The reason why people choose franchises over starting their own business from the scratch is that there are loads of benefits when it comes to franchising. The truth is that when you buy the franchise of a successful brand, you can be assured that you are on your way to success especially if you get certain key factors right.
The benefits you will get include getting a nationally recognized name and reputation, a proven management system, promotional assistance, and pride of ownership. Franchisors usually provide the training you need to operate their business model.
You may find it easier to secure finance for a franchise, and it may cost less to buy a franchise than start a business of the same type. Entrepreneurs usually go for popular and easily sellable brands and Domino’s franchise fits the narrative.
Table of Content
Domino’s is a company that was founded in 1963 and they started franchising 2 years later in 1967. Domino’s has its corporate head office in Ann Arbor, Michigan and they have an estimated 15,900 franchise units in different locations.
The franchisor, Domino’s Pizza Franchising LLC, offers Domino’s Pizza Store concepts under which the franchisee will operate a Domino’s Pizza Store selling pizza and other authorized products through delivery and carry-out services. Available data shows that the average Domino’s franchise owner earns between $107,000 and $1167,000 a year. Franchise owners often pay down their loans and operate more than one business with these numbers.
The Biggest Advantage of Opening a Domino’s Franchise
There are several advantages when it comes to opening a Dominio’s franchise, but for the purpose of this article, the biggest advantage of opening a Domino’s franchise is that Domino’s is one of the most recognized brands in the pizza industry all across the globe, hence it offers a lot of benefits to franchisees.
Domino’s is a brand that is often well-rated as a top pizza franchise to own. Franchisees who are veterans, minorities, and women might have opportunities to receive significant discounts on the initial franchise fee and opening costs. This is especially true for internal candidates with a year of management experience.
When compared to other fast-food franchises, Domino’s franchise costs are on the low side. Also, you will be exposed to robust training. Domino’s franchisees are required to complete a training course at Domino’s corporate headquarters: four days of Pizza Prep School as well as a Franchise Development Program that lasts five days. Franchisees will also undergo in-store training that will last from six to eight weeks.
Note that the type and length of training you will undergo depends on how much experience you have within Domino’s as a manager. Having said that, it is important to note that there are different types of Domino’s franchise
Types of Domino’s Franchises
Another important reason why people opt for Dominion’s franchise is because of the flexibility of the business. If you choose to buy a Dominion’s franchise, you have the option of choosing from the different types of Domino’s franchise stores but note that the type of store you choose to open will affect your initial investment and total cost as well as location.
Traditional stores are retail outlets like the ones you are most used to — often in shopping centers or other retail hubs — that have ample parking for both customers and delivery drivers. They offer both in-store dining as well as carry-out and delivery.
Non-traditional stores are the locations that you see within other, larger locations, such as those in malls, office buildings, stadiums, and more. These often only offer carry-out, though some do have a few seats inside.
Transitional store locations are located in smaller markets and have more scaled-back, customized menus to meet this smaller client base. They begin as carry-out-only stores but may be transitioned to a traditional store once the market is proven out.
Despite the fact that Dominion’s franchise is a popular brand, it is important to note that like many other franchises, Domino’s doesn’t offer direct or indirect financing to their franchisees, so you’ll have to look elsewhere if you need capital to open a Domino’s franchise.
Third-party lenders are often a good option since they provide loans including equipment financing, term loans, personal loans for business, and more. A strong financial profile, such as good credit and any other history in business, will help you secure a business loan. These credentials will also help determine how much capital you will receive.