net worth are higher than the expected cost since you are expected to have multiple businesses in existence. Please note that the initial investment is not limited to the above mentioned amounts since you still have to consider expenses on equipment, monthly royalties and restaurants in several locations.
In case you feel that you do not have the initial capital to start your investment, you can always opt for a financial firm or loan option. If you feel that you have the necessary qualifications, you can always visit their site in order to get more information pertaining to the process needed to make your purchase.
How to Buy a Hooters Franchise
Once you have read as much information as you can gather on the Hooters website, you are ready to proceed. It is during the reading stage that you will determine whether there is a franchise opportunity in your country. Hooters franchise is in several places in the world but not all of them so it is good if you are well informed beforehand before making your decision.
It is also important that you do your research about the restaurant so that you know what it takes to run one of the most notorious restaurants in existence. You can walk over to the owner of a local Hooters and have a chat or even contact the franchise department. This way, you are properly prepared for what is before you once you have gone through with the franchise. There is also a wealth of information on the internet where you can learn all you need to know about running a Hooters in case you are unable to contact someone with the experience.
With the information at hand, ensure that you have secured the funds needed for the initial investment. In case you will need the assistance of a finance firm or a loan, make sure that it goes through before making the purchase. You should set aside some money that will be adequate to run the restaurant for a number of months before it gains traction and start bringing returns on your investment.
You should then prepare a well-crafted proposal to the Hooters franchise department and meet all the additional requirements that may come along. It is important to note that buying a franchise of any kind is not as easy as it sounds so you should have proper backing before getting started with the process.
Important Tips to Keep in Mind
There are a number of things that you should pay extra attention to when buying the Hooters franchise. For one, they are a special kind of food franchise in terms of the foods offered at their restaurants. Make sure you know this beforehand so that you do not end up going against the agreements that are set in place. The restaurants are also themed with the exclusive female staff who are dressed in a particular manner. Knowing this in advance prepares you psychologically and also helps you in the decision making for a number of things. For instance, it may come in handy when you are deciding on the location of your restaurant.
Also keep in mind the fact that Hooters is quite active in promotional events and charities. This means that you should get ready to take part in a number of other social things besides running the restaurant. Also read the fine print in the agreement very careful. This is because franchises are regulated very closely by their parent companies meaning that you will not have any room for making mistakes or getting too creative. As long as you are a part of the franchise, you have to present a uniform and consistent business front as the hundreds of other outlets all over the world.
In conclusion, the Hooters franchise has grown in popularity and success given the fact that it makes use of an entirely female staff with a uniform dressing theme. This has added the appeal of their food outlets making customers so endeared to them. Being a part of this food franchise needs you to be well prepared in terms of initial investment but it always pays off in the end.
Images courtesy of Hooters