The Hooters restaurants are known around the world with locations in almost every country. While Hooters is a restaurant that specializes in shellfish and hot wings, they have built their fame on a unique style of service and entertainment. Hooters offers franchises in the United States and all over the world. Use these steps to learn how to buy a Hooters franchise.
- Skill level:
- Moderately Challenging
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Read the franchise information on the Hooters website. This will help you learn that Hooters may not currently be offering franchise opportunities everywhere in the United States, but there are 20 countries they are looking to expand to.
Research the Hooters company to understand what is entailed to run one of the notorious restaurants. You can do this by talking with the franchise department of the company or talking to the owner of your local Hooters.
Secure financing for the initial investment and make sure you have enough money set aside to carry the restaurant for a couple of months. The initial investment is a range of $800,000 to $1.5 million for each restaurant.
Prepare and present a written proposal to the Hooters franchise department and meet the possible additional requirements as they come along. Buying a franchise of any kind is not as easy as it sounds; make sure that you have the proper backing before beginning the process.
Tips and warnings
- Understand the requirements to be considered for buying a Hooters franchise. You must be worth at least $2 million in liquid assets, have at least five years in multi-unit ownership, be able to develop three to five restaurants within the desired region and have an area in mind that has 100,000-150,000 people within a five mile radius of the restaurants location.
- Hooters is extremely active in charities and promotional events, so be prepared to have plenty of extra things to plan other than the restaurant.
- Make sure you know what you are getting into. Franchises are very closely regulated by their parent companies and there is no room for error or much creativity.
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