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Let's face it, the thought of owning a food franchise or even a fast food franchise is exciting. Food and restaurant franchises are one of the most popular of all franchise sectors. Not only are they popular but the food franchise industry is huge. Of all the franchise establishments in the United States, food franchises make up about 36% of the total. Furthermore, they make up 48% of the financial revenue of all U.S. franchises.
The term food franchise is all encompassing. It can include everything from a low cost vending franchise to kiosk franchises, coffee franchises, that serve some food, fast food franchises and full-service restaurant franchises. The initial investment can range from a few thousand dollars to hundreds of thousands of dollars for a full-service restaurant.
When you open a food franchise in your community, people get excited. You may have a soft opening to a select group of people followed by a grand opening introducing your new franchise brand to your neighborhood. That's exciting stuff!
If you're doing well and customers are frequenting your establishment on a regular basis, you'll have a lot of fun owning your own food franchise business. In fact, if there is a buzz about town about your new restaurant, food critics may review your franchise and you may get publicity in your local newspaper or online.
Important Considerations Daily
1. Marketing is critical. Top food franchisors have a proven system of doing business that can be repeated. They'll have a marketing strategy that includes a killer grand opening for you new food business.
2. The taste of your food. If you notice your customers are repeat customers, that means your food is good. Stay on top of the quality as well as the taste and make a good presentation. Even fast food restaurants can spice up the delivery of the food. Every little thing makes a difference.
3. Customer Service. If you're food is great but customer service is poor, you will fail. Hire the right team of servers and managers to make sure each and every customer is treated well.
4. Employee turnover. Be cautious with your hiring. The food business has high employee turnover. Hire smart and make good choices.
5. Training. Managers and food servers need the best in training. Your franchisor will help you with this but franchise owners need to stay on top of it. The better the training the better the customer service.
6. Be prepared to work long hours. If you think you can hire a manager in the first year and show up when you want, you will be making a big mistake. Owning a food franchise or restaurant means opening early and staying late. Know that going in.
Do you love eating out? Consider yourself a foodie? If you’re looking for a type of franchise to open, a food franchise opportunity might be for you.
Food franchises are among the most stable and fastest growing industries for franchising, which means there’s plenty of opportunity for you to make a profit.
Still, you might easily be overwhelmed with the sheer number of food franchise opportunities available to you. You’ve got fast food, coffee shops, full-service restaurants, fast casual, and many, many other categories to consider. You’ve also likely got a lot of other questions you want answered before you dive into signing a franchise agreement.
Let’s look at some of the things you need to consider to determine what type of food franchise is right for you.
Fast food workers are determined to make their jobs, which are often perceived as a source of high school kids' pocket money, into jobs that can support a family. In many cases, the arguments around this issue focus on how "giant corporations" can afford to pay more for workers.
Many local fast food restaurants are owned and/or run not by a giant corporation, but by a franchisee. Does the controversy over fast food workers' wages mean that it's a bad time to invest in a fast food franchise?