I would immensely appreciate useful tips on starting a fast food business. Also very important to me is the control and checks i can put in place since i won't be physically present there most of the time. I'v simply invested my money and I'm only seeking to protect my investment. I need practical tips on control and other strategies pleeeease.

Thanks.

When it comes to issues that has to do with peoples money, i try to be very honest with them. From what you have asked, I can assume that you have no business experience at all, and all you want is a business that has the prospect and the ability to give you returns on your money.

Nevertheless, it seems you are interested in investing into the fast food industry. My advice to you is if you have the money, buy a franchise. A franchisor usually educates the business owners (you the franchisee) and put the controls and checks in place to ensure that the trademark is properly represented and protected, whilst ensuring that you make enough to add to the revenue of the system and of course also pay the royalties.

Considering usually the franchise has a systematic business that really works, and is well proven with their track records, you would be alright. That way you would be both educated, and have your money invested into the industry you are interested in.

I am not sure, whether there are fast food franchisers in Nigeria, but i am sure some research or contribution by other members could help.

Thanx Kazey.

As a matter of fact, i do have a level of business experience. What however is new to me is this new line of business (fast food) I'm going into. Someone came up with a very unique business proposal, one which i find very promising. However, he would require funding, which i committed to providing (not all, but 80% and he, the one with the experience in the particular field, 20%).
My area of concern, which necessitated the questions, is in the area of control. I av a considerable level of say in view of my intended level of investment in the business and as such would not hesitate to insist on whatever control measures i can put in place to protect my investment. I would not be a daily (maybe not even a weekly) visitor to the place.

the only thing i can see you doing is to nominate someone prolly from your family to stand in for you,as for checks there isnt any foll proof check on that kind of business because it deals with volumes and you cant really adequately quantify rice or beans or flour e.t.c thats why u see that all the fast food businesses are manned by their owners, even established ones like tfc and tantalizers,the owners still resume there everyday, it is extremely lucrative but you have to be sure of who you r going in business with because its money we r talking about here, dont let anyone use your money to set him/herself up for life,i v seen it happen before where smthn like this happened and the other person started going diabolic on the main partner's ass, you can keep your money in a high yield short term investment till your ready for the business, no matter when or how long,there ll always be room for one more eatery so dont let anyone use the naija thing foryou that it ll be flooded , 20 years from now food business will still need more people.

So true

lucabrasi:

the only thing i can see you doing is to nominate someone prolly from your family to stand in for you,as for checks there isnt any foll proof check on that kind of business because it deals with volumes and you can't really adequately quantify rice or beans or flour e.t.c thats why u see that all the fast food businesses are manned by their owners, even established ones like tfc and tantalizers,the owners still resume there everyday, it is extremely lucrative but you have to be sure of who you r going in business with because its money we r talking about here, don't let anyone use your money to set him/herself up for life,i v seen it happen before where smthn like this happened and the other person started going diabolic on the main partner's ass, you can keep your money in a high yield short term investment till your ready for the business, no matter when or how long,there ll always be room for one more eatery so don't let anyone use the naija thing foryou that it ll be flooded , 20 years from now food business will still need more people.

Your advice was very sound but i will disagree with you on the point of nominating someone from her family,that is a big no no in a business like that.Is either the family member starts behaving like the owner causing misunderstanding between the two partners,or something else. I suggest you write a formal legal contract with your partner with both your lawyers present to go through the documents.This is your money and the other person's business idea,he might wake up one morning and decides to give you back your money which you invested of which he has made returns from or you might decides that you should be earning more money than him since you brought 80% of the capital.You have to agree on these issues and document it before investing your money. If all these are stated from the onset,you don't have to be there everyday,if you trust him enough to invest your money on him i think you should give him some freedom to run the business. Goodluck!

