In purchasing a franchise or any business, it is important to ensure that you are suited to the business, or that the business is suited to you.
For Mike’s Kitchen you need to have an entrepreneurial spirit, as this is your own business, but you must also be prepared to work within the strict parameters imposed by the franchise system. It is important that your franchise is correctly financially geared. Mike’s Kitchen does not want franchisees that have borrowed so much money to start their business that they end up effectively “working for the bank”.
The actual establishment cost of each franchise varies, due to a number of factors, but the “rule of thumb” is that you should have R I 500 000.00 of your own unencumbered funds. You should also have collateral for about one times your own unencumbered funds. Your “people skills” are of utmost importance.
Personal commitment, flexibility, leadership qualities and a friendly, outgoing disposition is all-important. Mike’s Kitchen is a restaurant business and therefore you r ability to comfortably communicate with customers on all levels, as well as your staff, is vital. Background experience in the industry is preferable, but it is not critical. Previous own-bushness experience will certainly be of benefit, but it is not a necessity. A successful franchisee will possess or develop adequate interpersonal, leadership and management skills. Note: You will be required to complete a Mike’s Kitchen compatibility assessment, the additional cost of which will not exceed R I 000.00 and will be for the account of the applicant, payable directly to the assessor.
First time businesses owners need to be vigilant about the accounting and financial control of their business and Mike’s Kitchen Franchising therefore provides comprehensive training in this area, and a back-up advisory and trouble-shooting service for all franchisees.
The PROCESS when making an application for a Mike’s Kitchen Franchise is as follows:
Complete and submit the following documents
- Completed Selection & Recruitment Questionnaire
- Personal particulars
- Statement of assets and liabilities Curriculum Vitae
Credit and character references
- Proof of Unencumbered cash and securities available
- Sign non-disclosure document
Once these initial formalities have been dispensed with, an available site will be selected, (unless this formed part of the prospective franchisee’s initial approach to Mike’s Kitchen.)