Franchises have proven track records and strong brand recognition. This eliminates the need for marketing or knowledge of financial derivatives. It also reduces the risk of failure. Currently, Ritter’s Ice Cream is one of the best options for franchising. They have been growing rapidly in the last few years and have expanded their franchising opportunities. If you are an entrepreneur interested in franchising with Ritter’s, follow this quick guide. Here are 4 steps to buying a Ritter’s Ice Cream franchise.
Learn About The Company
First and foremost, you will want some background information about the food business and franchise you are buying. Ritter’s Ice Cream opened 1989 and has been franchising since 1994. They are owned by a parent company called TruFoods LLC. Currently, they are headquartered in New York City. Ritter’s specializes in frozen custard, with six different custard flavors available at every location. They also have 140 different flavors of ice cream and a variety of other desserts on the menu. Americans have been embracing this brand for its fresh ingredients and low fat options. This information is good to know before buying a Ritter’s franchise. You should always conduct research on a company before purchasing a franchise.
Check The Numbers
Now that you have some background information, you can start focusing on the numbers, so you do not have to worry about foreclosures in the future. Ritter’s requires you to have at least $200,000 of liquid capital for purchasing. You are also going to need about $225,000 – $325,000 as an initial investment. Even if you have enough for an investment, you need to maintain a net worth of $750,000 to be considered a franchisee. Later on, you will be charged a royalty fee of 5% and an initial franchising fee of $25,000. Most franchising terms lock you in for 10 years. Ritter’s Ice Cream is no exception. Once you are sure you qualify, you can move on to the next step in buying a Ritter’s Ice Cream franchise.
Ritter’s ice cream franchises offer you the incredible benefit of providing third party lenders to secure financing for your purchase. They have a number of lending partners for you to pick from. These lenders include Newtek, Benetrends, AccuLease, Guidant Financial, GatewayBank, Direct Connect Ventures and Diamond Financial. In addition, Ritter’s is a part of organization such as the Franchise Registry, Veterans Transition Franchise Initiative, International Franchise Association, and International Franchise Professionals Group, which offer special opportunities for financing to individuals who meet specific requirements. If you want to buy a franchise but perhaps do not have quite the liquid capital available to make that possible without financing, consider purchasing a Ritters Ice Cream franchise.
Fill Out A Franchise Inquiry Form
There are various avenues you can take to inquiring about buying a franchise. Ritter’s main website has a dedicated section for franchising information. At the bottom, they have a link for a franchise inquiry form. You can fill this form with all of your personal information and submit it after calculate USD to INR to help you determine costs . You can also go through third-party franchising websites that send requests for you. These websites are convenient as they provide options for financial assistance. Once you have chosen an option, you will have to wait for a response. If you receive an affirmative response, you can take the final steps to joining the Ritter’s Ice Cream business.
Complete A Training Program
Ritter’s has a very comprehensive training program that covers everything necessary for a franchisee to succeed. This is a mandatory step in buying a franchise, so it is imperative that you complete one. The training program is 15 days long. It covers day to day operations, staffing, cost control and management skills. All of your training will take place in a Ritter’s location. You will be assisted by a Regional Director of Operations for 7-10 of your training days. You will also be provided with a support team and consistent updates. There is very little need to stress during this process. Once you have completed your training, you will have filled the requirements for becoming a Ritter’s Ice Cream franchisee.
Ritter’s is a premium ice cream brand that places itself above its competition with high-quality products. They have been growing in recent years and have an interest in expanding through franchising. As an entrepreneur, you should greatly consider taking this opportunity. You will be able to grow with the brand and reap the benefits of having an established business model on hand. If you are interested in buying a Ritter’s Ice Cream franchise, simply follow the 4 steps laid out in this post.
Photo from https://www.franchisehelp.com/franchises/ritters-frozen-custard/