the fast food industry is indeed one of the lucrative biz this days. the biz will always yield high profit if well
managed. the 1st thng u ll need to start and stay in this biz is creating ur own peculiarity( that means create ur own standard in all sections.) and sustain the standard.
areas that need control include
-production of product with little cost and uniform quality
-sales of finished product
-environment
-security,
i've got to go see u some other time

zelaws:

the fast food industry is indeed one of the lucrative biz this days. the biz will always yield high profit if well
managed. the 1st thng u ll need to start and stay in this biz is creating your own peculiarity( that means create your own standard in all sections.) and sustain the standard.
areas that need control include
-production of product with little cost and uniform quality
-sales of finished product
-environment
-security,
i've got to go see u some other time

I don't understand the point you are trying to make,please can explain more.

dear poster,

i must tell you that fast food is one of the must lucrative

and very sensitive investments or business especially when it

has to be in this country where we don't seem to follow the

actual laydown rules guiding this part of hospitality industry
here you will see some investors handing fast food to some

body to manage,  just because he/she studied business

management or relevant courses as such they begin to gamble

with your investment fast food is a thing of total practical

and a live experience to be able to manage, even while you keep

visting as
the owner and not much familiar or do not have a good structure

base on the ethics/controls/ registers/conducts international

obtainable standard governing the industry, it is as good as

you are not visting too. all you need do at the on set, get a

very sound manger who knows very much about the business or

you seek consultancy firm to provide you of a good manager

with some years work experience may be in the fast food or

hotel,he should be there with you as the building is even

starting up, below are what you will ask of him.

(A)ask him for a better structure of the interior having to

do

with kitchen,channeling of water outlet is very important,

postion of cooking gas cylinder and film extractors/capcity. of

the kitchen
(b)

then ask him to give you a proposal on inflow control format,

eg the security will take a record, the purchase personnel will

have record,then the store personnel will have a recored too,

from here we go to internal flow or distributions order, it

starts from the store, the store keeps record any thing issued

out and the receiver records and defends what ever requisitions

they made at the end of the day and quantityfies it with the

days productions to an auditor in charge, it depends on you

how many tracking auditors you may like to employ some case

two is is okay, note that every quantity issued out has its

expected production volume. so should there be any short fall

the auditor comes in, that to say am talking about production

controls,
remember for you to be able to track this controls  you and

your manager will first initiate what we call recipe

control,that is when you will come up with your food costing 

and market survey. for you to be able to quantity your

purchases and expected productions, eg 20kg of rice gives 20

portions of a plate of rice by two serving spoon measure.
you will need to measure things,size them and even consider

the average. all this may look like bullshit but this is what

you need do, this controls will now go into a format that you

can now study anytime and ask questions on anything contrary

to the laydown expectation.

i only let this out first because the production control is

were a restaurants problems is placed.
the cash point/sales point is very easy to  track just normal
accounting just have to  deal with production volumes with the

cash values. on each products dispatched to the counter. and at

the end of the day  the auditor takes inventory/stock which is

compiring the opening stock +received stock or added

stock-closing stock or balance stock = sales for the day.

this are the records you need check form production and sale

daily, even when you are not there you can monitor it by your

manager sending it as an attacthment to your box daily or as

you may want it

there are still more you may need for 100 % guaranty if i

give out every thing  here what would i now use as a merit to

my competitors but i know this will take  you were ever you

want to reach with a very good manager.

remaining are

personnel managements

over head costing

tax management

marketing skills

branding products

world obtainable standard

branch extension policy

staff criteria and qualifications, etc

when you want my contact ask me here then i will give you on your

thread.

goodluck

kingssmith

You've said it all. Nice break-up

Thanks all. Appreciate all your suggestions. I'm currently working extensively on starting off and I'm definitely taking into cognizance all your suggestions.

Choose a right franchisee for your business and remember the main things of franchisee.
This will surely help you.

if you need profesional advice contact
gomarasventuresltd@yahoo.com
call 08032738496

hello guy, call me for professional advise and management. 08062313232. Mr Andy-Abuja.